Franchise ownership can be a quick, efficient way to enter into business ownership. Without all of the backend system building and front end design, product and customer education of a unique start-up, entrepreneurs can simply focus on starting and growing the business. Before signing with your lender and your franchise, it is wise to do some research on the success of the franchise and more importantly, the failure and default rate on loans granted to the brand.
Issues regarding whether someone is an employee or a contractor have been debated for years with no clear cut answer from the IRS. This article explains some guidelines for determining whether or not you have an employee.
The IRS sends over 500,000 notices of liens and levies every year to businesses and individuals. When and how you respond to these notices may keep the IRS from filing a lien against you.
Small businesses struggle with countless tasks but hiring the right employees and finding ways to compensate them is by far one of the biggest stressors.
Filing the extension on time (postmarked by 11:59 p.m. on 4/15 in your time zone) may have eliminated the hefty 5 percent of any unpaid penalty per month up to 25% of the total, but what the extension did not eliminate is your responsibility to pay taxes.
For as long as I can remember, two major players have dominated the small business accounting space. They produce a number of different products, depending on your size, industry, and budget.