Your Back Office Is Just Around The Corner!
Small business bookkeeping comes with enough stress already. The last thing you want to worry about is the right software to use. QuickBooks has been and remains the #1 small business bookkeeping software. However, that doesn’t stop other web-based solutions from rising, not to mention the new and improved Peachtree 2012 that is trying to compete with QuickBooks (2012 version [...]
The kind and amount depends on the business. Start with insurance on the owners, a kind of small business home-owner’s policy covering fire losses and some liabilities. Additional coverage may be needed. Check your state’s insurance department website for state requirements. The Small Business Administration (SBA) recommends a free “risk assessment” by an agent to [...]
When you request a credit or refund of an overpayment using Form 941-X, the IRS first checks your EIN for outstanding taxes, penalties or refunds. Even if there are none, it may decide to examine your request. In other words, there is a real chance the credit you requested may not be available, or may [...]
S took depreciation deductions for his buildings (rental properties) but not land. The basis (depreciable cost) of each building was based on allocation of value to the buildings v. the land made by his tax preparer. The IRS disputed the allocations and reduced the deductions, claiming too little value was allocated to the land. Held: [...]
Why do you need a bookkeeper? What exactly does a bookkeeper do? Do they process day-to day transactions? Do you really understand bookkeeping? Do you know how to get the most out of it? Does every business need to hire a bookkeeper? Yes, a bookkeeper processes daily transactions, pays your bills, and balances your “books.” However, in addition to [...]
Are you thinking about hiring summer help? An intern? Read below for payroll tips on summer help: Paid holidays and vacations Under federal law, paid holidays for part-time and summer help are optional (any time of year), but check your state laws. No paid vacation is required—but if you provide paid vacation, some federal and [...]
Problem: Sara asks you if she should submit a new W-4 (she is worried about underwithholding or has a new allowance to add or deduct, etc.). You are uneasy about giving tax advice (and you should be). What can you do? Solution: Direct her to the new IRS Withholding Calculator. Tell her to go to [...]
Reimbursements are nontaxable to employees—excluded from gross income and exempt from FITW, FICA and FUTA—under the following conditions: · A specific business benefit is expected to result from the discussions immediately before, during, or immediately after the meal or event, such as a meal with a business person to discuss the employer’s products/services. · The [...]
Because credit applications are given during the “honeymoon” (most friendly period), this is the best time to ask important questions.” A credit application helps your company avoid bad risks only if it asks the right questions and the prospect fills in all of the blanks. Make sure your credit application asks: • What is the [...]
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