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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

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.

Is it Time to Audit your Employee Benefits Package?

Offering benefits to your employees is a balancing act between meeting employees' needs and staying within your budget. Here's what you should review when examining your offerings.

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.

An Overview for New Business Owners about Interacting with the IRS

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.

Updating Your Payroll for Tax Reform

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.

Form W-4 Basics and Recent Changes under Tax Reform

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 Your Payroll in 2018

The tax reform bill includes many important changes that may impact your payroll in 2018. Barbara Weltman breaks down some notable developments this year.

Small Business Owners: Will Your Taxes Go Up or Down?

Will your business pay more or less under the recent tax overhaul? As Barbara Weltman explains, the answer depends on your unique business situation.

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?

How to Calculate Your FICA Rate: Understanding the Federal Insurance Contribution Act

Learn the factors and calculations needed to determine your FICA rate, and how it impacts employees, employers, and self-employed individuals.

Understanding Payroll Tax Responsibilities

Whether you have one or many employees, it's important to understand your many payroll tax responsibilities. Here's a checklist to get started.

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?

Discover what the self-employment tax applies to, and the multiple factors that go into calculating it.

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.

The Importance of Time Tracking: What are the Most Effective Options?

Take a look at why it's important that you track your employees' hours, and some effective methods for doing so.

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.

Who Is and Isn't Covered Under the New Overtime Rule

The Department of Labor's final rule expanding the federal overtime regulations is scheduled to take effect on December 1, 2016. But the overtime rule won't necessarily impact all exempt employees, so make sure you understand which employees may be affected.

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.

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.

Misclassifying Expenses in Accounting Systems: Avoid It or Fix It

Misclassification mistakes can happen in your accounting system and they can cost you money. Learn how these errors frequently occur and the steps you can take to avoid them.

How Presidential Candidates Plan to Address Tax Issues

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.

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.

Earlier Filing Deadline and Other Changes Coming for W-2s

As an employer, you have two responsibilities with respect to Form W-2. Learn what you need to do and how new deadlines and other rule changes could affect your responsibilities in the upcoming filing season.

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.

Tips for Businesses Filing Taxes for the First Time

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.

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.

5 Things to Know Before Starting a Business

You may have a great idea for launching a company, but there are some things you ought to know before getting started. Consider these five areas to get started off on the right foot.

2016 Year-End Cheat Sheet for Your Business

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.

10 New Tax Rules 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.