Top 4 Financial Tips for Small Business Owners
Today, entrepreneurs have a lot on their plate, from managing employees, tracking inventory and cash flow, to let’s not forget — marketing. The last thing you need is a bump in the road to stop you in your tracks. A little pre-planning is just the trick to keep things moving along; and, most importantly, keep your employees and customers happy. Here are 4 must-know tips:
- Get a SIMPLE Retirement Plan – If you have fewer than 100 employees and don’t have a qualified plan, set up a Saving Incentive Match Plan for Employees.
- Set Up a Succession Plan – Don’t wait until it becomes too costly. Designate who you would want to take responsibility of management and ownership in the event of an illness.
- Deduct Health Insurance Premiums – Self-employed? You may be eligible to deduct 100% of your medical insurance premiums for you and your family.
- Compensation Subject to Self-Employment Taxes – Partners, sole proprietors, or managers in an LLC may be subject to self-employment taxes, so make sure you pay to avoid penalties.
Don’t go about managing your business finances alone. Give us a ring at (845) 342-5818 and we’ll be happy to answer any questions you may have so your business can keep on sailing.
