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Companies Are Using This Sneaky Strategy To Avoid Paying Overtime

Allwork

Open-ended exemption tests for employees dictate that individuals working for salaries hardly above the national poverty line can be exempt from overtime payments so long as their employer can create responsibilities that sound administrative. It’s estimated that each fake managerial position saves companies almost 14% in overtime expenses.

Salary 269
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Who’s Stuck With The Bill?

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It may be up to the employer to decide on what benefits they offer (subject to local rules and laws). Often, the amount paid towards remote work expenses depends on whether the job is full time or freelance, and the seniority of the employee’s position. That involves monthly fees, which can also mount up. .

Expenses 317
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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. Firstly, it is the simplest and least expensive form of business to set up and maintain. While celebrating U.S.

Legal 264
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The 4 Best Retirement Plans for Self-Employed Individuals to Consider

Success

Under a SIMPLE IRA, the employer must make contributions each year, either a matching contribution of up to 3% of an employee’s compensation or a 2% contribution that is nonelective for each employee. Employers can deduct contributions as a business expense. Employee salary reduction contributions are not tax deductible.

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SEP IRA: What You Need to Know About This Retirement Plan Option

Success

Unlike other retirement plan options, there are no filing requirements or expensive fees to maintain a SEP IRA. There are no catch-up contributions for those age 50 and older with a SEP IRA. traditional IRA) contributions to a SEP account up to the maximum limit the IRS allows. There are no catch-up contributions.

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How to Start a Nonprofit Organization In 5 Simple Steps

Success

Donors asked if they can deduct the cost of the donated items on their tax return, and a few people suggested you make your project legal by filing for nonprofit status. Will the secretary be able to keep track of the records and filings? Each state has different rules and regulations for filing.

Filing 162
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4 important payroll issues to keep an eye on in 2023

BMT Office Administration

Final e-filing regs. The IRS punted on its final regulations , dropping the mandatory e-filing threshold for information returns for 2021 and 2022 W-2s, 1099s, and 1095s. It’s unlikely it will postpone releasing the final regs for yet another filing season. These regs will scoop up smaller employers into the e-filing net.

Payroll 52