Posts Tagged ‘small business’
1099 Forms Discussion!
It’s 1099 Time! Let’s talk about 1099 forms and how to prepare for this annual filing. Here is a brief overview of the requirements to help this process go more smoothly. What are 1099 forms? 1099 forms are information returns. The IRS has filing requirements for just about every kind of financial transaction you can imagine. Two of the most common 1099 forms for business owners are: Who files 1099 Forms? The forms report amounts…
Read MoreHandling an Uncashed Payroll Check
Have you ever had an employee not cash a paycheck? What do you do with the uncashed payroll check? Whose responsibility is it to follow up? It can be a confusing situation, but it is important to handle it correctly to ensure compliance with state regulations. Here is a quick overview of what to do when a Washington State employee doesn’t cash their paycheck: Contact the employee: Start by reaching out to the employee to…
Read MoreIs an S-Corp election right for me?
We get this question a lot. For some businesses, the S-Corp election makes sense; for others, it doesn’t, and for still others, it’s a maybe. So how do we make sense of it? Let’s skip ahead and dive right into why or why not an S-Corporation is for you. Pros of an S-Corp Cons of an S-Corp How much will an S-Corp save? This is a tricky question. The Tax Jobs and Cuts Act of…
Read MoreAre you hiring an employee or a contractor?
It’s no secret that every growing business needs help. When you hire a worker, you may not know if they are a contractor or an employee. You might think that it’s easier and more affordable to hire workers as contractors. This is one of the most common misconceptions out there. You’ll save a lot of money by knowing the difference and what to do in both cases. Let’s start with a few questions about the…
Read MoreWhen Should I Hire a Bookkeeper?
As accountants, new business owners often ask us, “When should I hire a bookkeeper?” It depends, of course. But, to know what signs to watch for, here’s a list. It will help you identify when you might be ready to hire a bookkeeper. The best time to hire a bookkeeper is before you even start the business. A bookkeeper can help with important initial tasks. As your business grows, your bookkeeper is invaluable. And with…
Read MoreStop Doing Your Own Bookkeeping
There are so many reasons to hire a bookkeeper! Here are my top ten favorites. 1. Be in Compliance Many business owners see accurate, timely filings as a must. They are a basic, non-optional cost of doing business. Not having an expert handle your filings is risky. You also need to understand what to file. Bookkeeping is a full-time job! Most business owners lack the time to track the ever-changing rules and tax laws. 2. Increase…
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