Collecting, reporting, and remitting payroll taxes are some of your key responsibilities when you have employees. And if you forget or downright neglect your responsibility, your small business could receive a penalty for not paying payroll taxes.
Read More What Happens If Payroll Taxes Are Filed or Paid Late?
Expenses. We can’t escape them. But with careful attention, you can use them to reduce your tax liability. When you know what business expenses to deduct, you’ll be certain you’re paying no more than needed. So, without further ado, what are business expenses?
Read More What Are Business Expenses?
As a small business owner, you have a lot of government documents and tax forms for small business to keep up with. You might be responsible for filing and paying excise tax if you sell certain products or services at your company. What is excise tax?
Read More What Is Excise Tax?
Employers bear the burden of calculating, withholding, and remitting taxes from employee wages. They must also report them to the correct government agencies. But, what must self-employed individuals do? And what about individuals whose income isn’t taxed? What should those individuals do to pay and report their taxes?
Read More What Is Estimated Tax, and Why Is It Important?
As a business owner, you might offer a variety of benefits to your employees, including health insurance and retirement plans. One option you can offer employees is an employee stock ownership plan (ESOP). Along with other benefits, ESOPs are growing in popularity for small businesses. According to the National Center for Employee Ownership (NCEO), as […]
Read More Employee Stock Ownership Plan: How Can It Benefit Your Business?
When you own or work for a business, you receive earned income. But, not all income is earned income. Both business owners and employees should understand what is earned income to determine tax liability and tax credit eligibility.
Read More What Is Earned Income?
How much money do you really have to spend? What about your employees? To figure out your available spending money, you need to find your disposable personal income. What is disposable personal income?
Read More What Is Disposable Personal Income?
Before you can begin looking into your business’s profit, you need to understand and know how to calculate cost of goods sold (COGS). So, where do you begin? Start here by learning all about COGS, including how to get cost of goods sold using the cost of goods sold equation.
Read More How to Get Cost of Goods Sold for Your Business
If you’re a small business owner, you might want a loan to help finance your company. Securing a business loan is not easy. You might need to offer collateral to get the loan application approved. What is business collateral?
Read More What Is Business Collateral?
Your books say one thing, but your bank statement says another. Sigh (why isn’t anything ever easy?!). But don’t stress. Bank statement reconciliation is here to help.
Read More Bank Statement Reconciliation: Let’s Get Reconciling