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October 22, 2020

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Things to Know Before Hiring Your First Employee

Venturing in business is one way that you can boost your income. Regardless of the scale of operation, you will need financial resources to start a business. Once you start your business, you should gather the right resources that will help in the realization of goals and objectives. The workforce is one of the most crucial resources of a business that has a huge impact on the performance. Therefore, you should look for the right individuals that will carry out all the activities of the business satisfactorily. The hiring process can be challenging, especially if you are a first-time employer. Most first-time employers usually end up with the wrong candidate because of the excitement. here are the guidelines to follow when hiring your first employee, read more now!

In a sole proprietorship, filing taxes is not usually an issue, but if you decide to hire an employee, you should know that your tax obligations will change. For that reason, before you hire your first employee, you should ensure that your business is tax-ready. The IRS requires every employer to withhold and remit taxes from every full-time employee in their organization. One step to take to make your business tax-ready is getting an Employer Identification Number (EIN) from the IRS. click here to learn the steps on how to get an employer identification number (EIN). Besides, you should pay state unemployment taxes apart from federal taxes. An understanding of tax codes is the solution to all the possible errors that might arise when filing taxes for your business.

Establish the position that you need to fill in your small business. Examine your business needs carefully before you start the recruitment process. The tasks available will help in determining the qualification to check when hiring a suitable candidate. Create a vivid job description to ensure that you receive applications from the right individuals. Remuneration and benefits are vital aspects to look into before hiring an employer. The salary that you set for the position should be financially sustainable for your business. The next step in hiring your first employee is advertising the position. Digital advertising platforms such as online job search website and LinkedIn will help in finding the right talent.

Accidents are common in workplaces. In the event of an accident, you will be liable for the damages that will be incurred by your employees. For that reason, you should ensure that you have workers’ compensation insurance. A workers’ compensation insurance is a mandatory requirement if you have more than 2 employees. Read more here about the steps for getting the best workers’ compensation insurance policy.

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