When nonexempt employees are doing their primary job duties, it’s easy to tell that they are working. Their working time should be compensated. But, when nonexempt employees are not doing their main job duties, it can be more difficult to tell if they are working and if they should be compensated. The Fair Labor Standards […]Read More When to Pay Employees for FLSA Hours Worked
Would you like your business to earn more? Of course you do! When you learn how to increase net profit, your business will have more money after expenses and become more stable.Read More How to Increase Net Profit
When pricing your products, you must consider the cost of making the product, including the direct costs. Find out below what direct costs are, including examples and how to calculate them.Read More What Are Direct Costs?
Structuring your business as a limited liability company (LLC) can have great benefits, but filing small business tax returns can get confusing. Because LLCs take aspects of both corporations and partnerships, there is not a standard LLC form you will use. Learn about the different tax forms for an LLC.Read More What Are the Federal Tax Forms for an LLC?
A handful of cities in Colorado have a local tax called an occupational privilege tax. Both employees and employers owe it. If you’re an employer in Colorado, it’s important to know if you owe the occupational privilege tax and what your city requirements are.Read More A Breakdown of the Colorado Occupational Privilege Taxes
Each state’s income taxes are different. Some states have low taxes, some have high taxes, and some states don’t have income taxes at all. State income taxes get even more complicated when you have an employee who lives and works in different states, works from home in a state where your business isn’t located, or […]Read More State Income Taxes for Out of State Employees
New businesses typically incur expenses before the business is up and running. You might need to research your market, hire a consultant, travel to potential suppliers, or open a facility. These are startup costs. When you incur startup costs, you must accurately record the corresponding ledger entries in your accounting books. And, you must properly […]Read More Accounting for Startup Costs (Plus How to Handle Taxes)
Do customers pay you for your goods or services before you actually deliver them? If so, you need to know about deferred revenue. Learn about deferred revenue and how to record it in your accounting books.Read More What Is Deferred Revenue?
If you’re starting a business and have one or more partners, it might seem obvious to form a business partnership. This is a business structure that allows you and at least one other person to both have ownership of the business. Even though forming a partnership might make sense, it’s not your only option. Before […]Read More The Pros and Cons of a Partnership
Form W-2 is a document that details what you paid an employee during a calendar year. It shows their gross wages, withheld taxes, and other withholdings. You must send Form W-2 to employees so they can fill out their annual income returns. And, you must send Form W-2 to the Social Security Administration (SSA) and […]Read More What Is the Form W-2 Deadline?