article thumbnail

It’s time to review (or create) your document retention policy

BMT Office Administration

Worried that your company might not have a particular document on hand if the IRS conducted an audit? They create a document retention policy that clarifies what needs to be saved, where, and for how long. Courts and government agencies frown upon individual employees selectively keeping or tossing important documents.

Policies 105
article thumbnail

Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations. There is no legal distinction between the owner and the business. Firstly, it is the simplest and least expensive form of business to set up and maintain.

Legal 264
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Planning to Start Your Digital Nomad Journey? Use This Checklist Before You Go

Success

Experts at Digital Nomad World recommend saving a minimum of three months’ worth of expenses before your departure date. Do your own research and even consult a professional regarding rules about passports, visas, health insurance, taxes and other legal requirements. No matter what, it’s important to get your finances in order.

Medical 113
article thumbnail

5 Long-Term Financial Goals and How to Achieve Them

Success

Send your children to college Expected time: 17-25 years Account types: 529 plans, Coverdell Education Savings Account (ESA), custodial accounts, brokerage accounts, high-yield savings accounts , Certificate of Deposit (CD) Welcoming a new child into your family is an exciting step, but it can also be expensive.

Goals 284
article thumbnail

How to Start a Nonprofit Organization In 5 Simple Steps

Success

Donors asked if they can deduct the cost of the donated items on their tax return, and a few people suggested you make your project legal by filing for nonprofit status. The general public is entitled to see these documents,” says Snow. Is there a big enough need for your services?

Filing 162
article thumbnail

What electronic record-keeping software best fits your needs?

BMT Office Administration

Keeping track of paperwork can be a challenge, It’s easy to misplace a file or even spill coffee on a document on your desk. If you don’t have that document backed up in an electronic format, you may have just lost important company or employee data. Having proper document retention practices is a key part of compliance.

Filing 98
article thumbnail

Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

While it’s clear that you need to keep a separate file for each employee, which documents should you include in it? After all, there are some documents that you’ll need to keep confidential , and there are some that you don’t even need to include in your personnel files.

Filing 52