The nature of running a business is dealing with constant stress coming from all directions. A major source of stress is when you’ve decided to expand your team or fill a vacant position and you have to go out and find someone that is both qualified and a good fit for the company. That alone is hard enough, but another factor that is crucial in recruiting is avoiding hiring bias. A little bias is human nature, but major and unacceptable (not to mention illegal) biases towards race, gender, sexual preference, age, etc need to be avoided at all costs. A firm plan needs to be in place during the duration of the hiring process. This month, we look at 7 ways you can reduce hiring bias, as much as possible, in order to protect your company. We also update you on the latest in payroll, marketing, accounting, and more!
On a Pacific island called Niue, they have Mickey Mouse on their coins…..they really do.
Market Update: IRS Urges High Income Tax Payers to Check Their Withholdings
The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.
The Tax Cuts and Jobs Act, the tax reform legislation passed in December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit, limiting or discontinuing certain deductions and changing tax rates and tax brackets.
Any of these far-reaching changes could have a big impact on the tax refund or balance due on the tax return taxpayers file next year. That’s why the IRS encourages every employee to do a “paycheck checkup” soon to check that they are having the right amount of tax taken out of their pay. The IRS Withholding Calculator and Publication 505, Tax Withholding and Estimated Tax, can help.
Payroll Update: Use the IRS Withholding Calculator to Determine the Right Amount of Withholding for You
Following up on our Market Update, you can use this IRS Withholding Calculator on IRS.gov to help you determine your withholdings based on the new tax laws.
The calculator can help prevent having too little tax withheld — and an unexpected tax bill next year. With the average refund topping $2,800, the calculator can also help you determine to have less tax withheld up front and receive more in your paychecks now.
Changes to the tax law affect the 2018 return you will file in 2019. The Tax Cuts and Jobs Act made changes, including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets.
To use the IRS Withholding Calculator for your “paycheck checkup”:
- Gather your most recent pay stub from work. Check to make sure it reflects the amount of federal income tax that you have had withheld so far in 2018.
- Have a completed copy of your 2017 – or possibly 2016 – tax return handy. Information on that return can help you estimate income and other items for 2018. However, note that the new tax law made significant changes to itemized deductions.
Use the results from the Withholding Calculator to determine if you should complete a new W-4 form and, if so, what information to put on it. If you complete a new W-4, you should submit it to your employer as soon as possible. Doing this early means there’s more time for tax withholding to take place evenly during the rest of the year. Waiting until later in the year means there are fewer pay periods to make the tax changes – which could have a bigger impact on each paycheck.
For people with more complicated financial, it’s especially important for these people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding:
- Two-income families.
- People with two or more jobs at the same time or who only work for part of the year.
- People with children who claim credits such as the Child Tax Credit.
- People with dependents age 17 or older.
- People who itemized deductions in 2017.
- People with high incomes and more complex tax returns.
- People with a large tax refund or large tax bill for 2017.
For more information, visit www.irs.gov/withholding.
HR Update: 7 Ways to Reduce Hiring Bias
A vast body of research shows that the hiring process is biased and unfair. Unconscious racism, ageism, and sexism play a big role in whom we hire. But there are steps you can take to recognize and reduce these biases. So where should you start? And how can you help others on your team do the same?
What the Experts Say
Unconscious biases have a critical and “problematic” effect on our judgment, says Francesca Gino, professor at Harvard Business School. “They cause us to make decisions in favor of one person or group to the detriment of others.”
In the workplace, this “can stymie diversity, recruiting, promotion, and retention efforts.” Left unchecked, biases can also shape a company or industry’s culture and norms, says Iris Bohnet, director of the Women and Public Policy Program at the Harvard Kennedy School and author of What Works: Gender Equality by Design. “Seeing is believing,” she explains. “If we don’t see male kindergarten teachers or female engineers we don’t naturally associate women and men with those jobs, and we apply different standards” when hiring, promoting and evaluating job performance. “Managers have to learn to de-bias their practices and procedures.” Here are some strategies.
Mary Beth’s Accounting Tip of the Month – Prepare for the Unexpected!
What a crazy monsoon season it’s been for the Phoenix area. And if you don’t live in Phoenix, chances are you have your own share of natural disasters to worry about. They can have devastating effects on lives and businesses, but for small businesses, they are especially rough. You might have planned some disaster recovery strategies, but you need to have funds available to ensure that your business will be able to recover after a catastrophic event. Keeping some cash available on site in a safe would be a good best just in case disaster strikes during business hours and you need some kind of immediate support.
Quickbooks Tips: A Look at the Third Step in the Invoicing Process; Making a Deposit
One of the most common issues new QB users have is forgetting to record a payment received by a client. When you Invoice a customer in QBs , here is what you need to do when you receive a payment:
Online version of QBs:
Note: We only record a payment if the customer was issued an invoice. If you didn’t issue an invoice, enter a sales receipt or a deposit instead.
- For Sales Receipts: Select the Plus (+) icon, then Sales Receipt.
- For Deposits: Select the Plus (+) icon, then Bank Depo
To receive a payment on an invoice:
- Select the Plus icon (+) at the top, then Receive Payment.
- Choose the name of the customer from the drop-down menu.
- Enter the Amount, Pmt Method, and the Reference no. If you’re recording a payment by ACH, NEFT or any other mode of payment, you can choose Add New from the drop-down menu, then label the method ACH or any term you like and make a note in the reference number field.
- Make sure that the correct invoice is checked. You can uncheck the wrong invoice, then manually check the right one, if necessary.
Note: You can filter the date range to limit the number of open invoices that displays.
- You can either deposit the money to your checking/Cheque account or to the Undeposited funds account.
- Select Save.