Is Your Current Bookkeeper Measuring Up?

Here are some important dates you need to get on your calendar: By January 31, 2019 Form 940 due – Employer’s Annual Federal Unemployment Tax Return Form 941 Quarterly Reports due Form 943 due – Employer’s Annual Federal Tax Return for Agricultural Employees Form 944 due – Employer’s Annual Federal Tax Return (replaces form 941)…

Hiring your kids to work in your small business can be a great idea. You can teach them the value of a hard-earned dollar and their compensation may be tax deductible, minimizing your business taxable income. Here are some things to consider…Make sure their pay is commensurate with their age, experience, and education. If their…

Often overlooked, receipt keeping is a necessary component of good bookkeeping. Receipts are the primary and easiest way for a business to support all entries recorded on the books and on tax returns. Should the IRS audit your business’ tax return, they will require supporting documentation showing not only the amount paid but a detail…

Business Owners…As we are nearing the close of this tax season, make sure you are taking advantage of every opportunity to cut your tax bill. Business owners can deduct business expenses from the amount of income they earn throughout the year. For an expense to qualify as a “business expense” it must be directly related…

Tax Credits and Tax Deductions are great! Both reduce the amount of taxes you will have to pay at tax time but there is a big difference. Tax DEDUCTIONS reduce your taxable income while tax CREDITS reduce the amount of tax you pay. Why is this important? Well let’s say you want to buy a…

As a business owner, unless your business is accounting, bookkeeping is normally the last item on your to-do list. But is ignoring your company’s finances wreaking havoc on your business? According to an Entrepreneur Magazine article, “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought…