Are you an accounting wizard? Maybe, maybe not. Regardless, your math needs to add up. And sometimes, even the greatest mathematicians make mistakes. If you make an accounting error, you must find it before it harms your business. That’s where a trial balance comes in.
Read More Check Your Financial Records With a Trial Balance
Whether you’re opening the doors to your business or 20 years into the swing of things, you may be considering a loan. One option is a loan through the Small Business Administration (SBA) if you have a small business. But, what is an SBA loan? And, how do you complete an SBA loan application? Let’s […]
Read More How to Apply for an SBA Loan [7 Steps]
Procrastination can be costly. If you put off submitting your employer tax returns too long, you couldwind up with a failure-to-file penalty. And no employer wants that.
Read More IRS Failure-to-file Penalty for Employers: What It Is, How It’s Calculated, and How to Avoid It
Unhappy with your current payroll provider? Most business owners agree that running payroll is their most difficult business task. With payroll being such a complicated but necessary business function, it makes sense that you’d want a simple solution. But, isn’t switching payroll companies hard?
Read More Switching Payroll Companies: Step-by-step Guide and Migration Checklist
Ah, the joys of employerhood. Having a team of employees to help grow your business can be a beautiful thing. But, getting the hang of payroll (especially payroll taxes) takes time. Not to mention, a multi-state payroll situation can confuse newbie and established employers alike. What’s an employer to do?
Read More Understanding Multi-state Payroll (and How to Handle It)
Hiring your first employee is exhilarating. Instead of remaining buried by your business responsibilities, you can bring employees on board to alleviate some of your stress. But for many, the endless information about becoming an employer can be overwhelming.
Read More Hiring Your First Employee: Ultimate Checklist
Payroll is a complex process that involves calculating wages, withholding taxes and deductions, and more. Because of its complexities, you may not know how to process payroll, in-house or using a third party. What’s the difference between in-house payroll vs. outsourcing?
Read More In-house Payroll vs. Outsourcing
Key Takeaways W-2 employees are on payroll with taxes withheld, benefits, and labor law protections; 1099 contractors are self-employed and paid without withholding. Misclassification can lead to back wages, taxes (including both sides of FICA), penalties, interest, and potential legal action. Use DOL’s six-factor test and the IRS common-law rules; real-world control, financial arrangements, and […]
Read More W-2 Employee vs. 1099 Contractor
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.
Read More How to Pay Yourself from Your Business | Salary vs. Draw
Over 3 million employees quit their jobs in December 2025. Thousands of quits happen in businesses nationwide every day. In some cases, there’s not much you can do to stop it from happening in your business. But, you must respond to it. One way to make employee separations easier is to have a termination checklist […]
Read More Employee Termination Checklist: Steps, Forms, and Final Paycheck