Janet Berry-Johnson

To file taxes for your small business, you’ll want to gather all your forms and documents, update and issue any employee forms, calculate your taxes and deductions and file before the deadline. Having the correct forms and understanding your responsibilities and deductions can save you money and prevent legal trouble down the line.
Using a tax preparation checklist is a good way to ensure you aren’t missing any crucial steps and can make handling your federal and state filings a little less t...

Inexperienced real estate investors often focus on the potential rents they can collect from a property. But there are also many expenses that come with managing a property, including property taxes, insurance and maintenance.
Net operating income is a metric for measuring the profitability of an income-generating property after subtracting operating expenses. It’s like a crystal ball that shows the true profit potential of an investment property.
But net operating income, or NOI, can be tric...

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Each taxpayer in the U.S. needs to have a unique nine-digit number that can identify them to the IRS. Many Americans use their Social Security number, or SSN, to confirm their identity on tax returns and other IRS correspondence.
But those without SSNs—whether they’re individuals, businesses or other organizations—also need nine-digit numeric IDs that enab...

One of tax season’s biggest challenges is gathering all the documents you’ll need to file your return by the IRS deadline—including a W-2 form from your employer.
If you left a job during the tax year, you should receive a W-2 from your previous employer. Regardless of how or why you left, your former employer is still required to send you this critical tax statement.
What Is a W-2 Form?
Form W-2, Wage and Tax Statement, is the document that employers use to report their employees’ wage and s...

The minimum wage is the lowest amount an employer can pay their employee, as mandated by federal law. The current federal minimum wage is $7.25 — a figure that hasn’t changed since 2009. However, the minimum can vary at the state level; for example, California’s minimum wage is $16 per hour. Maryland and Massachusetts have enacted legislation to increase the minimum wage to $15.
Most recently introduced in July 2023, the Raise the Wage Act of 2023 aims to increase the federal minimum wage to ...

When buying car insurance, one size definitely doesn’t fit all. Montana drivers must buy both bodily injury liability and property damage liability coverage to drive legally in the state. Insurance companies must offer uninsured motorist coverage as well, but it’s not a legal requirement in Montana.
Understanding the requirements in your state can help you comply with local laws and provide peace of mind when you’re on the road. Regardless of what kind of coverage you end up buying, always co...

In case you haven't noticed, there's a tax form for EVERYTHING...including IRS Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips.
If you own a bar, restaurant, or other food or beverage business, tips are likely a part of doing business. Bar and restaurant owners usually pay tipped employees a base hourly wage and tips make up the remainder of their compensation.
Reporting employees’ wages and withholding on their W-2s is complicated enough, but figuring out how...

A tax refund delay can really impact your cash flow. Here are 5 likely reasons why you haven't received your tax refund yet.
It’s a fact: People despise waiting. In 2019, the stationery supply company BIC asked people how long they were willing to wait before becoming frustrated. Respondents reported losing their patience after just 16 seconds of waiting for a web page to load, 18 seconds of looking for a pen, and 25 seconds of waiting for a traffic light to change.
Unfortunately, the wait ti...

Unlike business loans, which are geared more toward small businesses, commercial loans help larger businesses that need higher loan amounts. They can be used to cover business expenses and operational costs.
Let’s explore how these loans can be a game-changer for your business.
What are commercial loans used for?
Commercial loans can be used for many purposes, including buying or constructing real estate or purchasing furniture or equipment.
Business owners can also use commercial loans to co...