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.

Two people discussing how to issue a corrected 1099.

How to Issue a Corrected 1099 (MISC and NEC)

By Mike Kappel

Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099.

Paid Time Off (PTO): How to Offer Your Employees PTO

By Mike Kappel

Thinking about giving your employees paid sick, personal, or vacation days? Why not combine them under one paid time off plan?

What Is Gross Profit?

By Mike Kappel

Do you know how profitable your small business’s operations are? You don’t have to be a financial expert to find out. You can calculate your gross profit to compare the funds you put into your business.

3D pastel cones in front of a pink background.

How to Complete a Market Analysis the Right Way

By Mike Kappel

When you start a business, do you just wing it? Or, do you take time to plan and research your strategies before you jump into the market? If you’re like most entrepreneurs, you probably prepare your business before taking the plunge.

How to Use Business Bank Statements [+ Example]

By Mike Kappel

If you have a business bank account, you should regularly receive a paper or electronic statement. These business bank statements provide valuable information for managing your business finances.

Business owner determining profit margin

How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula]

By Mike Kappel

To grow your business, you need to track financial information and measure performance. One metric you should be keeping an eye on is your business’s profit margin. Read on to learn how to calculate profit margin for your company and ways to improve your margins.

What Is a Nonexempt Employee?

By Mike Kappel

Worker classification is critical. After you’ve narrowed down whether a worker is an independent contractor vs. employee, you’re not done. You need to also figure out if an employee is nonexempt. What is a nonexempt employee?

What Is Overtime? Details Every Business Owner Needs to Know

By Mike Kappel

If you pay employees, you need to know about overtime pay laws and how they can affect your business. So, what is overtime? Dive into everything you need to know about overtime pay below.

How Familiar Are You With Federal Legal Holidays?

By Mike Kappel

As a small business owner, your doors likely aren’t open 24/7. And if you’re like most businesses, you might be closed on federal legal holidays like Thanksgiving or Christmas. According to the Bureau of Labor Statistics, the average full-time employee receives approximately 7.6 paid holidays annually.

How to Correct a W-2 Form If You Make a Mistake (Amend Your W-2)

By Mike Kappel

Let’s face it: everybody makes mistakes. So, if you make a mistake on an employee’s Form W-2, don’t panic. Instead, learn how to correct a W-2 form and take action.