Small Business Tax Time

Every small business must deal with the unpleasant task of preparing and filing their taxes each year. While the process is easier than for large corporations, it can still be more challenging than your personal taxes and confusing. If you’re new to this process or need a refresher, here are the basic steps to getting those taxes in.

The first thing you need to do is obtain an Employer Identification Number online from the IRS. While it is not required for every business to have one for tax filings, other companies may need it for doing business with you, anyway. Then you will need to gather all your sales receipts, invoices, cancelled checks, deposit slips, and other documents from the year. Hopefully, you have saved copies of these and kept accurate records, either electronically, on paper, or both. If the IRS asks you to explain anything on your tax return, these items will be valuable proof that you need.

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hen you need to be sure there is a bookkeeping and accounting system in place that functions well to record all income and expenses. It does not have to be complex, but it will give you something to look back into if you are asked for further information. Finally, you may have already known this, but every new employee needs to complete and sign a Form W-4. This determines how much income to withhold for taxes before they start work. You may want to keep these tax withholdings in a separate account so you can use that to pay the necessary employment taxes.

To file your taxes, first gather and fill out all the forms you need. Schedule C or C-EZ of Form 1040 is probably what you need. This is called “sole proprietor income taxes”. Schedule SE of Form 1040 is for self-employment income. Finally, Form 1065 is for partnership income taxes.  The next step is using the IRS’ E-File system online, unless your company is required to file by mail. Filing online is faster and easier. The final step is to send every employee a W-2 form. You will also need to send copies to the Social Security Administration each year. Form 1099 goes to contractors.

In a nutshell, that’s about it. For specific tax write offs, deductions, and questions, you can explore the IRS website or consult with a tax professional. Since tax season begins in January, don’t put it off until the second week of April. Business taxes take considerably longer to process on your end and to get back from the IRS, so if you want your refund soon, get them done. There should be no need for tax extensions, although they are available for a fee. Take your time and be accurate to avoid an audit. Make it happen.

© 2013 eMarketing 4 Business LLC

Tips for Training New Employees

It doesn’t happen often, but sometimes there is a need to hire a new employee, and then that employee must be trained in their position and given the tools they need to learn their job. Of course, you can’t watch them every second or always be available to answer their questions. So how can you effectively train new employees and still have time to do what you need to do?

First, it is important to immerse them into the culture of your business. They should be involved with new ideas, collaboration, and problem solving in a setting where it’s ok to make mistakes and advance some new thoughts. The person training the new employee (s) should remain relaxed and clearly explain why they are learning each thing they are being taught. Negativity should stay out of the learning process and instead the focus should be on positive feedback and rewarding new achievements.

The learning should be personalized for each new employee. Companies are moving towards assigning mentors for each individual and help them build solid relationships while serving as an outlet for advice and information. Employee training should also be segmented, allowing them to master one skill at a time. This will help them to gain confidence. Finally, learning should be a continuous thing, not limited to new employees. There should be training refreshers and opportunities to learn new skills for all employees—the rate of change in the business world means there is always a need to learn new skills.

Other tips to keep in mind is to make sure employees know where everything is, including the coffee maker, lunch area, and restrooms and to offer to eat lunch with the new hire or set them up with someone who will to make them feel welcome. Following these tips will make the transition easier for the employee and yourself. Make it happen!

© 2013 eMarketing 4 Business LLC

Unique Ways to Use Your Logo

So you’re familiar with your logo—it’s on your business cards, your company stationary, and your website. There are many places that may be appropriate for your logo. Are you using all of them to your advantage? Let’s look at unique ways to use your logo.

Put it on a car (or truck, or van).  This gets your logo moving around a several mile radius. You can make the logo prominent on your delivery trucks, company cars, and sales team’s vehicles. What if you don’t use any cars or trucks for your company? Ask every day people in your neighborhood to put their logo on their cars. You will pay them a small stipend and they will be happy to do this. This is a trend that is definitely rising.

Have your logo appear on all your materials. Boxes, tissue paper, tape, and bags should all have your logo on it. If you provide services without products, put your logo on pens, booklets, clipboards and other items you use to present your services. This makes your logo memorable.

Think outside the box with promotional items. Be creative and offer things that fit your business such as a Frisbee for a sporting goods store or a wine opener for a winery. People will actually use these items, see your logo, and think of your company.

Sponsor a league. It can be little league, a bowling team, a golf team, or any local sports team who can put your logo on their shirts, hats, and on banners at events. You can reach a large audience and people will ask about your company. This is like having others do the marketing for you!

There are more unique ways of using your logo so start with these and brainstorm for more. Take full advantage of your logo and all it can do for you. Make it happen!

© 2013 eMarketing 4 Business LLC

How to Write a Candidate Rejection Letter

Small business owners love to meet new people and nothing makes them feel better than to tell a candidate “You got the job!” But you can’t tell everyone that. You do have to tell the others something, and that’s where writing the rejection comes in. Here’s how to write a formal rejection tactfully and as kindly as possible.

It may be best to start with a follow up phone call. If you do that, thank them for their time and interest, but clearly state that you are offering the position to someone else. Then follow up with the rejection letter right away. Be prompt with these—don’t leave people wondering for weeks on end if they got the job.

The letter itself is known as a “thanks, but no thanks” letter. First, if the person fit the company culture and may qualify for other roles, you can encourage that person to apply again for something else in the future. Personalize the letter with the candidate’s name, the position and a remark about the interview. You don’t want them to think they just received a form rejection letter, even if they did. It’s best to keep it short and to the point. Make sure to be business-like, but gracious, and never say anything you don’t mean—only say they should apply for future openings if you mean it. Even though this is a rejection, you want the person to form a favorable opinion of your company because this is important for your reputation as an employer.

Rejection letters are never fun, but they have to be written to avoid “leaving people hanging.” Do so with honesty, politeness, and your best judgment and it won’t be so bad. Make it happen!

© 2013 eMarketing 4 Business LLC