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Let’s say you’re a small business that doesn’t have enough employees to warrant an entire human resources department. At the same time, the idea of manually doing payroll just doesn’t suit you. After all, who wants to tackle payroll when there are estimates out there claiming payroll can take an average of 18 hours per […]
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Your recordkeeping system should include a summary of every transaction that takes place in your business’ name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records Allocate space in your business books, accounting journals and ledgers for your gross income, deductions and credits. […]
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Health care is expensive, more people are living longer and the market is on a roller coaster. Worrying about running out of money in retirement is not unfounded. But with financial planning, you can get some breathing room, so you can face retirement with ease rather than stress. Inflation is one reason people think they […]
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The relationship between an employee and an employer is a professional one. Employees do work for employers, who then pay said employees for their time and effort. But beyond the basic dynamic of employee-employer relationships, how do you establish a situation where everyone feels the circumstances are equally beneficial? How do employers establish fair compensation […]
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All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf. At the end of every year, your employer will send you a document called Form W-2, Wage and […]
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In a recent announcement, the IRS is reminding would-be entrepreneurs of the importance of understanding the tax implications of setting up their own businesses. To start with, you have to choose a form for your business. Your choice has a lot of implications for taxation and management, so give this a lot of thought. Here […]
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