Posts by Preston Smith
Independent Contractor vs. Employee: Does the difference actually matter?
Note: For comprehensive legal advice, see an attorney. This article seeks to offer general guidance and doesn’t aim to give professional legal counsel to businesses or employees. Understanding the legal and tax differences between independent contractors and employees is crucial to running a successful business. Many times, business leaders classify their labor force incorrectly. In…
Read MoreWhat Happens if a Business Misses a Payroll Tax Deadline?
In the U.S., employers are responsible for setting aside a portion of their employees’ paychecks designated for federal income and payroll taxes. Although the process is relatively simple, failing to allocate these funds for payroll taxes can result in serious consequences. This article outlines the consequences of failing to pay these taxes and how employers…
Read MoreA Guide to Payroll Taxes in Plain English
Payroll taxes can seem rather self-explanatory since they are simply taxes being withheld from an employee’s paycheck. However, most employees are less familiar with the type of taxes they are paying, why they are paying them, and exactly how much money is being withheld. Employers, too, should be aware of their responsibilities regarding payroll taxes.…
Read MoreWhen You (Accidentally) Miss the S Corp Deadline
S Corp deadlines, eligibility requirements, and filing procedures can be tricky to navigate. In fact, you may often find yourself wondering if being taxed as an S corp is worth the hassle. In this article, we’ll discuss how to become an S Corp, the deadline for electing, and what to do if you miss it.…
Read MoreShould I Fire My Customers?
Your salesman lands a big account with a well-known retailer and you’re ecstatic. It’s what you’ve dreamed about for so long. You rework your sales forecast and you can’t believe what the final projected top line number. But, then you get to the end of the year and while your top line mirrors your forecast,…
Read MoreFP&A and CFO: What’s the Difference?
Financial planning analysts and Chief Financial Officers (CFOs) work together to properly manage a company’s finances, an essential goal for any successful business. While these two roles are closely related in their pursuit to strategically support and maintain a company’s finances, this article details how financial planning analysts assist CFOs in company decision-making. Overview…
Read MoreBenefits of Keeping a Close Eye on Accounts Receivable
Accounting is an essential department to any startup or small business. Tracking invoices, preparing taxes, and developing accounting processes are essential so brand’s not only follow the law but also stay profitable. Most small businesses recognize the value of accounting to one capacity or another, but not everyone knows the importance of tracking accounts receivable.…
Read MoreCalculating Depreciation: Which Method is Best?
When a business makes a large purchase or acquires a new asset, it must consider how to write off the purchase for tax purposes each year. Since these assets retain value for over a year, they can be written off on tax forms in increments over several years rather than all at once. In order…
Read MoreWhat is a flow-through entity?
Understanding the tax implications of a given business structure can be stressful. Is one structure superior to the rest? If you’ve already started operating, is it too late to switch? In most cases, the answer to these questions simply comes down to what you’re trying to accomplish. However, it never hurts to understand the pros…
Read MoreTop Must-Haves in Any Bookkeeping Service
Every business needs clean books. Period. But when having clean books comes at the expense of everything else, it’s time to outsource. Since we’ve been in the business of helping companies maintain clean books for years, we’d like to share some tips for how to pick the right bookkeeper. Here’s what to look for in…
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