Posts Tagged "employees"

Bookkeeping Mistake 9: Misclassifying Employees

Posted by on Feb 27, 2014 in Accounting, Bookkeeping, Tax | 0 comments

This is part of a series of the Top 10 Bookkeeping Mistakes Small Businesses make.  To read the others, click here. Whether you have employees or not, misclassifying them is a classic bookkeeping mistake. That may sound strange, but you need to think about your employees not the way you, or even they, do – but the way the IRS does. There are at least two ways you can misclassify employees: 1. Your employees are actually independent contractors. This is a huge issue that the IRS and the Department of Labor are really cracking down on.  Most business owners don’t realize that this is an issue with a number of federal, state and even local governments. This mistake...

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Bookkeeping Mistake 8: Lack of documentation or systems regarding petty cash

Posted by on Jan 23, 2014 in Accounting, Bookkeeping | 0 comments

This is part of a series of the Top 10 Bookkeeping Mistakes Small Businesses make.  To read the others, click here. “It’s just a few dollars.” “I don’t have my business credit card – I’ll just use cash.” “Take that from petty cash – we’ll top it up later.” These kinds of situations and statements are often made in small businesses. As we’ve talked about before, it’s easy when you run your own business to confuse business and personal matters to the point that it is hard to remember out of which account expenses are being taken.  (Or, perhaps it doesn’t seem to matter.) One of the results is that bookkeeping for your ‘petty cash’ – or...

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What Happens If You Don’t Get Good Advice On Estate Planning?

Posted by on Jan 3, 2014 in Family Business, Tax, Tax Planning, Transition Planning | 0 comments

We all want to do the best for our family, and those we care about, after we die.  If you’ve invested a lifetime of hard work in setting up and successfully running a family business then you are likely to feel some concern about what will happen to the business too. You may want the business to be handed over to the next generation or, if it must be wound down, that it is done so in such a way that it delivers maximum benefit and minimum stress to both family members and employees.  Proper business transition planning will ensure that things happen as you wish them to after your death as well as after your retirement. It’s very critical to get good advice...

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