How to do Payroll for a Small Business – The Ultimate Guide
Payroll is an essential component of every business, large and small. Once you have made the decision to hire your first employee or employees, it is inevitable that…
In-house Payroll vs. Outsourcing: Which Is Better for Your Small Business?
As a small business owner, it’s crucial to understand that deciding between in-house payroll vs. outsourcing is one of the most important decisions you’ll make for your business….
Federal Minimum Wage by State – 2023 & 2024
The federal minimum wage for 2024 is $7.25 per hour. Some states and countries have raised their own minimum wages since it has not been increased since July…
1099 Deadlines, Penalties & State Filing Requirements for 2024/2025
When are 1099s due in 2025: January 31, 2025, is the 1099 deadline applicable for Form 1099-NEC (Non-Employee Compensation). Copy A and B should be furnished to the…
ACA Deadlines, Penalties & Extension for 2024/2025
2025 is just around the corner and employers will once again need to shift their focus to ACA compliance. As a responsible employer, you must know the ACA…
W-2 Deadline, Penalty, & Extension for 2024/2025
The W-2 deadline for distributing copies to employees and for filing, either on paper or electronically to the SSA, is January 31, 2025. This deadline ensures that your…
How to File 1099-NEC in 2025
As the tax season approaches, learning how to file 1099-NEC might seem like a daunting task for business owners and employers who have paid non-employee compensation during the…
How to File 1099-MISC for Independent Contractors
Wondering how to file 1099-MISC? As the tax season approaches, filing 1099-MISC Forms accurately is essential for business owners and employers that have hired independent contractors. In 2020,…
Form W2: Everything You Ever Wanted To Know
Form W2, also known as the Wage and Tax Statement, is a multi-part standard tax form that an employer must send to employees as well as the Internal…
Assets vs. Liabilities: Differences, Types & Examples
As a business owner, you should understand the fundamental difference between assets vs. liabilities. The more you classify assets and liabilities properly, the more you can take informed…
The Small Business Owner’s List of Federal Holidays 2024
When you are running a small business, whether it is a restaurant or a recreation park, sometimes holidays will be the prime day for your business. This means…