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Tax Considerations for Hiring Your First Employee- An Overview

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 … Read more →

Tips For Starting a New Business on the Right Foot

Starting a new business is a delicate thing. There are any number of things that can bring your business to a grinding halt, forcing you to close your doors. In fact, within one year of opening around a third of new businesses fail. Within three years of opening, that number goes up above 50%.

In some cases, the factors that shut down your business are out of your control. Rapid changes to your market or supply chain problems aren’t always something you can recover from. However, there are some serious financial mistakes you can make when starting a new business that will cause you serious trouble.

Here’s a look at … Read more →

Just because you’re hiring someone to do your taxes doesn’t mean you want to pay them more than what’s necessary. If you show up at your tax professional’s office with shoeboxes full of receipts, she can absolutely turn that into a tax return; however, it’s going to take much longer than it would if you simply brought her a tax preparation checklist.

Preparation will save your tax professional time and will save you money. Here is a tax preparation checklist to help you streamline the tax process for your business:

Tax Preparation Checklist

1.Organize your expenses and your income.

This is a bit more complex when you’re running a business than when you work for someone else, but the principle … Read more →

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