You can only do everything at your business for so long. After a month has passed, you may want to start hiring help.
The following are the items you’ll need to get in order before you can begin the hiring process:
- A business must have an EIN before hiring workers. A business owner can obtain its EIN from the Internal Revenue Service. According to the Small Business Association, a business needs an EIN for reporting taxes and other documents to the IRS, and for reporting information about employees to state agencies.
- Businesses must keep employment tax records for at least four years. These records should be clear and organized.
- Stay organized to keep better track of your business progress. The SBA suggests to: Keep and clearly file financial statements, know the sources of receipts, keep track of deductible expenses, prepare tax returns, and support items reported on tax returns.
Want to learn more? Make sure to get Courier’s Business Guide (coming July 2014).
Image source: https://www.flickr.com/photos/nanagyei