As we move into the fall season and the final quarter of the year, it’s a perfect time to commit to a project in your business that will help you reach the year’s end in better shape. Here are 5 ideas: Back-to-School Time If payroll expenses are one of the higher costs in your business, […]
Did You Collect the Needed W-9s?
Article Highlights: The IRS Form W-9 is used to obtain independent contractors’ tax ID numbers. Tax ID numbers are required when filing 1099s. 1099-MISCs must be issued to independent contractors that are paid $600 or more during the year for performing services for a trade or business. If you used independent contractors to perform […]
Five Ways to Streamline Your Payroll Process
For business owners with employers, payroll is a necessary task that can slow your day and tie you down if you let it. If you’re looking for a way to make payroll less time-consuming, here are five ideas you can put to good use: Employee Onboarding If you hire a lot, empower your new hires […]
Tax Breaks for Hiring Your Children in Your Family Business
Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans You might consider hiring your children to help out in your business. Financially, it might make more sense to keep the […]
Top 4 Mistakes By Small Business Owners
Article Highlights: Reporting employees as independent contractors Not reconciling bank accounts regularly Forgetting to record payments against open invoices Not understanding the differences between cash flow and profit When you decided to open for business, you had a vision for the future. You identified a need and came up with a solution you could provide […]