Everyone has heard the tried-and-true business tips. Things like “identify your target consumers,” “emphasize customer service” and “network, network, network.” But what about all of the other stuff that goes into running a successful small business?
Reports about the new overtime rules have been scattered across news outlets and social media. But what exactly is changing? And how will it affect small business owners (and their employees)? Read on to learn more and to see what you’ll need to do to prepare.
While the number of small businesses continues to shrink, much of it due to astronomical taxes and other fees, tax protections and loopholes for big corporations continue to go unchecked. Between 2008 through 2012, corporations have paid an average of 14 percent of profits in taxes.
Many taxpayers that are new to self-employment don’t have the proper guidance from their accountant or CPA and incur a large tax liability when it’s time to file their tax return.
Payroll tax problems are very serious and the IRS pursues their collection very aggressively. The government views it as a form of “stealing” since the funds were withheld from the employee and never remitted to the IRS.