Bookkeeping News & Tips

Are Holiday Bonuses Taxable?

As the holidays approach, you may be thinking about your employees and how you would like to give them a bonus, but you are unsure how to account for it in the books. If you would like to give a bonus/ gift, it is always a tax benefit for the employer, since employers can write it off as a business expense. The important thing to keep in mind is whether or not the bonus counts as taxable wages to the employee. Below are some tips about giving bonuses to your employees [More]

Are You A New Employer? Here Is What You Should Know About Payroll Taxes

If you just opened your business or are hiring employees for the first time, you will discover that hiring new employees is a long process. When people consider hiring employees to help with business tasks, they many times think about the interview process and finding the candidate for the job, but forget about the paperwork and tax implications involved in bringing in additional help. Payroll processing can be time consuming and overwhelming, if you do not have any previous experience in accounting or are not using great bookkeeping software with payroll features included. Below are a few tips and things you should know about payroll taxes before you hire your first employee [More]