Taxes are probably the most confusing aspect of business management — their numerous types, requirements, ever-shifting rates, and subject-to-change laws are enough to make any business owner go haywire. That said, knowing all tax obligations accurately and paying them on time is crucial for every business owner. This is true for both novice entrepreneurs and well-established business leaders — it is the only way to avoid costly penalties and legal punishments.

If you have landed here, you are probably considering reducing the number of full-time employees (W2) and hiring self-employed independent contractors (1099) to perform specific jobs. There are significant differences in how these two types of workers are classified with the Internal Revenue Service (IRS). Knowing these differences is crucial if you want to avoid hefty fines, tax penalties, and even a lawsuit against your North Carolina business.

When it comes to expanding your business in the Research Triangle area, networking is key. While your inbound marketing efforts are commendable, you should not discount the value of networking.