You have a lot to deal with to keep your company operating. One thing you don’t want to have to handle? An IRS audit. While some audits happen randomly, others trigger from red flags in your records. What are these IRS audit triggers, you ask?
Read More IRS Audit Triggers and How to Avoid Them
Thinking about starting a business but worried about how busy you’ll be? Or, have you already started a business and are wondering how many hours you should be clocking in? Either way, knowing how much other business owners work may be helpful. So, how many hours do business owners work?
Read More How Many Hours Do Business Owners Work? According to Studies, It’s a Lot
Do you make estimates or invoices for your business? The two terms aren’t interchangeable. In fact, you may need to make both an estimate and invoice for a project. So, what’s the difference between estimate vs. invoice?
Read More Estimate vs. Invoice: What’s the Difference?
For 40% of small business owners, handling bookkeeping and taxes is the worst part of owning a business. Sound familiar? If so, you might consider shirking your recordkeeping responsibilities. It’s not a big deal, right? Wrong! Recordkeeping is one of the most important things you can do. And to make things easier on yourself, there […]
Read More Simple Recordkeeping for Small Business: Must-have Tips
You know that little line at the bottom of your receipts and invoices that says Sales Tax? As a business owner, it’s not your responsibility to pay it out of pocket. But it is your responsibility to collect and remit sales tax. If you don’t know how to pay sales tax for small business to […]
Read More You’ve Collected it … Now What? How to Pay Sales Tax for Small Business
If you’re an employer in the state of New York, you may have heard of the Employer Compensation Expense Tax (ECET) that started in 2019. But, did you know that the ECET, established by the Employer Compensation Expense Program (ECEP), is optional? Although you aren’t required to pay the ECET, you may choose to do […]
Read More The Lowdown on New York’s ECEP Tax
New employees must complete Form W-4 before they start working at your business. With Form W-4, employees input information that determines their federal income tax withholding, which allows you to run payroll. To adjust their withholding, employees must change W-4 forms.
Read More Can Your Employees Change W-4 Forms?
Tax withholding comes with the territory of being an employer. Employment taxes can be broken down into payroll taxes and income taxes. Most people use the terms interchangeably. But when you hear about a payroll tax deferral, you probably want to know the exact difference between payroll tax vs. income tax.
Read More Payroll Tax vs. Income Tax
Arizona employers, you may know that Senate Bill 1828 substantially reduced the state’s income taxes starting with the 2022 tax year. But did you also know that it requires employer action for the 2023 tax year? You must now give all employees, not just new hires, a new AZ state income tax form.
Read More New AZ State Income Tax Form Requires Employer Action
It’s easy to make mistakes, especially when you have a million and one things on your plate. One error you could make is deducting the wrong amount from employee wages. Correcting employment taxes is necessary if you withhold too much or too little from your employees’ paychecks.
Read More Correcting Employment Taxes: What to Do If You Withhold the Wrong Amount