by Sherron Lumley. A health savings account (HSA) is an option available to small businesses that when used in combination with a high-deductible health plan (HDHP) provides an affordable way to offer medical benefit to employees. For the employer, there is a significant benefit—contributions made to an employee’s HSA are tax deductible. For the employee, the benefit from the employer is not considered part of gross income for tax purposes, so the funds contributed are not subject to...

by Reed Richardson For the New Year, the implementation of the 2010 health care reform law continues apace. And with the arrival of 2012 there are some new (and some old) provisions that small businesses should consider when both planning for the upcoming year and filing taxes for the prior one. (To review a broad list of the health care reform changes, check out the Small Business section of the Healthcare.gov website.) Small Business Health Care Tax CreditFor small businesses that...

In the 15 years that a small metal finishing company has had an aggressive wellness program, the number of employees who smoke has decreased from 42 percent to 15 percent. The compliance rate could be due to the fact that non-smoking employees get automatic lower insurance premiums. However, the senior managers think employees are motivated by the program’s offerings, which include perks like a three-day, all-expenses-paid mountain climbing expedition in Colorado. The company also boasts...

Why a defined benefit plan can help a small business owner be ready now for retirement later By Christopher Freeburn While many small business owners may hope to fund their retirement through the sale of their business to employees or partners, for most small businesses that simply isn't a realistic option. Furthermore, with ever-greater numbers of people launching their small businesses as a second career, many small business owners are facing the prospect of looming retirement with...

Why 2010 will likely bring higher costs for your small business and what you can do about it By Reed Richardson While Congress and the White House are still struggling to craft a health care insurance reform bill that, if it passes, will mostly take effect in 2011 or later, many small business owners may wonder where health care costs are headed in the short term. The answer, perhaps unsurprisingly, is up, but not quite as much as in years past. Nevertheless, entrepreneurs may find that the...

What next year's tax law changes regarding IRAs mean for retirement By Reed Richardson Typically, the arrival of each new year brings with it a host of tax law changes, some small, some large, and some too arcane for all but the most savvy investors to benefit from. But 2010 brings with it such an important and relatively simple (but easily overlooked) tax law change-one that could potentially save you hundreds of thousands, if not millions, of dollars over the coming decades-that both...

How new rules help biz owners control employees 401(k)s By Chris Freeburn Helping your employees save for retirement is not merely an altruistic gesture on your part. There are huge benefits for you as an employer, and for your business as a whole. In today's increasingly competitive marketplace, businesses small and large are competing for highly skilled employees-and the competition is only getting more intense. Today's highly talented job applicants are looking for more than a good salary....

If you don't offer health insurance, should you? If you do, but the costs are killing you, what can you do? How do you find a health plan that won't make your company sick? By Chris Freeburn Perhaps the most burdensome issue facing small business owners today is health insurance. As costs continue to spiral and coverage options become more and more complex, many small business owners find the challenge of providing employees health insurance while keeping the company's bottom line healthy too...