As a small business owner, hiring your first employee is an exciting milestone. But it also comes with important compliance responsibilities. One of the most critical is completing Form I-9, the federal form used to verify an employee's identity and authorization to work in the United States. At Basswood, we specialize in payroll processing and financial compliance. While we don't provide HR or legal advice, we want to help you understand your obligations and point you to the

Starting a business often begins with a simple idea, a lot of hustle, and maybe a late-night Google search or two. If you've been running your business as a sole proprietorship or LLC and are feeling the urge to take things up a notch, you're not alone. Many solo entrepreneurs hit a point where they want more structure, more credibility, and a more polished foundation for growth. If that sounds like you, keep reading. Why Formalizing Your Business Matters When you're just sta

Ever feel like your accounting software is speaking a different language? That's probably your Chart of Accounts at work.

Whether you're just moving past the spreadsheet phase or looking to upgrade from your current system, choosing the right accounting software is a critical step in taking your business seriously.

Understanding what actually counts as a business expense is key for keeping your books accurate, as well as for making the most of your tax deductions and avoiding surprises during tax season.

When you hear the word "profit," you might assume it means the money your business has on hand. But in accounting terms, profit refers to the amount left over after you deduct qualified expenses from your business's income.

If you've ever wondered whether your business should graduate from solo operation to something a little more official, you may have heard about the elusive S-Corporation (S-Corp). It's on of the most accessible and beneficial structures available for small business owners.

Hiring your first employee is a major milestone and a big responsibility. This guide walks you through the payroll basics every small business owner needs to know.

Building your team starts with understanding how to classify your workers. Small business owners may think they can save time and money by classifying their workers as independent contractors, rather than employees. But this poses legal, financial, and ethical concerns that can hinder the success of the business. Let's take a look at the key differences between employees and contractors, review the latest Department of Labor rules, and help you make the right choice for you b