1099-MISC/W-2 Reporting Info

  • Time Management Tips for Small Businesses

    27 July 2016
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    Time Management Tips for Small Businesses

     

    If you are just starting out in your small business, then you already know that you are going to have to wear many hats, work long hours, and refrain from pulling out your own hair at times. What many small business owners don’t realize is that effective time management is key to making your business successful and managing your business as well. Time management should include everything from taking care of your taxes to trusting your employees if you want to get it done. With that being said, read on below for a few time management tips to keep you sane and help your business grow and succeed.

    Set a Schedule that is Smart

    For all of us starting out in business, the time flies each and every day. You go to work early in the morning and suddenly it’s late at night, and you feel like you have accomplished absolutely nothing. Not only do you need to set yourself up on a schedule, but you also need to make sure that the schedule you set is a smart one as well. Going from one thing to the other means that you honestly are completing nothing and will soon be stressed beyond belief. The first thing you need to do is decide what the most important job in your business is. That is the job that will be utmost in your mind and first on your schedule every morning, schedule other things around this important task and the rest will fall into place.

    Use Wage Filing for Taxes

    Taxes are the bane of any small business owner’s existence, especially when you are first getting started. The trick is to make sure that you are taking care of them daily and that you keep track of everything as it comes in and goes out. You don’t want to get to the end of the year and find that you don’t have near what you need to get your taxes filed and paid. That is where sites like Wage Filing come in. They are quick, easy, and organized enough that handling your taxes is a breeze.

    Put Your Trust in Your People

    One of the most important things you should be doing when trying to manage your small business and use effective time management is to trust your people. If you can’t trust the people you have hired to do the job you hired them for, then you need to hire different people. In any small business, you are going to have to have help. Hire people you know you can trust and then give them the jobs and the trust they deserve to get those jobs done.

    These are just a few time management tips when you are starting your own business. It isn’t going to be a piece of cake, but if you manage your time the right way, you will succeed time and time again. For more information on tax filing, visit the professionals at Wage Filing today as well.

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  • Top Tips for Hiring for Your Small Business

    20 July 2016
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    Top Tips for Hiring for Your Small Business

     

    When you start your own small business, many times you don’t think of things such as filing your taxes at the end of the year or even the best way to hire a few people once that business grows enough for you to need some help. Filing your taxes can be made easy by using the site at Wage Filing, however, finding employees that are eager and willing to help you build your small business into a much larger one can sometimes being a daunting task. With that being said, read on below for a few tip for hiring employees to help your small business grow.

    Be Clear About the Role They will Play

    It is very important to be clear about the role your new employee will play in growing and developing your business. When you put a want ad up, whether it’s online or in the newspaper be sure to outline everything from the day-to-day responsibilities to whether you are looking for an independent contractor or a salaried employee. If people have a clear idea of the role they will play, you won’t have near as many applicants that aren’t suited for the job requesting interviews. This will save not only you but perspective employees time as well.

    Flexibility is Key Today

    In a world where working from home and setting your own hours is more than possible, it pays to be flexible when hiring employees for your business. In other words, you are going to get better applicants and more successful employees if you aren’t going to chain them to a desk from 9 to 5. Be flexible and you will find employees that are willing to go to the extreme for you and your business.

    Never Stop Hiring or at Least Accepting Applications

     

    In today’s world, you never know when an employee will be there today and gone tomorrow. Look at everyone you meet as a possible employee from now on and never, ever throw away an application. Don’t close out hiring, just because you have enough employees at the moment because you never know when you won’t and need those applications to go through once again.

    Never Settle for Less than the Best

    Many times, it’s just easier to hire someone that is less than right for the position because you are swamped. This is doing nothing but asking for trouble. You may think that at least having the body there to take care of the customers is better than having to do it yourself, but it isn’t. Never settle for less than the best when it comes to hiring someone that represents you, your company, and the values you keep.

    These are just a few of the best tips out there for finding the right employees for your small business. Remember, to always follow the employment laws, give service with a smile, and contact Wage Filing for help with your taxes today and at the end of the year as well.

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  • Top Ways Your Small Business Might Be Breaking the Employment Laws

    13 July 2016
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    In your small business, if you have gotten to the point where you are able to hire a few employees, you want to be just and fair with them from the beginning. However, according to recent reports, many small business owners are breaking employment laws without even realizing they are breaking them. One of the best ways to ensure that at least you aren’t breaking any tax laws is to use a site like Wage Filing to take care of filing taxes and answering some tax questions. With that being said, read on below for a few of the top ways your small business might be breaking the employment laws and be none the wiser.

    The Flexible Lunch Hour

     While you may be trying to be nice, giving your non-exempt employees the option to skip their lunch, so that they can get out of work a little early, maybe breaking an employment law. The law is clear that everyone should take a lunch break and in most states you have to provide a lunch break no later than their fifth hour of the working day. If you are giving your employees flexible lunch hours, it is best to come up with another way of doing things.

    Saying that Your Employees Are Independent Contractors

     The waters are really, really murky on this law since the invention of the Internet, as it is populated with independent contractors galore. Not only is this an area ripe for a lawsuit, but it can also get you in trouble with Uncle Sam if you aren’t careful. Your employee may love the idea of being an independent contractor until they realize there is no paid leave or vacations, no insurance, and no workman’s compensation to be paid out. It’s not a sin to have independent contractors, just be sure that you are doing the right thing and staying abreast of the current laws with the IRS and any other employment laws.

    Letting Employees Make the Decisions

    When it comes to letting employees make the decision as to how many days a week and how many hours they can work a day, it can get really tricky. The law restricts how many hours and how much an employee can work without being paid overtime. If you are going to let your employees work their own hours keep up with how many so you don’t run into overtime laws and you should be fine.

    Loans from Paychecks

     Believe it or not, deducting personal loans from an employee’s paycheck is against the employment laws. If you are going to loan your employees money, set up a written agreement for them to pay you back, do not take it out of their paycheck, or you may be breaking the law.

    These are just a few of the ways that you could be breaking the law when it comes to having employees in a small business. For more information on filing your taxes as a small business contact Wage Filing today.

     

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  • Tips for Setting Up a Simple Accounting System for your Small Business

    6 July 2016
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    Tips for Setting Up a Simple Accounting System for your Small Business

    When it comes to running a small business, the simplest things can seem to be the hardest to get done. The one thing you don’t want to do is get behind on your bookkeeping. Getting behind on your accounting can really come back to haunt you once it’s time for tax season once again. The best thing you can do is go with a reputable company for wage filing. However, you still need to set up a simple bookkeeping system in order to make sure that you are accounting for every penny you make and spend on your business. With that being said, read on below for a few of the top tips for setting up a simple accounting system for your small business today.

    Start Keeping Financial Records from Day One

    It is important to start keeping track of your expenses and the money that you take in from the first day you open your business. Make sure that you record everything and know the dates that any and everything was received or spent. You might even have expenses that were taken care of before you opened for business. Make sure that you count those as well, because they will certainly help you at tax time.

    Set a System in Place

    One of the first things you need to do is get a concrete system in place for bookkeeping for your business. Remember, the system you use doesn’t have to be a complicated one. You could start with a manual system, but at least need to consider seriously using a computer spreadsheet at some point. They are easy to get and create with just a little bit of help. If you decide to hire an accountant, make sure that you agree on a system to be used together, so you can understand and go into check numbers when you feel the need too.

    Always Budget for Taxes

    Never forget that though you made a profit, not all of that money is yours. Uncle Sam has to get his part, no matter how little you made. The best way to handle taxes is opening some kind of account where you put so much of your earnings aside to pay your tax bill at the end of the year. This is extremely important if you don’t want to end up with a huge bill at the end of the year.

    Claim All of Your Business Expenses

    The general rule is that you can claim whatever expenses are wholly and exclusively for your business. Make sure to keep receipts for each and everything you buy for your business, whether it’s a stamp or a laptop. Not saving receipts can come back to bite you in the long run.

    These are just a few tips to help you set up some kind of an accounting system when you open your small business. For more information, on filing taxes and wage filing, visit here today.

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  • You Just Found Out You’re Being Audited, Now What?

    22 June 2016
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    When you want to bounce back from an audit, there are some tips that you will need to keep in mind. Being audited by the IRS can be an incredibly scary situation, so it is incredibly important that you learn the best ways to proceed. By taking these points into consideration, you will have the best chance possible of surviving the audit and providing yourself the greatest opportunity to make it a footnote in your financial life as opposed to a serious hindrance. Take advantage of these tips below so that you are able to know what do once you’ve gotten audited.

    Hire a tax professional

    The very first thing you need to do when you realize you are being audited is reach out to a professional who can help you out. In most situations, doing things yourself is what got you audited to begin with! So if you want to be sure that you can bounce back from it, you will need to hire a professional, or better yet a team of professionals who can assist you further. By touching base with these tax professionals, you will have all that you need to bounce back from the audit. This is important whether you are doing business with a tax lawyer or an accountant. They will immediately take inventory of your audit situation and will figure out the discrepancy and see to it that you are able to protect yourself moving forward.

    Get your records together

    Once you have hired a professional, you will need to also be sure that you get your records together so that you can put together a case. Dealing with facts will be your most important modus operandi moving forward, so set up a system that lets you keep plenty of records and know where to find them. Make sure that you keep your records stored as both hardcopies and digital files. By having these files located in multiple locations, you will have all that you need to prove your case to the authorities.

    Watch what you say at all times

    Even though you should be honest during an audit or during correspondence, you should still watch everything that you say on a regular basis. Answer questions to the best of your ability but do not volunteer any information that is not directly related to a specific question being asked. By seeing to it that you know your rights and know exactly what you are dealing with, you will have the opportunity to protect yourself while still fulfilling your obligations. This is also a situation where a quality lawyer will come in handy, because they will advise you on the things that you should or should not talk about and better yet, can speak for you in these situations whenever necessary. Never withhold information when directly asked, but don’t go into great detail either. Say only the absolute minimum that is necessary.

    Keep these points in mind so that you are able to do all that you can in order to deal with an audit.

    Visit the website today for more information.,

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  • Five Things You Should Know About Paying Your Employees Fairly

    15 June 2016
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    While some businesses start out with a single person behind them, most people eventually wind up hiring a few employees. Of course, if you’re going to bring on employees, you’ll need to make sure you compensate them appropriately.

    If you don’t know what you should pay your employees, keep on reading. You’ll be able to figure out what a fair wage looks like.

    Don’t Pay More Than The Job Is Worth To You

    If you’re desperately in need of extra help, then you may want to pay higher wages to attract promising candidates. If a new employee isn’t essential, however, you may want to pay a little bit less. You should think about how much you and your company will benefit from having extra people on staff.

    Determine What A Job Candidate Is Worth To Your Company

    When you’re figuring out what to offer someone, work to determine what they can bring to your company. Are they uniquely qualified? Do they have special skills?

    If a job candidate offers something unusual, you may want to pay them a little bit more. However, if this position could be filled by a number of people, you can get away with paying a little bit less.

    Don’t Underpay

    While you don’t want to pay your employees too much money, you don’t want to underpay your employees either. If your employees aren’t making much money at your job, they won’t value it highly. This means that they won’t give the best work that they can.

    If an employee is working for minimum wage, and feels like their job has no room for growth, they have no reason to value their position. They can just get another minimum wage job somewhere else.

    However, if you offer competitive wages, your employees will have every incentive to put in extra effort. They’ll want to make sure they’re keeping their employer happy. Aside from wages, you should also consider offering other benefits, such as dental, medical, etc.

    Don’t Understaff

    Make sure you hire enough people to complete jobs appropriately. If your employees are always overworked, they may become fed up with the job, even if it pays quite well.

    Figure out how many people you really need to get a job done. If you need to hire two people to get the job done, it’s better to do that and pay both of them a little bit less.

    Make Sure You Meet Wage Restrictions

    Look into all of the laws and requirements in your area. Make sure you’re meeting any and all wage restrictions. You may want to talk to a lawyer so that you can confirm that the wages that you’re offering align with local and national laws.

    It’s important to ensure that you’re paying your employees fairly. If you don’t pay your employees well, you may wind up running into trouble later on. Take this information, and use it to make smart choices about employee payment. You’ll be able to hire excellent employees at a reasonable rate.

     

    Wage Filing provides forms for both you and your workers. Visit the website today for more information.

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  • Are Employees Or Contractors Better For A Job?

    8 June 2016
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    If you have a project you’re working on through your business, or have something that you’ll need help on for a long time, you can find help either way. Contractors are generally best for short term work and employees will work mainly for you usually. Learn here when to work with employees and contractors.

    A contractor is who you’re going to want to hire if you have work for them to do that isn’t permanent. For instance, you’re going to want to hire contractors to help you build and set up your store because that only needs to happen once. You may also need to call them in to help with various maintenance problems. Having a few contractors for various tasks you can call is better than employing people that you have sitting around waiting for a problem that rarely happens.

    Employees are people who work with your company on a day to day basis. There are full and part-time employees depending on what you need from them. When you have tasks that have to be done each day, then you need to have people that can clock in at your place of business, help by doing their job, and keep working with you in a quick and effective way. Then you can give people raises, promotions, and have them become a big part of your company after they prove themselves so you have a group of people that you handpicked and know are great for business.

    When you don’t like a contractor, you don’t have to worry about it because you can just tell them not to come back. With an employee, you will have to think about what you are doing more because they depend on you for their job. Of course, if you live in certain places you can fire employees for whatever reason you’d like. Contractors are not really bound to your company like an employee is so you don’t have to worry about their morale or giving them a raise because they’re going to do one or two jobs for you and that’s it.

    The cost of doing business with a contractor is usually a little more money per hour when you do the math than what you pay an employee. That’s because when you need something specific done that nobody in your company is capable of, it’s going to cost you more than doing projects you’ve been working on for a long time each day. Of course, this can vary according to what you’re going to have worked on, but with people that are employed by you are going to make the same wage despite what they’re working on.

    It’s pretty easy to see that contractors and employees each have their place in your company. You may even find yourself asking contractors if they would like to join you as an employee if you are satisfied with their work. Having the best people on hand for a job will help you to know that the work is being done right.

    Visit our website for more information.

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  • What You Need To Know Regarding Vacation Pay

    1 June 2016
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    In order to receive vacation pay, there are some specific criteria that must be met. For holiday’s, you must have worked the previous business day in order to receive pay for the holiday. Additionally, you must work the first working day after the holiday as well.

    If you work for a medium to large-sized company you’ve likely just read the requirements for your company’s holiday and vacation pay and wondered if this is legal. Each and every state has its own requirements and laws regarding holiday and vacation pay. For some, this is a typical requirement for many companies and corporations if you wish to be paid for a holiday.

    Still other companies will offer time and a half or double time if you work on a holiday. Many jobs require work on a holiday such as a nurse, doctor or in some instances grocery store clerks. Many retail shops are also open on Thanksgiving (which is considered a holiday).

    Some companies also offer steep discounts on such holidays as President’s Day and Memorial or Labor day. All of these may be considered as vacation pay and offered under a “lump” clause. Vacation pay is given when an employee has been with the company for at least one year. It’s usually for a week and the employee must have the time for their vacation pre-approved in order to receive their vacation pay.

    This pay is given to them in addition to their regular paycheck. In most cases, the check is given to the employee on the last working day prior to their vacation. This is something that the employee has earned by being a valued employee for over a year. In a few rare instances, the employee will earn two or more weeks for their vacation pay.Vacation pay is only given to those employees who are working full time. Part time employees are generally excluded from receiving pay although they may be eligible for partial pay or simply to take the time off unpaid.

    Vacation pay is considered a perk or a benefit in many companies. Negotiations at the time of employment are often made regarding vacation pay and time off. Don’t be afraid to ask your hiring manager what their policy is on vacation pay and other benefits when you’re going through the hiring process. This will help clear up any misunderstanding later on.

    It’s wise to always let a potential employer know if you already have vacation plans when they offer you a job. Your job may be contingent upon your agreeing to their vacation pay or benefit offers. Vacation pay is an incentive for an employee to stay with a company for a long time. The longer employees stay with a company the more time they should earn for their vacation pay.

    Always ask if you’re unsure of how it works. Most companies will have it all written out prior to hiring you. Always read the fine print before you sign anything.Vacation pay is a wonderful addition to your regular income and you can do with it whatever you desire. Whether you put it in savings or spend it on a trip is all up to you.

    Wage Filing can help with all of your tax questions and concerns. Visit the website for more information.

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  • Top 3 Reasons Wage Filing is Right for Your Business

    21 May 2016
    54 Views

    Wage filing can help your small business streamline your W-2 and 1099 tax filing system. No one likes to think about taxes, but not filing the proper forms can put you out of business. The IRS doesn’t take kindly to missing important tax deadlines. They have the power to impose fines, and even jail sentences if things are not done according to tax laws. Here are the top 3 reasons Wage Filing is right for your business:

    1. Fast: To get started, simply create an account (it’s free). Once you’ve registered, you can log on and enter your employee or contractor’s information in the fields that are clearly marked. The user-friendly interface is easy to use, and data entry takes only minutes per employee. Once you’ve entered the information, simply go through the checkout, print your documents and mail them to the IRS. Wage Filing will also e-file on your behalf, to make things even faster. Refunds and records can be sent much faster than the traditional mail-in method. It is much quicker than taking all of your paperwork and receipts to an accountant where they have to sift through information to get things done for you – and it’s much cheaper.

    2. Affordable: Accountants can charge exorbitant rates for filing small business taxes. While it’s true that they are experts when it comes to filing taxes and making sure you’re getting the refund you deserve, you pay dearly for that service. When it comes to simple W-2 and 1099 forms, you can do so in a cost-effective manner with Wage Filing. Simply pay a small fee per employee or contractor, and enter the information quickly; then print and send to the appropriate authorities such as the IRS. With Wage Filing, you could potentially save thousands of dollars on your taxes.

    3. Convenient: With no forms or software to download, Wage Filing offers a convenience that is unmatched. You can access the website from your computer, smartphone or tablet. Entering the information takes just a few minutes. Once you’ve finished, you can get on with other more important business tasks such as product development, customer service, marketing and gaining new customers.

    As a business owner, you have a responsibility to make sure your employees’ and contractors’ information is correct and accurate. Trying to do things yourself when you don’t have the skill is not in anyone’s best interests. With Wage Filing, you don’t need the skills or expertise to do your own taxes. Everything is there for you, and your records are saved online, safely and securely.

    Taxes are something that has to be done accurately and on time. While it’s important, it doesn’t have to cost a fortune. Thanks to modern technology you don’t have to have the knowledge and expertise of an accountant to ensure that everything is in order. Wage Filing can give you peace of mind knowing that you have done what you needed to do to ensure your employees and contractors are treated fairly and get what they deserve.

    Wage Filing can help you with all of your W-2 and 1099 needs. Visit the website for more information.

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  • Tips for Filing Your W-2 This Upcoming Tax Season

    21 May 2016
    41 Views

    As a small business owner, you may be dreading the upcoming tax season; most people do. After all, taxes aren’t as exciting as, say, decluttering your garage, cleaning the bathroom, or organizing your desk! W-2 forms are an important part of your taxes, though, and they must be dealt with.

    What is a W-2 form?
    Each year, business owners must report wages for work performed. This means all employees who receive a regular paycheck from the company must have wages reported via a W-2 tax form. A W-2 is the most common type of wage reporting; it shows both earnings and withholdings for every employee. They must then be filed with the SSA or Social Security Administration; in some cases, they must also be reported to the local state agency. It’s important to note that the W-2 form is different from the 1099 form, which records income for independent contractors only (i.e. non-employees).

    Information on a W-2 form
    The IRS requires all employers to record income that they pay to both independent contractors and employees. The W-2 form includes a wealth of information, such as employee income, social security taxes, Medicare and other applicable holdings for the year January to December. A W-2 form should also contain other income sources such as tips, bonuses, vacation allowances, moving expense payments, severance pay, travel allowances and sick pay.

    Filling out a W-2 form
    Filling out the form requires the creation of multiple copies, which are then filed with the SSA. As a business owner, you’ll need to keep copies, and you’ll have to send a copy to each employee.

    Penalties for late W-2 filings
    As an employer, you are required to mail W-2 forms by January 31st. E-filing must be done no later than March 31; paper deadlines are February 28th. If filing to the state, dates can differ for each state. Missing these deadlines can result in fines for each W-2 not filed.

    Simplify the process
    As a small business, you probably don’t have an entire HR department to handle payroll or tax filing. As such, you must take on the responsibility of filling out the various tax forms yourself. You could purchase an accounting software program to do this for you, but most do not offer the option of e-filing W-2 forms. This means you will likely have to drive to a supply store, purchase the forms to fill out and mail manually.

    Fortunately, there is a simpler option: Wage Filing. With Wage Filing, you can create an account, enter the information for each employee and e-file your forms in just minutes. There are no forms or software to download, and you don’t have to worry about mailing to the IRS – it’s all done for you. Simply log in, enter your info, check out and print the forms for your own records.

    Wage Filing was created specifically for small businesses that don’t have the luxury of hiring full-time payroll or HR employees. As an entrepreneur, you understand the importance of getting things done in an efficient and timely manner; Wage Filing can help you with that during tax season.

    Wage Filing can help you when it comes to filing your W-2 and 1099 forms. Visit the website today for more information about their range of services.

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