The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or pay any taxes on payments to independent contractors. Here are two key points for small business owners to keep in mind when it comes to classifying workers: 1. Control. The relationship between a worker and a business is important. If the business controls what work is accomplished and directs how it is done, it exerts behavioral control. If the business … [Read more...]
Why It’s Important to Partner With Your Child’s Teacher
I am a big believer in collaboration and forming a true team of advocates for your child. As the spouse, friend, and relative of lifelong educators, I believe firmly that such a partnership begins and ends with your child's teacher. One of the best article I have read on the subject was written by Amanda Morin[1]. Mrs. Morin wrote, and I concur that: "Partnering with your child’s teacher can have a powerful impact. When you and your child’s teacher have a good relationship and communicate regularly about his learning and attention issues, it’s easier to work together to help him succeed in school. It makes it easier for both of you to share concerns and celebrate successes." As Ms. … [Read more...]
Hobby or Business? IRS Offers Tips to Decide
Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are five tax tips to consider: Is it a Business or a Hobby? A key feature of a business is that people do it to make a profit. People engage in a hobby for sport or recreation, not … [Read more...]
How to Properly Balance Work & Personal Life
Whether you are a CEO of a Fortune 500 company or running a small local business, balancing your work and your personal life is a common obstacle. Long to-do lists, constant phone calls, full email inboxes can happen to the best of us. Even when it seems like establishing a work-life balance seems impossible, these following 5 steps will help you get back on track. #1: Prioritize Daily #2: Practice Saying No #3: Delegate Wisely #4: Separate Work from Home #5: Make Gradual Changes Read more from this article on how these 5 steps can help you establish work-life balance. … [Read more...]
Love, Marriage and Future Business Partner?
Marriage is a partnership that needs solid boundaries in order to succeed. The same goes for a business. It is a partnership, but in a different context. Before starting a business with your spouse, consider asking each other some very important questions. What value do you see in this endeavor? What is more important; your marriage or this business? Read more here from Lolly Daskal, a leadership coach and CEO from Lead from Within. She has great tips on what to do before you jump into a business venture with your spouse. … [Read more...]
Stress and How Successful People Overcome It
Anxiety is a pivotal emotion that we all experience. When our bodies are put into stressful situations, our performance levels peak and we can perform better. However, not everyone is capable to handling stress the same way. If you find yourself in a stressful situation and feel your performance will take a hit, follow these 5 steps to regain control over your emotions. Stress rears its ugly head on daily basis, but it is how you respond to “that stress” that matters most. … [Read more...]
Lifelong Learning is Imperative for a Lifetime of Success
The world is ever-changing. Markets and segments evolve year after year. Expanding your mind is a key factor to your success. "An often overlooked yet simple way to improve is to increase your knowledge by being a self-starter." It is important to be an active listener so you can be a lifetime learner. Check out this article on Entrepreneur’s website to learn why we should all strive to be lifelong learners. … [Read more...]
Financial, Mortgage & Real Estate Q&A Event
Buying a home in the near future? Starting a family? Saving for retirement? There is no time like the present to be prepared for your financial future. Professionals and consumers are welcome to attend at no cost. No salesman, just an informal session to answer your financial questions in a relaxed setting. Join us on August 25th from 6-7:30pm. Be sure to RSVP to the event through our Facebook page invite. We hope to see you there and be able to provide you with answers to some of your financial questions. … [Read more...]
Review Your Taxes in The Summer for Less Surprises Next Spring
Each year many people are surprised to find out they owe more money on their taxes than they originally thought. While others might be excited at the arrival of a larger refund check than they previously planned for. Has this happened to you? You might want to consider staying on top of your tax situation before next Spring arrives. A new job, change in marital status, new baby, new house are all things that can have an effect on your taxes. Visit the IRS.gov to learn how to properly report any change in circumstance you might have. … [Read more...]
How a Name Change Impacts Taxes
You’ve completed your taxes, and you have a nice healthy tax refund awaiting you. You’re just waiting on the IRS to put that check in the mail. But for some reason, your tax return isn’t coming as quickly as it normally does. Why? Did you change your name last year? Believe it or not, that can actually have an effect on how quickly you receive your tax return. If any of your forms have mismatched names, you might not get your tax return as quickly as you normally have in the past. So what should you do if you’ve changed your name? Check out this article on the IRS Website to find out! … [Read more...]