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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

4 Pitfalls to Avoid When Protesting Your Commercial Property Taxes

This is the time of year that commercial property owners tend to dread—the deadline for filing property tax protests. May 15 (the protest deadline) is right around the corner, and however inconvenient it may seem to deal with the hassle of protesting, it is worth the cost savings—if you engage an experienced, knowledgeable property tax consultant. The fact is, according to the National Taxpayers Union Foundation, about 30-60% of taxable properties in the U.S. are over-assessed, so there is a good chance your commercial property(ies) are, too. If you decide to be one of the 5% of taxpayers that actually challenge their tax assessment with your local appraiser, here are a few pitfalls to avoid when protesting your commercial property taxes:

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6 Deductions to Lower Your Tax Bill

We are in the thick of tax season and while many Americans and CPAs are losing sleep over the heaps of paperwork and documentation they will prepare for the IRS, small businesses with potential skeleton accounting departments may be relying solely on out-of-the-box software programs to help them generate the most tax deductions and savings. While these programs help millions of businesses manage their business' day-to-day accounting operations, it's important that business owners are aware of all of the different deductions that may be available to them--after all, any savings earned are opportunities to invest right back into your business or your employees. Whether you plan to file your taxes yourself this year or work with a CPA or tax advisor, here are 6 tax deductions you can leverage to lower your tax bill.

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[Case Study] Hill Country Pain Associates

Laura Paredez, Director of Business Services for Hill Country Pain Associates (HCPA), manages the day-to-day operations and activities, and ensures that the business is run financially sound. In her role, Laura oversees all matters from vendor management to payroll administration. With a practice of 27 full-time employees and one part-time employee, HCPA brings with it its own set of employee considerations, of which by no means falls short of HR-related inquiries.

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6 Signs You're Overpaying for Property Taxes

It's the time of year when consumers and business owners alike are turning a blind eye to the pending date on the calendar: April 15. In the case of business owners with commercial property tax bills due, that date you may be shielding your eyes from is May 15—the deadline for filing property tax protests. If you own commercial property, your annual tax bill is likely a substantial expense. Unfortunately, according to the National Taxpayers Union Foundation, around 30-60% of taxable properties in the United States are over-assessed, which—you guessed it—equals higher tax bills. Sadly, even though most consumers and businesses are overpaying due to inaccurately calculated properties, it’s predicted that less than 5% of taxpayers are challenging the assessment. Are you curious if your business is overpaying? Check out the list below that features 6 sure fire ways to help you determine whether our not you're overpaying on your commercial property taxes.

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How to Save Up to 15% on Employee Healthcare Costs

Running a small businesses can be tough. Between staffing, compliance, policy creation, managing payroll, financial reports, and the 2,000 other things you have on your plate, sometimes the time you have “left over” (if there’s even such a thing) is marginal, at best. Consider the ins and outs of your responsibilities as an employer which include ever-changing regulations as they pertain to employee benefits, and well, you have yourself a recipe for stressed-out-losing-sleep-can’t-concentrate-on the-big-picture disaster. Welcome to running your own business!

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Is Value-Based Care Right for Your Company?

The United States spends over 18% of Gross Domestic Product (GDP) a year on health care. The rate of growth in healthcare costs has become unsustainable and employers are now searching for innovative ways to reduce costs while providing competitive benefit programs for their employees.

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Invest in the Success of Your Business [Infographic]

Opening and growing a new business takes work, dedication, and money—sometimes lots of money. Giving your business its best chance at success requires funds to purchase equipment and supplies, pay for assistance and labor, and establish a storefront or office location. Hopefully, the payoff will be worth it, since owning a successful business offers outstanding potential returns for your invested dollars.

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Pros and Cons of an HDHP for Your Employees

Often when people hear the words "high deductible," they're wary of having to make a huge payment up front, before insurance kicks in and helps pay expenses. Though high deductible health insurance plans are becoming the norm, employees often express concerns about using these plans themselves. If you're considering moving to a high deductible plan or have recently implemented one, here is some information that will help you acknowledge your employees' concerns about costs while pointing out the potential positives a high deductible health plan (HDHP) can deliver.

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Enhancing the Return on Your Wellness Investment

As a business owner, one of your most valuable assets is your employees. It's a commonly known fact that healthier employees can affect productivity, but a major indirect cost to consider is the healthcare costs associated with unhealthy employees. According to the Wellness Council of America (WELCOA), the majority of health care costs are aimed at treating conditions that are preventable. Depending on the health of your employee population, this can increase costs for both you and your workers. Targeting and helping to prevent medical conditions among your workforce can significantly reduce health care costs.

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The Value of Taking Vacation Time

Did you know that giving your employees time off from work can make them more productive and increase your profits? Seems counterproductive, right? Well, when employees have proper work/life balance, including ample sick, vacation, and/or paid time off, it can increase productivity, improve morale, increase retention, and have significant health benefits for your employees.

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