As an employer, one of the biggest responsibilities you have is knowing which payroll forms to fill out. With so many forms out there, it can be difficult to know which apply to your business. Learn which IRS payroll forms your small business must file, due dates, and where to send each form.
If you find yourself tossing receipts left and right, you may want to think again. As a small business owner, keeping receipts is essential for your financial records. And not being able to locate a receipt can be problematic for your business. You need to know how long to keep business receipts to avoid complications with your accounting books in the future.
If you run a nonprofit organization, you work hard to give back to others. The government offers the opportunity for organizations like yours to gain tax exemption. However, applying for tax-exempt status can be a long and complicated process.
Before starting the tax-exempt status application, find out what tax exemption means for your organization, determine your business’s tax exemption eligibility, and learn which tax exempt form you must file. Continue reading “Does Your Organization Qualify for Tax-exempt Status?”
As a small business owner, you may be struggling with the concept of what is debit (DR) and credit (CR). But, learning the basics of debit and credit is essential for keeping accurate records for your small business.
To have a better understanding of debits and credits, continue reading for more information and examples of each.
Many taxpayers dread filing taxes. What if I make a mistake? Will my tax return lead to an IRS audit? If you are new to entrepreneurship, you might be worried about filing small business taxes for the first time. Read on to learn how to prepare for and file your small business tax return. Continue reading “Filing a Small Business Tax Return 101”
One of your first decisions as a small business owner is choosing between business structures. Your structure dictates many vital aspects of your company, including liability. To protect your personal assets from business liabilities, you may consider structuring as a corporation.
According to the Small Business Administration, 18.5% of small employers structure as corporations. What is a corporation, and why would you want to form one? Continue reading “What Is a Corporation?”
Hiring your first employee is exhilarating. Instead of remaining buried by your business responsibilities, you can bring employees on board to alleviate some of your stress. But for many, the endless information about becoming an employer can be overwhelming.
Every small business owner starts their employer journey by hiring their first employee. To get through the process, learn how to hire your first employee. Continue reading “Use Our Ultimate Checklist to Hire Your First Employee”
Product pricing can make or break your small business. If you set prices higher than what customers are willing to spend, you lose sales. But if you set prices too low, you don’t earn at your highest potential. Price points need to meet somewhere in the middle to generate the most revenue. Do you know how to price a product for your small business?
There is no simple formula for getting prices right. However, you can use different business pricing strategies and methods to find an amount that satisfies you and your customers. Continue reading “How to Price a Product”
In many service industries, employees receive tips for their work. If your employees regularly receive tips, you could use a tip pooling agreement at your business. Continue reading “How to Do Tip Pooling Among Your Employees”
If you are rushing to complete your income tax return, consider filing for a business tax extension. Filing taxes for small business can be difficult, and an extension allows you more time to file your business’s tax return. Learning how to file an extension for business taxes is simple. And, you can avoid mistakes that might occur from hurrying.
The extension only prolongs the time you have to file tax forms. You still have to make your tax payment by the regular deadline. If you do not pay your tax liabilities on time, you could face IRS penalties, fines, and interest charges. Continue reading “How to File a Business Tax Extension”