Best retirement accounts for small business?

Best retirement accounts for small business?

What Retirement Accounts are Available for Small Business Owners? Well…it depends (you knew that was coming right?). Before giving an answer, I always ask: How many employees do you have? Are you an S-Corporation? How much do you want to contribute to your retirement accounts? Do you want as simple a solution as possible? Three types of accounts work best for small business owners or freelancers: Simplified employee plan (SEP) IRA Solo 401(k) Simple IRA *less half of your self-employment tax What does this chart mean? A SEP IRA is very similar to a regular IRA. The contributions come from…
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When Am I Required to Provide Health Insurance to Employees?

When Am I Required to Provide Health Insurance to Employees?

As you likely know, the Affordable Care Act (ACA) added requirements for employers to provide health insurance to employees if employing a certain number of full-time employees. According to various provisions of the ACA, a full-time employee is defined as anyone working around 30 hours per week. You do need to look at part-time employees as well since they can add up to full-time employees. If you have over 50 employees, you are considered a Large Employer and are required to provide health insurance benefits. In this case, we recommend speaking to an agent to discuss the specific requirements that…
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How do I hire Someone?

How do I hire Someone?

First...take a step back. While you might have someone already picked out for an open position in your practice, you need some lead time before you can hire someone in Washington State. Do you already have a payroll system set up? If you’re an S-Corp, you should. If payroll is already established, the hiring process can often be a little quicker. File a New Business License Application If not, then you will need to file a NEW business license application. When you apply, the purpose will be “hire employees.” We recommend that you file for a new business license online…
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