Insights

We get a lot of questions from small business owners about paying for their employees’ health insurance premiums. Many believe they can pay for employees’ health insurance premiums tax free. The reality is that as of July 1, 2015, employers are no longer allowed to reimburse employees for health insurance or pay for individual health insurance premiums. All healthcare premium payments must be paid through a group healthcare plan. Violations could result in a penalty of $100 per day per employee.

On December 20, 2019 President Trump signed into law what is known as the SECURE Act, or the Setting Every Community Up for Retirement Enhancement. This legislation is intended to increase Americans’ readiness for retirement. The objective is to help hard working Americans secure their financial future. One way the SECURE Act helps to accomplish this is by incentivizing small businesses to set up employer-sponsored retirement plans.

It all starts with an idea, a dream, a determination like no other. I have been amazed at the creativity and courageousness of entrepreneurs I have had the pleasure to work with. While most have easily conceptualized their vision to provide an amazing product or service, they struggle to understand financial statements and develop useful ways to measure the condition and sustainability of their small business. Key Performance Indicators, or KPIs, can be extremely useful and comprehensive tools to gauge how effectively a company is accomplishing its business objectives, as well as compare its operations to others in the industry.

Few have ever said that being an entrepreneur and starting your own small business is easy. Having worked with small business owners my entire career, I can honestly say many of these entrepreneurs are some of the most creative and brave people I have ever met. The following are some tips that every small business owner should consider.