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For many, paying employees cash seems like the easiest way to handle things. However, while it may seem easier, in the long run if you get caught by the IRS, it's going to be difficult to deal with. Although it is not illegal to pay employees and contractors in cash, there are a variety of …
Continue reading Getting Paid Under The Table: Is It Illegal to Pay Employees Cash?
When starting a small business, there are many things that you are going to have to consider and important decisions you’ll have to make in order to get your business up and running. One of these decisions that you won’t want to take lightly is choosing a legal structure. As a small business owner, there …
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As a business owner, you must have heard the term capital allowance. You have been wondering what it is and how you can enjoy it. Educate yourself on what a capital allowance is and why it’s so integral to so many businesses. What Is Capital Allowance?This is an expenditure that you can claim against your …
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Thanks to the huge range of accounting applications available for today’s small and medium-sized businesses, it’s easier than ever to keep an accurate record of where your business’s money is going. While accounting software has made bookkeeping and accounting easier for small businesses, it’s also made errors and accounting mistakes—from incorrectly categorizing a transaction to …
Continue reading The 8 Most Common Small Business Accounting Mistakes
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they'll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can …
1099 vs. W2 Employee1099 and W2s are the different tax forms used to deduct payroll taxes on different types of employees. 1099 employees are self-employed independent contractors. They receive pay in accord with the terms of their contract and get a 1099 form to report income on their tax return. A W2 employee receives a …
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The form of business you operate determines what taxes you must pay and how you pay them. The following are the five general types of business taxes. Income Tax Estimated Taxes Self-Employment Tax Employment Taxes Excise Tax Income Tax All businesses except partnerships must file an annual income tax return. Partnerships file an information return. …
The financial health of your company is more than making sales. Staying on top of money management and keeping your business on solid financial footing is one of the most challenging and important aspects of business ownership. Ultimately, half of all small businesses fail within their first five years. Why? Different businesses succeed for different …
Continue reading 11 Financial Health Strategies for Business Owners
In order to successfully run a small business, you need to have a business plan in place and a business strategy to make sure your plan goes through. Getting past the difficult steps to get that strategy set up is what actually makes the real difference between your dream being just an ordinary dream and …
Continue reading Strategic Management Tasks for the Small Business Owner
Many Americans have the creativity and entrepreneurial spirit to start their own small business. These individuals often use their own resources as initial capital and may sacrifice personal finances in order to grow their companies. Financial experts applaud the drive and commitment of these small business owners, but warn that they must also consider their …
Continue reading 8 Financial Planning Tips for Small Business Owners
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