How often do you drive to meet a client or your accountant? Do you frequently make bank runs for your business? Depending on your business use of vehicle, you may qualify for a nice-sized tax deduction.
Read More Business Use of Vehicle: Drive Your Way to Tax Savings
Author:
Rachel Blakely-Gray
As Patriot's Content Manager, Rachel is responsible for planning and creating useful, actionable content for Patriot’s marketing department.
9 Self-employment Tax Deductions You Should Be Taking
If you are self-employed, you might be overwhelmed by the expenses you have, including your self-employment tax liabilities. However, you can claim self-employment tax deductions to reduce the amount you owe in taxes. See how you can take advantage of self-employed tax relief below.
Read More 9 Self-employment Tax Deductions You Should Be Taking
Business Mileage Deduction 101
Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS.
Read More Business Mileage Deduction 101
Roth 401(k) vs. Roth IRA: What Is the Difference?
Are you thinking about offering retirement plans at your small business? There are a lot of retirement options to choose from. Two common retirement plans for employees are individual retirement arrangement/account (IRA) plans and 401(k) plans.
Read More Roth 401(k) vs. Roth IRA: What Is the Difference?
Can Employers Reimburse Employees for Health Insurance? Answers and Plan Options
Let’s face it: Health insurance is expensive. The average employer health insurance premium contribution—per employee—is nearly $6,000 (single) and nearly $15,000 (family) annually.
Read More Can Employers Reimburse Employees for Health Insurance? Answers and Plan Options
What Are Excepted Benefits, and Should You Offer Them to Employees?
Navigating through the waters of health insurance coverage is tricky. You might be wondering, Do employers have to offer health insurance? Although the Affordable Care Act (ACA) requires employers with 50 or more full-time equivalent employees to provide health insurance, no employer has to offer excepted benefits.
Read More What Are Excepted Benefits, and Should You Offer Them to Employees?
Small Business Health Insurance Options: Which (If Any) Will You Pick?
Thinking about offering employer-sponsored health insurance? Sure, you could offer traditional group health insurance to your employees, but that’s not your only choice. There are several small business health insurance options you can choose from.
Read More Small Business Health Insurance Options: Which (If Any) Will You Pick?
QSEHRA Plan: Health Insurance Alternative for Qualifying Small Employers
Do employers have to offer health insurance? Under the Affordable Care Act, you must provide health insurance if you have 50 or more full-time equivalent employees. If this requirement doesn’t apply to you, you might decide to establish a QSEHRA plan.
Read More QSEHRA Plan: Health Insurance Alternative for Qualifying Small Employers
Form W-2 Box 1: Why Are Box 1 Earnings Less than Boxes 3 and 5?
You’ve finished distributing Forms W-2. Just when you think you’re done, an employee comes up to you, hands you their form, and asks, Why are my W-2 Box 1 earnings less than my Box 3 and Box 5 earnings?
Read More Form W-2 Box 1: Why Are Box 1 Earnings Less than Boxes 3 and 5?
What Is the Bonus Tax Rate?
Picture your star employees and how much value they add to your business. Many employers recognize their employees’ value with bonus pay. When you give an employee a bonus, you are required to withhold taxes on the additional money. To figure out how much to withhold, you need to understand the bonus tax rate.
Read More What Is the Bonus Tax Rate?
