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Tax

Top 3 Mistakes to Avoid in Payroll Practices

Payroll
Top 3 Mistakes to Avoid in Payroll Practices While making mistakes might be a part of life, payroll mistakes are not so easily forgiven or forgotten. Pay can be a complicated issue and one that is constantly changing. For this reason, staying abreast of the procedures and rules is absolutely crucial to the success of any business, whether large or small. As a business owner, it can seem like y...
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Employee Loans, Good Idea or Bad?

Employee Loans
Employee Loans, Good Idea or Bad? There is nothing unusual about an employee asking their employer for a loan, especially when faced with an emergency or financial hardship. Most employees prefer borrowing money from their employers as opposed to going for bank loans. This is attributable to the fact that the majority of businesses offer more favorable terms than banks while being able to line up...
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How the Proposed Tax Reform Will Help Small Business Owners

Tax Reform
How the Proposed Tax Reform Will Help Small Business Owners During his campaign, President Trump made promises to cut taxes. On Wednesday, 26 April, the Treasury Secretary, and National Economic Council Director introduced the Trump Proposal. Although the proposal didn't carry many details, it highlighted some changes that will be beneficial for small business owners. From it, businesses would ha...
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Can I Hire an Employee Without a Social Security Number?

ITIN
Can I Hire an Employee Without a Social Security Number? In order to hire an applicant for employment in the United States, employers must verify the applicant is eligible for hire. Most employers request the new hire’s Social Security Number(SSN)to satisfy this requirement. This number contains nine digits and is issued by the U.S. government to all U.S. citizens and to eligible residents who ap...
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Top 5 Reasons to Hire a Local Payroll Company

Local Payroll Company
Top 5 Reasons to Hire a Local Payroll Company Many business owners are finding themselves growing in the area of staffing and payroll to the point that it has become more challenging manage than anticipated. Payroll is a very specialized form of accounting that requires very careful attention to detail. As a business owner, you may find it more of a struggle to deal with all of the intricacies th...
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Are Payroll Taxes Deductible?

Payroll Taxes
Are Payroll Taxes Deductible? There are only two certainties in life: death and taxes. While corporations only face the specter of death if they are liquidated or face crippling tailwinds in their business, corporations cannot escape taxation in one form or another. However, unlike individuals, corporations have certain benefits not granted to wage-earners. This includes the ability to deduct pay...
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Do I Need a Payroll Service?

Do I Need a Payroll Service?
Do I Need a Payroll Service? A business has many things it must accomplish in order to succeed and grow. One of the most important aspects of it will be having an efficient payroll system. With the payroll being done internally, a company will have to hire and train additional employees to handle all aspects of payroll. This includes such things as meeting tax obligations, processing employee pay...
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Tip Reporting, What you need to know about form 8027

Tip Reporting
Tip Reporting, What you need to know about form 8027 One of the necessities for us restaurateurs is to comply with the Internal Revenue Service (IRS) rules regarding tip reporting. All the employers that operate large food and beverage establishments need to report the income of their employees for the services offered and earned in the form of tips. Form 8027 can apply to any business that op...
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Tax Day is Approaching, Don’t Forget These 11 Commonly Overlooked Deductions

Tax Deductions
Tax Day is Approaching, Don't Forget These 11 Commonly Overlooked Deductions Every year, taxpayers who itemize their returns claim about $1.2 trillion in tax deductions. Taxpayers who take this easy route and use the standard deduction claim less than $750 billion in deductions. Want to make sure you're keeping as much of your money as you're entitled to? Make sure you don't overlook these tax de...
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5 Common Payroll Mistakes & How to Correct Them

Payroll Mistakes
5 Common Payroll Mistakes & How to Correct Them Maintaining a payroll system can be delicate and complex, which means that sometimes mistakes may happen. In fact, errors are more common than not, so if you're a business owner, you'll have to be diligent in ensuring no payroll mistakes are made or missed. You'll also have to be diligent in ensuring your business is compliant with federal and s...
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