The Work Opportunity Credit (WOTC) is a federal tax credit for employers who hire and pay people who are having trouble getting into the workforce. The credit is usually equal to 40% of the qualified first-year wages of employees who worked at least 400 hours. The credit is reduced to 25% of the qualified first-year…
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Active Participation in Rental Property & the $25,000 Loss Allowance
Active participation is a lower standard of involvement than material participation and is more commonly used among individuals, such as landlords and rental property owners. You are an active participant in your rental real estate activity if you own at least 10% of the rental property and are substantially involved in management decisions. Management decisions…
7 Small Business Tax Credits That Your Company May Qualify For
Business tax credits can be a powerful tool for small businesses to lower their tax bill directly. If you’re eligible for any of the tax savings credits—such as Work Opportunity Tax Credit, Employer Credit for Payroll Taxes Paid on Employee Tips, Employer Credit for Paid Family & Medical Leave, and Disabled Access Credit—you’ll likely need…
What Is a Duplex vs Triplex vs Fourplex? A Comprehensive Guide
Duplexes, triplexes, and fourplexes are multi-family residential real estate containing two to four units. They are purchased as owner-occupied homes or for investment purposes. They qualify for conventional and government-backed mortgages with lower interest rates and lower down payments, and carry longer terms. These three properties differ by the number of units—but not necessarily the…
What Is a Business Domain Name? A Quick Overview
A business domain name is the website name found in your web address or URL (e.g., fitsmallbusiness.com). Similar to how people find a physical business by its street address, think of it as your company’s online business address. Customers can locate your website and identify your brand through its business domain name, and it can…
PBX Phone Systems: A Comprehensive Guide for Small Businesses
PBX stands for private branch exchange, an internal telephone network enabling users to communicate with one another and those outside the company through private lines. A PBX phone system hosts various features, including call forwarding, call transfer, auto-attendant, and voicemail. Businesses benefit from this phone system as it allows organizations to scale communications and manage…
What Is HD Voice Calling? A Comprehensive Guide for Small Business
High-definition (HD) voice calling is an audio technology that delivers a seamless calling experience using wideband audio codecs and noise cancellation. It is a standard feature in many voice-over-internet-protocol (VoIP) systems, providing users with clearer sound quality and reduced background noise in any environment. In this article, we answer the question, “What is HD voice…
How to Create a Vision Statement (+ Free Template)
Creating a vision statement is fundamental to defining your brand’s identity and provides an aspirational goal for everyone in your company to pursue. But learning how to write a vision statement that is effective and inspirational can be challenging. To make it easier, download our free template and follow the steps below to create a…