Business Update – July 10 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Inflation hit its lowest level since March 2021 last month A key inflation measure fell to its lowest level in more than three years last month, but there’s still plenty of work remaining to get price increases down to the historically acceptable level. Business owners believe employees with AI…  Read more

Business Update – July 03 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US economic growth for last quarter is revised up slightly to a 1.4% annual rate The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. Record high…  Read more

Business Update – June 26 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Why Americans hate inflation — and its cure The main way countries deal with inflation is to increase interest rates, making it more expensive to take out loans and reducing the rate of housing construction, business spending, etc. But if Americans are unusually vulnerable to interest rate hikes because…  Read more

Business Update – June 19 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. IRS options for late filers: payment plans and penalty relief The IRS announced several options to assist taxpayers who missed the April filing deadline for their 2023 federal income tax returns. These include programs to help those struggling with payment and potential penalty relief for first-time offenders. We’re in a new…  Read more

Business Update – June 12 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The economy is healthy, but inflation is overshadowing growth Despite high interest rates and stubborn inflation, the economy is growing remarkably well. All the major indicators we use to gauge its health—and how families and businesses are faring—are strongly positive. Mortgage closing fees are in the hot seat. Here’s…  Read more

New 401(k) Tax Credits under the SECURE 2.0 Act

Running a small business is no small feat, and neither is taking care of your employees. With the recent changes introduced by the SECURE 2.0 Act, small businesses that offer qualified retirement plans, such as 401(k)s, may now be eligible for several tax credits that can significantly offset the costs associated with launching and maintaining these plans. Curious to learn how you can take advantage of these changes? Let’s explore…  Read more

Business Update – June 05 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Consumers curb US economic growth in first quarter, inflation cools The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates…  Read more

Business Update – May 29 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Federal Reserve Board issues Economic Well-Being of U.S. households report The Federal Reserve Board on Tuesday issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was nearly unchanged from 2022 as…  Read more

Business Update – May 22 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US small business sentiment rebounds in April U.S. small-business confidence increased in April and the share of owners planning to raise prices was the smallest in a year, but persistent labor shortages continued to exert cost pressures for owners, a survey showed on Tuesday. Are we getting a ‘hard…  Read more

Business Update – May 15 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The U.S. economy’s soft landing is still on track While there’s been a recent string of disappointing macroeconomic data, in reality, these developments are signs of the U.S. economy’s strengths, not weaknesses. The economic pessimism of the last few years has often been rooted in a misreading of the…  Read more

What do business owners need to know about Payroll?

What is Payroll? Payroll refers to the process of managing and processing employee compensation, including wages, salaries, bonuses, and deductions. This process includes calculating employee pay, withholding taxes, and other deductions, and ensuring that employees are paid accurately and on time. Preparing for Payroll Before you can start running payroll, there are a few steps you need to take to prepare: Legal and compliance requirements To ensure compliance with federal…  Read more

Business Update – May 08 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How small businesses impact our economy Every year since 1963, U.S. presidents have issued a Small Business Week proclamation to recognize the contributions of entrepreneurs and small business owners. The theme of Small Business Week 2024, “Building on the Small Business Boom.” Five indicators that show the US economy is…  Read more

Business Update – May 01 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The economy grew a disappointing 1.6% in Q1. What does it mean for interest rates? The U.S. economy slowed more than expected early this year as weaker business stockpiling and exports offset solid consumer spending and a flurry of housing construction. Overdraft/NSF Revenue in 2023 down more than 50% versus pre-pandemic…  Read more

Business Update – April 24 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Yellen says US working to mitigate risks to global economy U.S. Treasury Secretary Janet Yellen on Tuesday said a stronger-than-expected U.S. economic growth had helped power the global economy, and Washington was working to mitigate remaining risks to the global outlook and ensure sustainable long-term growth. Small business optimism reaches lowest…  Read more

Business Update – 17 April 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fed’s rate-cut confidence wobbles as elevated inflation persists As Federal Reserve officials last year started steering the world towards possible interest rate cuts in 2024, they took heart in data showing inflation over many months had collapsed to the U.S. central bank’s 2% target, evidence their policies were curbing…  Read more

Business Update – April 10 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. U.S. remains world’s top destination for foreign direct investment for 12th consecutive year The United States has been ranked as the top destination for foreign direct investment for the 12th consecutive year according to Kearney’s Global Business Policy Council’s 2024 Foreign Direct Investment (FDI) Confidence Index. Small business owner confidence…  Read more

Business Update – April 03, 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy…  Read more

Business Update – March 27, 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Entrepreneurship, startups, and business formation are booming across the U.S. Applications for new businesses, the number of startups, and the total number of businesses have skyrocketed across U.S. states and counties since 2021. Federal Reserve issues FOMC statement On March 20, 2024, the Federal Reserve raised the federal funds…  Read more

How being organized helps you at tax time

Tax season is stressful. You have to make sure you’ve got all your documents in order and that everything is filed on time. You also need to double check that the numbers you have are correct, and if they’re not then it can be a real headache. Given how stressful tax time can be, keeping everything together can help you navigate tax season much more easily. Here are some benefits…  Read more

Business Update – March 20, 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How the enhanced CTC could impact tax season Tax season is well underway, but the fate of the $78 billion Tax Relief for American Families and Workers Act, including the enhanced Child Tax Credit, is now in the hands of the Senate. It is unclear when the legislation will cross…  Read more

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