How Maslow’s Hierarchy of Needs Can Inform Small Business Expense Priorities

Opening a small business is no small feat. But beyond getting the lights on and the company off the ground, actually keeping a small business in business is where the rubber meets the road. Especially in the early days, you might not have the data you need to effectively predict sales and map projected revenue to actual expense. This brings us to the question: if forced to choose, what expenses are absolutely non-negotiable when it comes to staying in business?

This week is National Payroll Week. As a small business owner, you might not think of payroll as something to celebrate—but it is a necessary and important part of running your business. Adding new employees is a critical step in most small business growth, and ensuring employees are paid according to your employment agreement, on time, and in compliance with federal, state, and local tax and regulatory compliance will help you sustain your business growth. But we realize that payroll is not a simple task for many small business owners, especially when you look at everything else on your plate.

With the gig economy making up 34 percent of the workforce in the United States, things are changing quickly both for workers and employers. The gig economy refers to the labor market made up of short-term contracts or freelance work versus a permanent job. 

Bringing a new employee into your company can be a big step. As a small business, each new employee is not only a testament to the success and potential of your business, but a significant investment of time and monetary resources.

As an individual or small business owner, tax season is never fun. From collecting receipts to preparing for the months to come, there is a lot on your plate.

In a perfect world, the tax system would remain the same from year to year. For individuals and small business owners, this would make life much easier. Unfortunately, this isn’t reality. 

As you plan for 2017, you don’t want to lose sight of what’s required of you (and your company) to finish up the current year in the appropriate manner.

As a small business owner, quarterly tax filings give you a chance to assess your current payroll provider to make sure you’re getting everything you need out of the relationship. And, if you’ve already been toying with the idea of finding someone new . . . then maybe it’s time to switch. 

As any business owner would tell you, owning a business is not easy. Especially when it comes to taxes. 

As an employer or employee in the state of California, it’s important to understand the finer details associated with the applicable paid sick leave laws.

As an employee, there is no tax form more important than your W-4. Also known as an Employee's Withholding Allowance Certificate, this form is one that every employee needs to complete before his or her first day on the job.

Recently, the U.S. Department of Labor (DOL) issued their Final Overtime Rule that will become effective on December 1, 2016. ​

As a small business owner, there are many tax tips you can follow in the new year. With the April tax filing deadline closing in, now is the time to get organized and to answer any questions that may be on your mind.

For employees, it’s almost as good as hitting the lottery–they open their paychecks or log on to their bank accounts and find extra money courtesy of the company.

We know that filling out a W-2 for your employees can be about as much fun as a root canal. All those tiny boxes that are hard to tell apart. A bunch of obscure rules you’re supposed to know. It’s easy to make a costly mistake or risk having it sent back to you because of an error.

So many boxes, numbers, letters. Lots of blank spaces with tiny type above them asking about things like wages, Social Security, Medicare, tips, etc. What does it all mean? What goes in these boxes really? What is the control number and where is it located (see our description of Box D)?
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The federal tax code is 74,608 pages long. It’s no wonder, then, that much of an accountant’s time, especially during tax season, is spent answering client questions. In an effort to assuage their concerns and reduce confusion, accountants who work with small businesses may find educating clients before taxes are due simplifies the process.
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Starting with a new payroll service can be a bit unnerving. You may have several questions such as, “What information will they ask for? And are there documents they’ll need to see?” Being prepared will go a long way in simplifying the process.

Business owners are always looking for ways to save money. One such strategy is to consider the many ways to lessen your tax liability.
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Setting up payroll for your company is easier today than ever before. All you have to do is compare providers and make a decision based on your findings. Of course, there are important questions to answer along the way. Here is one that requires your full and undivided attention: how often will you pay employees?