Running Behind On Those Updates What You ll Want To Know

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01 Nov 2021
7 min read

Post Highlight

As a result of the pandemic, many small business owners have postponed some duties. It's time to catch up on a variety of concerns. It will need some effort on your side, but it will be worthwhile in the long term. Consider the following recommendations for resolving a wide range of business difficulties. #ThinkWithNiche

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Your Cellular Plans Have Undergone Modifications

The internet connection on the G5 is lightning fast (10-30Gbps versus 100-300Mbps for G4). If you feel that time is money, you'll enjoy how quickly business apps on your smartphone load. Contact your carrier if you want to learn more about new service choices and smartphone updates. Verizon, for example, offers a plethora of alternatives for small businesses. T-Mobile G5 consumers may take advantage of an unlimited package.

Your Apps And Programmes

For the time being, if your PC is running Windows 10, you are not out of date...yet. According to Microsoft, Windows 11 will be out in time for the holidays. Microsoft highlighted new features and enhancements in its most recent operating system update. Users of Windows 10 are eligible for a free upgrade. Windows 11, Microsoft's most recent operating system, necessitates the use of a PC capable of executing it (usually a computer no older than 2018). It's conceivable that you'd like to improve your company's computers so that you can take advantage of the most recent software programmes. Don't forget that there are tax breaks available that allow you to deduct your expenses in the year that you buy new equipment. Also, ensure that the programmes you use have the most recent updates. A variety of reasons, including enhanced security, have led to this.

Your IRS Information Must Be Up To Date

Where is your company located, and who is the "responsible person" who can receive communications on its behalf? The IRS is interested. Because of COVID-19, several small businesses were compelled to relocate (perhaps to homes and out of commercial space). It's worth noting that workers have come and gone over the years. Perhaps the person who is responsible for you has changed...or relocated. To notify the IRS of any changes to your tax position, utilise Form 8822-B. If the IRS feels your company's information is out of the current, it may send you a letter asking you to provide new information. An audit is not being carried out.

As A Result Of Changes To Your Retirement And Employee Benefit Plans

Recent changes to qualified retirement plans and other employee benefit programmes have been significant (Flexible Spending Accounts for Health, Dependent Care Assistance Plans). If you wish to make voluntary or necessary changes to your plans, you must modify them. In the event of a brokerage firm's or another financial institution's template plan, the changes are done by them, and you just receive copies of the updates.

Today's Inspiration

Maintain constant awareness of new advancements in your industry, as well as technology and other concerns. It will take some time to prepare for this, but it will be worthwhile in the long term.

 

TWN In-Focus