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In This Issue
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CPA News:
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 Valuing Your Business
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Managing Telecommuters
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Work from Home Productively
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| Connect With Us
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| Services |
- Income Tax Preparation for all types of businesses and individuals
- IRS, State and Local Audit Representation
- Trust, Estate and Gift Compliance
- QuickBooks setup, support and training
- Business startup services
- Monthly bookkeeping
- Financial statements
- Family Office
- Nonprofit Administration
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| Additional Updated Information |
| March 2018 Newsletter |
| February 2018 Newsletter |
| Solo Business Stats |
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Sole proprietors make up a huge chunk of the business world, according to statistics from the Internal Revenue Service. For tax year 2015, some 25.2 million solo business owners filed individual income tax returns, up 2.4% from 2014, reports the IRS. These 25-million-plus sole entrepreneurs account for more than an estimated 28 million nonfarm businesses, which reported profits of $331.8 billion in 2015, up 4.7% from 2014.
Ride-Sharing Leads The biggest increase in the number of these entities, 25%, came from the transportation and warehousing sector — fueled, no doubt, by ride-sharing businesses. Wholesaling and real estate also experienced strong growth in new entities.
Deductions Up Not surprisingly, deductions in this solo business category also increased for the same period, rising 3.2%. The construction sector had the largest amounts of total business receipts and deductions. For all industries combined, commissions and the cost of labor both had double-digit deduction increases.
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Valuing Your Business
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If you had to sell your business today, would you know how much it is worth? Would you know how much your business is worth if you needed a loan? How about the value of your business so you can take on a partner?
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Managing Telecommuters
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Telecommuting is one way to offer employees a benefit they value with minimal impact on your company's bottom line, but you'll need to understand its risks and establish safeguards to accomplish this.
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Work from Home Productively
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Working from home has its advantages and disadvantages. If you are considering working from home, there are a mutitiude of things to consider, from taxes to office space. Here's a look at a few considerations.
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Short Bits |
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Employment Costs Rise
The Department of Labor’s Bureau of Labor Statistics reports that civilian workers’ compensation rose 2.5% for the year ending September 2017. Wages and salaries cost private employers an extra 2.6%, while benefit costs rose 2.4%. Employers typically pass their increased expenses on to consumers or clients through price hikes.
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Small Business Creates Jobs
Businesses with fewer than 500 employees created 62% of new jobs since the Great Recession, or 8.3 million of the net new private sector jobs. This news is courtesy of the U.S. Small Business Administration’s Office of Advocacy. During the past two decades, existing businesses of all sizes created almost nine out of 10 new jobs, or 87%.
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Healthcare Costs More than Retirees Expected
As healthcare costs continue to rise, it is no surprise that four out of every 10 retirees experience higher costs than they originally anticipated. According to the financial services industry organization LIMRA and its Secure Retirement Institute, about a quarter experienced higher-than-expected basic living expenses, of which healthcare is a part.
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About Half of Americans Could be Faring Better Financially
The Consumer Financial Protection Bureau (CFPB) developed a 10-question survey and found Americans’ average financial well-being could be better. The CFPB created a scale between 0 and 100 from which scores of 50 or below are associated with both a high probability of struggling to make ends meet and of experiencing material hardship. The average score was only 54. Scores of 61 and higher indicated a low probability of having trouble paying for basic needs.
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To learn more about Katz Viola Lebenhart & Mauro, LLP,
visit www.kvlmcpa.com.
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