Category Archives: Payroll Tips

5 Fall Projects to Refresh Your Financial Results

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 … Continue reading

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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 … Continue reading

Posted in Bookkeeping Tips, Business Tips, Cost-Savings Tips, Management Tips, Payroll Tips, Profitability Tips, Tax Tips, Tax-Planning Tips, Time Management Tips | Leave a comment

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 … Continue reading

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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 … Continue reading

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Eldercare Can Be a Medical Deduction

Article Highlights: Nursing Homes Meals and Lodging Home care Nursing Services Household Employees With people living longer, many find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions … Continue reading

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Tips to Reduce Payroll Stress

Tips To Reduce Payroll Stress When you hire your first employee, you create an entire new task of complying with employment and labor laws and issuing a payroll. Payroll taxes create more administrative burden for small businesses than any other … Continue reading

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Virtual Currency – Bitcoins

Article Highlights: Taxation of transactions in virtual currency Wages paid in virtual currency Payments to contractors in virtual currency Virtual currency as capital asset Virtual currency as inventory or property for sale Virtual currency is a digital representation of value … Continue reading

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The Entrepreneur’s Paycheck

As business owners, we may be so busy making sure the bills get paid and the product gets out the door that we may not be quite as proactive about our own compensation.  To pay themselves, many new business owners … Continue reading

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Affordable Care Act (ObamaCare) Employee Notification Requirement

Article Highlights Employers must give employees health care notification Affects employers with one or more employees and a gross income of $500,000 or more Notices due October 1, 2013 New Employees must be notified within 14 days Beginning October 1, … Continue reading

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Seven Year-End Adjustments to Make to Your Books

Year-end is coming up for many businesses, and it’d be nice to know what your final revenue and profit numbers will be for the year.  Before we can calculate these key numbers, there are year-end adjustments that may need to … Continue reading

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