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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

Payroll 52
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

In particular, traditional business financing options like bank loans have been declining since 2020 — where they fell 6% from 2019 (43% to 37%, respectively). In fact, ROBS is currently the most popular form of business financing in 2023. They also work for individuals that don’t qualify for other forms of financing.

Finance 105
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How to handle remote employee time tracking

BMT Office Administration

Prior to 2020, only 6% of all employees worked remotely. Now in 2023, it’s projected that 25% of the workforce will engage in remote work in one form or another. It has to do with the increased volume of emails due to the rise in remote working after 2020. Its core features include: Automated invoicing & payroll.

Payroll 52