December 2016 Changes to Overtime Rules

new overtime lawsThe Department of Labor (DOL) has finalized a rule that, effective Dec. 1, 2016, will make significant changes to the overtime regulations in the Fair Labor Standards Act (FLSA).

As you know, employees covered by the FLSA must receive overtime pay for all hours worked over 40 in a workweek at a rate of not less than one and one-half times their regular rates of pay, unless otherwise exempt. The FLSA’s “white collar” exemptions exclude certain executive, administrative, and professional (“EAP”) employees, and outside salespersons, from the federal minimum wage and overtime rules. Continue reading

Posted in Compliance, Government, Planning Strategies, Self-Employed, Worker Classification, YouTube, Small Business Association (SBA), U.S. Small Business Administration | Leave a comment

New DOL Overtime Rules

Don’t forget that the Department of Labor’s new overtime rules will go into effect on Dec. 1, 2016.

If you’re an employer, be sure you fully understand your obligations and expectations under these new rules, and take any steps you need to in advance to prepare for the changes.

If you want to reduce the potential for increased overtime pay, you have three options: shift workloads, hire additional workers, or eliminate tasks.

Learn more in this informative video.

Posted in Compliance, Government, Personal Finance, Planning Strategies, Self-Employed, Small Business Association (SBA), U.S. Small Business Administration, Worker Classification, YouTube | Tagged , , , , , , | Leave a comment

IRS Urges Employers to Take Advantage of Expanded Work Opportunity Tax Credit

The following article was published by the IRS.

We're hiring signEmployers Have Until Sept. 28 to Request Certification for Many New Hires

With a key certification deadline fast approaching, the Internal Revenue Service recently urged employers to take advantage of a valuable tax credit designed to help those who hire long-term unemployment recipients, certain veterans, recipients of various kinds of public assistance and other workers who face significant barriers to employment. Continue reading

Posted in Hiring Veterans, Planning Strategies, Tax Tips, U.S. Small Business Administration, Uncategorized, Veterans | Tagged , , , | Leave a comment

What are Certificates of Deposit?

Certificates of deposit (CDs) are time deposit instruments with a bank or brokerage house.

The objective is that you give the institution the money for a period of time. They will tell you up front what the rate of return is, and at the end of that term, you’ll be able to take your money out as well as the interest that you earned during the process. Continue reading

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Moving in 2016? Notify Your Marketplace about Your New Address

The following article was published by the IRS.

moversIf you moved this year or are planning to move, you probably have a list of organizations to notify about your new address like the U.S. Postal Service, utility companies and even the IRS. If you get health insurance coverage through a Health Insurance Marketplace, you should add one more important notification to your list: your Marketplace. Continue reading

Posted in Personal Finance, Personal Taxes, Planning Strategies, Premium Tax Credit, Tax Tips | Tagged , , , | Leave a comment

How to Get Ahead Financially

A father of five called into the Dave Ramsey Show to find out how he could stop living paycheck to paycheck and actually get ahead financially.

Find out what advice Dave gave him, starting with looking for alternate income streams while simultaneously wiping out old debt by starting with the smallest debt first.

By following a strict budget and making wise financial decisions, anyone can eventually turn around their financial situation over time.

Posted in Debt, Personal Finance, Planning Strategies, YouTube | Tagged , , , , , ,

IRS Urges Taxpayers to Check Their Withholding; New Factors Increase Importance of Mid-Year Check Up

The following article was published by the IRS.

man on laptopThe Internal Revenue Service today encouraged taxpayers to consider a mid-year tax withholding checkup following several new factors that could affect their refunds in 2017. Taking a closer look at the taxes being withheld can help ensure the right amount is withheld, either for tax refund purposes or to avoid an unexpected tax bill next year.

The withholding review takes on even more importance this year given a new tax law change that requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax administrators continue to strengthen identity theft and refund fraud protections, which means some tax returns could again face additional review time next year to protect against fraud. Continue reading

Posted in Child & Dependent Care Credit, Personal Finance, Personal Taxes, Planning Strategies, Tax Refunds | Tagged , , , ,