You had an idea, received approval from the bank, filled out the necessary paperwork, and are ready to open your new business. Now, all you need to do is hire the people who will make your company thrive. Unfortunately, before you put the word out that you’re hiring, there are a few more hoops you need to jump through. Here are the 5 steps you need to complete before setting up that first interview.
Incorporating a business may seem overwhelming. The word brings up large corporations, giant office buildings, and suits, but believe it or not, incorporation is not just for large businesses. Deciding to incorporate a business is not just about the size or scale of a business, but more about your long-term business goals.
Not too long ago, the biggest factor between a candidate selecting your company over competitors’ was salary. Those days are over. Top candidates are much more likely to weigh a variety of factors before accepting a job offer. And one of the top considerations is the option for flexible work environments.
Employee access to a 401(k) is one of the best and most popular benefits you can offer to improve your business’s ability to recruit and retain top talent. But access to a retirement fund can be difficult for business owners and employees alike. The government (the IRS specifically) wants everyone -- not just the highly compensated -- to be prepared for exiting the workforce come retirement age.
A W-2 is a form issued to an employee from their employer. This form contains information such as the employee’s gross income, their local, state, and federal tax withholdings, social security withholding, and more. As long as an employee is paid at least $600 by an employer throughout the year, they will be issued a W-2 from that employer.
Tax deductions are a great way for small businesses to reduce their income tax bill. A tax deduction is an expense you can deduct from your total taxable income. The approved expense is subtracted from the total taxable income, and therefore allows you to pay a smaller tax bill. Let’s take a look at twelve tax breaks every small business owner should know about.
There are a number of best practices business owners can do in order to promote company growth. Some of these include staying up to date with industry trends and putting an emphasis on your recruitment and retention efforts. However, the most important thing you can do when it comes to cultivating a successful business is pleasing your customers. So, how exactly can you tell what your customers are really thinking about your business? Use these four tips to find out: