It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS. WHY LOANS ARE BETTER When an owner withdraws funds from the company, the transfer can be characterized as compensation, a distribution [...]
Setting Up Sales Taxes in QuickBooks, Part 1 If your business is required to collect and pay sales taxes, you can use QuickBooks’ tools to help you meet those obligations. Next to payroll, state sales taxes represent probably the most complex element of your accounting tasks. QuickBooks can help with the mechanics, but there’s a [...]
October 15 Personal federal income tax returns for 2018 that received an automatic six-month extension must be filed today and any tax, interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for [...]
When you read the phrase “disaster prep,” you may envision bottled water and boarded-up windows. But information is also a critical asset to have the following a natural or manmade catastrophe. Here are four specific types of information you need: Personal identification records. These documents will enable you to prove the identity of your family [...]
Classifying a worker as an independent contractor frees a business from its portion of payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government [...]
There’s more than one way to bill customers for your products and services. A statement charge is one of them. Depending on what kind of business you have, you probably have a preferred way of billing customers. If they walk into your shop and present a credit card or cash, you create sales receipts. If [...]