You must have already noticed the ongoing commotion caused by the implementation of new overtime rules under the Fair Labor Standards Act. There are various proposed rule changes that might impact you as a small business owner, and you will want to be prepared for it. Basically, the new rule changes are designed to address certain salary thresholds that are necessary for considering white collar workers to be exempted from overtime pay.
Every business owner understands the pains of getting paid a tad too late by a client. In fact, receiving late payments from clients over a prolonged period of time can even shut your doors permanently. Consistent cash flow is crucial to the survival of any small business, thus every effort you put to keep it steady will help in the long term. Here are some useful tips to get your clients to pay their invoices on time.
There are several different types of expenses when it comes to payroll; some of these are required while others are optional. In almost all cases, you’ll need to pay taxes, as well as make contributions towards programs such as FICA, FUTA, and SUTA.
However, there are other things where you have a bit more room to weigh your options, such as healthcare and workers comp – although certain states have different laws regarding these components. Let’s talk about five payroll related expenses every small business owner is likely to deal with.
The Supreme Court of the United States, in a ruling on the Obergefell v. Hodges case, asserted that bans on same-sex couples from being able to marry is unconstitutional. This ruling now requires all states in the federation to allow the marriage of same-sex couples and to recognize same-sex marriages validly conducted in other jurisdictions. Prior to the ruling, 13 states had placed bans on same-sex marriages.
When you are in charge of a business, you’ve usually got a thousand different things on your mind at any given time. Because of this, it is a really good idea to try and limit the amount of worries you have when it comes to your business. One way that you can do this, is by implementing and fully utilizing a modernized time clock in your company. Not only will this save you time by not having to do it by hand, but it also helps eliminate a lot of errors and other costly problems related to manual recordings.
Regardless of the size and stage of a company, employees are indispensable. They keep the engine rolling so to speak, and influence the future of a company to a good degree. Employers have varying ideas of the characteristics that define an awesome employee.
The set of standards that define an awesome employee cannot be the same across different industries, geographical locations, and company visions. Thus, the first and quite often the only step, is to define these standards. Once you have done so, it will not be difficult to identify an awesome employee when you see one.
When it comes to filing taxes and getting the biggest return possible, there are a few unfortunate mistakes that a lot of people make – and before they know it, it’s too late to fix. However, it is never too late to start planning for next year’s tax season, and you can finish the current year strong if you take action soon enough. Here are a few different ways you can start maximizing your next tax return.
Payroll management is certain to be a vital part of your business. Oftentimes, business owners are bound to decide if a cloud-based online payroll service is preferred or if managing the payroll in-house is a better option. Granted, both options have specific pluses. Still, it is important to note the challenges that arise when you decide to take up the DIY option.
There are a variety of different payroll costs associated with running a small business, and it can be confusing when it comes to budgeting for all of them. Each company is going to be different and require certain things that other companies may not, so the price you end up paying is going to depend greatly on the needs of your company and industry. Below, we’ll talk about some of the factors that weigh into your overall costs, as well as other needs you should be aware of when choosing a payroll system.
There are some obligations associated with running a small business. One of these is withholding payroll taxes. It is not a choice – it is a must-do if you want to stay on the right side of the law. Failure to withhold payroll taxes incurs fines and penalties for your business. According to the IRS Publication 15, if you fail to remit taxes, you will eventually have to pay the amount due plus an “additional tax.” This extra tax can range from 2 percent to 15 percent per month after a tax return is late.