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To set up payroll for an LLC or corporation, you must understand the key steps involved — from obtaining your tax ID and registering with state agencies to running paychecks and filing payroll taxes correctly. Payroll involves far more than just cutting a paycheck to...
Types of Payroll Deductions Understanding the types of payroll deductions is crucial for any business that withholds taxes, garnishments, benefits, and other withholdings from employee paychecks. Any business that hires employees must register to pay payroll taxes in...
Corporation and LLC Payroll FAQs These LLC and corporation payroll FAQs answer the most common questions business owners have about payroll requirements, owner payroll, and payroll taxes. While setting up payroll and registering for payroll taxes are generally the...
Understanding why investing in gold helps you protect wealth, hedge against inflation, and diversify your portfolio. Gold historically is both a store of value, meaning when you own gold it increases in value, and also a medium of exchange, meaning it has been used as...
The recent federal tax filing deadline was extended, and understanding what this means can help taxpayers avoid penalties and plan their filings better. The IRS and Treasury Department have announced a federal tax filing and payment deadline extension for...
Understanding whether a business owner should be on payroll depends on your business structure, tax strategy, and federal and state requirements. This depends on your business structure: If the company is a sole proprietorship or a partnership, there is no need to be...
Understanding the difference between an employee and a contractor is essential for proper payroll, tax withholding, and compliance with labor laws. An employee is someone who works for your business, and you pay them payroll and you pay payroll taxes on that money - ...
Because 1099s are due by January 31st, businesses should prepare early and verify recipient information to prevent costly IRS penalties. When you are paying an independent contractor (not an employee) and you paid them more than $600 in that calendar year, you are...
The CARES Act charitable donations rules temporarily changed federal tax law to encourage giving by expanding deduction options for cash gifts during 2020 and 2021. A lot of people have been asking me about the CARES Act and data about rollover for donations. Here is...
Understanding the difference between bookkeeping and accounting helps business owners manage financial records, reporting, and compliance more effectively. They are related, both in the financial field, and there is overlap, which is why it gets confusing. Generally,...