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Everything Small Business Owners Should Know In 2018

Last year brought about many changes, some big and some small. As we get into the new year, being aware of what these changes mean for your small business is essential. Brush up on everything your small business should know going into the new year.

Minimum Wage Increase

On January 1st, 18 states had minimum wage increases. Arizona’s minimum wage went up from $10.00 to $10.50. Exceptions to this rule include employees that make tips that amount to at least $10.50 per hour, certain government employees, businesses grossing under $500,000, etc. You can find more information about exemptions in our last blog post.

Changes to Taxes

Tax rates will be changing for small business owners in 2018. Many business owners will benefit from these changes, although specifications have not been clearly outlined yet. The IRS has yet to write out what taxpayers are able to do under the law and the requirements they need to meet to comply. A few things are known: business owners that make over a certain amount at the end of the year will not benefit. There have also been changes to the amount of deductions businesses can take for things like equipment purchases ranging from computers to vehicles.

Changes to Health Care

Businesses will no longer be able to sign up for group insurance policies online through healthcare.gov. When signing up for insurance for 2019 they will have to go through an agent, broker or directly through an insurance company to purchase health insurance. Individuals will also no longer be required to have health insurance starting in 2019, but companies with 50 employees or more will still be required to provide insurance.

Employee Harassment Updates

All owners should update or create an employee handbook this year. The handbook should make it clear that sexual harassment or harassment of any kind is not tolerated by the company. Business owners should also consider training all their employees about sexual harassment, how to recognize it, report it and avoid it.

Photo courtesy of Louisehoffmann83 by Pixabay.