An employer identification number (EIN) is important to a business and is required if the business wants to pay employees, open a business bank account or provide proof of their EIN to a vendor. While there is no cost to obtain an EIN it’s still important to have.  To obtain an EIN you must first complete Form SS-4. This form is available online. Once that form is filed the IRS will send a letter confirming the EIN also known as Form...

Taxes as an employee is pretty straight forward. You get taxes withheld from your paycheck and at the end of the year your employer provides you with a W-2. Things are a little different when you’re self employed. We’ll simplify and explain the differences so if, or when, you become self-employed you will know what to expect. You are self employed person if you do business as an independent contractor or sole proprietor or are a partner in a...

We’ve written before about the differences between an employee and independent contractor. What happens though if you’ve determined that someone you’d like to hire actually is an independent contractor but he or she refuses to give you Form W-9? To recap Form W-9 is the document independent contractors you hire must complete to provide their tax ID number. There could be a variety of reasons why some people refuse to fill out a W-9 with the...

Technology has allowed us to work more efficiently as well as remotely. It’s common for companies and business owners alike to hire workers outside the state or even outside the country. It’s not just manufacturing jobs either. According to legal blog Law Crossing, law firms have hired, and continue to hire, workers in India to perform back office tasks. There are a variety of reasons why companies hire foreign contractors and overseas...

Employees are the life blood to a successful business so it’s no surprise that companies spend money to make them happy. However, it is important to know what expenses are 100% deductible and those that are not. What Employee Recreation Costs Can You Write Off? It is important to distinguish entertainment expenses, which are not deductible, from employee recreation expenses. Entertainment would include activities such golf outings, fishing...

Business Loan Calculator The IRS has increased their customer service staff but sometimes it is still can be tough to reach a real person on the phone. That’s why we created this guide to help increase your chances of getting through to speak with someone. What IRS Number to Call The IRS has several phone numbers available for the public to reach them. The number you dial will depend on the type of tax issue. Here are some of the most...