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Barbara Weltman

Barbara Weltman is a tax and business attorney and the author of J.K. Lasser's Tax Deductions for Small Business as well as 25 other small business books. She has been named a Small Business Influencer for five years in a row.

WORX Content from this Author

Is it Time to Audit your Employee Benefits Package?

Offering benefits is a balance between satisfying employee needs and staying within budget parameters. Learn why now is an ideal time to review your benefits offerings.

What is Form 940 and How is it Used by Small Businesses?

Small businesses with employees are required by the IRS to file Form 940. Understand how to complete this tax form, when it is due, and how to avoid penalties.

1099 vs. W-2: When Do Employers Use These Tax Forms & Why?

Protect your business by filing forms W-2 and 1099 correctly. Use these forms to report payments to contractors and withhold payroll taxes from employees.

What is EFTPS & How is it Beneficial to Businesses?

You can pay taxes at your convenience with the Electronic Federal Tax Payment System. Learn how to enroll and utilize the benefits of EFTPS vs. Direct Pay.

How to Create a Profit & Loss Statement for Small Businesses

A profit and loss statement (P&L) is the bottom line of small business accounting. Learn how to create and read P&L statements that can help grow your business.

Understanding How Sales Tax Holidays Work

As sales tax holidays become more common in the U.S., learn more about how they work and how to better prepare for them so you can maximize the benefits.

Understanding Asset Depreciation and Section 179 Deductions

With asset depreciation your business saves on taxes if you own property, equipment, vehicles, or fixtures that can be claimed with Section 179 deductions.

Fixing Employee Benefit Plan Mistakes

Even with the best of intentions when offering benefits, administrative mistakes can happen. Here's what you can do when these errors happen.

Taxable Benefits You May Want to Offer in a Tight Labor Market

You may already know that offering benefits is a critical part of employee retention, but what are the tax implications? Barbara Weltman outlines some key considerations.

What is FUTA?

Pay wages of $1,500 or more to employees in a calendar quarter? Then you must pay this tax annually.

Borrowing Early from a 401(k): Pros and Cons

Is borrowing early from a 401(k) plan the right move if you or an employee is in a cash crunch? Barbara Weltman explains some rules and regulations around doing this, and why making this decision shouldn't be taken lightly.

Helping Employees Change their Withholding

Employers are not their employees' tax advisors. Nonetheless, consider sharing the following information about revising W-4s so that employees' withholding closely matches their tax bill for the year.

Payroll Costs for Supplemental Payments to Employees

How do you go about figuring withholding for supplemental payments? Barbara Weltman explains what goes into these calculations.

Form W-4 Basics

As the IRS has recently released a new W-4, now is a great time to refresh your knowledge about what this form is used for and how tax reform has impacted it.

What's New for Retirement Plans in 2018

The new year presents a new opportunity to establish a retirement plan or make adjustments to an existing one. Here are some of the new dollar amounts to account for in budgeting for plan contributions and for payroll adjustments in 2018.

Starting 2018 Off on the Right Foot for Recordkeeping

The new year is a great time to evaluate your recordkeeping processes. Where can you improve and make your processes more efficient?

What is FICA Tax, and How is it Calculated?

What is FICA Tax, and How is it Calculated? Social Security and Medicare benefits are funded by a payroll tax called FICA that's shared equally by employees and employers

The Rise of HSAs

Barbara Weltman explores how health savings accounts have grown to become an attractive employee benefit.

The Tax Savings of Offering a Retirement Plan

Take a look at some of the tax savings that could be available to you when you offer a qualified retirement plan.

What is the Self-Employment Tax, and What Does It Apply to?

Self-employment tax obligations need to be handled properly, otherwise penalties could ensue. Here are some basics to help you understand what is required as part of the self-employment tax.

Year-End Payroll and Benefits Planning

As you finalize your payroll activities this year and set compensation and benefits for next year, here are some things to take into account.

Rise of Portable Benefits in a Gig Economy

With the growing number of independent contractors, the topic of portable benefits is becoming increasingly popular. Since many benefits are typically tied to employment, what are members of the gig economy to do? Small business expert Barbara Weltman examines this issue closer.

S Corporation vs. Limited Liability Company: Which is Right for You?

Uncertain whether an S corp or LLC is right for your startup, or what these terms even mean? Keep reading. We'll break down the differences between these two entities.

What to Do if You Can't Make Payroll

Sometimes events can disrupt the best laid business plans and cause employers to worry about meeting payroll. Here are some signs that can trigger payroll woes, and ways to face them.

Things to be Mindful of This Tax Season

Whether you're an experienced business owner or just getting started, tax credits and deductions are continually changing. Here are some new developments that may help reduce your taxes this year, as well as some actions you can explore to help have a favorable outcome during this tax season.

Using Accountable Plans Benefits Both Employers and Employees

When reimbursing employees for expenses, how you pay them back can have an impact on your taxes and your employees' taxes. Learn what an accountable plan is and how to create and operate one in your business.

Establishing a Credit Policy for Your Customers

Unless your customers pay in full at the point of sale or completion of service with cash, be sure you have a formal credit policy in place. Barbara Weltman explains some ways to go about establishing one.

Tax Tips for the Gig Economy

If you earn money through Uber, TaskRabbit, Guru, Upwork, Elance, or another company that uses your talents and resources on an as-needed basis, don't overlook your tax obligations for these earnings. Here are some tips to help you manage your tax obligations in the gig economy.

Separating Your Personal and Business Finances

Separating business and personal finances is one way you can make your business more professional. Learn why it’s important and how you can get started.

Misclassification of Expenses in an Accounting System

Your accounting system is the key to understanding what's happening in your business. That's why getting things right is essential.

Why It's Important to Perform a Year-End Physical Inventory

As we end one year and prepare for the next, it’s a good time to review your physical inventory and take appropriate action to position yourself for the coming year.

Form W-2 Filing Responsibilities for Employers

As the year comes to a close, your employees may have questions about their Form W-2s. Read this article to prep for their questions and learn more about your responsibilities.

Employee Benefits that Save You Taxes

As the job market tightens, companies competing for talent must offer not only competitive pay but also a menu of benefits. Benefits can help attract and retain good employees and can potentially cut down on the costs of finding and training new workers. These benefits can also help you save on taxes.

Changing Accounting Methods for Materials and Supplies

All businesses use materials and supplies. The challenge from an accounting perspective is understanding when they can be currently deducted, when they must be capitalized, or when they are subject to some other tax treatment.

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