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Filing W-2

Businesses not only have to file their income tax returns, but also various information returns. The failure to file these other returns can result in costly penalties. Here are some forms you’ll need to file in 2021 to report payments in 2020.

W-2 Filing Tips for 2020

Start preparing now so you can timely submit them. Here are some tips to help you.

1. Prepare now to complete and file required forms

Gather the information you’ll need to prepare required forms. This means reviewing payroll records for each employee, including those who are no longer on your payroll, as well as other records for any independent contractors engaged during 2020.

Decide who is going to prepare returns for you. Will you do it in house? Use a CPA or payroll service provider? If you DIY, obtain the required forms from the IRS (it can take a week, two weeks, or more to receive) or an office supply store, or check your business tax preparation software for its capability. You can’t simply download them from the IRS website.

Determine how you’ll submit forms to workers and to the government. For employees, you can provide them in person, by mail, or electronically if you obtain their prior consent for electronic delivery (e.g., email or access to an online portal). For the government, you can file on paper if you aren’t required to file electronically, but you can choose to file electronically.

Mark your calendar as described below so you don’t miss any deadlines.

2. File W-2s for employees

If you have any employees, you must provide them with Form W-2 reporting wages and certain benefits they received in 2020. The due date for 2020 W-2s is February 1, 2021 (January 31, the usual deadline, is a Sunday). Be sure to include any paid sick leave and paid family leave benefits for employees impacted by COVID-19.

If you opted to defer the employees’ share of Social Security taxes (part of FICA) on wages from September 1, 2020, through December 31, 2020, you’ll also have to file Form W-2c to report the catchup withholding from January 1, 2021, through April 30, 2021.

Be sure to timely transmit copies of W-2s, along with Form W-3, to the Social Security Administration (not the IRS). This can be done electronically. If your CPA or payroll company doesn’t do this for you, register to use Business Services Online.

3. Report payments to independent contractors

If you paid any independent contractor $600 or more in 2020, you must provide the worker Form 1099-NEC. This is a new form for 2020 payments; previously such payments were reported in box 7 of Form 1099-MISC.

The deadline for Form 1099-NEC is the same for W-2s. A copy of the form must be transmitted to the IRS by the same date used for W-2s.

4. Report distributions from qualified retirement plans

Did any employee receive a distribution from the company’s qualified retirement plan? Perhaps a qualified coronavirus distribution up to $100,000? All distributions, qualified or not, must be reported to employees on Form 1099-R.

There’s a new section for reporting distributions in 2020 up to $5,000 for qualified birth or adoption expenses. There’s also a new code (“BA”) for reporting a repayment of such distributions.

The 2020 Form 1099-R must be provided to the recipient by February 1, 2021. Transmittal of copies to the IRS are due by March 1, 2021, if filed on paper, or by March 31, 2021, if filing electronically.

5. Report company-provided medical coverage

If you are an applicable large employer (ALE) subject to the Affordable Care Act’s employer mandate, you must provide employees with Form 1095-C to inform them of health coverage particulars. Similarly, if you are not an ALE but have a self-insured medical plan providing minimum essential health coverage, such as an individual coverage health reimbursement plan (ICHRA), you must give covered employees Form 1095-B.

The deadline for providing employees with their forms is March 2, 2021. However, different dates apply for submitting copies to the IRS, along with transmittal forms 1094-C or 1094-B: March 1, 2021, if filing on paper, or March 31, 2021, if filing electronically.


The sooner you begin preparations for meeting information return responsibilities, the easier it will be to meet the deadlines and avoid penalties.


This article, “5 Tips to Get Ready for Filing W-2 and More” was first published on Small Business Trends

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Thanks to Some products force you to choose between style and sustainability. But Hey Poppy thinks you shouldn’t have to. The shop offers three different types of products: sustainable items, Scandinavian decor, and Healing products. Read about how the company brings them all together in this week’s Small Business Spotlight. What the Business Does …

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Building a personal brand is all about capturing attention. If you work in a “boring” industry, it can be tough to communicate the key benefits that differentiate you from competitors. Especially when you work in an industry that’s not usually the topic of conversation or trending on social media.

Take the VoIP industry, a very boring industry. It’s hard to make VOIP stand out or make it “sexy”. People don’t usually turn to VoIP companies for engaging content, actionable educational or entertainment. But with the right attitude and the ability to produce quality content, leaders even in the boring Cloud VoIP industry can gain recognition and build an audience. (I’ll show you a real life example in bullet #1 below).

In this article I’ll show you real examples of how to capture your target market’s attention, convert them into stark raving fans, and build your personal brand even when you’re in a boring industry.

Ready? Let’s roll!

1. Be Bold. Be Authentic. 

Wallflowers and shrinking violets don’t build brands. People who are bold and enthusiastic do. For executives looking to make their mark and build a brand, being a hands-on, in the trenches type of person translates into authentic experience.

You don’t want to be the kind of exec that takes all the credit and not know how anything works. If your team does the heavy lifting while you get the kudos but you can’t explain how your widget works, then people are not going to respect your opinion.

Someone who shows they know what they are doing and can express their “Why” is going to be more authentic.

Don’t be afraid to have an opinion and share it, even if it happens to touch on the politics of the day. If it is earnest, authentic and well-thought-out—not some emotionally charged overreaction—then boldly proclaim it and let the discourse begin. That is what builds engagement, followers, and brands. 

Those who take a position and confidently support their way of thinking are more likely to stand out 

People value leaders who are confident and don’t flip-flop on their beliefs just to appease the masses. Sure, some feathers may get ruffled, but how many low-key, wishy-washy executives can you name? Exactly. You can’t name many because they don’t stand out and nobody knows who they are.

2. Share Actionable Expertise

Just because your industry isn’t interesting doesn’t mean no one is interested. You can still share your knowledge and expertise to build your brand. Take Ryan Stewman, the sales and marketing expert who runs a sales training called The Hardcore Closer.

Ryan gained a loyal following talking about lead generation. He has built a multi-million dollar business by taking what has worked for him, sharing it, and monetizing it.

Ryan was on the cutting edge of using social media and videos to promote himself and connect with people when he started in sales. Because of his success, he started to teach other salespeople how to use social media to connect with people and use tools for lead generation. 

He built a lead generation software company called Phonesites that helps salespeople create their own sales funnels. He offered free training on Facebook live and produced free content in the form of articles and training videos.

Sharing his expertise helped grow his personal brand which has allowed him to scale into other successful business ventures. He’s doing it right.

Chris the founder of SalesMessage is another great example. He has been using SMS texting to communicate with anyone who contacts their business or even subscribes to their webinars, events, or blog. 

He shares actionable tips, tricks and information while trying to covert some of the leads who contact him and gets a whopping 70% response rate on SMS texts. He recently shared the complete set of sample text messages to send to customers on his blog. He engages his potential customers and build his following.

But, one of the biggest mistakes you can make in personal branding is to be and act like someone you are not. You will eventually be outed, caught, or exposed. 

When building a personal brand, don’t pretend to be someone you’re not or have expertise when you don’t.

Elizabeth Holmes, CEO of the once highly-touted blood-testing startup Theranos, was once the darling of Silicon Valley. She was seen as an influencer and visionary in the same vein as Steve Jobs.

Theranos WAS Elizabeth Holmes and her personal brand of being a healthcare wunderkind carried the firm. Unfortunately for many people, the whole company and the whole story was a massive fraud. She faked her expertise and knowledge, the company was exposed and now it is no more.

A personal brand built on lies and half-truths will come back to bite you.

3. Be the MVP of Value

If you want to really stand out, you must be useful and add maximum value at all times. Do this by offering free info, training, and content about your industry and share that info while speaking at events and on podcasts.

We’re talking about sharing real expertise, not just thoughts or opinions, but practical knowledge that comes from actually having done the work.

Jack Kosakowski kills it here. Jack has been providing actionable social selling advice and content for over 5 years. With his SkillsLab social selling site, he has been helping salespeople to increase their presence through social media and how to correctly connect with—and sell to—their target clients. 

Value comes from experience. Jack has churned out content on social media, his blog, publications like The Harvard Business Review, and on podcasts—continually sharing what has worked for him, and how it took him from a newbie salesperson to the CEO of the US division of a Global Digital Agency.

4. Stop Selling and Build Trust Instead

Look, you don’t need to be Billy Mays or the ShamWow guy, pitching and promoting all day while operators are standing by. Constantly pushing product is exhausting. But talking and engaging with people in your own voice—your true self—and showing them how to succeed with examples and actionable ideas will build trust.

When you let people see the real you, trust is built and your brand strengthens and attracts new prospects.

Trust isn’t built by speaking AT people. It’s built by engaging and speaking WITH with your audience.

People like to do business with people they know, like and trust. And that’s usually not the guy with the bullhorn shouting “Look at me! Look at me!” Differentiate yourself by sharing knowledge from real-world experience in an authentic, engaging way that creates value and trustworthiness. This will build your personal brand.

When someone needs to seek out info in your industry, you will be top-of-mind because you will be the rockstar of your “boring” industry. They will come to you for the value you provide because you’ve built trust due to engagement, value, and expertise. 


The post Personal Branding Tips For Executives In “Boring” Industries appeared first on Personal Branding Blog – Stand Out In Your Career.

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Thanks a lot for sharing the list of free resources to run home-based businesses. When it comes to the website, the design of the site always matters a lot. And to present any product, or to show the specifications of the products, most websites are preferring images, as it is easy for the users to understand. And the most crucial part is that used images should have a small size, but at the same time, its quality should not be compromised. Here I would like to recommend a tool,, to resize, crop, rotate and flip images in real-time.

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By Eliza Wright

Is your business ready for Black Friday? Your shelves may be stocked, but savvy marketing for the holiday shopping season starts long before that day of shoving and spending.

Retailers, both online and off, rely on holiday sales numbers to fund their business through the rest of the year. So it’s critical that companies implement an effective marketing and promotion strategy before Black Friday.

We’ve all noticed that the holiday shopping season seems to start earlier with each passing year. But your campaign doesn’t need to be the longest or the loudest to be successful. If you understand the trends, listen to your customers, and build a results-driven promotion strategy, your days will be merry and bright.

Plan of attack

So where do you begin? With the holiday season so close, there’s no time to waste on activities that don’t lead to better sales. Make sure you understand how one activity acts as a foundation and stepping stone for the next. A clear structure will keep your strategies from slipping or falling because there’s nothing to hold them up.

Flowcharts, mind maps, and other diagrams are great organizational tools to lay out your progress and create a framework for expectations. Use a diagram—or several—to divide and conquer.

How does your online strategy hold up?

Cyber Monday is known as a more relaxed version of Black Friday, a day when shoppers venture online because they’re exhausted from a weekend of shopping. The truth is that customers are online all weekend long, spending tens of billions of dollars. An effective, attractive, and user-friendly website will help your business capture its own piece of the pie.

Website–Begin your promotion strategy here. While you might be tempted to jump straight into online advertising, you need to have a solid website that’s designed to drive conversions. Your online success hinges on your website, so don’t move on until it’s optimized for a great user experience.

Social media–Once your website is ready, you can move to the engagement phase. Use your social media channels to get the word out—the earlier you can begin, the better. This is digital word of mouth, and while it occasionally spreads like wildfire, a better strategy is to allocate plenty of time to build momentum. These days, it’s not uncommon for big brands to hint at holiday promotions weeks or even months in advance.

Just remember that there’s a balance to achieve here. You need to engage with your potential customers without annoying them. A few tips:

  • Be consistent, but don’t over-promote.
  • Use a content calendar to plan your social media strategy.
  • Post on certain days, and only if you have something worth mentioning. Constant daily reminders should only happen when you’re trying to catch those last-minute shoppers.
  • Be sure to tailor your messaging to the platform. While Twitter requires pithy promotions and single-line deals, Pinterest users will appreciate holiday tips, tricks, and guides in the form of high-quality images.

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Email–When will you send out an email to inform your fans that something special is happening? Create a mailing schedule, organize your contacts list, and send the right message at the right time. Maybe you just want to get folks thinking about your business, or perhaps you’re offering a last-minute deal. Either way, don’t neglect email in your plan.

Advertising – Search engines and social networks are great opportunities for even small companies to get noticed. With careful timing and coordination, your listings can reach a substantial audience. Be ready to spend some money in this area—it’s worth it to get the attention of consumers who are ready to buy.

A few words on offline options

Holiday coupons–These are a time-honored tradition, but may not be applicable to your business. Decide whether your customers would appreciate a coupon, and if the coupon should be physical, digital, or both. If you choose to send out paper coupons, notify your fans via social media channels so they know what to expect.

Physical advertising–It never hurts to remind people that you exist! Consumers are bombarded with options during this season—keep your company top of mind with some well-placed outdoor advertising.

Focus on customer service–The holidays can be a stressful time for everyone. Employees who work directly with customers should have the right attitude, the necessary experience, and the determination to help. And don’t be a Scrooge to your support staff—good help is hard to find.

Now that you have this guide in hand, get out there and make some money! The right foundation will yield astounding results.

About the Author

Post by: Eliza Wright

Eliza Wright is a marketing manager at Lucid Software. Reach her on Twitter at @lucidchart or @lucidpress.

Company: Lucid Software
Connect with me on Facebook and Twitter.

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