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Many businesses employ technology for varying reasons – reducing labor costs, saving time, providing better services to their clients by using different types of software. And with technology evolving every second, there also comes the exponential increase of cyber-attacks. Therefore, it’s vital to put in place solid and reliable measures designed to curb threats targeting your businesses’ data, devices, …
When running a business, it’s important to know which records to keep and the purpose they serve. A business that invests in a strong record-keeping system most of the time avoids costly legal and compliance risks. Aside from maintaining accurate financial and accounting data, which comes in handy in potential IRS audits, it’s good practice for employers to keep …
As an entrepreneur, you and everyone else have to pay your fair share of taxes. Whether you’re self-employed or running a business, filing your tax returns on time and accurately can be a dreadful task. On top of that, having a tight schedule for keeping your business afloat can often lead to missing out on some critical tax deductions apart …
Determining which form to use between 1099-NEC and 1099-MISC can prove challenging for most. Here is what each form is used for. 1099-NEC The IRS reintroduced the 1099-NEC form to declare payments of over $600 to a non-employee such as freelancers and independent contractors. The last time this form was in use was in 1982. The IRS says that …
The 2020 CARES Act allowed CVD some payroll and self-employment (SE) fees following the COVID-19 crisis. On Aug. 8, 2020, President Trump signed an executive order to authorize deferred by employers affected by COVID-19. The employees could defer the deposit and payment of their share of the social security tax on employee wages. Self-employed were allowed to defer SE taxes. …
