Should You Up Your 401(k) Matching Contribution?
As an employee, a higher 401(k) plan match rate can translate into more free money in your retirement account. A shorter vesting schedule can mean quicker ownership of your employer’s contributions — your retirement account balance is all yours, even if you were to leave the company for a new job. Adding the maximum amount […]
Keep Calm and Carry On Under Fire
Usually, serious crises pose threats and embody an element of some surprise stemming from unique or unanticipated events. Although the probability of occurrence may be rare, the resulting impact can be immense. The art of crisis management involves managing, preparing for, limiting and mitigating damage. It calls for prompt and resolute actions driven by swift […]
How NOT to Misclassify Employees
So, what’s the big deal? Misclassification is considered wage theft, whether you knowingly or accidentally misclassify employees. It could put your business at risk of an IRS audit for back taxes, severance and health care coverage for misclassified workers, in addition to legal fees, reputation damage, and even criminal and civil penalties. Let’s enumerate some […]
PTO Restrictions: What You Need To Know
Paid time off is offered in various ways, such as vacation days, sick leave, personal time, family and medical leave, parental leave, federal holidays, floating holidays, military leave, and bereavement leave. How it should be administered depends on company policy and applicable laws. According to the Fair Labor Standards Act, there are no requirements in […]
Better the Devil You Know: Long-Term Employees
It is more useful to contrast the distinct strengths and skills each of these groups represents. On one hand, lifers embody loyalty and rich experience. They have committed substantial time and effort to help their organizations thrive. Job hoppers, however, are often cultivated as a replacement source of fresh thinking at the cutting edge. Who […]
IRS Announces Mileage Change For 2025
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged […]