Effective on January 1, 2023, the South Dakota minimum wage increases to $10.80/hour for non-tipped employees, and $5.40/hour for tipped employees. Employers should use the minimum wage that applies based on when the employee worked, not on when the pay date occurs. For instance, if…
A frequent question asked by business owners, is this worker an employee or an independent contractor? A misclassification can result in hefty fines and penalties for the business! While the IRS looks at a multitude of factors, there are some main considerations that a business…
The IRS announced that the second half of 2022 will have a higher standard mileage rate than the first half of the year. The rate typically only increases once a year (announced in the fall for the following year) but was adjusted due to the…
Ten Bookkeeping Tips for Small Business Owners Separate personal and business finances – Income and Expenses for a business should be in a separate bank account (even if you’re sole proprietor doing business in your personal name). Transfer funds between bank accounts if need to move…
Most people know that the tax deadline is April 15th however, businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have an earlier deadline of March 15th. Both of these, S-Corp and Partnership, are considered “pass-through entities” since…
It’s important to get business wrapped up from the prior year, so that you can focus on the new year and where your business is headed! To close out your accounting: Ensure that all of the bookkeeping is up to date- all of the activity…
Advantages & Disadvantages Of An S Corp An S corporation is a for-profit business structure that may be the right option if you want the tax benefits of a pass-through taxation with the advantages of a corporation. Advantages: An S corp helps limit liability to…
5 Advantages of an LLC Limited Liability Companies (LLC) help limit liability for managers and members in the course of ordinary business activities. LLC’s help limit liability for managers and members in the course of ordinary business activities. They are simple to form and maintain.…