Balancing the Books
One of the first requirements of hiring a new employee is obtaining a specialized form to determine how much income tax to withhold. IRS Form W-4 is used to calculate federal withholding. Employers can ensure that their payroll withholding is accurate by obtaining a completed Form W-4 from each new employee.
After explaining the purpose of Form W-4, allow new employees an adequate amount of time to read over the contents of the form. Read More»
We’re halfway through the year already, and that means you should already be preparing your business records for next years’ tax returns.
The 6-month mark is the time to:
review 1st and 2nd quarter financial statements adjust marketing budgets if necessary tweak 3rd and 4th quarter marketing strategies based on previous quarters’ earnings results prepare financials for September 15 payroll tax deposit file annual tax return October 15 if you requested a 6-month extension As you review your 1st and 2nd quarter financial statements, clean up your entries. Read More»
When your business grows large enough that you can’t handle your own finances anymore, you might start looking for an accountant. However, with all of the tax professionals and accounting services out there, it might be hard for you to decide who to work with. Here are two things to look for in a new accountant, and why it might matter down the road:
1: Someone Who Has Time For You Read More»
One of the best things about being a small business owner is making money while doing something you love or something you are passionate about. This is especially true for cottage business owners who work long hours on their craft and sell it for a profit. The question is, by the time you spend long hours working on a project, are you actually making any money? Are the goods that you are offering worth the investment that you are putting into them? Read More»
Have you ever had a friend tell you about their tax write-offs and thought, “Man, I’ve got to try that out”? Well, be cautious before you do. You see, there are many write-offs you may think are suitable for your situation, but if not, you can find yourself in trouble with the three most feared letters of the alphabet – the IRS. So take heed to the following info as all tax tips simply are not meant for you. Read More»
