Tax Resources

Hiring your first employee is a big step for a small business. It means that you’re growing; you’ve got more business than you can handle on your own, and you need to offload some of those business functions. The fact that you’re looking at hiring your first employee suggests your business is on the right track, and that it’s relatively stable.

Yet, you need to be careful during the hiring process. There are plenty of state and federal rules about how hiring works, for example. Not only that, you’re going to be responsible for withholding payroll taxes. In fact, there are a number of tax considerations you’re going to face now that you’ve hired someone else.

Here are some steps … Read more →

As a business owner, you want to make sure that you’re doing what’s necessary under the law. You want to pay your taxes, file in a timely fashion, make sure you’re doing withholding taxes correctly, and more. For many businesses, a qualified accountant can take care of all of that with no problems. Yet, there are times when it might be beneficial to work with a tax attorney instead. A tax attorney has special training and qualifications that set her apart from your average accountant.

Here are some factors to consider when you’re deciding between a tax attorney vs accountant:

•If you need confidentiality from the legal perspective, a tax attorney may be the better choice.

There is any number … Read more →

If you’re just starting your business, you’ve got a lot of decisions to make. Not only do you need to figure out how you’re going to make your product or provide your service, but you also need to figure out where the money’s going to come from, what business form to take, and even carpet color for the office in some cases.

One of the important choices you need to make is whether you’re going to use cash basis accounting or accrual basis accounting. Both methods track your business income and expenses, but they work quite differently.

Cash Basis Accounting

The vast majority of small businesses operate on a cash basis. The way this method of accounting works, income is … Read more →

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