The business status of “self-employed” and “small business ownership” are sometimes used interchangeably and usually indicate you’re your own boss. While certain aspects, such as business model or eligible tax deductions, intersect, they are separate types of entities from a tax standpoint. Use this blog to determine what each status indicates and their tax implications […]
When you started your business, you probably weren’t thinking about full-time employees, tax bills and tax brackets, business expenses, or working with CPA tax professionals during tax season. Tax credits weren’t on your mind, either, which is understandable. But now that you’re up and running, it’s important to learn which credits your business is eligible […]
Hiring your first employee is an exciting milestone. Expanding your team allows you to offload administrative tasks and focus on your business growth. This article will help you determine when you should hire your first employee. We’ll also explain the steps you should complete before hiring, during your candidate search, and for employee onboarding. 1-800Accountant […]
Great bookkeeping plays a critical role in the success of every business. But not all bookkeepers are the same. Inaccuracies caused by poor bookkeeping can have serious tax ramifications and put you at a disadvantage by not having the data you need to make important business decisions. When looking for a bookkeeper for your business, […]
While hiring employees lets you share the responsibilities of your business, it also means you’re taking on new responsibilities as a manager. One of those responsibilities is paying your employees. Payroll refers to the entire process of paying your employees, from determining wages due and processing payments to distribution, recordkeeping, and tax withholding. Payroll includes […]
Good employees are a critical asset for any business. That’s why it’s important to embrace a payroll process that pays them consistently and accurately while avoiding errors. Payroll mistakes are stressful for employees and can cause disruptions during tax season. Whether you’re considering hiring your first employee or already employing one, this blog will guide […]
If you’re an entrepreneur who operates solely from a home office, you can take advantage of home-based business tax deductions. In addition to your operational expenses, you may be eligible for a home office deduction. The incentive benefits self-employed taxpayers who dedicate part of their home to running their business. Keep reading to learn about […]
As a small business owner, you know that you need an accountant to help with various aspects of your business. But you’re also concerned about the cost. In fact, that’s why you’re in the position you’re in now – you don’t spend money without first doing research to make sure you’re getting great value in […]
A well-structured financial system is vital to your business’s success, but accurate bookkeeping and recordkeeping can be daunting. While sometimes used interchangeably, bookkeeping and recordkeeping aren’t the same. Bookkeeping is a method of tracking funds and business documents that flow in and out of your business. There are two types: single-entry bookkeeping and double-entry bookkeeping. […]
You can scale your small business by hiring employees to manage day-to-day operations while you grow your business. However, as your team grows, so will your payroll burden. A payroll compliance checklist can help your business stay compliant. Why is a payroll checklist important? A thorough payroll compliance checklist (like the one covered in this […]
