Learn More About Form W-9

January 29, 2021 by First Federal Bank

If you’re an independent contractor, you have a different set of tax obligations from a full- or part-time employee. When you enter into a contact with a company but aren’t on the payroll, you should receive a Form W-9. This allows you to report your earnings and ensure you don’t land in hot water with the Internal Revenue Service.

Topics: Entrepreneurship, Taxes

Tax Resolutions for 2021

January 15, 2021 by First Federal Bank

Nobody looks forward to paying taxes, but a bit of preparation and planning can go a long way toward easing the stress for your small business. As 2021 gets underway, consider making these tax resolutions part of your business strategy for the new year:

Topics: Small Business, Entrepreneurship, Taxes

How to Prepare for an IRS Audit

January 06, 2021 by First Federal Bank

A letter from the Internal Revenue Service states you are being audited. Not news you were expecting, so it’s understandable to feel a little unsettled, panicked or scared. Don’t let you emotions take over. An IRS audit isn’t fun, for sure, but you can handle it. The following tips will help you prepare for an audit:

Topics: Financial Education, Taxes

Record Management 101

December 21, 2020 by First Federal Bank

Being an entrepreneur comes with a lot of paperwork. All of those receipts, invoices, tax forms, credit card statements and payroll forms can quickly become overwhelming. But don’t succumb to the temptation to shove them all in a drawer and forget about them. Follow these tips to help you wrangle those records:

Topics: Small Business, Entrepreneurship, Taxes

The Do's and Don'ts of Home Office Deductions

November 20, 2020 by First Federal Bank

The popularity of the home business model has seen a significant spike in recent years. More and more individuals have found success earning a living from the comfort of their own home. There can be many perks to being a home business owner, but one benefit not many owners take advantage of is the ability to claim a home office tax deduction....

Topics: Small Business, Entrepreneurship, Taxes, Home Owners, Business

The Finances of Paying Your Own Salary

October 02, 2020 by First Federal Bank

As an entrepreneur, you’ve probably considered and calculated a myriad of expenses, including the cost of inventory, rent, utilities, shipping and equipment. But have you considered how much you’ll be paid for your time and effort?

Topics: Entrepreneurship, Taxes

Which Debt Should You Pay Off First?

September 07, 2020 by First Federal Bank

Between credit cards, student loans, car loans, and mortgages, you’re probably carrying some debt. On the surface, managing your debt can seem relatively easy — just make minimum payments. However, if you’d like to pay down your debts and increase your cash flow, you have some choices to make. Namely, which debt should you prioritize? Here’s a...

Topics: Mortgage Lending, Personal Banking, Saving Money, College, Financial Education, Credit Cards, Personal Lending, Taxes

Big Tax Mistakes Small Businesses Should Avoid

August 26, 2020 by First Federal Bank

Tax season is never a fun time of the year, but it’s important not to treat doing your taxes as yet another item to quickly cross off your to-do list, especially as the owner of a small business. There are a few common tax errors small business owners are prone to making, and avoiding them could save you a pretty penny.

Topics: Small Business, Taxes

Personal Taxes 101: Know the Basics

August 17, 2020 by First Federal Bank

When it comes to the responsibilities of adulthood, independence and enjoying an American lifestyle, few obligations are as daunting as paying your taxes. To those who have never had to do so before, filing yearly tax forms, learning the terminology, sorting through mountains of paperwork, and tracking your refund can be an overwhelming task....

Topics: Financial Education, Taxes

Are You Taking Full Advantage of Direct Deposit?

August 03, 2020 by First Federal Bank

It’s easy to take conveniences like direct deposit for granted without fully understanding how it works or why you should use it. You may have questions concerning direct deposit, so we want to make sure you fully understand the system.

Topics: Online Banking, Personal Banking, Taxes