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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Identity Theft

Greg Koch's picture

Submitted by Greg Koch Fri, 11/03/2017 - 12:25

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

Submitted by Greg Koch Thu, 08/03/2017 - 21:36

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.

Employee Personnel File Basics — Part I

Many small companies, for purposes of this writing, small refers to companies with 125 employees and under, do not have a Human Resource Department. The HR responsibilities generally land on someone in management, or sometimes even an employee in a clerical position, to contend with. In these cases, the most common basic mistakes are within the files. Oh, the dreaded employee personnel file. For some, the personnel file represents the catch‐all file where every document, paper, note, etc., from the employee, finds its final resting place.

The Next Healthcare Reform — The American Heathcare Act (AHCA)

Much anxiety and concern surrounds the proposed changes to healthcare in the United States. This is easily understood considering healthcare has already gone through significant changes over the last several years. Some of these changes have been helpful while other changes have caused hardship to Americans.

In addition to anxiety and concern, there is also confusion surrounding the current House Bill. Let us take a look at a few of the most predominant features of the Bill:

Documents Everyone Must Have

Greg Koch's picture

Submitted by Greg Koch Thu, 08/03/2017 - 21:02

Once you become 18 you are now considered an adult and can make your own decisions. There are certain documents that everyone must have. If you don’t, it could cost you dearly in several ways. These must-have documents are: a Living Will, A Durable Power of Attorney for Finance, and for Health, also called a Health Care Directive or DPOA.

What Does an Exceptional Leader Look Like?

Abraham Lincoln once said, “The best way to predict your future is to create it.” In a Google search I found a Leader defined as “the person who leads or commands a group, organization, or country.” Abraham Lincoln predicted that our Nation had to abolish slavery in order for our Nation to truly be the “land of the free and the home of the brave,” and he led our Nation to that vision. This was a very bold and challenging undertaking in our Nation’s history. Through his Leadership skills, he helped create and shape the America we know today.

Wave of New Investment Accelerates Pottstown’s Revitalization Process

When the Third Annual Pottstown Investors Conference gets underway at The Hill School on April 12th, presenters and attendees will no doubt be encouraged by the veritable tsunami of recent investment along East High Street in the heart of the downtown, as evidenced by the sale of several dozen properties over the past few years, including seven transactions in the last seven months. And the good news is that multiple investors and investor groups are acquiring these properties for reasons that will ultimately bring enormous benefit to the borough and the downtown.

Your Biggest Security Threat!

By Scott Guinther, I.T. Shield, LLC

Member, Small Business Resource Association

Most business owners today know they need IT security to keep their businesses safe.  Antivirus/malware protection and firewalls are the basic security measures used by most businesses today. But with these necessary and valuable security measures, none of these can prevent the biggest threat to your company — Your People!

“Success Thinking”—It’s All About Attitude

As a small business owner, you’re not just “the boss.” You’re also the leader, the person employees, vendors, customers, and prospects look to for guidance, support, and confidence. And being a leader is easier than you think. It begins with a positive, “can-do” attitude that your business delivers what it promises, and can achieve any goal.

Managing Your Business Website: 7 Things to Consider

At Hureka Technologies, we have served over 50 businesses with new website designs and digital marketing services. Consequently, we understand the challenges business owners face while managing a website. Be it for just maintaining the online presence, or as a key driver in your business’s value delivery cycle, a website makes a huge difference, yet it’s astonishing that over 46 percent of small businesses in the U.S. still don’t have a fully operational website.

New Tax Savings for Your Business

There’s good news if you’ve purchased depreciable property for your business in 2018!

The Tax Cuts and Jobs Act (TCJA), which has reduced taxes across the board, has several new mechanisms to reduce taxes paid by small businesses that will be applicable for the upcoming tax filing season.

One of these mechanisms is depreciation.

Businesses have always been able to deduct the cost of tangible property placed into service with their business, over the useful life of the property.

RISK MANAGEMENT Insurance Coverage Considerations

Risk management is an important aspect of the financial planning process. As a financial

advisor, it is essential to assess a person’s insurance coverage to determine areas of strength and

areas for improvement. Any person who is not adequately covered with life, disability, medical,

automobile, homeowners and any other appropriate insurance may have a serious risk

management problem. For retirees, an appropriate medicare supplemental plan and possibly a

long-term care policy should be in place.

The Changes in SEO Process in Last 10 Years

The ever-changing SEO landscape has put many well-known SEO experts out of business; making the space only for real marketers who understand customers and combine their SEO knowledge with effective marketing techniques.

But it was a gradual change. For a while, everybody thought Google would never be able to stop the spammy websites from manipulating search engine rankings. Black hat and grey hat techniques were rampant. One by one, algorithm updates were rolled out, changing the entire SEO process over the last decade.

Benefits and Challenges of AI-Enabled Recruitment Chatbots

As Hureka has successfully delivered AI-enabled recruitment bots, we have an animated discussion on the benefits and scope of these bots for a small business. In this article, we discuss the benefits and challenges of recruitment chatbots and how it can help a small business streamline its hiring process, make it more efficient and improve candidate experience.

Long-Term Care Planning — Why You Can't Afford to Ignore It

Greg Koch's picture

Submitted by Greg Koch Fri, 09/28/2018 - 15:53

Long-term care planning (or LTC planning for short) isn’t the most exciting topic. But most people can’t afford to ignore it in retirement. It’s the four-ton elephant in the room. "Long-term care is the unsolved problem for so many people," said AARP. Not only the fact that seven out of ten seniors will need some type of LTC, but there’s also the hefty price tag to consider.

What is Long-Term Care?

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