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
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.
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 taxes include deductions for social security and medicare benefits. Learn more about payroll taxes and how to calculate FICA taxes with Paychex.
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.
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.
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.
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.
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.
With asset depreciation your business saves on taxes if you own property, equipment, vehicles, or fixtures that can be claimed with Section 179 deductions.
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.
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.
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.
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.
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.
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.