Do you want your business to make a profit? Duh, of course you do! But when you’re starting out, it may take a few years before you enter profit territory. And after you start making a profit, you may be at the break-even point for a while. So, what is the break-even point?
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Author:
Mike Kappel
Mike Kappel, serial entrepreneur and CEO of Patriot Software, offers payroll advice from more than 30 years of experience to small business owners.
A Look at Qualified Pre-tax Deductions
Do you need to withhold money from employee wages beyond taxes (e.g., garnishments or benefits)? Then you might be wondering when exactly you deduct the employee’s contributions (before or after taxes). Well, it depends. For accurate withholding, understand what are pre-tax deductions.
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Workers’ Compensation Insurance: Definition, Coverage, Costs, and State Requirements
Key Takeaways − Workers’ compensation is state-mandated insurance that covers work-related injuries and illnesses with medical, wage-replacement, and rehabilitation benefits. Most states require coverage as soon as you hire your first employee; some have thresholds (e.g., 2–5 employees) or industry exceptions. A few states (e.g., Texas, South Dakota) allow employers to opt out. Premiums are […]
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With This Guide, You’ll Be a Reference Check Pro in No Time
As an employer, you’re responsible for going through the hiring process and finding top-notch employees who fit in with your work culture. But to do that, you have to do a little homework. Many businesses use a reference check to dive deeper into an applicant’s employment past and find out if they’re fit for the […]
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How to Hire Employees Who Are the Best of the Best
Do you know how to hire employees? What all goes into the hiring process? For starters … a lot. Too much for one regular article to cover, which is why I’ve written this mega article.
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How to Craft an Emergency Preparedness Plan for Your Small Business
You likely take steps to protect your personal belongings from natural disasters at home. But, do you do the same with your business? The last thing you want is to be unprepared during a disaster. Instead of being caught up in a whirlwind when the unexpected occurs, create an emergency preparedness plan for peace of […]
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What Is Variable Pay, and How Exactly Does it Work?
As an employer, you want to see your employees succeed and grow along with your company. To reward employees for great performance, you may decide to give them variable pay. But, what is variable compensation exactly?
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How to Pay Yourself from Your Business | Salary vs. Draw
Running your own business doesn’t mean you sit around as stacks of cash come flooding into your office. Business owners are busy nonstop to keep up with operations. Since running a business is your full-time job, you need to know how to pay yourself from your business.
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Payroll Recordkeeping Requirements: IRS, FLSA, EEOC, and State Rules
Your to-do list as a business owner seems to get longer every day. There’s one more item you’ll have to check off, and this one is part of federal law. You’re required to retain payroll records, sometimes for up to four years.
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What Is Payroll?
One word, two syllables. And completely unavoidable if you’re an employer. Ah yes, we’re talking about payroll. It’s a pretty common term in the workplace (Don’t forget to run payroll!). But, what is payroll exactly?
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