When you have employees, your responsibility isn’t just to pay them. You also need to pay the IRS their share, too. How often you pay the IRS depends on your payroll tax deposit schedule. But, not all employers follow the same schedule. Your schedule, and thus payroll tax deposit due dates, depends on the type […]
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Author:
Rachel Blakely-Gray
Rachel Blakely-Gray has spent more than a decade writing about payroll, payroll taxes, and accounting for small business owners at Patriot Software. As Content Manager, she covers everything from multi-state payroll tax filing to 1099 reporting requirements, translating IRS and state regulations into plain English.
State Tax ID: What Is It, How to Apply, & Beyond
November 28, 2022If you have employees, you have responsibilities, one of which is to obtain a Federal Employer Identification Number (FEIN). But, that’s not the only identifying number you need. More than likely, you also need a state tax ID number.
Read More State Tax ID: What Is It, How to Apply, & Beyond
What Is the Difference Between an Invoice and a Statement?
November 9, 2022Invoices and statements are regularly used in business. You send invoices and statements to bill customers. And, vendors send you invoices and statements so you know how much you owe. But, what is the difference between an invoice and a statement?
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How to Write Off Bad Debt
November 9, 2022When customers make purchases on credit, you expect them to pay you. If they don’t, it can be frustrating and hurt your business. You need to know how to write off bad debt when this happens.
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What Is the Bottom Line in Business?
November 9, 2022Sometimes, when you talk to someone, they take a while getting to the point. You might tap your foot impatiently until you finally blurt out, “Well, what’s the bottom line?” The bottom line in business is just like the bottom line of a conversation.
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What Is a Cash Flow Statement?
November 8, 2022Knowing how your business’s finances are going is one part of owning a small business. You should have the three main financial statements at your business: balance sheet, income statement, and cash flow statement. What is a cash flow statement?
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If You Get Audited by the IRS, What Happens?
November 7, 2022If the phrase “audited by the IRS” fills you with dread, you are not alone. Getting audited is something no business owner wants to go through. But, sometimes audits take place. If you get audited by the IRS, what happens?
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How to Pay Business Taxes to the IRS
November 7, 2022Owning a business comes with many responsibilities. One of your duties is to withhold, file, and deposit taxes. You must know how to pay small business taxes in order to correctly submit payments to the IRS. There are a few different ways to make small business tax payments. To avoid late fees and penalties, learn […]
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Revolving Debt vs. Installment Debt
November 4, 2022To start, operate, and grow a business, you most likely need to take on some form of debt. Many business owners have revolving and installment debts to fund their companies. In order to make smart financing decisions, you must understand the difference between revolving debt vs. installment debt.
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Invoice vs. Receipt: What’s the Difference?
November 4, 2022When you sell goods or services, you need to create a record of the transaction. Depending on the situation, you will either give customers an invoice or receipt. What is the difference between an invoice and a receipt? Understand invoice vs. receipt distinctions to avoid confusion.
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