Profit Sharing Plans | Tulsa Business Consulting | OKC Tax Services

Profit sharing plans allow employers to make discretionary contributions to an account for each employee based on a set formula. Profit sharing plans are used by large and small businesses alike, although they do require employers to file Form 5500 once a year. Allocating Funds Although employers are given the discretion to decide how much… Read More

What is a 401(k) Plan? | Lawton Financial Services | Tulsa Business Consulting

The 401(k) plan is an arrangement that allows employees to choose between taking compensation in cash or deferring a percentage of it to an employer-sponsored retirement account. If an employee chooses to defer, the amount will be deducted from his or her paycheck before taxation. All 401(k) plans must adhere to the federal regulations contained… Read More

Individual Retirement Accounts | Tulsa Business Consulting | Oklahoma City Tax Services

Individual retirement accounts (IRAs), allow an individual to save money for retirement on a tax-deferred basis. It can be difficult to organize investments, choose the right type of retirement account, and pay all necessary taxes, so if you are an Oklahoma resident and have questions about planning your own future, it is crucial to speak… Read More

Filing 940 and 941 Forms | Tulsa Business Consulting

Most business owners are required to file Form 940 and Form 941 each quarter. Failing to submit the appropriate documentation can lead to significant fines, so if you are a business owner and have questions or concerns about tax preparation, accounting, payroll, bookkeeping, or other financial issues, it is important to contact an experienced team… Read More

Time Clock Solutions | Tulsa Payroll Services | Lawton Payroll Services

In the past, most companies used manual methods of timekeeping to ensure that the payroll process was completed properly. However, as technology has improved, more and more businesses have begun using web and software-based programs. This has helped increase efficiency and accuracy in both large and small businesses across the nation. It can be difficult… Read More

Filing W2s and W3s | Tulsa Business Consulting | Oklahoma City Business Services

Filing the appropriate forms with the Internal Revenue Service (IRS) is of the utmost importance for owners of both large and small businesses, so if you have questions about whether you need to file W2s or W3s, it is critical to speak with a company that is well-versed in financial management. Who Needs to File… Read More

Direct Deposits | Tulsa Financial Services | Oklahoma City Tax Services

Some employers issue physical paychecks to their employees, whether on a bi-weekly or monthly basis. However, more and more employers have begun using direct deposits to pay their employees. One of the most attractive characteristics of direct deposits is that they eliminate the risk of losing a paycheck or having it damaged or stolen. For… Read More

Importance of Accurate Timekeeping | Tulsa Business Consulting

Under the Fair Labor Standards Act (FLSA), businesses are required to adhere to specific record keeping practices. The law allows employers to use any method of timekeeping they choose, which could include utilizing a time clock, employing a timekeeper, or requiring workers to record their own times. To satisfy the law, a timekeeping plan need… Read More

Reviewing and Adjusting Prices | Oklahoma City Business Financing | Tulsa Financial Services

Prices are constantly changing for the goods and services and we all use on a daily basis.  For example, the price we pay for gas can change every day.  Gas and other commodities are the extreme examples of fluctuations in price.  However, it is important for every business to review pricing and adjust prices on… Read More

Personal Financial Statement | Oklahoma City Accounting | Tulsa Tax Services

What is a personal financial statement? The bulk of a personal financial statement is a list of all of your personal assets and your personal liabilities at one particular point in time.  It is similar tour your company’s balance sheet.  For example, the asset section of your personal financial statement lists all of your personal… Read More