article thumbnail

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

Success

Finding the right retirement plan for your business can take time and effort. One retirement plan option available to business owners and self-employed individuals is the SEP IRA, or the Simplified Employee Pension plan. It allows you to save for retirement based on your earned income. What is a SEP retirement plan?

article thumbnail

Digital Nomads And Freelancers Need These Strategies To Navigate Tax Season Smoothly

Allwork

Beyond all of that, there are also factors with long-term tax implications, such as planning for retirement and understanding the implications of the self-employed pension contributions or social security payments, which in some jurisdictions could be voluntary. Additionally, the Schedule SE form is used to calculate self-employment tax owed.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why You Should Start Your Own Business Today

Success

Since joining the company eight years earlier, he had worked his way up to a solid position in middle management with a decent salary and great benefits. The nation’s 73 million baby boomers (according to data estimates from the 2020 census ) are just starting to reach retirement age, yet they’re realizing that they can’t afford to retire.

article thumbnail

Dry promotions: Definition, considerations, and guidelines for employers

BMT Office Administration

This type of promotion saves the company money, but can be frustrating for employees who understandably expect a higher salary for their hard work in their new role. The key here is to keep your word, set a clear timeline, and provide a salary increase as soon as there is room in the budget.

article thumbnail

IRS update: digital communication and payroll

BMT Office Administration

He also confirmed FIRE’s eventual retirement, in favor of IRIS. Not surprisingly, Lauer is concentrating on 941s and 941-X forms on which the employee retention credit is claimed. Information return filers filed about 300,000 to 400,000 1099s through IRIS this past winter. In July the IRS will roll out a bulk filing feature for IRIS.

Payroll 52
article thumbnail

A Quick 5-Step Plan To Effective Real Estate Recruiting & Retaining Top Agents

Recruit CRM

Ensure you do the following: Provide a competitive salary package Negotiate the commission Lay the groundwork before it's too late and your best candidates think of changing employers. These are specific components that should be a part of the package that your real estate brokerage is willing to provide: A Base Salary Incentive programs.

article thumbnail

Stay on track with this payroll compliance checklist

BMT Office Administration

These are typically salaried employees, but employers must verify that each job role passes specific tests before the employee filling it may be classified as hourly. Collect the required forms. The main two are the I-9 form and IRS Form W-4. An I-9 form is a very important piece of compliance documentation.

Payroll 52