Simply Junior

The first quarter of the year can be very startling when you go to the post office. Instead of catalogs and magazines, you keep getting all of these official looking letters and that usually isn’t good news. Don’t fret. It’s just tax season and the first tax notices have to be mailed out in January including the W-2 form.

Just how does the IRS keep track of all the information moving through the financial and business world? Well, the answer is fairly clear – tax forms. While we all love to complain about filling out our taxes, most people don’t realize that the most common forms are merely information forms. No tax is due with filings like the 1099 or W-2. Okay, so then why do we have to deal with these forms? The answer is simple. The IRS gathers the information on them and then runs a comparison against what is reported on your tax return. Only then can the agency formulate an opinion regarding whether you might not be paying what you should be.

The first information form of the year is the might W-2. This form is filed by a business. It reports the salary, withholdings and tax information for a particular employee for the previous year. The form is intended only for payments to “salaried employees”, not independent contractors. Regardless, the business is required to send one copy to the employee, file one with the IRS and keep a third for its own records.

So, when must these copies all be filed? Well, the first deadline is the first of February. The business must issue the W-2 to the employee by this day. This is typically done by mailing the document to them, but can be handed out at work. Mailing is generally preferred since many employees tend to become outraged when they realize how much tax they paid during the previous year!

What about the filing of the W-2 with the IRS? The deadline is actually later than the employee version. The document must be filed by March 1st of the year in question. If you do the filing electronically, the deadline is extended to March 31st. Why the delay between the employee deadline and IRS deadline? It gives the employee time to bring attention to any mistakes and the employer to fix them.

Everybody in business needs a bank account. But all banks are not the same and some offer services that might suit your needs whilst others are not designed for your type of business.

Banks love small businesses! This is why they have introductory offers like “free banking for the first two year.” They know that if they catch an entrepreneur when s/he is starting in business for the first time, chances are that they have got a customer for life.

If you are in business how do you choose the right bank for you? Well it depends… I bet you knew I would say that?

If your account is always in credit then you should go for a bank that offers interest on the money in your account. If you are usually in debt then perhaps it is better to choose a bank that offers the lowest interest rates and does not charge heavy penalty fees.

Do you need to make a lot of cash withdrawals? Then choose a bank that has many cash points near your business and home.

Do you prefer to use online banking? Most banks have online banking but some can be very slow. Speak to your colleagues to find out which has the best online bank accounts.

Some banks even allow you to deposit your cash and cheques at any post office. This is great for people who have a large number of small transactions and do not have a branch nearby.

Do you need a business credit card? Many banks offer a free business credit card for the first year or sometimes even two. What about a business plan? Some banks even give you free business software to help you make business plans!

Switching your business bank account is quick and easy and there is no need to be tied up with one bank for eternity. As your business needs change why not change your bank account?

Planning a fun and memorable retirement party can seem like a huge chore if you don’t have a game plan for the party already in place. To help get you on your way, we’ve created a basic guideline that is intended to make your job easier and spark your creativity. For organizational purposes, the guideline is broken down into seven major categories:

Venue

Selecting the right venue for a retirement party plays a critical role in determining how much time and effort you will have to put into planning the party. In general, parties held in the workplace demand more planning time and effort because they require you to supply your own food and beverages, decorations, and other party supplies. A restaurant can be an easy venue option for many reasons. To name a few, holding the party at a restaurant minimizes your setup and cleanup times, it eliminates the need for food shopping and preparation, and it reduces the need for party decorations. If holding the party at a restaurant isn’t an option, consider where exactly in your workplace you want to hold the party. The kitchen or break room isn’t always the best option!

Day and Time

Choose a day and time for the party when everyone will be in the office and will not be in a rush to get back to work or their home immediately after. We recommend hosting the party on a Thursday afternoon during work hours (4 to 5 p.m. works well). By holding the party during work hours, you will get a far better turnout.

Theme

Choosing a theme for a retirement party is not essential, but it can add an extra element of fun to the occasion, especially if you are holding the party at your workplace. In choosing a theme, consider where the person might be moving after retiring or if they have a favorite hobby that they will be pursuing in their retirement. For example, if the person is moving to Hawaii, you could throw and island-themed party. If they love to play golf, that could be a theme as well. If the person has a noteworthy trait, you can also make that a theme for the party (i.e. if they always wear blue shirts to work, you could inform the guests to wear blue shirts).

Decorations

Decorations for the party can be simple as long as they are creative. If you choose not to have a theme for the party, you can always hang framed portraits or pictures of the person that is retiring. If the person who is retiring has a good sense of humor, you can doctor the images in Adobe Photoshop to get a rise out of the guests.

Food and Beverage

Serve hors d’oeuvres and drinks to stay within budget and keep the preparations manageable. If you are holding the party in a restaurant, make sure to prearrange which hors d’oeuvres will be served. If the person retiring has a favorite food or beverage, serve it if it fits in with your theme. Be sure to consult your company’s alcohol policy if you plan to serve any alcoholic beverages.

Activities

Party activities should be fun but not overwhelming. Your guests will want to chat and have the opportunity to give their best to the person who is retiring. Slideshows and roasts are two popular retirement party activities. A slide show can either be played in the background during the party, or it can be narrated with a story. A video roast can be another good option. To organize the video roast, send out an email to the person’s friends and colleagues asking them for stories that you can videotape. Employ a funny and well-liked person to serve as the roast master. The roast master can introduce the video with a funny story and also conclude the roast with a few upbeat, witty remarks.

Invitations

Invitations for the party can be done in a number of easy ways: send an email, post flyers in the office, and place formal invitations in work mailboxes. A reminder email is always helpful the morning of the party to ensure maximum attendance.