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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

​​What is a Paycard and How Do They Work?

How do you get wages into the hands of your employees? The old days of counting out cash are long gone. Handing out paychecks or directly depositing funds into employees' bank accounts are the most popular ways to make payments today. But not all employees have bank accounts and you might consider an alternative payment method: pay cards. Paycards, also referred to as payroll cards, are a way for employees without bank accounts to receive their pay.

Preparing for Filing Your Business Tax Return and Tax Changes in the 2022 Filing Season

It's an annual chore: filing income tax returns for your business. This includes filing federal income tax returns, as well as state and local returns, for businesses and for owners. There is no way to avoid this chore. The best way to handle this responsibility is to be prepared and get started as soon as possible.

​FICA Tax: What Does it Mean and How is it Calculated?

FICA taxes include deductions for social security and medicare benefits. Learn more about payroll taxes and how to calculate FICA taxes with Paychex.

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.

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.

What is FUTA?

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

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 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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.