This episode of the Financially Adjusted podcast is all about paying employee bonuses the right way. Whether you’re rewarding W2 employees or 1099 contractors, the rules are different—and it's crucial to get it right to avoid headaches later. I'll walk you through the basics of employee classifications, how to pay out bonuses properly, and tips to stay compliant with IRS rules. Being generous is so wonderful, but make sure you’re doing it the right way in your practice!
Helpful Resource: Free Estimated Tax Guide
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate links):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get an amazing discount (30% off for 6 months) when you buy with my affiliate link below.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
CAPITAL ONE BUSINESS CREDIT CARD
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Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
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