Fortune Business Consulting

Category: Business

Business | Small Business| Business Ideas | 2021 Business| Business Owners | Small Business | Small Business Owner

  • Why You Need to Pay Business Tax and Corporate Tax on Time: Know the Reasons

    Why You Need to Pay Business Tax and Corporate Tax on Time: Know the Reasons

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    If you are a business owner or an entrepreneur, you should always pay your taxes responsibly. But before that, you must have an idea about the taxes you are liable to pay.

    Read on to gain an insight into the various vital aspects of tax and their payments.

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    A Closer Look at Business Tax

    The type of payable taxes and how business owners must pay them depends on the type of business being operated. Given below are the five general kinds of business taxes:

    • Estimated Taxes – Individuals, including S corporation shareholders, sole proprietors, and partners, generally need to pay estimated taxes if they anticipate owing taxes of $1,000 or more while filing returns.
    • Self-Employment Tax – Self-employment tax or SE tax refers to a Medicare tax and social security primarily meant for individuals working for themselves. These tax payments contribute towards an individual’s coverage under the social security system.
    • Employment Taxes – Employers have some employment tax responsibilities that they must pay. These taxes include Federal Unemployment Tax (FUTA), Social Security and Medicare taxes, Federal income tax withholding.
    • Income Tax – Every business except partnerships should file an income tax return annually. The form used depends on how a business is organized.
    • Excise Tax – You must pay excise tax if you sell or manufacture some particular products, operate certain types of businesses, receive payment for some specific services, or use different kinds of products, equipment, or facilities. Besides this, there are certain forms that you need to file.
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    An Overview of Corporate Tax

    Corporate tax refers to the tax levied on a corporation’s profits. These taxes are paid on the company’s taxable income that includes revenue minus cost of goods sold (COGS), selling and marketing, general and administrative (G&A) expenses, depreciation, research and development, and other operating costs.

    For business owners, paying corporate tax can prove to be more beneficial instead of paying individual income tax additionally. Corporate tax returns deduct fringe benefits, including retirement plans, medical insurance for families and tax-deferred trusts. Moreover, it is easier for an organization to deduct losses.

    An organization may deduct the total loss amount, while a sole proprietor should provide evidence for the intent to make a profit before deducting losses. Finally, the profit that an organization makes may be left within it only, thereby allowing for potential future tax advantages and tax planning.

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    What if You Are Late with Your Tax Payment or Do Not Pay Them at All?

    Taxpayers may need to pay the penalty if they do not meet their tax obligations. The IRS charges a penalty for several reasons like if taxpayers do not:

    • Offer accurate information returns
    • File tax return on time
    • Pay any owed tax on time and in the correct way
    • Prepare accurate tax return

    If a taxpayer does not pay the penalty in full, the IRS may charge interest on the same – they will charge some penalties each month until the concerned individual pays the entire owed amount.

    When the IRS charges a penalty, they send a letter or notice via mail. This letter or notice illustrates the penalty details, the reason for the same and what needs to be done next.

    If your organization lacks proper infrastructure in areas of payroll, HR and risk management, it may lead to several issues within the system. These may further result in you not paying taxes on time and thereby facing a penalty. So, in that case, you can consider us as an option to go for. As a reference, you can check out some blogs on our website that will help you to get an insight into what we offer.

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    Reference Links:

    https://www.thebalancesmb.com/late-payment-of-business-taxes-397688

    https://www.irs.gov/newsroom/if-youve-filed-but-havent-paid

    https://www.irs.gov/payments/penalties

    https://www.taxesforexpats.com/expat-tax-advice/IRS-tax-penalties.html

    https://www.investopedia.com/financial-edge/0312/what-happens-when-you-cant-pay-your-taxes.aspx

    https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes

    https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

    https://www.investopedia.com/terms/t/taxes.asp#toc-types-of-taxes

    https://www.investopedia.com/terms/c/corporatetax.asp

    https://www.thehartford.com/business-insurance/strategy/understanding-business-taxes/types

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Changing Payroll Provider in 2022: 4 Signs That It’s Time to Switch

    Changing Payroll Provider in 2022: 4 Signs That It’s Time to Switch

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    A decade back, changing payroll providers was nothing less than a nightmare. Switching vendors meant late-night inputs in all employee and payroll data once again as you leave one company and establish an account with another. 

    Today, the scenario has changed. Since payroll is such an integral part of managing a business, there are several payroll companies vying upon your business, and most would make extra effort to help you transition. 

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    But, why would you even consider changing your payroll provider?

    Let us find out.

    1- Paying more, receiving less

    Certainly, the cost is not everything!

    We overspend a bit more on certain products and services for a better experience. But, if you do not conduct extensive research while choosing a service provider, you can end up paying premium prices for average services.

    So, what can you do?

    The first thing to do is to talk to your service provider. Obtain clear knowledge of what they are charging and how often they charge. It is possible that through these questions, you will come across certain services that you are spending money for but are not receiving. 

    Upon this, look around the market to get quotes from different payroll providers to ensure that you are well-versed with the landscape. 

    Finally, make your decision – one that is cost-effective and provides quality service towards organizational growth.

    2- Poor customer service

    Like considering cost, think of the customer service of your payroll provider. Here are a few questions you can ask yourself when evaluating the quality of your payroll provider’s customer service:

    • Do you have to hold for a long time when contacting them?
    • Are your calls answered by someone new every time?
    • Do they answer your emails promptly?
    • While speaking to them, do you think it’s an expert or an under-trained employee on the other side?

    If you are satisfied with your answers, you might have already found an ideal payroll service provider.

    However, if most of your answers are negative, it might be time to make a change.

    3- Difficulty in use

    When it comes to payroll providers, there are different levels of usability. Some providers are ready to do it all for you. They will make your job easier by running everything behind the scenes.

    On the other hand, a few payroll providers might offer software products to help you manage payroll by yourself. Then again, some software tools are quick and convenient to use, while others are complicated or outdated. 

    Here again, ask yourself a few questions. How fast is it? Is it easy to use? Do you wish for it to be quicker or more responsive?

    Answer these questions and determine these software products’ ease of use. 

    If you are dissatisfied, you can look for other payroll service providers by considering your usability needs.

    4- Lack of products/services

    The final reason why most business owners plan to change their payroll service provider is due to the lack of current products or services. 

    Don’t know what this means?

    Look out for these common services/products in a payroll provider:

    • On-time payment to employees
    • Timely tax returns
    • Payroll reports access
    • Reporting for new recruitment
    • Filing and distribution of year-end W-2 form

    Sure, your current payroll provider might be a good settlement. But, if you have not researched the other players in the market, how would you know if you are receiving the best your money can snap up?

    And while you explore, do consider us a viable option. Check out our blogs to know more about our tailored payroll and HR solutions.

    Know that a little research can help your business reach beyond the horizon. 

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    References:

    https://eddy.com/the-top-4-reasons-to-change-your-payroll-provider/

    https://www.bizjournals.com/bizjournals/how-to/human-resources/2016/03/steps-to-take-when-switching-payroll-providers.html

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • Planning to Grow Your Business in 2022? Here Are 5 Budget-Friendly Ideas That You Should Know

    Planning to Grow Your Business in 2022? Here Are 5 Budget-Friendly Ideas That You Should Know

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    Let’s face it! Scaling a business is hard. It requires consistent effort and doesn’t happen overnight. There is no ‘secret shortcut’ to surpass other companies and pave your way out to success, especially when you, as a business owner, have to budget the business expenses in an effective way. 

    Indeed, escalating a business on a shoestring budget is challenging. 

    But, it is not impossible!

    By employing modern technology and smart investments, even a small business can outgrow the big names in the industry. 

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    Below are five low-cost methods you can implement in the coming year to grow your business:

    1) Embrace a growth mindset

    Adopting a growth mindset is one of the first things that you should do to attain success. In this regard, you can hire an intern to assist you with data-driven observations. This will help you validate the speculations about your ideas and central product value, recapitulate swiftly, and determine what’s already serviceable for your organization. 

    Embracing this technique will also help you double down the investment and save a substantial amount of money. 

    2) Build a strong culture

    The strength of your business lies in your employees and initial clients. Building a solid company culture means ‘practicing what you preach’. Company values only bear fruit when you practice them around your organization. 

    For instance, if you believe that you are a people-first company, show this by encouraging your people. Having said that, failing to demonstrate this can lead to distrust in clients and result in a disloyal culture. 

    Consider a strong company culture as the glue that binds your clients and employees together. A missing culture will eventually result in a demotivated and detached team.

    3) Grasp social media networking

    Social media platforms like Instagram, Facebook, LinkedIn, and YouTube are the most convenient ways to accomplish your target market. 

    Engaging on these platforms creates brand visibility and increases the understanding of your business’ products and services. This results in increased market reach and brand positioning – free of cost, in some cases. 

    Further, you need to tailor your posts depending upon the platform you are using. For example, on Instagram, try to use more pictures and fewer words to encourage your followers. To increase follower engagement, develop newer techniques, and roll out a friendly approach. 

    You must also leave some room for feedback – let your audience tell you their honest viewpoint regarding your products and services.

    4) Create employee engagement

    This is yet another fruitful method to scale your business. Make your business operations transparent and get every employee engaged with the numbers that drive your business. When your employees know the company’s financial reports, they can help you with innovative approaches that you alone could not do. 

    In simple terms, trust, empower and include your employees in the organization’s budgetary decisions. 

    5) Focus on client segments and develop meaningful connections

    As a small or medium business owner, you know your customers in a better way. In addition, your organization shows immense flexibility and can adapt to changes swiftly. As a result, one of the best strategies that you can adapt for business growth in 2022 is to focus on specific client fragments. Accordingly, tailor your products and services to meet your customers’ needs. 

    You must also strive to develop meaningful client relationships. How? The simplest way to achieve these types of relationships is by including gifts, rewards, or coupons as giveaways. 

    In the dynamic business world, companies are more inclined towards exploring the correct amount of investment. Carefully analyzing the infrastructure and business needs could be a great place to start with growth plans. If you are skeptical about devising a cost-effective strategy, feel free to contact us. We will assist you in lowering employee turnover and administrative costs so that you can reach the heights of success. Read our blogs and know-how we encourage fellow business owners in their journey towards growth. 

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    References:

    https://www.forbes.com/sites/forbesbusinesscouncil/2021/05/19/13-low-cost-ways-to-grow-a-business/?sh=111d0dde20d0

    https://iseeq.co/blog/4-budget-friendly-ideas-to-grow-your-business-in-2022/

    https://news.badabusiness.com/business-motivation/planning-to-grow-your-business-online-here-are-4-budget-friendly-hacks-that-you-should-know-7602.html

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • A Business Owner’s Ultimate Guide: Devising the 2022 Business Plan

    A Business Owner’s Ultimate Guide: Devising the 2022 Business Plan

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    As the fourth quarter of 2021 ends and a new year approaches, it is high time for leaders to craft a strategic business plan for the coming year. 

    During the past few years, technology has boomed, and innovation has become vital for survival. With these serious transpositions, it is time for business leaders to adopt a proactive strategy – one that labels important areas and helps put aside probable setbacks.

    So, if you are a business owner, remember to get clarity, share your insights with the team and start mounting the resources in motion before it’s too late.

    Let’s dive in to find out more!

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    How to Locate the Top Priorities for Business Growth in 2022?

    Your goal for setting up a proactive business strategy can comprise of a multitude of things. However, a few common focus areas for business growth include:

    • Implementing a more efficient system
    • Diversifying the team
    • Enlarging the territory
    • Upgrading client services
    • Refurbishing vision, mission, and firm’s culture

    In addition, a SWOT analysis can aid you in optimizing your digital marketing strategy. 

    A few other strategies that can help business leaders in directing their priorities are:

    • Asking the advisory board for inputs
    • Accepting inputs from employees, especially those who have shown a keen interest in driving the firm’s growth.
    • Addressing feedback from clients to determine the strengths and weaknesses of the company.

    Eventually, choosing one central goal will not be sufficient to drive business growth. Business owners typically have several plans for their business. The takeaway here is to identify the top goals and determine how they will affect the company’s functioning.

    For instance, when you implement a new system, it will positively affect customer service and increase profit margins. 

    Consider rooting for the aim that provides a comprehensive ripple effect.

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    Know the Correct Way to Build Your 2022 Business Plan

    While preparing your business plan, you should consider a few key points mentioned below:

    1) Locate Your Assumptions

    Most leaders draw a business plan depending upon a few assumptions. One thing that prevails in the world of investment is that although cycles repeat, not everything works according to the set goal. 

    Subsequently, you must examine your assumptions from the current year. What worked? What did not? Most importantly, why did not a particular plan work? Answer such questions to avoid the same mistakes from happening twice.

    2) Examine Your Results

    Sometimes, the results that you expect are different from what you get. This does not indicate any mistakes from your side. Instead, there are hosts of moving factors influencing the market conditions, which can drive differential results. One way to tackle such situations is to examine the overall impact and let those define the business. 

    For example, if you notice that customers bought more quantities of a product surpassing your expectations, it would be sensible for you to invest more into that particular product for the forthcoming year, given market conditions remain unchanged. Judiciously determine the cause of results to know if there are any abnormalities or long-term movement for the company.

    3) Make Projections

    Financial projections indicate a leader’s commitment to the business. For instance, when you mention the amount of fund you are ready to invest in a particular area, it gains attraction from investors and shareholders. 

    Projections are also helpful in addressing any anticipated issues and foresee circumstances to keep a leader focused. Always consider the best and worst scenarios and make financial projections to draft a practical outline of the company.

    Evidently, the world, as well as the market, is dynamic. Consequently, to keep up with the pace, business plans need to be fluid. The planning and execution of a business plan could be overwhelming for certain business owners. To manage such areas of risk management, human resources, and payroll, you can reach out to us and create an internal work culture to meet your strategic goals. Know how we empower small and medium business owners by following our blogs. 

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    Reference Links:

    https://www.entrepreneur.com/article/390273

    https://www.randrmagonline.com/articles/89666-your-2022-business-plan-its-time-to-start-strategizing

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • A Business Owner’s Ultimate Guide to Holiday Bonus

    A Business Owner’s Ultimate Guide to Holiday Bonus

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    Holiday bonuses act as a token of appreciation from business owners to their employees. Besides appreciation, employees also like receiving additional gifts and cash.

    A holiday bonus can make your employee feel supported and valued. It often leads to increased productivity and employee engagement.

    You, as a business owner, can provide several kinds of holiday bonuses to lift your employee’s morale!

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    What are the Types of Holiday Bonuses?

    Among the different kinds of holiday bonuses presently in practice, the most prevalent ones are listed below.

    1) Cash Bonuses

    Employees always appreciate additional cash during the holidays. This cash bonus helps them cover the extra expenses incurred during the holidays. Some employees also rely on these cash bonuses to clear their bills.

    Few organizations provide a flat bonus amount to each and every employee. On the other hand, some business owners provide a cash bonus equivalent to a percentage of the employee’s salary and profit of the company in that year.

    2) Performance-based Bonuses

    Some organizations give out performance-based bonuses to their employees. These bonuses can be provided in addition to or instead of holiday bonuses.

    In this case, companies tie these bonuses to how employees meet or exceed the business goals in that year. Sometimes, performance-based bonuses also reflect the tenure and position of the employees.

    3) Cashless Gifts

    Some business owners cannot give out cash gifts to their employees. Instead, they offer non-cash gifts such as flexible working hours and extra time-offs.

    Cashless gifts also include gift cards to restaurants and movie theaters. Some companies also opt for branded merchandise as non-cash gifts.

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    A Few Holiday Bonus Tips for Business Owners

    As a business owner, you should first evaluate the current situation of your company. You should give out a holiday bonus only if you can afford it.

    If your company has a record of giving out cash bonuses every year but cannot afford it this year, you should try to notify all your employees at the earliest. This action can help prevent or minimize negativity among the employees later on.

    Some important tips for business owners regarding holiday bonuses are listed below.

    1) Fair Bonus Amount

    You should always be careful while choosing the holiday bonus amount. It needs to be fairly and equitably distributed in an unbiased manner. In addition, you need to ensure that no employee feels unfairly treated.

    2) Complete Inclusion

    You need to make sure that all your employees get appreciated in some way. No employee working for your company should feel left out.

    3) Gift of Time

    As a business owner, you can consider giving your employees the gift of time if you cannot afford cash bonuses. Paid time-off can help your employees spend more time with their families and loved ones. More breaks can also help them relax during the holidays.

    A holiday bonus, like any other bonus, is taxable. Based on the agreement with the employee, some business owners choose to pay a holiday bonus along with the tax amount.

    So, as a business owner, you need to report this bonus as taxable income in the concerned departments. However, if you are a small business owner or simply lack the required resources or infrastructure to carry out these duties, managing these things can be a hectic job.

    In this case, you can reach out to Professional Employer Organizations (PEO). PEOs can perform these duties on your behalf.

    Nowadays, PEOs handle payroll, employee benefits administration, tax filing, recruitment, and much more. So, if you are interested, feel free to contact us now and appoint the best in the industry. Find out more on this in our blogs!

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    Reference links

    https://www.zenbusiness.com/blog/holiday-bonus/

    https://www.score.org/resource/holiday-bonus-guidelines-what-business-owners-should-know

    https://www.businessnewsdaily.com/15924-holiday-bonus-guide.html

    https://www.bbcdigital.com.au/holiday-bonuses-a-guide-for-small-business-owners/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • What is Open Enrollment? Know Everything About it!

    What is Open Enrollment? Know Everything About it!

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    Open enrollment is a term used to define the yearly time period when one can buy a health insurance plan or change his/her existing one for the following calendar year.

    Let’s say you are an employee and your employer offers you a health insurance policy. During open enrollment, you can select a different health insurance plan or stop your existing one.

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    When Does Open Enrollment Take Place?

    HealthCare.gov usually hosts open enrollment every year between 1st November and 15th December. However, based on the state-run exchange, the time period may differ for your state!

    Moreover, the time frame for open enrollment may differ in the case of group health policies.

    Hence, open enrollment dates for group health plans offered by your employer may be at the fiscal year-end instead of the conventional calendar year-end.

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    When Does Open Enrollment Take Place for HRAs, FSAs, and HSAs?

    As an employee, you may want to register for a health reimbursement arrangement (HRA) account or flexible spending account (FSA). In this case, you need to wait till open enrollment. However, the time frame may differ from your regular health plan enrollment period.

    On the other hand, employees can enroll in a health savings account (HSA) at any point in the plan year. However, they need to have an HSA-eligible plan.

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    How to Prepare for Open Enrollment?

    While preparing for open enrollment as an employee, you should first consider these two factors:

    • Have your needs changed?
    • Are you content with the current insurance plan?

    On the other hand, if you are an employer and provide health insurance to your employees, you need to factor in the following pointers:

    • Have your dental, vision, or medical plans changed?
    • Are there any changes in your employees’ needs?
    • Have your needs as an organization changed?
    • Are your employees satisfied with the current plan?

    Moreover, the Government may ask you to put forward distinct notices to the employees during open enrollment. These notices include:

    • Wellness program disclosure
    • QSEHRA notice
    • WCHRA notice
    • Premium Assistance under Medicaid or Children’s Health Insurance Program notice
    • Grandfathered Plan notice

    Apart from these, your state can also ask you to issue other open enrollment notices.

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    What if an Employee Misses Open Enrollment?

    Most carriers permit a 30-day window to employees after open enrollment to update their selection if they miss the deadline. As a result, they can make the necessary changes and confirm with the carrier.

    However, if your employees miss the grace period, too, they will have to wait for a special enrollment period to opt for the health insurance plan. A special enrollment period generally follows a qualifying life event or QLE.

    QLEs are categorized into four sections:

    • Residential updates
    • Household updates
    • Loss of health insurance
    • Acquiring health insurance

    If your employee meets any of the above criteria, he/she will get a 30-day window post his/her QLE to opt for a health insurance plan. In addition, the plan can allow up to two months to implement these changes.

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    What is the Impact of Open Enrollment on Payroll?

    If your employee switches to a more expensive health insurance plan, you will have to withhold a greater amount from his/her paychecks. So, open enrollment directly impacts the payroll.

    However, you can skip this step if you have a payroll provider who also helps with employee benefits administration.

    Nowadays, Professional Employer Organizations (PEO) handle payroll and employee benefits administration in most cases. If you are interested, you can reach out to us now and appoint the best in the business. Find out more in our blogs.

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    Reference links:

    https://www.healthcare.gov/glossary/open-enrollment-period/

    https://www.verywellhealth.com/what-is-open-enrollment-1738755

    https://www.nerdwallet.com/blog/health/health-insurance-open-enrollment/

    https://gusto.com/blog/health-insurance/open-enrollment

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • Employee Retention Credit – Everything an Employer Needs to Know!

    Employee Retention Credit – Everything an Employer Needs to Know!

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    Employee Retention Credit (ERC) is a refundable payroll credit that businesses or employers can claim on qualified wages. It also comes with certain health plan coverage expenses for the employees.

    ERC is a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES) and functions as a business relief providing time coverage to employers.

    So, even if employees cannot work during the covered period because of the coronavirus outbreak, employers can retain them.

    Following is all you need to know about the ERC and its extension!

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    Different Acts and Their Impacts

    – Coronavirus Aid, Relief, and Economic Security Act – 2020

    As per the Coronavirus Aid, Relief, and Economic Security Act, eligible employers can annually claim a credit against 50% of qualified wages up to $10,000 paid per employee from March 13, 2020, to December 31, 2020. The same applies to borrowers who took a loan under Paycheck Protection Program (PPP).

    – Consolidated Appropriations Act – 2021

    Under this Act, eligible employers and PPP recipients can quarterly claim a credit against 70% of qualified wages up to $10,000 paid per employee in the first half of 2021.

    – American Rescue Plan Act – 2021

    With this Act in play, that credit limit remained the same, i.e., 70% of qualified wages up to $10,000 per employee per quarter. However, certain startup businesses that began after February 15, 2020, with average revenue of $1 million or less, were allowed a quarterly credit of up to $50,000.

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    Who can Qualify for ERC?

    After enactment of the American Rescue Plan Act, most employers, hospitals, colleges, universities, and 501(c) organizations qualify for the credit.

    The eligibility here depends on one of these three essential criteria stated below:

    1. Suspension or reduction of business hours

    Employers would be eligible if they had to fully or partially suspend or reduce the business hours due to a Government order. However, in that case, the credit is applicable to only the affected part of that quarter.

    2. Decline in revenue

    If employers had a notable decline in revenue during the coronavirus outbreak, they would be eligible for this claim.

    3. Recovery startup business

    If employers run a recovery startup business, they will be eligible for the claim. However, to qualify as one, they must:

    • Have started after February 15, 2020
    • Have an annual revenue of under $1 million
    • Be ineligible for ERC under the other two categories

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    PEO’s Role in Employee Retention Credit

    A professional employer organization (PEO) leases employees to employers by entering a joint-employment relationship. It allows the PEO to manage and share several employee-related responsibilities and liabilities with the employer.

    Likewise, this also helps employers outsource their various human resource functions, such as workers’ compensation, employee benefits, payroll administration, and employment taxes.

    PEOs can take certain responsibilities from HR like:

    • Recruitment
    • Unemployment administration
    • Compliance assistance
    • Family and Medical Leave Act administration
    • Benefits administration
    • Payroll administration
    • Workers’ compensation administration
    • Drug testing programs

    As per the contract with the PEO, employers can outsource some or all of the HR functions mentioned above.

    However, if you are a small employer, you may not have the expertise or the infrastructure for these functions. You may also not have the time or resources to focus on intricate procedures like HRIS, payroll, and transactions.

    ERC falls under benefits administration in any organization. So, if you outsource these concerned services, the PEO can directly look into it. In that case, the PEO will handle the benefits administration as well as all the employee queries.

    Are you interested to know more about the perks of outsourcing recruitment, benefits administration, and compliance assistance? You can go through our blogs and talk to us now to appoint the best in this industry.

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    Reference links:

    https://www.investopedia.com/what-is-the-employee-retention-credit-and-how-to-get-it-4802575

    https://www.paychex.com/articles/compliance/employee-retention-credit

    https://www.irs.gov/coronavirus/employee-retention-credit

    https://en.wikipedia.org/wiki/CARES_Act

    https://www.journalofaccountancy.com/news/2021/aug/irs-updates-employee-retention-tax-credit.html

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • 5 Tell-Tale Signs Why You Should Consider Outsourcing Your Payroll!

    5 Tell-Tale Signs Why You Should Consider Outsourcing Your Payroll!

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    As a business entrepreneur who has been around the block for some time, you are not foreign to the practice of outsourcing payroll responsibilities.

    But despite being aware of the perks it encompasses for small businesses, you are still hesitant to give it a go.

    Why is that so?

    Could it be because of in-house debacles? or are you just waiting for a sign to pop?

    There can be multiple reasons why you are not too sure about outsourcing your payroll to a third party. And we believe the conflicting suggestions from your peers aren’t helping the case either.

    However, if a sign is all it takes for you to roll on with the idea of outsourcing payroll, we will give you 5! No, we are not talking about open-your-eyes-to-see-an-ad-from-a-payroll-vendor kind of sign. Instead, these signs are more like a cry for help that you must hear to align your business and payroll responsibilities.

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    5 Tell-tale Signs that Your Business Could Use a Payroll Vendor!

    If you can relate to any of these following concerns, then it’s time for you to sit down and consider outsourcing payroll.

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    Too many errors to ignore

    Did you know approximately one-third of employers make an error in payroll?

    Unfortunately, it is often the small business owners that fall prey to such mistakes. For example, nearly 40% of small businesses pay $845 each year to IRS as a penalty.

    Mistakes on the payroll are expensive. This is why you should not dismiss them. However, getting your payroll responsibilities sorted by amateur staff with little to no experience in the field can be problematic. Instead, consider the third-party arrangement to ensure error-free filing. 

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    Surging staffing cost

    Small businesses are again at a disadvantage here when it comes to absorbing the surging cost of payroll departments.

    Creating tax documents, printing and distributing paychecks, and additional wage of staff associated with payroll often overshoots a small business’s budget. If you think you are in the same boat, you should reconsider outsourcing payroll.

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    Time-consuming

    Payroll is a complex system and could keep you and your administrative team busy for a long time. Since many staff fills in multiple roles at small businesses, keeping payroll up and running could be a big concern during the peak season. If you have been spending a lot of time going through payroll responsibilities, it is time to appoint help.

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    Overwhelming compliances

    We have already covered that payroll mistakes could land you up in legal problems. But, at the same time, it is highly recommended to be careful when there are regulatory mandates in place.

    Keeping up with the new employment tax laws, federal mandates, local and state regulations is a mammoth task. Even large and seasoned businesses struggle to get it right sometimes. However, they are financially equipped to account for the resulting liability. You, on the other hand, should steer clear of landing into a debt pool.

    Relieve your staff from the extra burden that comes with payroll compliances. Outsource these legal formalities to a payroll vendor, and wash your hands off the worries.

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    Frequent payroll software upgrade

    Using outdated payroll systems and tax software is a big NO for businesses, regardless of their scale. Such a practice increases the risk of data breaches and induced losses.

    Then again, upgrading software and payroll system cause a financial dent. So, if you think upgrading software is a hassle and a financial burden that you are unwilling to take, you should look for payroll service providers.

    The professional payroll vendors use the best of software and cloud-based systems to carry out obligations. Also, you do not have to pay for frequent upgrades as the same is included in the service charge.

    Besides these, if your administrative staff appears to be too overworked, there is a problem, and you must look into it. Of course, outsourcing HR and payroll responsibilities can take some steam off their workload. This will also allow you to utilize their talent in improving your core functions.

    Think you could use some professional assistance on payroll responsibilities? Contact us now!

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    Reference links

    https://connecteam.com/payroll-errors-cost-money-fix/

    https://www.irs.gov/businesses/small-businesses-self-employed/outsourcing-payroll-and-third-party-payers

    https://www.irs.gov/businesses/small-businesses-self-employed/payroll-professionals-tax-center-information-for-payroll-professionals-and-their-clients

    https://www.payrollvault.com/hr-blog-resources/5-signs-you-need-to-outsource-your-payroll-1607958946622.html

    https://blog.accuchex.com/10-signs-that-its-time-to-outsource-payroll-management

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section]
  • Bookmark these Upcoming Federal Tax Deadlines for Small Business Now!

    Bookmark these Upcoming Federal Tax Deadlines for Small Business Now!

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    As the IRS keeps pushing the income tax filing deadline in the U.S., some businesses struggle to keep up with the updates. Of course, this increases the risk of missing the tax filing due date to a great extent.

    But, failing to file federal income tax returns is a luxury that small businesses can’t afford.

    Why is that?

    Failing to pay taxes on time attracts back taxes that accrue penalty plus interest. This can catapult your tax debt through the ceiling, making it more difficult to repay what you owe. Next thing you know – the IRS is knocking on your door, ready to seize your business assets.

    You can, of course, stop this snowball effect by simply keeping a tab on the upcoming tax deadlines that apply to your business.

    To help you out, here is a list of upcoming federal tax deadlines that should be on your priority list.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_video src=”https://www.youtube.com/watch?v=Xdbhe_6h-pg” _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_video][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Employment Taxes & Payroll Withholdings

    This tax applies to Social Security or Medicare (FICA) withholding and federal income tax, federal unemployment, or FUTA tax. Small businesses are required to deposit employment tax either monthly or semi-weekly as per the reported liability on Form 941, Employer’s Quarterly Federal Tax Return. As an employer, you must also report payroll withholdings annually or quarterly on IRS Form 941, 943, 944, or 945.

    Tax deadline: For Form 941, the key deadlines are – 30th April 2021, 31st July 2021, 31st October 2021, and 31st January 2022. However, the other forms have to be filed by 31st January or the last day of the first month of a calendar year.

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    Income Tax Returns for Partnerships and S Corporation

    Is your business classified as an S corporation or a partnership?

    If yes, then note the following dates down!

    Usually, this tax has to be paid by 15th March, but you can apply for a 6-month extension by filing Forms 7004 and paying the estimated tax dues.

    Tax deadline: The final deadline after an extension to file the tax returns and applicable interest and penalties would be 15th September 2021.

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    Corporate Tax Returns

    The original deadline to pay this federal tax was 15th April 2021. However, just like the previous tax, a 6-month extension was allowed to those who filed Form 7004 and paid the estimated tax due.

    Tax deadline: If you had opted for an extension, know that you have until 15th October. 2021 to file your income tax returns. Remember, you will have to file the taxes using Form 1120, and you must pay the remaining taxes, applicable interest, and penalties by this date without fail.

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    Estimated Income Tax 2021

    As a business owner, you should calculate your quarterly estimated income liability beforehand and use worksheet Form 1120-W.

    Tax deadline: As far as this tax due date is concerned, quarterly estimated income tax for corporations is paid on the 15th day of every quarter. That is, these taxes have to be paid on 15th April 2021, 15th June 2021, 15th September 2021, and 15th December 2021.

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    Federal Excise Tax

    While these taxes apply to various products and industries, the filing requirements vary among businesses.

    For example, manufacturers, retailers, communication companies, and travel services need to file Form 720 every quarter. On the other hand, companies accepting wagers have to file Occupational Tax and Registration Return for Wagering using Form 11-C. They also file Form 730 every month.

    Businesses that operate heavy vehicles designed for highways have to file Form 2290.

    Tax deadline: The Federal excise taxes filing dates are given below –

    • Form 720 due date – 30th April, 30th July, 29th October, and 31st January
    • Form 11-C due date – Before accepting bets
    • Form 790 due date – Every subsequent month
    • Form 2290 due date – Last day of the heavy vehicle’s 1st month of service. Subsequent filings must be completed by 31st August 2021.

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    Note, the state income tax filing deadline tends to vary. So, to ensure that you don’t miss the deadline, make sure to check with your state tax collection authority beforehand.

    Keeping a tab on tax deadlines and filings is tedious, especially for a busy entrepreneur like you. Fortunately, you can leave this dull task to a PEO and focus on your business.

    Contact us now to learn more.

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    Reference links

    https://www.2290online.com/2290-due-dates#:~:text=The%202021%2D2022%20annual%20Heavy,deadline%20is%20August%2031%2C%202021.

    https://www.simplybusiness.com/simply-u/articles/2020/11/small-business-tax-deadlines/

    https://www.hiscox.com/blog/2021-federal-tax-deadlines-for-your-small-business

    https://www.thebalance.com/income-tax-deadlines-3192862

    https://www.taxback.com/blog/us-key-tax-dates/

    https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates

    https://greaterphoenix.score.org/blog/what-happens-when-you-dont-pay-your-business-taxes

    https://www.thebalancesmb.com/late-payment-of-business-taxes-397688

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Top 5 Business Ideas in 2021!

    Top 5 Business Ideas in 2021!

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    YOLO!

    However, wearing yourself down with a 9-to-5 job hardly seems like the life the American Dream so spiritedly promises.

    What can be the alternative?

    Starting your own business, of course!

    Sure, there will be long hours, burnouts every other day, massive emotional investment, some and then some more financial outlay in this prospect initially. But –

    • You will get to do what you do best
    • You’ll be working on your own terms
    • Most importantly, you will do it for YOURSELF!

    And who knows? Intrinsic factors barring, you might just end up creating the next big thing by employing the right strategies at the right time.

    We will get into that later.

    For now, let’s explore a few in-buzz business ideas trending in 2021 but with a promise to stick around for the long haul.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ width=”53%” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_video src=”http://www.youtube.com/watch?v=wDtp6kO5LSg” _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_video][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Graphic Designing

    Various enterprises have migrated online, with the pandemic showing the door to most brick-and-mortar businesses. But it has made the Internet a cobweb of newly-initiated and old websites fighting for space and customers’ attention. 

    Luckily for graphic designers, this dog-eat-dog competition has prompted business owners to invest heavily in how their websites look. Everyone wants a professional-looking, sleek website with eye-catching logos and designs that help them cut through the clutter and noise.

    In case you have always been that creative with an eye for the unique, this is a space you can explore.

    Also, let us break a myth for you. To set up a graphic designing venture, you don’t necessarily need to know the ins and outs of it or even how to draw. You can collaborate with your friends/acquaintances who are expert at it that while you proffer the creative vision.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Web Developer

    Speaking of cluttered and noisy Internet, it’s hard to overlook the prominence web developers have gained in recent times. If you have been passionate about website development, or better, if it’s something you do the best, it’s about time you monetize it.

    There are literally thousands of businesses trying to join the online bandwagon, and if you get a few contacts, you’re good to get started.

    Recommendation: Begin with only one or two clients. A slow start never hurts when you are trying to build credibility and a niche for yourself in the market. Once you have delivered solid work on those, new clients will automatically flow in, and you can even charge higher.

    Or, try looping in a few of your friends/acquaintances in this venture if you have quite a few leads to start a small-scale web development enterprise.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Drop-Shipping

    The post-pandemic era is a period with people accustomed to the convenience of goods being delivered to their doorstep, from medical supplies and groceries to literally anything.

    If you have a car, or better, a van, you can partner with local stores to deliver goods to people’s doorstep. Other than the regular items focus on commodities generally not delivered online.

    Start narrow, focusing on only a small neighborhood. It will let you gain the necessary insights into that population’s requirements so you can make your operations more efficient and cost-effective.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Digital Marketing

    There’s no better time to put your digital marketing skills to use than now! The market is chock-full of websites looking to leverage the digital wave, and marketers inept in the ways of it are hot stuff.

    Small business owners are the key demography you could tap into. They are the ones without a dedicated team of digital marketers or unable to hire the services of a full-fledged agency. Offer your services at low rates and slowly build your credibility.

    You could start with local businesses to that end since it’ll be easier to make them stand out and then slowly get into the big leagues. Also, try and involve various areas of expertise so you can proffer the same range of services as a full-time agency at lower prices.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Personal Chef

    The pandemic has shifted people’s focus to healthy, nourishing meals. But hectic lifestyles seldom allow us to prepare food with these considerations in mind. That’s where personal chefs have emerged as a go-to option.

    Put your culinary skills to tap into this niche, emerging trend. First, gauge the scale at which you can operate, how many people will be involved in this operation, and what will be your service range.

    Thereafter, select your clientele – families, offices, hospices, care facilities, or all before you start. It’s better to begin small even if you can manage a larger client base because working under-capacity initially lets you plug gaps that only crop up once you start operations.

    When it comes to starting a business, above all, it’s essential to identify where your expertise lies. And, remember, it’s not defined by your professional background or educational qualifications.

    What’s important is what you do best and whether your expertise offers a solution to the modern crises. If these criteria are met, and you undertake a few strategic initiatives timely, like hiring a PEO when business is booming, the sky is the limit.

    Want to know how a PEO can help your business grow? Get in touch with us today!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Reference links:

    https://blog.hubspot.com/sales/small-business-ideas

    https://www.businessnewsdaily.com/2747-great-business-ideas.html

    https://www.uschamber.com/co/start/business-ideas/pandemic-business-ideas

    https://www.uschamber.com/co/start/startup/businesses-to-start-during-pandemic

    [/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Contact” _builder_version=”3.22″ background_color=”#012780″ use_background_color_gradient=”on” background_color_gradient_start=”#012780″ background_color_gradient_end=”rgba(1,39,128,0)” background_color_gradient_end_position=”60%” background_color_gradient_overlays_image=”on” background_image=”https://wordpress.fortunebizconsulting.com/wp-content/uploads/2020/03/insurance-01.png” background_size=”initial” custom_padding=”54px|0px|120px|0px|false|false”][et_pb_row module_id=”contact_form” _builder_version=”4.4.4″ background_color=”#ffffff” custom_margin=”80px|||” custom_padding=”80px|6%|80px|6%|true|true” animation_style=”zoom” animation_intensity_zoom=”-5%” animation_speed_curve=”ease-in” border_radii=”on|10px|10px|10px|10px” box_shadow_style=”preset1″ box_shadow_vertical=”40px” box_shadow_blur=”80px” box_shadow_color=”rgba(55,104,238,0.15)”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.4.4″ text_font=”Montserrat|300|||||||” text_font_size=”16px” text_line_height=”2em” header_font=”||||||||” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.4em” text_orientation=”center” max_width=”700px” module_alignment=”center” custom_margin=”||60px|” header_2_font_size_tablet=”30px” header_2_font_size_phone=”24px” header_2_font_size_last_edited=”on|phone” locked=”off”]

    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

    [/et_pb_text][et_pb_contact_form use_spam_service=”on” recaptcha_list=”Default-0″ recaptcha_min_score=”0.7″ email=”stephanie@fortunebizconsulting.com” custom_message=”New Form Submission!||et_pb_line_break_holder||||et_pb_line_break_holder||First Name: %%FirstName%%||et_pb_line_break_holder||Last Name: %%LastName%%||et_pb_line_break_holder||Company Name: %%CompanyName%%||et_pb_line_break_holder||Company Email: %%CompanyEmail%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Message%%” module_id=”et_pb_contact_form_0″ _builder_version=”4.4.4″ form_field_background_color=”rgba(0,0,0,0)” form_field_font=”Lato||||||||” custom_button=”on” button_text_size=”14px” button_text_color=”#ffffff” button_bg_color=”#003bde” button_border_width=”10px” button_border_color=”rgba(0,0,0,0)” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”Montserrat|||on|||||” border_radii=”on|6px|6px|6px|6px” border_width_all=”2px” border_color_all=”rgba(51,51,51,0.06)” form_background_color=”rgba(0,0,0,0)” button_bg_color_hover=”#0053ef” button_border_radius_hover=”4px” button_letter_spacing_hover=”1px”][et_pb_contact_field field_id=”FirstName” field_title=”First Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”LastName” field_title=”Last Name*” min_length=”2″ _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyName” field_title=”Company Name*” min_length=”2″ _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”CompanyEmail” field_title=”Company Email*” field_type=”email” _builder_version=”4.4.4″ button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][et_pb_contact_field field_id=”Employees” field_title=”Number of employees*” allowed_symbols=”numbers” _builder_version=”4.4.4″][/et_pb_contact_field][/et_pb_contact_form][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_section]