Self-Employment Tax: Understand & Calculate It in 2019-2020

Self-employment tax is a combination of Social Security and Medicaid taxes. Here's how much it is, how to calculate it and how to pay the bill. If you’re a freelancer, independent contractor or small-business owner, you may need to pay self-employment tax. Here’s what it is, how it works and how you can save. What …

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6 Tax Tips for Small Business Owners

AT THE END OF THE YEAR, small business owners are often looking for ways to minimize their companies' tax liability for the current tax year, says accountant Vinay Navani, of Wilkin Gutten plan. This year’s conversation with your tax professional could be an important one, as many accountants more fully grasp provisions of the Tax …

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Get Your Business Taxes in Order Before the New Year With These Tips

While IRS tax forms have largely stayed the same, you will need to make sure you're up to date on various deduction limits from the Tax Cuts and Jobs Act.It may be tempting to do your business's taxes yourself to save money, but you should always consider getting professional help.Making an end-of-year capital investment or …

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Exempt vs. Nonexempt: What Is the Difference?

Business owners need to properly classify their employees as exempt or nonexempt to avoid legal ramifications supported by the Fair Labor Standards Act (FLSA).Exempt employees must earn a minimum of $455 per week, be paid the same amount of money regardless of hours worked, and perform executive, professional or administrative duties.Nonexempt employees have no limitations …

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6 Ways to Increase Profits For Your Small Business

Small business owners need to change their practices to focus more on profit, according to Patricia Sigmon, founder and president of David Advisory Group, a firm that specializes in helping CEOs and small- to mid-sized businesses re-engineer their business practices. Sigmon, the author of the book, "Six Steps to Creating Profit," notes that nearly two-thirds of small businesses either …

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10 Bookkeeping Basics You Can’t Afford to Ignore

Millions of small business owners and startup entrepreneurs are masters at creating great products and services, building effective teams and winning over customers. Many of them, however, would probably flunk basic bookkeeping. As the business owner, if you don’t understand the different types of “accounts” your bookkeeper uses to organize your finances, measuring the success …

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Which terms should be included in a partnership agreement?

Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce the potential for complexities or conflicts among partners within this type of business structure, the creation of a partnership agreement is a necessity. A partnership agreement is the legal document that dictates the way a business is …

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7 Basic Bookkeeping Habits to Help You Secure Financing

Does the thought of bookkeeping fill you with uncontainable excitement? Probably not. What about money in the bank to make your business ambitions a reality? Now we’re talking.  It turns out that boring ol’ bookkeeping and business capital have more in common than you might think. You need cash to grow your business, but as …

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10 Things About OSHA Small Businesses Must Know

The Occupational Safety and Health Administration (OSHA) is a government agency looking after health and safety standards for your small business. As a result, they can inspect you and hit you with citations. Recently the National Federation of Independent Business (NFIB) held a webinar called OSHA Essentials for Small Business. Elizabeth Milito Senior Executive Counsel, Legal Foundation, NFIB, …

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