Planning for the Holidays

5 12 2011

Holidays are coming and usually that means more business (hopefully) and bonuses! Bonuses are great because they increase employee morale around the busy time of year. For a small business it can mean quite a dig into the pocket book. There are many things that go on around the holidays and it is known as the most stressful time of the year so the more you can do now can alleviate stress at the end of the year. A couple things that  a business owner needs to keep in mind:

Are your bonuses going to be a net amount and you are going to cover the taxes? Or are you going to do gross bonuses and have your employees be responsible for taxes? Plan accordingly.

Make sure that W2 information matches what you have on file for your employees. Most payroll companies will let you preview them so that there is less chance of amendments. Also be sure that your benefits correlate to the right boxes on the W2’s.

Make sure that all your payroll is ready to go an be submitted before the end of the year so you don’t have to go back and amend the 941 and state forms.   

Be sure to have a budgets, forecasts, and anything else that your business needs to operate all ready to go for the next year.

And be sure to thank your employees for a job well done! (If applicable)

 

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