New Year’s Bookkeeping Resolution # 8: Payroll Priority
Payday is eagerly anticipated by employees, but often dreaded by small business employers handling the payroll themselves. Hours of administrative work goes into making tax calculations, completing government reports, depositing tax money in various accounts, and writing and signing checks. Not to mention the quarterly filing and tax-payment requirements too. If there is one thing [...]
Some Clarification About the 940 (FUTA) Tax for 2010
I have gotten a couple of emails and calls regarding the 940 (FUTA) taxes for 2010. So I thought I would pass this information on: A company usually pays .008 percent for employees wages on the first $7,000.00 for each employee. But Indiana has to pay another .003 percent=.011 percent. This is from the IRS [...]
New Year’s Bookkeeping Resolution # 7: Implement a Collections Plan
Closing the sale can sometimes be the easiest part of doing business compared with collecting accounts receivables. Making decisions to who to extend credit to and collecting accounts receivables has always been a difficult part of running a small business, as the wrong decision or procedure for handling collections can have disastrous consequences. Have a [...]
New Years Bookkeeping Resolution # 6: Negotiate Rates
Keeping costs low is a necessary way of life for most start-up companies and small businesses. Negotiating rates with your vendors is a key way to control your costs. However, not every entrepreneur, small business owner or freelancer is comfortable negotiating. Many dread the adversarial nature of negotiation. Overcome your fears this year and make [...]
Social Security Rates Change for 2011
New tax regulations took affect on January 1 that will effectively give employees a 2% raise. The new tax bill reduces employees’ Social Security (OASDI) tax rate from 6.2% to 4.2%, which will be reflected in the form of a higher net paycheck. This rate is effective for employees’ incomes of up to $106,800. If [...]
5 Tasks Your Non-Profit Should Hire a Consultant to Do, by Ingrid Zacharias
We recently came across this informative article by Ingrid Zacharias, publisher of the web site Envisioning the Future International, a virtual resource center for non-profits and businesses worldwide. In the article, she discusses a number of tasks that non-profit organizations should not undertake themselves, and why. For example: Develop a strategic plan – While many [...]
IRS Audit Red Flags, Part 4
In the previous installment of this series, we looked at three issues affecting both individuals and businesses that can raise a red flag with the IRS and trigger a tax audit. In this last installment we address two issues that often get red-flagged by the IRS due to the complexity of the issues, Self-Employment and [...]
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