While opening a business is thrilling, this excitement sometimes prompts owners to proceed with little more than a handshake. Such an approach leaves significant legal and tax issues unresolved. A buy-sell agreement is one of the most important tools for
All businesses have tax filing and compliance obligations, but whether any tax is owed — and which taxes apply — varies by business type and activity. For federal tax purposes, common categories include income tax, estimated tax, self-employment tax, employment
As small businesses head into the fall season, it is a smart time to review financial controls and reduce the risk of wire fraud and phishing scams. Fraud attempts often increase when teams are busy, schedules change, and employees are
The beginning of the fourth quarter is a useful time for businesses to review their current tax situation and consider what they are doing, or could be doing, to reduce their tax liability for the year. Even with so much
Here’s an overview of the employer credit for Paid Family and Medical Leave, including the recent changes. What is the employer credit for PFML? Employers who meet the requirements can claim a general business tax credit from 12.5% to 25%
When operating with a lean team, payroll errors can quickly compound, affecting everything from compliance to employee morale. Many issues start as simple oversights — such as incorrect paid time off entries, missed sick days or incomplete records — but
The federal tax system is designed for pay-as-you-go compliance. When income is not subject to withholding — as is often the case with business profits — you are expected to send payments directly to the IRS during the year. Waiting
As the summer season fades, many business owners naturally move from a lighter, more flexible pace into the demands of Q4. This is the ideal time to conduct a financial health checkup. Just as a physical checkup helps detect issues
Times have changed for business owners who use QuickBooks. Previously, QuickBooks offered only one way to add financial data: entering each component of a transaction one at a time (e.g., date, customer or vendor name, amount, due date, account or
Classifying employees as exempt or nonexempt is not merely a formality; it affects workers’ rights and employer obligations. Misclassifying employees can expose you to back wages, penalties and enforcement actions. Understanding the applicable employee classification rules is essential. Under the