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Things Every Entrepreneur Needs to Know About Having an Employee

workers compensation

When you start your business, often it’s a bootstrap endeavor. For many companies, it’s the founder and her idea against the world. But as you gain traction and customers, your company grows. One of the earliest signs of growth is the potential need for help. But hiring employees changes everything about your business. It can mean drastic improvements in customer service and your quality of life. Hiring also creates a number of legal and administrative hassles that are important to consider. Here are five things every entrepreneur needs to know before they take the leap to hire help for their business.

W-2 Versus 1099

There are two typical types of hire. The first is what you might think of as a consultant. These individuals typically do a specific task for your business, such as copywriting or transcription. Often, they run their own businesses. They may work for you in a part-time capacity, on a project basis, or nearly full-time for a short period of time. At the end of the year, these employees will receive a 1099, which means that they are responsible for paying their own taxes. In contrast, a regular employee receives a W-2. As an employer, you’re responsible for withholding taxes and also for paying a share of their employment tax. Many states have stringent rules and penalties for classifications, so don’t overlook data on misclassifying prospective workers.

Insurance requirements

When you hire an employee, states typically require some basic kinds of insurance. You may be thinking benefits such as health and dental insurance. In some cases, these are required but often the caps start when you have reached 20 or more employees. There are two basic kinds of insurance you can expect to pay. The first is paying into unemployment insurance. These payments are made to the state in the event that your employee loses her job. The second is workers compensation insurance, which protects your employee in case of injury on the job. Many first time business owners believe that this is required only in high-risk environments such as construction. In fact, every employee needs to be covered even if they spend the day working on a computer or answering the phone. If you have any questions about insurance requirements, contact an experienced employment attorney or an insurance broker.

Payroll services

Having employees changes your cash flow management needs. When your business just represented your personal income, whatever you made covered expenses and bills. What was left was yours, whether to take for salary or to reinvest into the company in strategic ways. However, with an employee it’s critical that your primary concern be covering your employee’s payroll on expected dates. It’s important to answer the question of how the employee will get paid. Will you personally write checks, send payments electronically through wires or PayPal, or consider using an outsourced service? The advantage of either using an outsourced service or partnering with your accountant for this process is that it simplifies keeping and filing taxes.

Hiring an employee can have significant benefits. However, it’s also important to remember that legally and financially an employee creates many costs and administrative requirements for your business to follow. Before you take the step of hiring an employee, make sure you understand your state’s requirements and do a cost benefit analysis to make sure it makes sense for your business.

Diversify Your Retirement with a Gold IRA

gold IRAIf you’ve turned on the news in the last five years, you’re probably aware of the fact that our global economy isn’t doing so well.  In a world with governments facing bankruptcy, international turmoil, and weak job growth here in the US, Americans are looking for alternative investments to protect their retirement.  The stock market has been shaky at best, the real estate recovery has been slow, so where else can Americans look to safeguard their nest egg?  Since the crash of 2008, many have begun looking towards physical precious metals like gold and silver.  The best way to invest in precious metals is through a gold IRA.

Why Invest in a Gold IRA?

If you have an employer based retirement plan such as a 401k, you’re familiar with the tax benefits provided by your retirement account.  By opening a self-directed IRA, you can take advantage of many of the same retirement plan benefits, while also having the ability to purchase assets that are not normally included in an IRA –such as gold and silver.

A gold IRA is attractive during times of economic uncertainty because, when investors lose confidence in the dollar, they usually look to precious metals.  Gold and silver tend to have an inverse relationship with the US dollar.  When the US dollar is down, gold tends to increase in value.   Gold IRA expert Peter Antonellis says “As long as the federal reserve is printing money, I will invest in gold and silver!”  Gold is usually treated as the hedge against inflation, and can help you in diversifying your retirement account.

How Do You Get Started with a Gold IRA?

There is no shortage in gold IRA companies that specialize in precious metals IRAs.  Simply get on the phone with a few, and as long as you know what to look for in a gold IRA, you should be able to find a company that can help you meet your family’s financial needs.  Four questions to ask a gold IRA company are…

  1. What fees are involved in opening a new gold IRA account?
  2. What are the annual account administrative and storage fees for my gold IRA?
  3. Does the company recommend gold bullion or numismatic coins?
  4. Does the company provide segregated or commingled vault storage?

When opening a gold IRA, know that some of the highest rated companies waive your account set up fees entirely.  Some even cover your first year of storage, so if a company is quoting hundreds of dollars for such services, realize they’re eating into your bottom line.

After your first year free of account fees, you should still look to make sure the annual fees are low.  Without doing the research and finding the best rates, you could pay thousands of dollars more than needed for your retirement account.

Think about it.  Most gold and silver investors hold their accounts long term – for 20+ years.   If company A charges $100 more annually for storage of your precious metals, that’s $2,000 in fees for the same quality storage that you’d receive from company B.  Knowing what to expect and holding on to your high standards before opening your account can save you and your family funds that are better spent elsewhere.

Also an important note:  Make sure the gold IRA company is quoting you a price on segregated vault storage – not commingled storage.  With segregated vault storage, you can be sure the metals you’ve purchased are being held 100% separate from the precious metals of other investors.  Commingled storage is not the most secure storage for your investments, and there are companies that offer segregated storage for less than their competitors offer commingled.  Do your research and you’ll get the best storage for the best price.  It’s worth the time to make a few phone calls!

When analyzing gold bullion and numismatic coins as an investment, you may hear different information from different companies.  The truth is, that bullion most closely reflects the spot price of the commodity.  When it comes to numismatic coins, there are so many variables that can affect the price of your investments.  Most important in these variables are the often high commissions paid to the gold broker when they sell certain numismatic coins.  After paying inflated prices for your numismatic coins, you may find that the coins will have to appreciate significantly in order to eventually make a profit from such coins.  An investor that is in the red zone on their investments is not a happy one.  In fact, if you read negative reviews from gold companies on TrustLink or the Better Business Bureau, you will find investor complaints of gold IRA company salesmen that aggressively pushed them to purchase numismatic coins – which were overpriced.  Gold bullion doesn’t pay the salesman as big of a spread, but is a better choice for your investment dollars.  If anyone tries to persuade you otherwise, call another company!

Get Started with Your Gold IRA!

It may take time analyzing the information available to you, but by rolling up your sleeves and making some phone calls, you can ensure your gold IRA investing goes smoothly.   Your phone and internet connection are really the only tools you need to secure the services of a gold IRA specialist.  Fortunately for you, there is a lot of information available online that can help find the right information to get you on your way to diversifying your retirement account with precious metals.

Find The Right Used Automobile Warranty For You And Your Car!

car warrantyAutomobiles are usually counted in a person’s assets as a large investment that not only serves for daily purposes but also is counted as your big security. Buying a used car is not always an easy decision as it involves a lot of risk, and you definitely would not like to spend any further money on its repair and warranty issues. By getting the warranty of your used automobile you’ll become free of worries as we ensure that your automobile always be in its finest mechanical condition, you’ll also be at liberty from the hassle of paying costly bills for the repair of your automobile, and not only this; our warranty plans are totally transferable which plays a big role in the increase of the resale value of your automobile.

The benefits of acquiring an extended auto warranty for your automobile include:

  • You’ll have a carefree driving experience a peace of mind.
  •  All auto repairs will be covered.
  • Access to road side backing help whenever you require.
  • Drive with the knowledge that your car is covered by the finest insurance company in the market.

Our company will be a best choice for you:

You can easily fill in an application for your used automobile through our website with just some simple and basic information such as you name, contact info, your cars make and model number, its covered mileage, etc. without any technical intricacies overloaded on your mind. After submitting your online application for the warranty you’ll be shortly responded with a phone call. After verifying your identity and answered to your concerning questions by our experts you’ll receive further 3 to 4 emails and calls from our experts, which will be regarding your concerns about the warranty and suggestions by our experts.

Our Refund Policy at www.usedautomobilewarranty.com:

Our website also offers money back guarantee so that you can be fully satisfied with the coverage choices provided to them. The refunds are attainable just by calling the customer care center and telling your problems directly to the company’s representatives. The money will be refunded within 15 business days in the form of a check by the company.

If you cannot afford to drive a brand new car but are also afraid of taking the risks in buying used vehicles, then you must get used automobile warranty, it provides you the same experience and quality of owning an automobile just as new. And it’s always an advantage to dive a vehicle with warranty than the one without any warranty.  Please visit www.usedautomobilewarranty.com for more information.