Route 422 Business Advisor

From the Editor's desk at Route 422 Business Advisor — Relevant news and information of interest to business owners and operators along the Route 422, Route 100 and Route 30 corridors in Southeastern Pennsylvania. Please visit www.422bizmag.com

 

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Tax Reform Proposal Unveiled

Greg Koch's picture

The much-anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code.

Individual Retirement Accounts

IRA rules are left largely untouched by the Act. Contribution limits and requirements are unchanged, stretch IRAs remain in place, and favorable treatment for Net Unrealized Appreciation remains available as before.

Health Insurance: Executive Order

On October 12, 2017, President Trump signed an Executive Order. What does this mean for health insurance? What changes will take place in the health insurance market now? What changes might happen to health insurance in the future?

What If You Could Pay Health Care Costs in Retirement with Tax-Free Dollars?

Greg Koch's picture

As medical expenses continue to increase, planning for them in retirement takes on greater importance.  One approach is to shift thinking of the Health Savings Account (HSA) as an account to defray medical expenses annually to an account with pre-tax dollars and tax-free earnings to defray medical expenses years from now in retirement.

Consider this planning strategy to help insulate your lifestyle dollars from medical expenses:

• Fully fund an HSA to the maximum annual contribution allowance, potentially to age 65.

Processing Workplace Incidents

In the last article, we reviewed Workers’ Compensation file basics. In this article, we are looking at processing workplace incidents. Workplace incidents include workplace accidents and "close-calls." There were approximately 2.9 million non-fatal workplace injuries and illnesses reported by private industry employers in 2015, which occurred at a rate of 3.0 cases per 100 equivalent full-time workers, the U.S. Bureau of Labor Statistics reported. The Bureau of Labor Statistics also reports that more than a dozen workers died every day in American workplaces in 2013.

Identity Theft

Greg Koch's picture

On Thursday, September 7th, Equifax, one of the largest credit-reporting companies in the US, said 143 million people could be affected by a recent data breach, involving credit card companies, banks, retailers, and lenders.

In 2017, data stored by hospitals, cell phone companies, health insurance and government agencies is being targeted more than ever. And the reality is, no matter how safe we are with our information, we can’t control the security of these databases. So, it’s only a matter of time before we’re personally affected by a serious company or government breach.

Workers’ Compensation File Basics

In the last two articles, we reviewed Personnel and Medical file basics including what should and should not be in these files, where and how they should be stored and who has access to them. Medical documents, including documents about workers' compensation, should not be kept in the personnel file. Instead, a separate filing system to manage the workers' compensation process and materials should be set up and maintained.

Let’s look at a physical filing system option for managing the files:

Economic Development in Pottstown Gaining Momentum

Pottstown has been rediscovered and is being appreciated for all that it has to offer.  Businesses are moving into and choosing to stay in Pottstown due to its increasing assets. One such asset is the diversity of properties that are available for development.  There are many buildings that still have the beauty of original architectural features that display craftsmanship not found today. There are traditional office structures in an office park setting and lots which are blank slates.

Employee Personnel File Basics – Part II: Storage and Access

In the previous article, we reviewed the basics of employee personnel files – what should and should not be filed in the personnel files. Items such as W4’s, performance appraisals, applications and resumes are all to be maintained within the employee personnel file. Any document of a medical nature should not be contained in the employee personnel file. Rather, a separate employee medical file should be created to hold items such as doctor certificates, disability related documentation, and completed Family Medical Leave forms.

Must You Pay Income Tax on Inherited Money?

Greg Koch's picture

The good news is, generally inheritances are not taxed as income.

An inheritance can be a windfall in many ways—the inheritor not only gets cash or a piece of property, but doesn’t have to pay income tax on it. Someone who inherits a $500,000 bank account doesn’t have to pay any income tax on that amount.

Tax Reform Proposal Unveiled

Greg Koch's picture

The much-anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code.

Individual Retirement Accounts

IRA rules are left largely untouched by the Act. Contribution limits and requirements are unchanged, stretch IRAs remain in place, and favorable treatment for Net Unrealized Appreciation remains available as before.

Health Insurance: Executive Order

On October 12, 2017, President Trump signed an Executive Order. What does this mean for health insurance? What changes will take place in the health insurance market now? What changes might happen to health insurance in the future?

What If You Could Pay Health Care Costs in Retirement with Tax-Free Dollars?

Greg Koch's picture

As medical expenses continue to increase, planning for them in retirement takes on greater importance.  One approach is to shift thinking of the Health Savings Account (HSA) as an account to defray medical expenses annually to an account with pre-tax dollars and tax-free earnings to defray medical expenses years from now in retirement.

Consider this planning strategy to help insulate your lifestyle dollars from medical expenses:

• Fully fund an HSA to the maximum annual contribution allowance, potentially to age 65.

Processing Workplace Incidents

In the last article, we reviewed Workers’ Compensation file basics. In this article, we are looking at processing workplace incidents. Workplace incidents include workplace accidents and "close-calls." There were approximately 2.9 million non-fatal workplace injuries and illnesses reported by private industry employers in 2015, which occurred at a rate of 3.0 cases per 100 equivalent full-time workers, the U.S. Bureau of Labor Statistics reported. The Bureau of Labor Statistics also reports that more than a dozen workers died every day in American workplaces in 2013.

Identity Theft

Greg Koch's picture

On Thursday, September 7th, Equifax, one of the largest credit-reporting companies in the US, said 143 million people could be affected by a recent data breach, involving credit card companies, banks, retailers, and lenders.

In 2017, data stored by hospitals, cell phone companies, health insurance and government agencies is being targeted more than ever. And the reality is, no matter how safe we are with our information, we can’t control the security of these databases. So, it’s only a matter of time before we’re personally affected by a serious company or government breach.

Workers’ Compensation File Basics

In the last two articles, we reviewed Personnel and Medical file basics including what should and should not be in these files, where and how they should be stored and who has access to them. Medical documents, including documents about workers' compensation, should not be kept in the personnel file. Instead, a separate filing system to manage the workers' compensation process and materials should be set up and maintained.

Let’s look at a physical filing system option for managing the files:

Economic Development in Pottstown Gaining Momentum

Pottstown has been rediscovered and is being appreciated for all that it has to offer.  Businesses are moving into and choosing to stay in Pottstown due to its increasing assets. One such asset is the diversity of properties that are available for development.  There are many buildings that still have the beauty of original architectural features that display craftsmanship not found today. There are traditional office structures in an office park setting and lots which are blank slates.

Employee Personnel File Basics – Part II: Storage and Access

In the previous article, we reviewed the basics of employee personnel files – what should and should not be filed in the personnel files. Items such as W4’s, performance appraisals, applications and resumes are all to be maintained within the employee personnel file. Any document of a medical nature should not be contained in the employee personnel file. Rather, a separate employee medical file should be created to hold items such as doctor certificates, disability related documentation, and completed Family Medical Leave forms.

Must You Pay Income Tax on Inherited Money?

Greg Koch's picture

The good news is, generally inheritances are not taxed as income.

An inheritance can be a windfall in many ways—the inheritor not only gets cash or a piece of property, but doesn’t have to pay income tax on it. Someone who inherits a $500,000 bank account doesn’t have to pay any income tax on that amount.

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