It’s a safe bet that state tax authorities will let you know if your business hasn’t paid enough sales and use taxes. But the lines of communication may not be so open if you’re overpaying. For this reason, many business use reverse audits to find over-payments so they can see reimbursements. In most states, businesses [...]
When Congress was debating tax law reform last year, there was talk of repealing the federal estate and gift taxes. As it turned out, rumors of their demise were highly exaggerated. Both still exist and every taxpayer with a high degree of wealth shouldn’t let either take their heirs by surprise. Exclusions and Exemptions For [...]
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 [...]
When you hire someone to work in your home, you may become an employer. Thus, you may have specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance. Here are four questions to ask before you say, “You’re hired.” Who’s Considered a Household Employee? [...]
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 [...]