How to Use Memorized Transactions in QuickBooks Tired of repetitive data entry? QuickBooks provides a way to save time and keystrokes when you create some transactions. We wrote last month about the benefits of having QuickBooks on your desktop. Among those we listed are three that have impact on every business that uses it. QuickBooks [...]
As a business owner, you may have most of your money tied up in your company – making saving for retirement especially challenging. If you haven’t already set up a tax-advantaged retirement plan, think about setting one up this year. Keep in mind that, if you have employees, they generally must be allowed to participate [...]
Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make that a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some tax breaks, an [...]
July 16 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax, and nonpayroll withholding. July 31 If you have employees, a federal unemployment tax (FUTA) deposit is due if the FUTA liability through June exceeds $500. August 15 If the monthly deposit [...]
You know about QuickBooks but you’re still hesitating. Here’s why you should make the transition. Even if you’re a very small business, you’re at a competitive disadvantage if you’re still doing your accounting manually. You might be doing okay using Microsoft Word for invoices and records and Excel for reports. But many of your rivals [...]
In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so. Employees pay half of the Social Security and Medicare taxes on their wages, [...]