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Month: September 2019

An Overview of Applying Business Tax ID Online

An Overview of Applying Business Tax ID Online

Whether you want to get your business permit or you want to open a bank account, you will notice one recurring requirement – business tax ID number or commonly called EIN (Employer Identification Number). IRS uses EIN to identify your business. With this, it is needed on all your tax documents and forms.

The good news is IRS makes online federal tax id application a breeze. To give you an idea, here’s an overview of applying business tax ID online:

Step 1

You have to go to the IRS website and then click on the “EIN Assistant” page then at the bottom locate the “Begin Application”. Do not forget to click the button to get started.

Step 2

The next step is to identify the tax structure of your business or your entity. If you have a corporation, click on the “Corporations” button. After choosing your business entity, you need to click on the “Continue” button.

Step 3

Following your business entity, you will be asked to state the reason why you are requesting an EIN. The most common reason is starting a new business. If you are starting a new business, click on the “Started a New Business” button. Do not forget to click on the “Continue” button.

Step 4

This is when you have to designate a contact person or who will be called the “Responsible Party”. This is important when the IRS sends letters. After designating a contact person, do not forget to click on the “Continue” button.

Step 5

You will be asked to provide a business location. The address should be a US address and it may not be a PO box. When it comes to the business location, you should remember that the IRS only allows 35 characters. If your address is more than 35 characters, at least provide essential information. You need to click on the “Continue” button.

Step 6

The next step is you provide legal and trade name information about the business. Aside from this, you will be prompted to give other information like the country and state of your business, where the articles of organization are filed and the start date. Do not forget to click on the “Continue” button.

Step 7

This is when you will be asked a series of questions that cover vehicles, excise tax returns, gambling, tobacco, alcohol, and firearms. In most cases, the answer will be “no”. You need to click on the “Continue” button.

Step 8

The next thing to do is to choose a category that best describes the nature of your business. If you are not sure what category you belong to, you can click for further explanation. If none of the given categories fit your business, you can click on “Other” and then “Continue”.

Step 9

This is the stage where you should state how you want to receive your confirmation letter – either online or by mail. If you receive it online, you can view the letter right away and it will not be emailed to you.

Step 10

Now you verify your information. Make sure that the information is correct before you click “Submit” to receive your EIN.

Good Deed Day: Making Things Extraordinarily

Good Deed Day: Making Things Extraordinarily

When it comes to starting a business, not all end up becoming a successful entrepreneur. Many business owners begin from scrap before they become successful entrepreneurs over the years. And the general advice they tell everyone is to have individual disciplines. You need to practice discipline as most successful entrepreneurs are self-made business millionaires. There are many ways you can learn and practice these disciplines; you haveto start it early in your entrepreneurial career. Others also learn and practice them later and build principles along the way. Either way, you should gain knowledge and develop relevant skills if you are going to make an enterprise. But to become a successful entrepreneur, here are some tips from the wealthiest woman in Israel, initiator of Good Deeds Day.

Activate Your Goodness

The goodness she spread influences everyone to bring positive change. It is her mission to be a catalyst for bringing honesty in day to day deeds. The book is truly inspiring to do good by showing positives in all aspects of life. The platform has an impact on the business realm and her philanthropy spread much better not only for entrepreneurs but to everyone.

Good Deeds Day

 Business

Her words are indeed a challenge to see how anyone can spread more goodness in the world and make things extraordinarily. From the inside out,she is using the gifts of personal style to activate goodness and somehow positively change the world.

Good Deeds Day was initiated by a kind businesswoman and has evolved into an international day celebrated by some countries worldwide. The book impacts the world by involving people to do a good deed wholeheartedly. Yes, the book activates your goodness in accordance to your heart’s desire, way, and skill. Good Deeds Day genuinely changes the business realm and on how to spread positives every day, not just on one peak day.

The Doing Good Model instills a values-based platform for positive creation worldwide. It implements the fundamental human values in everyday living and a tool for integrating values at the core of people. It does not impact on the business world but also spread to nonprofits, and communities, for the benefit of all.

Key Takeaway

A business woman has a motto in her business model: Think Good, Speak Good, Do Good. It is a simple one, but everyone can connect to it in everyday walk in life. Activating your goodness from within can genuinely change your thoughts. The power of kindness can make things extraordinarily and enable people to engage reasonably.

4 Conditions for Changing an Employer’s Payday

4 Conditions for Changing an Employer’s Payday

Employers are required by the Fair Labor Standards Act (FLSA) to make prompt payment of all wages. For good or bad, the FLSA does not define what prompt payment means. They generally leave that to the states. As such, there are numerous options. Employers can pay weekly, biweekly, and semi-monthly. Some states also allow monthly.

As an employer, you might be wondering if you can change your payday. BenefitMall says yes, you can. But there are some conditions set forth in a 1998 court case that must be met.

Rogers vs. City of Troy New York is a Circuit Court case that is relied on heavily to determine when employers are allowed to change their paydays. The case is not always applied to litigation arising from a company’s decision to move its payday, but it is considered the standard.

The case sets forth the following four conditions that must be met in order to legally move a payday:

1. It Must Be for a Legitimate Business Reason

The court found that companies must have a legitimate business reason for changing payday. This portion of the ruling was intended to make it clear that employers cannot arbitrarily change payday without reason. That doesn’t seem to be a big problem today, but the case was decided 21 years ago.

One example of a legitimate business reason is a change in accounting methods. If a company switches to a new accounting method that would be better served by changing the company payday as well, a legitimate case can be made for initiating the change.

2. It Must Be Permanent

The second condition found by the court is that the payday change must be permanent. In other words, a company cannot continually change its payday in order to avoid paying wages promptly. They must choose a new payday and stick with it.4 Conditions for Changing an Employer's Payday

This is not to say that the company could not change its payday again a few years down the road. This provision is simply one that prevents frequent changes for the purposes of avoiding paying employees on a set schedule. Certain industries were prone to this sort of practice prior to the court’s ruling.

3. It Must Not Cause an Unreasonable Delay

The third condition could very well be the most difficult to satisfy. The provision states that changing the company payday must not cause an unreasonable delay in distributing upcoming paychecks. For example, an employee used to getting paid every week at the close of business on Friday might find a sudden switch to semi-monthly pay unreasonable. That employee would have a legitimate case.

This sort of thing is not usually a big problem today given that most employees wait at least a week to get paid. Some wait two weeks when you factor in the time it takes to run payroll as compared to the schedule of actual hours worked. The big problem is that ‘unreasonable delay’ has no legal definition.

4. It Must Not Be to Circumvent Pay Requirements

Finally, any change of payday must not be implemented in order to circumvent normal pay requirements. Paying overtime provides the perfect illustration. Federal law requires overtime be paid to all hourly workers who work in excess of 40 hours in a given pay period. A company cannot shift payday in order to redefine the pay period and thus avoid paying overtime.

It is possible to switch your company’s payday provided all four requirements outlined in Rogers vs. City of Troy New York are met. Failing to meet those requirements could lead to litigation.

Payroll Challenges and Solutions for Small Businesses

Payroll Challenges and Solutions for Small Businesses

Payroll at times can be an exhausting method especially for small businesses with limited resources. Outsourcing will prove to be a good solution to overcome challenges associated with Payroll processing.

For small business owners, they must have control over each aspect of their business, which includes payroll. However, not everything can be managed single-handed or it may shift your focus to activities that hinder the growth of your business through being important.

For this reason, payroll outsourcing for small businesses can prove to be highly advantageous. Let us discuss some payroll challenges that payroll for small business face and see how outsourcing this function can benefit the business. 

Small business payroll challenges and solutions

Challenge: employee satisfaction must be high. Delays that occur in pay as a result of bank holidays or some other reason will become one reason why employees may not be satisfied.

Solution: This payroll challenge can be handled by outsourcing your payroll to an outsourcing vendor. If there are chances of any such delays occurring in payment, company formation services in hong kong can provide you with a predefined schedule of once the employees will be paid under such circumstances.

Challenge: Time management and recording is the other challenge that they often face. They often resort to methods such as time-sheets, for recording the work time of employees. Such methods are often inconsistent and may cause issues once it comes to paying the employees.

Solution: one of the key benefits of outsourcing payroll to a payroll company is that it tracks the time of employees with the help of a web time clock or a time management code. company formation services in hong kong much more accurate compared to manual ways that small businesses adopt as a result, there are fewer chances of discrepancies and issues arising at the time of payment with regards to time.

Challenge: Tax-related payroll challenges that payroll for small business experience in calculating compensation insurance, withholding correct taxes from paychecks, payment of taxes and timely official document filings. If there are any glitches or mistakes in these processes, there is a high possibility that you might end up paying penalties. Moreover, it has been focusing its efforts on increased tax compliance by small businesses, which makes it important to know the payroll tax audit triggers.

Solution: Avoiding such penalties and handling all the above mentioned processes on a timely basis is one of the key benefits of outsourcing payroll functions. Outsourcing vendors have experts who are well versed in federal, state and local payroll taxes. Their expertise minimizes the risk penalties.

On a concluding note, tiny business owners need to master the art of entrusting the responsibility and management of crucial tasks such as payroll to experts.

Wealth Management Tips for Entrepreneurs

Wealth Management Tips for Entrepreneurs

Entrepreneurs usually spend most of their time managing their business. Very often, these people are so preoccupied and preoccupied with planning the daily activities of their business that they overlook the importance of wealth management hong kong. This is not a healthy practice and may upset the balance of your stability and financial security.

To counter such risks, entrepreneurs in Hong Kong and other countries must adopt effective strategies. Some of these measures are as follows:

  • Cash flow optimization: business owners should be constantly attentive to various ways to increase their business profits. They should also evaluate the various strategies that can be adopted to control costs. An effective way to do this is to make small lifestyle changes that eliminate unnecessary expenses. They can also seek the help of professional asset management consultants who are experts in conducting cash flow analysis. This would allow the business owner to understand their cost of living and lifestyle needs.
  • Valuation of personal holdings: business owners should regularly conduct an inventory of their portfolio. They should evaluate their current assets in different directions, such as investment structure, risk factors and expected return. This would allow them to conclude whether their current property would be sufficient or not to finance their post-retirement lifestyle.

  • Take measures to protect against obligations: companies are subject to various market factors, rules, etc. This jeopardizes the things of the owners, such as property, equipment, etc., since any loss or, in the worst case, bankruptcy can lead to the sale of the employer. or pledge of your property to pay off your business debts. To solve this problem, owners can create another corporation where their assets will be placed. Subsequently, these assets can be leased to the main corporation, which makes them immune to any lawsuit against the corporation.
  • Setting financial goals: employers must set financial goals that will help them determine the amount needed to maintain their existing lifestyle after retirement. These goals should be developed in accordance with their acceptable degree of risk, which will help them develop an effective investment firm hong kong strategy.
  • Creating a comprehensive asset management strategy. After evaluating their financial goals, entrepreneurs should strive to hire asset managers to help them develop an appropriate asset management strategy. These experts are experts in the development of individual solutions to meet the specific needs of individual customers, and can also advise their clients on the use of various tax saving schemes.

Conclusion

After performing all the functions described above, the business owner should, after consulting with his service provider, develop an investment portfolio strategy. This will include the definition of various classes of assets and the purpose of these classes. The property administrator is responsible for ensuring that the values of the client who hired the company are retained and returned at the right time at the right time.

Highly Experienced Loan Outlet in Singapore

Highly Experienced Loan Outlet in Singapore

Most people going for loan rarely take time to investigate the loan company they are patronizing. You can face a lot of problems if you do not properly investigate a loan company before you partner with such a company; such an investigation will do you a world of good since it will help you to know if that outlet has the required quality to serve you and provide the loan you desire. Do you reside in any part of Singapore and you need fast cash Singapore to meet any specific need? Simply get in touch with MaxCredit and the outlet will meet your needs perfectly. MaxCredit has all the qualities you can ever hope for in a lending company.  In this write-up, we will show you a couple of things that make this outlet one of the best places to contact for a payday loan.

Partner in progress

MaxCredit is more of a partner in progress than anything else. This outlet is more interested in your progress than making a profit off you.  The outlet wants you to succeed and will do everything within its power to provide that financial help you require so that you can meet your financial needs at all times.  If you want to establish a business with the loan you take from this outlet, you will be connected with top quality business management assistance that will enable you to spend the money judiciously so that you can make an adequate profit to repay the loan very fast.

Aside from providing you with fast cash Singapore, MaxCredit will also make available helpful information and guidance that can help you to manage the loan you have received properly so that you can grow your money effectively.  If you want to set up a self-sufficient and sustainable business and you need a loan to kickstart such a business, there is no better place to start than this outlet.

A highly experienced loan company

MaxCredit has been in the lending industry for several years already and has proved itself to be one of the best you can ever come by in Singapore when you need payday loan or loan to start a business. The track record already possessed by this company will undoubtedly hold you spellbound; this is aside from the unquestionable credibility and incomparable reputation of the company.

MaxCredit has many experienced loan professionals in its employment and these professionals know a lot about the loan industry in Singapore. They also have helpful details about any question that you may have about loans in this country. Consequently, you will be fully aware of the pros and cons of the action before you take it. If you are looking for a reliable loan company that can help you in your time of needs in Singapore, you should consider none other than MaxCredit.