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Before Payroll Part 8: Setting up Independent Contractors in QuickBooks

Two weeks ago I shared with you how to set up employees in QuickBooks, but what if you have 1099 independent contractors? Last week discussed how you determine if a worker is a 1099 independent contractor or an employee? Today I would like to go into how you go about setting up independent contractors in QuickBooks. Before I do begin, I would like to let you know how and why this falls under … [Read more...]

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Before Payroll Part 7: Employee or Independent Contractor?

Last week I shared with you how to set up employees in QuickBooks, but what if you have 1099 independent contractors? (1099 refers to the IRS filing at the end of the year, similar to a W-2 for employees) How do you determine if a worker is an employee or independent contractor? Today I would like help you answer that question and obtain the documentation you need to back up the right working … [Read more...]

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Before Payroll Part 6: Setting up Employees in QuickBooks

If you have made it this far with me with Payroll, you know we have gone through Employee Automation,  understanding the Cost of an Employee, Payroll Account Applications, Employee Payroll Documents, and Setting up Payroll Accounts in QuickBooks. This post, Setting up Employees in QuickBooks, is the 6th and final post in the "Before Payroll" series I have put together for you to help you think … [Read more...]

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Before Payroll Part 5: Setting up Payroll Accounts in QuickBooks

Today I will help you work on setting up Payroll Accounts in QuickBooks. It is  important that you have all of the payroll liability and expense accounts set up before running your first payroll so that you can track your liabilities and expenses correctly. Getting everything set up right beforehand will help save you trouble down the road as you accrue and pay liabilities. I will help you … [Read more...]

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Before Payroll Part 4: Employee Payroll Documents

Last week I helped you get your payroll account applications set up for your business. Today I want to review the employee payroll documents you will need to have your employees fill out in order to process payroll correctly and be in compliance with regulations. The forms that you are required to keep on file are the IRS W-4 Form, the USCIS I-9 Form, and State W-4 Form. Optional documents that … [Read more...]

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Passion – Understanding Intrinsic and Extrinsic Motivation

There is a lot of discussion about motivational theories among the business community. Most all of these theories and discussions revolve around how to motivate your employees to work harder and reach the goals set by the company. I have studied these theories at length and find most of them manipulative and frustrating as they all center on what is best for the company, but not what is best for … [Read more...]

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Business Formation – Transition Point

I had a few circumstances collide today that brought up the topic for today. I have two resources that I encountered and a situation with the last business I worked at that where I had to go back into the office to pick some things up. All that to say, the topic today is that moment of transition where you cease being dependent on another person or entity for your income and enter into your own … [Read more...]

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Business Formation – Personally Funding your Startup

Last week we discussed the mindset for starting a business, and this week I would like to touch on an important step toward starting your business - personally funding your startup. More specifically, I mean preparing financially to transition from employee to self-employed including remaining an employee while you build your business, saving, cutting expenses, and reinvesting capital in your … [Read more...]

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Link – Dave Kraft: A Job or Calling?

I will throw links to other articles and resources out there from time to time from the various blogs and sources that I follow. I would like to link to a thought-provoking blog by Dave Kraft called A Job or Calling?. In the blog he differentiates between a "job" and a "vocation" with the latter being what you are called, gifted, and passionate about doing. It was a good reminder to me to keep … [Read more...]

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Before Payroll Part 1: Employee Automation

I would like to jump into a topic that I have thought a lot about from the employee side of the equation along with now as a business owner, from a potential employers perspective. I want to be sensitive to different industries, whether service-oriented or manufacturing of some kind, and the scalability of different business models. The questions and challenges I will pose are not applicable to … [Read more...]

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