Dr Rochelle Parks-Yancy’s Post

There's only one thing scarier than Halloween. It's all the "experts" on LinkedIn recommending small business owners to take on staff and grow their team solely to save a few bob in tax and benefit from Employment Allowance. Shame on you accountants- you really should know better. I can guarantee it will cost you way more than the tax saving to hire, retain, and manage someone. Not to mention the raft of employment law changes coming down the road you need to comply with. Get yourself a qualified tax adviser, and ask any small business employers about the true cost of hiring your first employee and growing a team. At all times- the good, bad and the down right ugly. #HR #Employment #Business #PeopleManagement

[Unspoken] Financial advice for corporate employees - You may not realize it, but you're doing two jobs. The first is for your company, and the second is for the government. - Your salary will pay for the first car, AC, and house but it will not be for your family but for politicians. - Your lowest ROI isn't on Fixed Deposits but on the tax you pay. #humour #taxes #newfinancialyear #corporate #employee

The sad part is - taxes are expected only to go up as they are needed to fill the fiscal deficit (difference between what govt spends and earns), which is only going up. In only one case and maybe a other few, it can go down - all the infra spending govt is doing, yields some pretty good ROI, which seems highly unlikely (as they are still ridden with cost of corruption and poor quality). In very simple terms - what is a good ROI - the marginal increase in GDP from the infra project is greater than cost of capital (typically 7% for GOI) of infra project cost (which includes cost of construction, corruption, maintenance, poor quality, etc.)

Negotiating wisely during salary discussions can pave the way for additional tax-saving components, boosting your overall financial health. Whether it's negotiating for higher HRA or exploring tax-free perks and allowances, every step counts towards optimizing your earnings. Remember, every rupee saved in taxes is a rupee earned towards your financial goals. So, gear up and hone your negotiation skills to craft a salary package that works smarter for you. Stay tuned for more tips and tricks on mastering the art of tax optimization! 💼💡 #SmartNegotiation #TaxSavingPerks #FinancialWellness

As the election draws near, small business owners and entrepreneurs are closely watching the potential changes in policies that could shape their future. Our latest article delves into how the election results might affect small businesses, covering key areas such as tax reforms, regulatory changes, and economic stimulus measures. 🔍 What You'll Learn: 1) Tax Implications: How proposed tax policies could influence your bottom line. 2) Regulatory Shifts: The potential impact of new regulations on operational costs and compliance. 3)Economic Stimulus: What to expect in terms of government support and funding opportunities. Understanding these factors is crucial for planning and adapting your business strategy. Read the full article to stay informed and prepared for the potential outcomes of the election. #SmallBusiness #ElectionImpact #EconomicPolicy #BusinessGrowth #TaxReform #Regulations #EconomicStimulus

💼🚫 Losing your job is tough enough without tax troubles tailing you. Don't overlook the tax implications of a layoff or termination. Stay informed on these three critical areas. https://hubs.la/Q02plJxf0 #JobLoss #TaxAwareness #FinancialWellness #EFPRblog

🎥✨Tax Tips Tuesday - Estate Agents✨🎥 "Tax Tips Tuesday is here, and today’s episode is for all Estate Agents! 🏘️🏚️ Let’s talk about jury pay👩⚖️ and your responsibilities as an employer: 1️⃣ First, ensure the employment contract specifies whether you will pay for jury service or not.📜 2️⃣ If you do pay, make sure you receive a jury pay statement from your employee once they’ve completed their service.✅ 3️⃣ Finally, confirm the amount paid by the court is correct and follow up with your employee the next month to avoid any underpayment issues.🚨 Stay on top of your payroll and avoid any hiccups! 💼 #TaxTipsTuesday #EstateAgents #PayrollCompliance #SuperBookkeeper"

The Affordable Housing Levy is to take effect from 19th March 2024. Employers shall deduct 1.5% of each employee’s monthly salary and matching contribution from the employer. #Levy #AffordableHousing #Law #Business #employers #Employee #Taxes #Accounts #Friday

We can all agree that the U.S. federal #incometax system is overly complicated and in, in my opinion, desperate need of reform. The Tax Cuts and Jobs Act of 2017 did not fulfill its promises of increasing #jobs, sparking #investment, and reducing the #deficit. In fact, many of the personal income tax provisions of the #TCJA expire in 2025, including the expanded child care tax credit, the standard deductions, and the reductions in marginal rates. Estimates suggest that extending these provisions would add up to $4 trillion to the federal deficit over the next decade. Both President Trump and Vice President Harris have proposed "no taxes on #tips." President Trump's proposal does not yet appear to be subject to income limits while Vice President Harris' does. This is a crucial difference because if there was not a #income #limit, we would likely see a number of high-income jobs with bonuses try to convert to a "salary + tip" structure. Lost in the debate over tips is why should we exclude some personal income from the personal income tax. Biasing the #tax structure in favor of tip income does not seem to make much sense from a public finance perspective. However, we should take these proposals with a grain (or pound) of salt. The #President does not control the tax code, Congress does. The President can propose, but Congress holds the power in this discussion. Many of these proposals would add hundreds of billions (if not trillions) to the federal #deficit. In the end, we should probably take these proposals for what they are, efforts to gain votes in a highly contested race.

A lot of times, my clients think I'm asking them this question: "Are you, as a business owner, paying yourself enough to get by?" But when I ask about a reasonable salary, I'm *actually* trying to understand if you're meeting IRS requirements for an S corp owner. Paying yourself a reasonable salary means your salary is what you'd be paying someone else to fulfill your roles and duties. For example, if you wouldn't pay your operations manager a $10,000 salary, you shouldn't do that for yourself either. Now, let's talk about why people try to pay themselves LESS: Many business owners switch to an S corp for the self-employment tax savings. The less you pay yourself via salary and the more you take via distributions, the less you'll pay in SE taxes. Want to make sure your S corp is complying with all the rules & regulations? Let's connect! #taxtime #moneytips #taxprofessional