Please note the following tax due dates on your calendar, and come back often to keep up with the changes.
We offer a broad range of services for business owners, executives and independent professionals. Please call us for a free initial consultation.
Hiring Best Practices
Starting a new business is a very exciting and busy time. You are focused on how to get your product to be created, how to get your product noticed, and how many people to hire to grow your business. There is so much to be done and so little time to do it in. As such, you may find it hard to fill out and keep all the paperwork needed to hire all your employees. There are a wide variety of forms from the Federal and State governments that will need to be completed before your business can become fully operational. That's where we can help.
To help assist you, Brandt and Associates has a wide variety of services to offer to assist in the achievement of your dream as a new business owner. The first step in being able to run this business is by understanding a few key terms that will not only make your business more efficient, but also help you to make your life easier. Below are a few terms to understand when opening your business. We can help you understand and assist you with the following items to make sure that your focus is on making your new business a success.
Employer Identification Number (EIN)
Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is the first thing that needs to be done since many other forms require it. This allows you to be identified for tax purposes. There are a variety of ways to get your EIN. Generally, the fastest methods for applying would be done through the IRS website or by simply calling the IRS. If you try to apply by fax or email, it may take one to two weeks before you can start your business.
State Withholding, Unemployment, and Sales Tax
When you have your EIN, you will need to fill out additional payroll tax withholding forms to the State Government. We can provide assistance with registering your business to fill out those forms and others including Unemployment Insurance Registration and sales tax collections if needed.
Payroll Record Keeping
Payroll reporting and record keeping is very time-consuming and very expensive. It can greatly increase if it is mismanaged. Furthermore, most employers are obligated to electronically transmit their federal payroll tax deposits. We can help address these issues by creating, filing and organizing these forms. We can help take care of these files and that would include the following:
Form W-4: Form W-4 is completed by the employee and used to calculate their federal income tax withholding. This form also includes necessary information such as address and social security numbers that will be able to identify all employees. We will organize these files and we can easily send these files to the IRS.
Form I-9: This form must be completed by you, the employer, to verify that employees are legally permitted to work in the U.S. We can also send this form to the IRS.
By understanding these terms, you are now one more step closer to becoming a savvy business owner. Even if these terms are still confusing, we are here to help make sure that we can walk your business through any of these items. With any of our numerous products and services, we can help you navigate the foundational steps of forming your business and filing of all necessary forms. We would like to provide the following guide as a helpful way to understand the following requirements.
Please contact us for a free consultation on how to get started with your new business today!