To Pay or Not to Pay – Hiring Interns for Your Company

The Fair Labor Standards Act (FLSA) establishes how employees are to be paid in the private sector and government agencies. It also covers issues such as minimum wage, overtime, recordkeeping, and the actual definition of employment. The legal definition of an employee is a person in the service of another under any contract of hire, express or implied, oral or written, … [Read more...]

Is It a Hobby or a Business? Guidelines from the IRS

Many people enjoy hobbies that are also a source of income. Some examples include stamp and coin collecting, craft making, and horsemanship. You must report on your tax return the income you earn from a hobby. The rules for how you report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions you … [Read more...]

Filing FAFSA Before College Opens the Door to Financial Aid

Fact: Outstanding U.S. student loan debt is $870 billion, topping the balances of auto loans ($730 billion) and credit-card debt ($693 billion). College-bound students and their families have more work to complete beyond submitting applications and (hopefully) deciding which school to attend. Students should file the Free Application for Federal Student Aid (FAFSA) … [Read more...]

Benefits of a Simplified Employee Pension (SEP)

Simplified employee pension (SEP) plans are commonly used by self-employed individuals and others with part-time self-employment income. In addition, SEPs can offer many benefits to small companies, so business owners may want to consider using a SEP for themselves and the firm’s workers.  On your Own Self-employed individuals choose SEPs for several reasons. There … [Read more...]

Audit Settlement Program from the IRS

The Internal Revenue Service announced this week they are implementing a nation-wide program that expedites settlements for small businesses being audited by the IRS. The program is called Fast Track, and it was created to help small businesses and self-employed people have the same alternatitive dispute rights that big businesses have had for years. Under the Fast Track … [Read more...]

ALL COMPANIES SHOULD HAVE A BUSINESS BUDGET

As the end of the year approaches, it is the perfect time to update your small business budget. Surprisingly though, many companies go without a business budget at all. There are plenty of reasons owners give for not creating one: “The business just started, there is no way I can project revenue.” “Our expenses and overhead are small enough that it doesn’t matter.” “We … [Read more...]

IS ONLINE ACCOUNTING FOR YOU?

Online accounting programs are becoming more and more popular with small businesses. They offer a cost-effective way to meet the needs of most small businesses, while targeting only what your business needs in accounting software. Having your accounting software in the cloud can provide a number of advantages over traditional accounting software: Reduces your need for … [Read more...]

5 REASONS NOT TO FIRE YOUR ACCOUNTANT – Cloud Accounting

Cloud accounting is getting more popular, especially with small businesses. A variety of services are available online, including monthly accounting, payroll, and invoicing. With all these choices, a business can be tempted to think they can replace their accountant with cloud accounting. In a recent blog post on Huffington Post, Kirk Simpson, the CEO and co-founder of … [Read more...]