Year-End Small Business Checklist
Don’t get caught at year-end with nasty surprises. Read our post about how to prepare for next year.
business
How To Choose Your Payroll Service
Whenever I mention payroll to business owners I see the telltale signs of them “checking out” mentally, and it’s not surprising! With terms like FICA, Workers Comp, Unemployment and ObamaCare, it’s no wonder small businesses are confused and sometimes just downright disgusted by it. In fact, we often tell clients that if they get one …
Business Receipts: When & How To Keep them
If you’ve been in business for any amount of time, you’ve probably heard something about keeping your receipts. And we’ve heard some good myths about when and when you don’t have to keep them. We’re here to set the record straight and tell you exactly when you need to keep receipts. First, let me explain …
Make the Switch from QuickBooks to Xero: Step 1
QuickBooks giving you a headache? Or maybe you’d rather listen to nails on a chalkboard rather than do your accounting. Either way, switching to Xero Accounting will set you on your journey to an easy, and even enjoyable way to get your accounting done. Even if you are paying an accountant to do this for …
The Home-Based Business: Basics to Consider
More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based businesspeople. And, with technological advances in smartphones, tablets, and iPads as …
It’s Not Too Late to Make a 2012 IRA Contribution
If you haven’t contributed funds to an Individual Retirement Arrangement for tax year 2012, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date for filing your tax return for 2012, not …
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6 Overlooked Tax Breaks for Individuals
Confused about which credits and deductions you can claim on your 2012 tax return? You’re not alone. Even in an ordinary tax year, it’s hard to remember which tax breaks you can take, but the fiscal cliff fiasco this year made it even more difficult to keep everything straight. With that in mind here are …
7 Common Small Business Tax Misperceptions
One of the biggest hurdles you’ll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux making the Internal Revenue Code barely understandable to most people. The old legal saying that “ignorance of …
6 Tax Changes That Benefit Taxpayers for 2012
Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA), many tax provisions that expired in 2011 were retroactively extended (or made permanent) that are of benefit to taxpayers filing 2012 returns this year. Here are six of them: 1. Education-Related Tax Deductions ATRA extended, through 2017 and retroactive to 2012, two …
1099’s: 5 Key Reporting Changes for Businesses
According to the IRS, under-reporting of income is the biggest contributing factor to the IRS tax gap–the amount owed by individuals and businesses versus the amount that was actually paid in taxes. In 2006, the most recent year for which data are available, under-reporting across taxpayer categories accounted for an estimated $376 billion of the …