Remove Filing Remove Health Remove Learning Remove Legal
article thumbnail

Employee personnel files — what should and shouldn’t be included

BMT Office Administration

Setting up employee personnel files is an important part of the recordkeeping process. However, sometimes people mistakenly think of these files as a catch-all for an individual’s paperwork. Rather, understand that general personnel files serve a distinct purpose. What to include in an employee’s personnel file.

Filing 121
article thumbnail

Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. ” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations.

Legal 264
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

While dealing with lots of paperwork doesn’t rank as most HR professionals’ favorite task, proper recordkeeping for employee personnel files is a must for any organization. In addition, if an employee is involuntarily let go, their employee file must be kept for one year following the termination date. Why is that?

Filing 52
article thumbnail

Benefits of outsourcing HR for small businesses

BMT Office Administration

HR service providers will have well-crafted, legally tested policy recommendations that can be customized for your business. Improving legal compliance and risk management Small business owners have a lot of things to worry about, and staying on top of changing employment laws may not always make it to the top of the list.

Payroll 52
article thumbnail

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

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. If you’re not quite sure about the differences between a 1099 and a W-2, keep reading to learn which form to send and how to fill out and file them. What is a W-2?

Payroll 52
article thumbnail

6 Commonly Overlooked Tax Deductions to Maximize Your Return

Success

We have so much love for taxes because we get to help filers maximize returns and learn about their finances. Additionally, self-employed individuals can leverage deductions for home office expenditures and health insurance premiums. Identifying and properly utilizing these deductions can significantly impact tax liabilities.”

Expenses 253
article thumbnail

From Behind Bars to Business Owners: How 3 Former Inmates Became Entrepreneurs

Success

Her entrepreneurial pursuits, however, took a turn, and she was sentenced to 21 months in prison for filing false tax returns. I learned the value of starting small. You’re able to control the direction of the business while you’re learning,” she says. Supporting his family—and doing so legally—motivated him. That’s hard.’”

Legal 264