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Tag: business expenses

Paying Employees for Both Travel Time and Mileage Reimbursements?

Although millions of people have recently joined the remote workforce, many employees still travel to work daily. Some workers travel more than others, though. Many employees, such as home care providers and construction workers, must travel for work. They often commute from work site to work site throughout their shifts. Employees who travel for work purposes may be eligible to earn travel time and mileage reimbursements.

Do you have to pay your employees both travel time and mileage reimbursements?

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6 Ways Your Business Can Stop Wasting Money in 2021

Owning and running a business is costly. In fact, most business owners are shocked when they see how much they’re spending in the office. Small costs here and there really add up causing business owners to spend hundreds to thousands of dollars extra every year. To save your business money and keep revenue on the rise, you must cut unnecessary costs. Luckily, there are ways that you can save money by planning ahead and taking the right steps. 

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Is it legal to Cut an Employee’s Pay and Hours Because of COVID-19?

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Throughout the past few weeks the coronavirus has left the world empty and desolate. With lockdown measures and social distancing orders in place, people refrain from going to restaurants, communicating in-person, and going to work. As the nation adjusts to this austere new lifestyle, consumerism has slowed down immensely. Consumers are only buying the essentials, which means they aren’t spending like they used to. Of course, when people aren’t spending money, businesses don’t make money. Therefore, many business owners have had to make tough decisions to stay afloat.

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Does an Employer Have to Pay Out PTO When an Employee Leaves?

Giving your employees time off is a benefit that isn’t required by the FLSA. Since time off is nonobligatory, most employers believe that they are exempt from paying out employees when they leave. Although the federal government doesn’t regulate time off and payouts, state governments have different rules.

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Important Employer Tax Filing Dates 2020

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* As of March 21st, 2020, The Treasury Department and Internal Revenue Service extended the federal income tax filing due date from April 15, 2020, to July, 15, 2020.

Taxes are difficult for a lot of people, and it’s even tougher when you own a company. Not only do business owners have to track expenses for taxes and other tax deductions, but they must also fill out multiple forms throughout the year for tax filing purposes. With many forms and deadlines, it is difficult to remember when certain IRS forms are due. We don’t want you to stress, so we’ve mapped out all of the important dates so that you know exactly what to do and when to do it. 

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Your Guide to Tax Deductions for Small Businesses

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If you run a small business, you’re going to want to file your tax deductions accurately. Properly filing tax deductions will give you a larger tax return. Unfortunately some businesses are not keeping accurate track of their records. As a result, there are a lot of tax write offs that people miss. To ensure that you benefit from deductions, you must keep records of all aspects of your business, including expenses. Once you’re organized and have valuable data to back up your claims, you may deduct many business expenses.

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IRS Receipts and Records That You Should Keep & How to Store Them


The  IRS allows you to choose any record keeping system for your business’ income and expenses. This means that you can keep records in a file cabinet or you can choose an electronic program. Either way, the choice is yours.

Depending on what business you are in, you may have to keep certain records for federal tax purposes. The IRS wants businesses to retain specific business documents including purchases, payroll, and other transactions. These records will support the entries in your books and on your tax return.

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States Which Require Expense Reimbursement Now Include Illinois

In the United States, expense reimbursement is only required in a couple of cases.

1. In the event an employment contract contains expense reimbursement, an employer is responsible for expense payments.

2. When employees pay for business related expenses, they are kicking back money to their employers. These kickbacks must be subtracted from an employee’s wages to accurately calculate minimum wage. If employees are not paid at least minimum wage, free and clear, the employer is in violation of the FLSA.

However, some states have their own laws surrounding expense reimbursement. Those states include: Illinois, California, Massachusetts, Montana, Pennsylvania, New York, Iowa, and the District of Columbia. Illinois was the newest addition this year.

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Online Expense Tracking Is a Must for Businesses

Travel and entertainment costs represent a large chunk of the budget for most businesses. In fact, they are the second largest business expense, just behind payroll.

You would think that businesses would take the management of these expenses very seriously, given that they spend so much money on them but, surprisingly, not all of them do. Most businesses still manage their reimbursable expenses using antiquated methods like pen and paper or spreadsheets.

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