Tag: business owner

Don’t Miss Upcoming W-2 and 1099 Deadlines

If you have employees and/or you worked with independent contractors last year, you have until January 31, 2013 to issue W-2 and 1099 forms. That’s a deadline you don’t want to miss. The IRS closely monitors W-2 and 1099 returns to ensure accuracy and compliance, and the agency is strictly enforcing penalties for those who don’t comply. A little procrastination could hit your bank account hard. Should you fail to file or file inaccurate information, the penalties are more severe. For small businesses — companies with gross revenues of under $5 million the past three years — the maximum failure-to-file penalty is $500,000. You can find additional information and assistance via the IRS website.

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Find the Right Employee With the Right Questions

Your small business is growing, and you are in an enviable position; you need to add an employee or two. Hiring a new employee is tough, and hiring the right employee is even tougher. The impact of an employee on your bottom line is exponentially greater on your small business or startup than on a large corporation. That potential employee’s passion and commitment to your company are key. You want someone who cares about helping your company, and sees its success as part of his or hers. Weed out the wrong ones and hire the right one by creating interview questions that focus on values, not just skills and responsibilities. Skills can be taught, but you can’t change someone’s values

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