401(k) and SEP Employer Contribution Plans – Matching Contributions

As a business owner, you know the important role that employee benefits play in keeping employee morale high.  Today’s Tax Update focuses on a couple of those benefits – retirement contributions for your employees! 

Urgent Update: Department of Labor Ruling Blocked

Late yesterday, the United States District Court of Eastern Texas issued an emergency injunction to blockthe Department of Labor’s ruling on overtime pay, which was set to take effect on December 1st. TheDOL’s ruling would have required employers to pay overtime to employees making under $47,476 peryear at a rate of time and one half their regular hourly pay, for all hours worked over 40 per week.

529 Plans

A 529 plan is a qualified tuition plan that is designed to help with future educational costs.  These plans are exempt from federal taxes and often have tax benefits at the state level for in-state residents. 

Tangible Property Regulations – Reminders on a Few Key Provisions

As a store owner, you are well-aware that capital improvements and repairs and maintenance are a necessary cost to keep your store and its assets in peak shape. 

Deducting Legal Fees

We live in a litigious society and unfortunately that includes store owners like you.  Lawyers and legal services of all kinds are a necessary cost of doing business.  But are they all deductible?  That is the topic of this week’s Tax Update. 

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