QuickBooks saves time in countless ways, one of which is its ability to memorize transactions. Are you taking advantage of this feature? One of the reasons you started using accounting software, among many others, was to save time. And QuickBooks has complied. Once you create a record for a customer, vendor, item, etc., you rarely [...]
If you are a small business owner, here is a list of organizations that may have tools, information, and other resources to help your business grow. Business USA (Business.usa.gov). The mission of Business USA is to be a centralized, one-stop platform for businesses to access government services to help them grow and hire. Business USA [...]
CORPORATE ANNUAL MEETINGS ARE IMPORTANT Generally, one of the requirements for maintaining a corporation’s existence (and the liability protection that it affords) is that the shareholders and Board of Directors must meet at least annually. Although most people view this requirement as a necessary evil, it doesn’t have to be a waste of time. For [...]
TIPS FOR BUSINESSES THAT OUTSOURCE PAYROLL DUTIES Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents (often referred to as service bureaus). Reputable payable service bureaus can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf [...]
TAX IMPLICATIONS OF INVESTOR OR TRADER STATUS Most taxpayers who trade stocks are classified as investors for tax purposes. This means any net gains are going to be treated as capital gains versus ordinary income. That’s good if your net gains are long-term from positions held more than a year. However, any investment-related expenses (such [...]
MAKING YOUR HOBBY A BUSINESS Taxpayers often enjoy their hobby activity more than they do their job. In many cases, they invest a great deal of time and money, and some eventually make their hobby a full or part-time business activity. Unfortunately, the IRS has a lot to say when it comes to the business [...]