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...]
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...]
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...]