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Posts Tagged Indiana

Small Business Giving Back to the Community

As a business owner myself, I think it’s important that entrepreneurs and small business owners not only work, live and play in their communities, but they also give back to their communities, too. Besides showing that your business is operated in a socially responsible manner, giving back can help you distinguish your company from your competitors. (more…)

Posted in: Churches and Non-Profit Employers, Payroll, Payroll Processing

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Small Business Take a Stand to Reduce FUTA Payroll Tax Cost

Our payroll services clients – and all the business owners in Indiana – are paying more than the norm according to the Federal Unemployment Tax Act (FUTA). In fact, as was explained in an earlier post, this year businesses will pay 2.1% of the first $7,000 EACH employee earns. The norm is approximately .6%!

What is the difference in your payroll expense? (more…)

Posted in: Payroll, Payroll Taxes, Rules, Regulations and Laws

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Business Credit Card Use Makes Recordkeeping Easier

If you have a small business, you may be wondering if you should have a credit card for your business. The answer to that is “Yes!”

A credit card can be a great benefit for entreprenuers. It can enable your business to build its credit standing, which can be useful when obtaining loans for future expansion and growth. Also, it provides a source of quick capital and makes it easier to manage business transactions.

Let’s say you’re at work running your business and the need for a calculator comes up. You run to the store to purchase it. What are you going to use to purchase it? Cash? A credit card? (more…)

Posted in: Bookkeeping and Accounting, Operating a Small Business, Payroll

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Payroll Taxes on the Rise in Credit Reduction State

Even though the state of Indiana has been designated one of the best states for business regarding taxes, one area that doesn’t play out is with the FUTA. That’s the Federal Unemployment Tax Act. Employers pay a tax on employees’ wages to cover the state’s unemployment insurance program.

Indiana is one of several states in the position of having an outstanding loan to the federal government.  In fact, according to the Congressional Research Service report dated Sept. 20, 2012, Indiana owed the federal government $1,994,007,775.40. And that means the state is designated a FUTA Credit Reduction State. (more…)

Posted in: Payroll, Payroll Taxes, Rules, Regulations and Laws

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The Goal of Networking – Meeting New People

If you want to run a successful small business, networking is an essential part of the process. However, many people dread walking into a room and introducing themselves to total strangers.

Most people attend business networking events and only talk to the people they already know. If this is what you do, then what’s the point of attending networking events? If you’re not actively seeking new people to meet and discuss business with them, why go? (more…)

Posted in: Operating a Small Business, Payroll Processing

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Form I-9: Verify Your Employees’ Identity and Employment Eligibility

For the past few years, the Department of Homeland Security has been cracking down on employers who hire illegal immigrants. Therefore, it’s important that your company has all of its employee paperwork in order. And, this includes having an Employment Eligibility Form (I-9) completed for all new hires. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Rules, Regulations and Laws

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Are Payroll Deductions Legal or Not?

As an employer, you can withhold the standard deductions permitted by federal, state and local law from your employees’ paychecks, such as federal, state and local income tax, Social Security and Medicare. But what about other deductions? Can you legally deduct them or not? (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing, Rules, Regulations and Laws

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Benefits of Working with a Smaller Payroll Company

Perception can be everything, but it’s not always true. This week, I heard for the first time that a sizeable company had wanted to do business with me in the past. But, the manager thought since I’m not as big as ADP, Paychex, or some of the other larger payroll companies, I might not know what I’m doing since my business is smaller. Fortunately, I had the opportunity to try and sell her one more time. And this time, I took more time explaining why a smaller payroll provider can be so much better than working with a bigger company. (more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing

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What You Need to Know About Small Business Payroll Taxes and Reporting

When Indiana Department of Revenue (IDR) tells you money is owed, it would be natural to assume that you owe it. But did you know that it’s possible with the volume of payroll tax returns (WH-1’s) that state departments of revenue get, it’s not uncommon that mistakes may and can be made? Are you or your payroll provider keeping track of your small business taxes?

(more…)

Posted in: Operating a Small Business, Payroll, Payroll Taxes, Rules, Regulations and Laws

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Employee Retirement Plans – Importance of Timely Deposits

Offering your employees a retirement plan, such as a payroll deduction IRA, a SIMPLE (Savings Incentive Match for Employees) IRA or a traditional 401(k) plan, can be a great employment benefit for your employees and your business. However, a retirement plan also requires certain responsibilities – including timely deposits of employee contributions. That is one reason entrepreneurs without a human resources department look to The Payroll Department to provide payroll services.

(more…)

Posted in: Operating a Small Business, Payroll, Payroll Processing, Retirement plans, Rules, Regulations and Laws

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