Bank finance articles and tips

Running a small business is about more than knowing your product and your customer. You also have to manage your expenses, deal with payroll for employees, and keep all of your federal, state, and local tax information straight. Tax laws are complicated enough for individuals; for a business owner, they can seem downright incomprehensible. Plus, even an innocent tax error can yield serious consequences. Whether you plan to work with a professional tax consultant or are confident in your own tax filing abilities, you should take certain steps to ensure your financial future....

So you've made all your workers independent contractors instead of employees to save payroll taxes you've been paying. It sounded like a great idea.

• You saved thousands of dollars on employment taxes

• You didn't have to worry about filing payroll (941) tax returns

• You saved the quarterly payroll processing charges you

• Maybe even your accountant suggested it to you

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