Workers’ compensation insurance, while not required, is a good idea for the self-employed. Solopreneurs in high-risk industries like construction can suffer injuries that result in medical bills and lost income. Workers’ compensation insurance for self-employed covers these expenses. Solopreneurs can expect to pay at least $250 per year for self-employed workers’ compensation insurance. Rather than…
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NYC Offering Grants for COVID-19 Affected Small Businesses
In an effort to assist small businesses in New York City that have been adversely impacted by the COVID-19 outbreak, the city has established the NYC Employee Retention Grant Program. This program is aimed at helping small businesses retain employees during a time of decreased business revenue. Small businesses that have experienced at least a…
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What Is a Predictive Dialer?: Definition, Cost, Features & Providers
A predictive dialer is a software system that can automatically dial phone numbers without human intervention. They connect sales agents and other workers to prospects as quickly as possible so they do not spend unnecessary time going through contact lists and entering digits. Predictive dialers are usually bundled with contact center systems. There is no…
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Section 179 Deduction for Property, Equipment & Vehicles
The Section 179 deduction allows business owners to immediately deduct up to $1,020,000 of the cost of qualifying property and equipment purchases for the 2019 tax year. The advantage of the deduction is you immediately receive the tax savings from an equipment purchase rather than gradually saving taxes through depreciation in future years. What Is…
What Is a Credit Limit?
A credit limit is the maximum amount you can charge on your credit card, which is predetermined by your card issuer. The larger your limit, the more you can spend on your credit card. Credit card issuers use several factors to determine your credit limit, including your income, credit score, and other financial considerations. To…
IRS Business Expense Categories List [+Free Worksheet]
Due to the vast number of industries that exist, it is impossible to list every single business expense. However, there is a comprehensive list of common IRS business expense categories applicable to most businesses. In addition, streamlining the process of tracking your business expenses will ensure that you don’t miss out on any tax deductions….
Standard Mileage Rate for 2019 and 2020
If you use your vehicle for business, medical, or charitable purposes, you may qualify for a tax deduction. The deduction is calculated based on a mileage rate times the number of miles you drive. You must keep accurate records of your miles to qualify for the standard mileage rate deduction. Mileage Rate for 2019 The…
What Is a Domain Name & How Much Does it Cost?
A domain name is the website address people type into their browser to visit your site, such as www.yourbusiness.com. Every website is required to have a domain name as it’s how people find and view sites from the web. Domains cost around $12 to $15 per year and can be purchased directly from a domain…
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SKU Numbers: What They Are & How to Set Them Up
A stock keeping unit (SKU) is an alphanumeric code that identifies a product and helps you track inventory for your retail business. You can create SKU numbers manually or using inventory management or point-of-sale (POS) software. SKU numbers print on your product label along with the product’s universal product code (UPC) and other product information….
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What Is a Waiver of Subrogation?
A waiver of subrogation is an endorsement policyholders get to prohibit their insurers from recovering funds paid in a claim from the people who are ultimately deemed responsible for the loss. Contractors often opt for these waivers when they work onsite for a client because they minimize the likelihood of prolonged lawsuits if something goes…
Self-employment Tax Rates 2020 & Step-by-Step Instructions
Self-employment tax rates have remained constant for many years, but the amount of income subject to the tax increases slightly every year for inflation. Self-employment tax is the equivalent of payroll taxes paid by employees and is due on income earned by sole proprietors, freelancers, and independent contractors. Self-employment tax is due regardless of whether…
How Do S Corporation Taxes Work? (+Free Checklist)
S corporations (S-corps) are corporations and limited liability companies (LLCs) that have elected to pass through their income, deductions, and credits to be taxed on the owner’s tax return. S-corp tax rates are the same as the personal income tax rates because the owners pay S corporation taxes on their share of the company’s income….