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When it comes to pulling reports, establishing a business budget, and filing taxes, you need to know your company’s fiscal year. So, what does a fiscal year mean, exactly? When does the fiscal year start? And, how long is a fiscal year? Read on to get the answers to these questions and more.
Read More What Is a Fiscal Year for Your Business and Books?
True or false: As an employer, you can pay employees any amount you want. False. It’s 100% false. Why? Because of minimum wage laws.
Read More A Detailed Overview of Federal, State, and Local Minimum Wage Law
In business, it seems like you dole out money for anything and everything. Employee wages and inventory purchases are just some of the payments you might make. Sometimes, you may make payments that fall under the IRS’s miscellaneous category. And if you do, you must report them as miscellaneous information (formerly miscellaneous income). So, what […]
Read More Miscellaneous “Income” Is Now Miscellaneous “Information.” So, What Is It?
When it comes to your business, one of your goals is likely to attract and retain top talent. One way you can do this is by looking at your internal equity. But, what is internal equity? And, what does it have to do with equal pay?
Read More For Fair and Equal Pay, Get to Know Your Business’s Internal Equity
When it comes to accounting, you must follow certain rules for recordkeeping or tax reporting. Otherwise, you may wind up making mistakes and costing your company money—and nobody wants that. Many businesses must follow a set of accounting guidelines called GAAP. But, what is GAAP exactly? And, how do you know if you have to […]
Read More Your Guide to GAAP: Generally Accepted Accounting Principles
Business owners have a lot of decisions to make, especially in the beginning. One of the most important decisions is how to handle bookkeeping for your business. There are three methods of accounting to choose from: Cash-basis, modified cash-basis, and accrual accounting.
Read More A Comparison of Accrual vs. Cash-basis Accounting
When it comes to running a business, you’re constantly looking for new ways to boost employee morale and increase employee retention. One solution? Creating a leave donation program. But, what is leave donation, exactly? And, how does it work when it comes to taxes?
Read More A Closer Look at a Leave Donation Program for Your Business
Employers often want to offer attractive compensation packages to bring in good employees. But, compensation goes beyond an employee’s hourly or salary wages. It also includes additional small business employee perks, known as fringe benefits. So, what are fringe benefits? And, what are the types of fringe benefits?
Read More All About Fringe Benefits for Employees
Do you know how often you need to deposit federal income, Social Security, and Medicare taxes? You can’t deposit the taxes whenever you feel like. Your deposit frequency is based on a lookback period. So, what is a lookback period?
Read More What’s Your Deposit Schedule for 2022? Look At Your Lookback Period for Forms 941 and 944
As an employer, you want to see your employees succeed and grow along with your company. To reward employees for great performance, you may decide to give them variable pay. But, what is variable compensation exactly?
Read More What Is Variable Pay, and How Exactly Does it Work?