There’s nothing more rewarding than starting and running your own business. But, the particulars of having to keep track of finances and pay taxes can put a damper on your enthusiasm. If you’re self-employed and earn more than $400 in a tax year, you are probably required to pay a combination of income tax and self-employment tax. Here is what you need to know. Who is Considered Self-Employed? For tax purposes, the IRS considers a person as “self-employed” if they…
On July 15, 2021, the IRS began making Child Tax Credit payments to many Americans. These payments are part of the $1.9 trillion American Rescue Plan Act (ARPA) passed in March 2021. They are meant to give much-needed relief to many families suffering due to the current global health crisis. The tax credit will also help small businesses and their owners. What is the Child Tax Credit? The first Child Tax Credit was created in 1997 as a means to…
According to the US Small Business Administration (SBA), a “small business” is a company that hires fewer than 250 employees and has no more than $750,000 in annual earnings. With these lower levels of revenue, a small business owner might think there aren’t small business financing options available for them. We’re here to dispel that myth. If you’re thinking of starting your own business and looking for some help, read on for some tips on small business financing. If you do some…
It’s common for small business owners to handle many responsibilities including payroll processing. Handling payroll on your own could cause potential problems for your business. Too often, small business owners don’t have the experience, time, or knowledge to manage complex tax and payroll filings. As a result, important deadlines are missed which end up costing business owners both time and money to resolve. Accurate and Timely Payroll Processing Is Critical Payroll processing is a highly regulated business function that encompasses…
It can be tough to stay productive as a small business owner. You have so many things going on in your life, and it may seem like there is never enough time in the day to get everything done that you need to do. The good news is that there are some great tips out there for how small business owners can become more productive throughout their day. In this blog post, we will cover 12 ways that any small…
When you’re an entrepreneur operating a small business, your time is filled with lots of various tasks. You may barely have time to breathe, much less think about a retirement savings plan. However, your long-term retirement plan is important for your and your family’s future security, so you need to make sure you have a strategy in place. When you are an employee, your employer will usually offer a retirement plan that you can join and invest in. Just fill…
We want to make sure our clients know, that if you paid for a funeral for a loved one due to Covid, you are able to get reimbursed for expenses incurred after January 20, 2020 up to $9,000. Below is the link with some more details for the Federal Emergency Management Agency (FEMA) COVID-19 Funeral Assistance: https://www.fema.gov/press-release/20210324/fema-help-pay-funeral-costs-covid-19-related-deaths The only way to apply for this is by calling FEMA directly at (844)684-6333 to complete the application process. Here is a 9-minute…
When you run a small business, you rarely have extra time on your hands. You’re always looking for ways to increase efficiency, while still being cost-effective. It’s important to choose the right tools and products to achieve those goals. One critical factor of running a business is having the means to manage, track, and report your accounting functions. Invoicing, payroll, inventory, and reporting are all part of an accounting system that must be managed. That’s why having a robust, easy-to-use…
Running a business of any size is a complex task. Successful business owners must juggle a variety of tasks each day including customer service, managing employees, marketing, and bookkeeping tasks. Keeping track of bookkeeping may seem tedious, but lost opportunities and lost money can be devastating for small businesses. According to the Chamber of Commerce, most small businesses fail because of poor cash flow, poor planning, and bad management practices. These problems can be avoided by developing a sound business…
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