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Paying Taxes

Blog April 11, 2022 by Idea Vault Blog

Winter/Spring As anyone who has ever filed taxes knows, tax season is in high gear from January to April. In January, you'll get a tax package from the IRS and start receiving the documents needed to complete your return. You should get a W-2 wage statement from your employer and Form 1099s from ea…

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Completing a Return

Blog April 4, 2022 by Idea Vault Blog

Gross Income The term gross income refers to all the taxable income you have in one year. That includes earned income, such as salary and wages, plus sick pay, unemployment wages, strike benefits, and certain fringe benefits. Gross income also includes investment income (or unearned income), which…

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Tax Brackets and Statuses

Blog March 28, 2022 by Idea Vault Blog

Tax Brackets You pay federal income tax at one or more tax rates, or percentages, based on the tax bracket(s) you fall into. A tax bracket is a range of income decided by the government. For example, for single filers for tax year 2020, $0-$9,875 is one bracket, $9,876-40,125 is another, and so on.…

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Tax Planning

Blog March 21, 2022 by Idea Vault Blog

Retirement Account Contributions By keeping an eye on the tax consequences for your every day financial decisions, you can lower your tax bill. For example, lower taxable income means you pay lower income taxes. You can lower your taxable income by contributing to a tax-deferred retirement account.…

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Attracting Employees

Blog March 14, 2022 by Idea Vault Blog

Your Role Offering the right incentives will help attract the best possible talent to your business. Most potential employees look for a company that offers a well-rounded health plan. Depending on how extensive your budget is, you may include dental and optical coverage, which could make your comp…

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Health Benefits

Blog March 7, 2022 by Idea Vault Blog

Choosing an Agent or Broker Once you have a good idea of what your options are, you can choose an insurance professional to guide you through your insurance choices. If you haven’t used an agent or broker before, these suggestions may help you make a choice you’ll feel comfortable with. Get referra…

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Keeping Your Employees

Blog February 28, 2022 by Idea Vault Blog

Employee Feedback As the workforce at your company expands, you'll want to create clear, easy to access avenues for feedback and support. Even if you hire managers to oversee the day-to-day work of your employees, it's often worthwhile to establish a way for employees to communicate with you or oth…

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Funds to Build Your Business

Blog February 21, 2022 by Idea Vault Blog

The Basics Before you borrow, list your basic business expenses. Each time you expand your business, these costs are likely to increase: Employee salariesRentElectricity, heating, air conditioning, and fuelPaper and other office suppliesPurchasing or leasing operating equipmentDecorating or remodel…

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Documentation for SBA Loans

Blog February 7, 2022 by Idea Vault Blog

To Meet the Basic Requirements for SBA Eligibility: Be a for-profit business in an eligible industry.Qualify as a "small business" under SBA guidelines.Anyone who owns 20% or more of the business must be a U.S. citizen or legal permanent resident. Needed Documentation The following is a list of the…

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Personal Bankruptcy

Blog January 25, 2022 by Idea Vault Blog

Understanding Bankruptcy Congress created the Bankruptcy Code, a breakdown of ways a debtor can plan to get out of debt when their creditors are trying to collect. The option to file for personal bankruptcy is there to help a person pay off a large amount of debt when they would otherwise be unable…

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