If you have employees and pay minimum wage, you’ll definitely find yourself paying more due to the new law, going into effect today, July 24.  The Fair Minimum Wage Act of 2007 begins by increasing the current $5.15 to $5.85 per hour.  Then the minimum wage will increase over increments until it reaches $7.25 hourly as of July 24, 2009.
Also, states vary regarding the increments.  Some will increase the minimum wage faster than decreed by the Federal Government.
If you have employees at different wage levels and at least one  is at minimum wage, how do you handle the increase?  Do you …read more

Kelly, at Taxgirl, brought up an interesting point in her post, iPhone,uTax, concerning gifts from businesses to employees.  She connected this information with Apple giving it’s employees free iPhones.  However, those phones aren’t completely free come tax time.  They’re considered compensation, and as such, should show up on the employees’ W-2’s.
If you have employees in your home business, and you give them gifts, you’ll want to read Kelly’s post, and if necessary, get additional information to see the specific details.