LLC updates effective January 1st, 2018

Starting on January 1st, 2018, all Minnesota LLC’s filed prior to August 1st, 2015 will have some new changes.  This post is meant to inform you about this upcoming change.  This effects all LLC’s filed in Minnesota prior to August 1st, 2015, under the prior LLC Act.

WHAT DO YOU NEED TO KNOW?

Everything you need to know is listed here:  

2018 LLC Update

NOTE:  Business by Design cannot provide you with any legal advice on this matter. However, BBD has made an arrangement with a law firm (Virtus Law) to help you with this process if you choose to do so.

If you have any questions or concerns, please contact one of our BBD staff listed below.

S-Corporation Health Insurance

Be sure your health insurance premiums are deductible…

If you have an S-Corporation and you want to deduct 100% of your Health Insurance Premiums, you are REQUIRED to have your TOTAL PREMIUMS PAID IN 2017 reported on your year end W-2 forms.

If you do not have this reported on your W-2 you will not be able to deduct 100% of your health insurance premiums paid in 2017.  For an explanation of what to do, please select one of the two documents below to view and follow the listed instructions:

If BBD Processes your payroll:  

Click Here: myBBDPay Health Insurance Reporting – 2017

 If BBD DOES NOT process your payroll :

Click Here: Non-BBD Payroll – Health Insurance Reporting – 2017

2017 Tax Quiz – How well do you know your business partner?

Do you know your business partner… the IRS?

It is that time of the year again… time for some year end planning with your business and taxes.   Business by Design wants to help you get in the right mindset for the end of year.  We have prepared some information for you to consider as you enter the final weeks of 2017.

Click on the link below for a copy of the material Paul Miller presented at your Edina Realty event.

Click HERE to view the presentation: 

 2017 Tax Quiz – Edina Realty

2017 Year End Planning

Forms and useful information ….Tax Planning

Here are some forms and useful information to review for your year end tax planning.  If you have not had your year end tax review yet and need to schedule an appointment yet, please click here:

  • To prepare for this appointment;

CLICK HERE: 2017 Year End Review Appointment Checklist

  • To use a fill in worksheet as a guide to send us,

CLICK HERE:  2017 Year End Review Fill-In Worksheet

  • For year end tax planning tips;

CLICK HERE for: Business End of Year Tips

CLICK HERE for:  Personal End of Year Tips

ALL S-CORPORATIONS, PLEASE NOTE THE FOLLOWING:

  • Your business year end is December.
  • All S-Corporations with a profit will need to some type of wage/payroll for 2017.
  • Your wages and taxes will be determined during your review appointment.

SIMPLE IRA Set-Up – DEADLINE October 1st.

Deadline is October 1st.

simple-iraIf you are looking to set up a SIMPLE IRA for your business in 2017, the deadline to do so is October 1st.  All new plans must be set up by October 1st to be used and funded in 2017.   Using a SIMPLE IRA will allow you to make both Employee (EE) contributions, along with Employer (ER) contributions.

Contribution Limits:

  • Employee contributions can be up to $12,500 for 2017.  The employer contributions may vary slightly, but would generally be about 3% of wages to all eligible employees.

Deadline to fund the plan.

  • Employee contributions – must be withheld from pay by December 31st and remitted to the investment firm as soon as reasonably possible
  • Employer contribution – must be made by the tax return due date, including extensions

questionsIf you have further questions about the SIMPLE IRA plan set up or options, please reach out to your financial advisor for information on this plan.  

Business by Design does not set up these plans or provide financial advice, however, we do want to be sure you are aware of the deadline.