If you want to give a business owner a headache, whisper the words "file your taxes" and watch what happens. Pretty much every business owner dreads the dreaded tax-filing season, but maybe things don't have to be that hard. In fact, filing your taxes can be comparable to taking a vacation—seriously! Here is a look at how that is the case.
You should be planning well in advance.
Few people ever really hop on a plane to a random destination and hope when they get there everything goes good.
Read More
Financial planning is not just for individuals. Financial planning is important for small business owners as well. If you don't currently have a financial plan in place for your small business, now is the time to start.
#1 Create Financial Goals for Your Business
First, you need to create financial goals for your business. You need to have both long-term and short-term goals that are connected to one another. It is important to not blur the line with personal financial goals; you need to set financial goals that are connected to your business.
Read More
If your business has just gotten a contract for a big project, you need to make sure that you are keeping track of everything that's going on in a way that will make sense. You don't want to miss a small part of any part of the project because it could turn around and hurt you a lot. There are various ways that you can do it.
Hire Consultants
One thing you can do is to hire outside consultants or contractors, such as a Deltek administration service.
Read More
When you own or manage a business, you have a lot of everyday responsibilities to ensure that things go smoothly and well! If you manage employees, you also need to consider their well being and make sure that you handle all of their needs. Payroll is an important task that can frustrate a lot of business owners. The good news is there are professionals out there who can help with payroll processing so there is a lot less stress.
Read More
Unemployment insurance programs are administered by each of the various states. The states assess a payroll tax on employers to pay for ongoing and future unemployment claims. In addition to the state tax, most employers are also subject to a smaller federal unemployment tax on their payroll.
Each state unemployment program is interrelated to the federal unemployment program. Employers file a separate tax return to report their federal unemployment tax, also known as FUTA.
Read More