Remember: W-2s and 1099s Are Due in January

Remember: W-2s and 1099s Are Due in January

https://youtu.be/MuBt9iDn4vo Do you have employees? Then don’t forget to file W-2s in January! Do you hire contractors? Then remember that 1099s are due in January! What’s a W-2? You might already know what a W-2 is, but let’s start with a quick refresher: a W-2 is the document that you, the employer, use to report each employee’s earnings to the Federal Government as well as the employee. It shows gross earnings less deductible items like medical premiums, payroll taxes like social security, and other important annual items. A W-2 is not to be confused with a W-4, which is that…
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FYI: Washington Paid Family and Medical Leave

FYI: Washington Paid Family and Medical Leave

The WPFML is a new mandatory insurance program administered by the Employment Security Department.  The program gives eligible employees access to up to 12 weeks of paid leave to recover from a serious illness or injury, bond with a new child, or care for an aging parent or ill or injured family member.   They may receive up to 16 weeks if they have events covered under both family and medical leave in the same qualifying period. What do the benefits cover? Paid Family and Medical Leave benefits can only be disbursed to those who have a qualifying family or medical…
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What retirement accounts can I have?

What retirement accounts can I have?

What Retirement Accounts are Available for Someone Who is Self-employed or a Small Business Owner? Well…it depends (you knew that was coming right?). Before giving an answer, I always ask: How many employees do you have? Are you an S-Corporation? How much do you want to contribute to your retirement accounts? Do you want as simple a solution as possible? Three types of accounts work best for small business owners or freelancers: Simplified employee plan (SEP) IRA Solo 401(k) Simple IRA                     *less half of your self-employment tax   What does…
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