Independent Contractors: Classify Carefully
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. But the question of whether a worker is an employee or an independent contractor is complex. Be careful that your independent contractors are properly classified for federal tax and employment tax purposes, because if the IRS reclassifies them […]
What payroll taxes are paid by employers?
Employers generally must pay the following payroll taxes each pay period: Social Security taxThe Social Security tax rate is 12.4%, half of which is paid by the employee and the other half by the employer. This tax has an annual wage base limit of $168,600. Medicare taxThe Medicare tax rate is 2.9%, paid evenly by […]
5 small business accounting traps you will want to avoid
When it comes to running a small business, having good practices and accounting techniques in place will ensure your company grows to success! Starting a small business can be pricey, so it may be tempting to take some shortcuts in the accounting area, especially if you feel confident that you can manage the business’s finances. […]
7 Ways to Keep Track of Business Expenses in 2024
As we enter a new year, it is important for businesses to have a solid financial management plan in place. One key aspect of this plan is keeping track of business expenses. In fact, 42% of small business owners say that managing and keeping track of expenses is their biggest challenge. With the evolving landscape […]
Are Tax Preparation Fees Deductible? Experts Answer
As the tax season approaches, many people are wondering if they can deduct the fees associated with preparing and filing their taxes. The answer to this question is not a simple yes or no. It depends on various factors, such as your income level, type of tax preparation services used, and whether you are self-employed […]
