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
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.
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.
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.
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.
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.
Reduce business taxes by identifying deductible expenses and tracking them throughout the year to simplify the filing process.
With asset depreciation your business saves on taxes if you own property, equipment, vehicles, or fixtures that can be claimed with Section 179 deductions.
Even with the best of intentions when offering benefits, administrative mistakes can happen. Here's what you can do when these errors happen.
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.
Pay wages of $1,500 or more to employees in a calendar quarter? Then you must pay this tax annually.
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.
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.
How do you go about figuring withholding for supplemental payments? Barbara Weltman explains what goes into these calculations.
If you're starting your business and unsure of how to interact with the IRS (an inevitable part of business ownership), this article can help guide you through the basics.
New rules under tax reform mean big changes for your payroll starting this year. If you are an employer running payroll in-house, it's up to you to implement the following changes now if you haven't already.
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.
Various changes made by Congress and the IRS may affect the employment taxes you pay and withholding requirements you must observe. Here's a quick breakdown of what you need to know when it comes to payroll taxes in 2019.
Will your business pay more or less under the recent tax overhaul? As Barbara Weltman explains, the answer depends on your unique business situation.
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.
The new year is a great time to evaluate your recordkeeping processes. Where can you improve and make your processes more efficient?
Learn the factors and calculations needed to determine your FICA rate, and how it impacts employees, employers, and self-employed individuals.
Whether you have one or many employees, it's important to understand your many payroll tax responsibilities. Here's a checklist to get started.
Barbara Weltman explores how health savings accounts have grown to become an attractive employee benefit.
Take a look at some of the tax savings that could be available to you when you offer a qualified retirement plan.
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.
As you finalize your payroll activities this year and set compensation and benefits for next year, here are some things to take into account.
Take a look at why it's important that you track your employees' hours, and some effective methods for doing so.
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.
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.
The Final Overtime Rule was adopted Sept. 24, 2019, and employers must prepare now for changes. Barbara Weltman outlines what impact the rule will have on employers.
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.
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.
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.
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.
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 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.
Your accounting system is the key to understanding what's happening in your business. That's why getting things right is essential.
With the presidential election days away, small business owners may want to factor in each candidate's position on tax matters in deciding for whom to vote. Here are the candidates' stated views on income and estate taxes.
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.
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.
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.
If you're a new business owner filing a tax return for your business for the first time, the obligation may seem daunting. Read on to gain a basic understanding of what you have to do and make plans on how to do it.
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.
With only a few weeks left in the year, there may still time for you to take actions that can favorably impact your tax bill for 2016 and get you ready for 2017.
One of the hottest topics for the New Year is comprehensive tax reform. The new administration, with the support of Congress, is likely to make dramatic changes in federal tax law. Some tax laws have already changed and are ready for 2017. Check out these 10 new tax rules.