Category: Small Business

If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating huge disruptions costing time and money to fix, and, perhaps worst of all, compromising the […]

The IRS has announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If you use a vehicle for business driving, you can generally deduct the actual expenses attributable to your business use. This includes expenses such as gas, oil, […]

In many companies, employees drive during the course of their jobs — to make deliveries, visit customers or pick up supplies. In some cases, they use their own cars, which can offer several business advantages, including that you don’t: Beware of Unexpected Situations The Insurance Information Institute notes that business owners often don’t realize the liability […]

As an employer, one of your main goals should be keeping your employees happy. And you can keep your employees happy without losing favorable 401(k) tax benefits, paying penalties or facing liabilities. In the process, don’t forget to take the changes caused by the SECURE 2.0 Act into consideration, namely in terms of retirement savings […]

According to the IRS, whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. Fortunately, the IRS has information to help all business travelers properly claim these valuable deductions while avoiding erroneous deductions that could lead to penalties. The main travel tax details Business […]

According to Leadershipexcellencenow.com, “Micromanagement is a business management style where the boss or manager controls every aspect, no matter how small, of the work done by his or her employees.” Micromanagement can make employees feel as though their boss does not trust them to do the job they were hired for. Feeling demoralized, these employees […]

This is not the first or last time you will hear this: COVID-19 changed everything. But it has had a specific impact on business owners who are trying to figure out how their businesses will survive the disruptions of the past few years. There was so much uncertainty that it was difficult to see past […]

When you hire someone to work for you, the worker will likely be considered either an employee or an independent contractor. Usually, you will decide whether you want to onboard an employee or simply hire a contractor prior to advertising for the available position. That way, whoever comes across your job post will know whether […]

Is your hobby a business? It matters to the IRS. The agency says your hobby is a business if it operates to make a profit. But it’s not a simple determination. To start with, intent matters. Here are some factors the IRS offers to help you ascertain whether your hobby is a business: If the […]

Personal identifiable information is defined as the personal information of an individual that can be used to identify them. According to the Department of Labor, PII can be in the form of either direct or indirect information.  Examples of direct forms of PII include the following: Examples of indirect forms of PII are as follows: […]