Tax-Loving Strategies for Small Business: Taxes from the Perspective of a Small Business Owner

Tax-Loving Strategies for Small Business: Taxes from the Perspective of a Small Business Owner Taxes are an inevitable part of running a business. If you're like most small business owners, the last thing you want to do is pay more in taxes than necessary. That's why it's important to understand which tax loopholes exist and when they can be used - this will help you reduce your taxable income and save money on taxes every year! In this blog post, we'll talk…

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Washington Minimum Wage Laws

Washington Minimum Wage Laws Federal minimum wage law is governed by the Fair Labor Standards Act (FLSA). The current federal minimum wage rate is $7.25 per hour for nonexempt employees. The Washington Minimum Wage Act (WMWA) complements federal law and, in some cases, prescribes more stringent or additional requirements that employers in the state must follow. Whenever state and federal laws are different, the law that is more favorable to the employee applies. The Washington State Department of Labor and Industries (L&I)…

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Rhode Island Minimum Wage will Increase by 2025

Rhode Island Minimum Wage Rate Set to Increase to $15 by 2025 Rhode Island has amended its minimum wage law to raise the state’s minimum wage rate to $15 per hour by Jan. 1, 2025. Rhode Island Minimum Wage Rate The current minimum wage rate in Rhode Island is $11.50 per hour. Under state law, employers must pay their employees a wage rate that is at least equal to the state’s minimum wage rate. The minimum wage rate in Rhode Island will…

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Benefit Plans: Tax Considerations

Employee benefit plans can be complex to administer, particularly in terms of taxation. It is important to understand the tax implications for both the employer and employee. This article will explain the general considerations related to the taxation of employee benefits. Employer Tax Implications Employers can usually deduct amounts that they spend on employee benefits as a trade or business expense when filing taxes. In order to be deductible as a trade or business expense, the expense must meet the following criteria:…

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IRS Issues Updated Form 8894

The Internal Revenue Service (IRS) has issued an updated Form 8994, which is used by employers to determine the tax credit for providing paid family and medical leave. To claim the credit, eligible employers must have a written program that pays at least 50% of wages to qualified employees for at least two weeks of annual paid family and medical leave. An eligible employer that pays 50% of wages may claim a general business credit of 12.5% of wages paid for up…

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