The Internal Revenue Service (IRS) recently announced several important tax changes to certain limits for tax year 2013. The Internal Revenue Service (IRS) recently announced several important changes to certain limits for tax year 2013. These changes mean that you can invest more money without having to worry about paying taxes on gains until the money is withdrawn during retirement. The annual contribution limit on 401(k) plans increases by $500 to $17,500. The annual exclusion for gifts … [Read more...]
A Tax Break in the Affordable Care Act
OPEN's finance expert Mike Periu shows you a Obamacare tax break. The Affordable Care Act—also known as "Obamacare"—carries a provision that allows qualifying small businesses to take up to a $50,000 tax credit to offset the cost of health insurance premiums. According to the Government Accountability Office (GAO) approximately 4 million small businesses qualify for the credit but only 170,400 have requested it. Part of the problem is the complexity of calculating the credit properly, … [Read more...]
SBA Helps Finance $1.7 Billion in Small Business Exports
OPEN finance expert Mike Periu on an SBA export program. The Small Business Administration (SBA) provided over $920 million in financing over the last 12 months to small businesses that produce goods and sell them to foreign companies. Under the SBA's International Trade Loan Program, companies can receive financing support to expand manufacturing facilities or to buy equipment that will be used to make products for sale abroad. In order to tap into this financing small businesses can either … [Read more...]
Are We on the Brink of a Global Recession?
OPEN's finance expert Mike Periu on an unsettling new report on the economy Are We on the Brink of a Global Recession? With so much economic data being published every week, it can be difficult to see through the noise and identify trends that can help us determine what to expect in the near future. Chugging through the data, there are a number of troubling signs that point to high probability of a recession starting next year. In the U.S., the manufacturing sector has already stopped … [Read more...]
New Tool to Stop Cyberattacks
OPEN's finance expert, Mike Periu, on a new cybersecurity planning tool to Stop Cyberattacks. During the first six months of 2012, over one-third of all cyber-attacks were targeted at small businesses. This trend is expected to increase as more hackers realize that small companies are easier targets for theft compared with larger companies that are spending more on cybersecurity. To help deal with this threat, the Federal Communications Commission (FCC) has launched an updated version of the … [Read more...]
how to find out if your bank is in trouble
OPEN finance expert Mike Periu on how to find out if your bank is in trouble. Small-business owners need to know that that their bank is financially stable. The Office of the Comptroller of the Currency (OCC) and state agencies monitor banks for signs of financial stress and issue "enforcement actions" in an attempt to put problem banks on the right track. If these efforts fail, the Federal Deposit Insurance Corporation (FDIC) takes over and transfers the banks deposits and loans to more stable … [Read more...]
The Housing Market is Turning Around
OPEN finance expert Mike Periu on banking news. The Housing Market is Finally Turning Around. Small-business owners need to know that that their bank is financially stable. The Office of the Comptroller of the Currency (OCC) and state agencies monitor banks for signs of financial stress and issue "enforcement actions" in an attempt to put problem banks on the right track. If these efforts fail, the Federal Deposit Insurance Corporation (FDIC) takes over and transfers the banks deposits and … [Read more...]
Use an Employee Stock Ownership Plan (esop)
Use an ESOP to Blunt the Fiscal Cliff Tax Increases OPEN's finance expert Mike Periu on Employee Stock Ownership Plan (esop) to Blunt the Fiscal Cliff Tax Increases. Starting in January, capital gains taxes on investments held more than a year will increase to 20 percent from 15 percent. An additional 3.8 percent tax on unearned income also goes into effect at the start of the year. Business owners who want to take equity out of their companies or that have been unable to sell their businesses … [Read more...]
The Fiscal Cliff Explained
A number of laws are set to expire or go into effect at the the new year. If no agreement is reached, the combined result will higher taxes. If I had to pick one wonky catchphrase that has been used and abused during this election cycle it would be "fiscal cliff." Over 60,000 news stories have featured the “fiscal cliff” in the past month alone. Many commentators who use this term don’t have a good understanding of what it actually means or why its important. It turns out that the fiscal … [Read more...]
Is a 401K Plan Right for Your Small Business Employees?
Give your workers the same tax advantages that many employees of big corporations enjoy. Is a 401K Plan Right for Your Small Business Employees The 401(k) plan is a retirement savings account that offers various wealth accumulation advantages. The two most important advantages are tax-deferred earnings and a reduction in your taxable income. The tax-deferral benefit has two parts: First you can defer taxes on the money you deposit and secondly you defer taxes on the gains you make on the … [Read more...]
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