Self-Employment and Health Insurance: What You Need to Know

There’s a lot to love about being self-employed and working as your own boss. Unfortunately, the lack of benefits (like retirement fund matching and health insurance) isn’t one of them. If you’re self-employed and are currently without health…

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Self Employed? Don’t Overlook These Tax Deductions!

When you’re self-employed, tax time can be especially stressful. This is especially true if you owe self-employment tax, which can easily eat up 15.3% of your taxable income. The good news? There are plenty of tax deductions offered…

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4 Common Small-Business Accounting Mistakes (And How to Avoid Them)

New to small business ownership? If so, you’re probably still learning the ins and outs of handling your small business accounting. Unfortunately, there are a lot of mistakes you can make from an accounting perspective that can be…

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Is an SEP-IRA Plan Right For You?

While being self-employed comes with some inherent perks, one of the potential drawbacks of self-employed life is not having an employer-sponsored retirement fund (such as a 401K). Still, there are plenty of viable retirement plan options available to…

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4 Things Employers Need to Know About 1099 Forms

When your business works with an independent contractor or freelancer, it is often necessary to provide him or her with a 1099 form at the end of the tax year. Specifically, the purpose of a 1099 is to…

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What Self-Employed Workers Need to Know About Claiming Emergency Paid Sick Leave

The coronavirus pandemic left many hard-working Americans in a difficult place financially in 2020. Not only did people lose their jobs as a result of business shut-downs, but many self-employed workers found themselves struggling as well. Even those…

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The Department of Labor’s Final Rule on Independent Contractor Status

If your company uses independent contractors, you have probably noticed the confusion surrounding when and how to use that classification for the past few years. On January 7, 2021, the Wage and Hour Division of the Department of…

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What Information Should You Include on Your Profit and Loss Statement?

Also known as the income statement, the profit and loss statement is the most important piece of financial documentation a business can prepare. Your company’s profit and loss statement indicates its expenses and revenue resulting in a profit…

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What All Employers Should Know About Wage Garnishment

The term wage garnishment refers to a legal process where one party can obtain a court order to have part of an employee’s paycheck held out and redirected to satisfy a debt. If you haven’t already, you can…

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Have You Prepared a Business Exit Strategy Yet?

You love owning and operating your own business and selling it is the furthest thing from your mind. Even so, it’s important to plan for the eventuality of not owning the business someday, whether because of retirement or…

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