Midas Staff Writer

The Benefits of a Cash Balance Plan

Cash balance plans can greatly benefit small businesses. A cash balance plan, backed by the Pension Benefit Guaranty Corporation, provides business owners and employees with a benefit amount in the form of an account balance in addition to a typical 401(k).  Cash balance plans were created to provide funding flexibility and the ability to put …

The Benefits of a Cash Balance Plan Read More »

Save Money with the “Tax Credit for Other Dependents”

As tax season approaches, taxpayers with dependents who don’t qualify for the Child Tax Credit may be wondering if they can claim the Credit for Other Dependents. This credit can provide an additional tax break for those who meet the eligibility requirements. What is the Credit for Other Dependents? The Credit for Other Dependents is …

Save Money with the “Tax Credit for Other Dependents” Read More »

Consider Time, Skill & Money When Evaluating Payroll Software

Startups in particular need to be clear on what their business does and does not need in order to identify the right payroll provider for them. Most payroll software is designed based on the size of your regular payroll run. For instance, Paychex limits the number of pay runs you can do in a given …

Consider Time, Skill & Money When Evaluating Payroll Software Read More »

More Retirement Security for Small Business Employees

Legislation signed at the end of 2022 included provisions known collectively as SECURE 2.0, which expands the tax credit for businesses with fewer than 50 employees when they launch a new retirement plan.  The previous credit allowed employers with under 100 employees to claim up to 50% of a plan’s administrative costs, not to exceed …

More Retirement Security for Small Business Employees Read More »

Experts Weigh In On Top Challenges for Small Businesses In 2023

With the threat of recession and rising ination, the index for small business optimism is the lowest it has been since 2013.  Business analysts have highlighted at least four key challenges that many business owners will have to grapple with in the coming year. First, the possibility of a recession may be causing anxiety among …

Experts Weigh In On Top Challenges for Small Businesses In 2023 Read More »

Digital Payment Service ZELLE Claims to Provide a Tax Loophole for Small Businesses

The IRS’ new reporting rule for third-party payments has been a concern for small businesses who use platforms like PayPal or Venmo to complete transactions. As of 2022, payments for goods and services totaling $600 or more within a tax year, regardless of the number of individual transactions, must be reported to the IRS. Third-party …

Digital Payment Service ZELLE Claims to Provide a Tax Loophole for Small Businesses Read More »

Federal Reserve Moves Cause Majority of Small Business Loans to Have a 10.5% Interest Rate

Due to an increase in the Federal Reserve’s benchmark interest rate, small businesses will pay double-digit interest rates for the first time since 2007. The Prime Rate, which small business loans are based on now sits at 7.5% – (pushing most common SBA loans to a 10.5% interest rate) the highest it’s been in decades. …

Federal Reserve Moves Cause Majority of Small Business Loans to Have a 10.5% Interest Rate Read More »