Payroll Accounting: The Basics Payroll is an integral part of every business. The payroll accounting process involves paying wages, calculating hours, applying benefits, deducting taxes and collecting garnishments, all while staying in compliance with federal rules, state laws and...
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Intro to Business Deductions To be deductible, a business expense must be both ordinary — common and accepted in your industry — and necessary, helpful and appropriate for your trade or business. Generally, you cannot deduct personal, living or...
Is an Outsourced CFO Right for You? Outsourced chief financial officer firms provide you with an external expert to guide your company’s financial strategy, operations and planning on a part-time, contract or project basis. Leveraging this kind of external...
Employee vs. Freelancer: Tax and Financial Implications Let’s say you decide to onboard a freelancer, also known as an independent contractor. What should your next tax- and finance-related moves be? Let’s find out! What to expect when you onboard...
How to Use AI to Streamline Your Business Have you found yourself becoming more and more fascinated by all this talk of AI these days? Does the opportunity to drive more strategic growth and gain a competitive edge excite...
Worst of the Worst: Top Business Tax Errors When the IRS looks at your tax forms, the tax agency uses a computer to compare what has been reported to it with what you have reported in terms of income....
Classifying Your Employees Correctly Employee classifications are based on job duties and responsibilities. The classifications impact compensation, benefits and work hours; they are also used by employers to maintain compliance with labor laws. The most common classifications are exempt and nonexempt. Exempt...
What Is an S Corporation, and How Does It Work? Have you been thinking about establishing an S corporation? Maybe you have the opportunity to become a shareholder of a corporation of this type. Here’s what you should know...
Is Your Side Hustle a Hobby or a Business? With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small...
Welcome to the era of streamlined business management. Many businesses today are using “pre-boxed” accounting software, such as QuickBooks, to track and summarize their business activity. These software packages are popular due to their low cost and ease of...