Tax/Accounting

Small Business Mythbusters: The Final Paycheck

Myth: All employers must provide final pay to employees on their last day on the job. Some business owners are required to provide a final paycheck on an employee’s last day with the company. Whether that is true depends on the state in which your employee is working. Under federal law, a final paycheck must…

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What_is_Involved_in_Forming_a_Non_Profit

What is Involved in Forming a Non-Profit Company?

If you’re looking to form a non-profit corporation, there are several important steps for you to follow. Incorporating a non-profit corporation is often similar to a for-profit corporation, but there are some differences to be aware of. Here are some general guidelines for incorporating a non-profit. Pre-Incorporation Matters Prior to incorporation, you should have a…

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Business_Entity_Selection

Consultant’s Corner: Business Entity Selection

Question: “How should I go about choosing a business entity type?” Many small businesses are structured as unincorporated sole proprietorships and General Partnerships due to their formation and maintenance simplicity and costs; however, the primary disadvantage with a sole proprietorship or General Partnership is that it is not a separate legal entity, even when it…

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Small Business Mythbusters: Direct Deposit vs. Paper Paychecks

Myth: Paper paychecks are for small businesses; direct deposits are for big companies. Your business may be small, with just a few employees, but that doesn’t mean you can’t mimic big companies when it comes to issuing paychecks. If you’re still distributing paper checks to your employees, you may want to consider the advantages of…

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Forming_A_General_Partnership

Consultant’s Corner: Forming a General Partnership

Question: I am ready to start a business with a partner. What steps should I take? You can review information for forming a General Partnership at state and legal websites; however, these are the general steps required for formation of this entity type: Choose a business name File a trade name Draft and sign a…

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What_Records_Should_I_Keep

What Business Records Should You Keep?

Knowing what business records to keep is critically important to a small business entrepreneur. These records serve many functions. They help you quantify and monitor the progress of your business, and make decisions accordingly. They give you the information you need to prepare a financial statement. They allow you to identify your various receipts and…

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Consultant’s Corner: Loans from Family Members

Q. What is the lowest annual interest rate allowed by the IRS on a loan from a family member? The tax rules governing below-market and related-party loans are complex, with a number of exceptions. To understand all of the tax implications, you should consult your tax adviser or CPA before you enter into or renegotiate…

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Schedule_C_Audit

Consultant’s Corner: Surviving an IRS Schedule C Audit

Question: I have just received my first notice from the IRS indicating that there will be a Schedule C Audit. What should I expect? The IRS should have provided you with an Information Document Request that will tell you specifically what they want to review in this first meeting. Review this document request with your…

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What_is_Involved_in_Forming_a_Non_Profit

How To Form a Non-Profit Business

If you’re looking to form a non-profit corporation, there are several important steps for you to follow. Incorporating a non-profit corporation is often similar to a for-profit corporation, but there are some differences to be aware of. Here are some general guidelines for incorporating a non-profit. Pre-Incorporation Matters Prior to incorporation, you should have a…

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You Can Get a Tax Credit for Hiring a New Employee!

Did you know that it’s possible to hire a new employee and get a tax credit for it? The Work Opportunity Tax Credit (WOTC) program provides a tax credit for employers who hire workers who are members of specific groups, such as veterans, SNAP recipients, and Vocational Rehabilitation Referrals, among many others. When you participate…

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