As a merchant, you do not have to report credit card income if it less than $20,000 for the year and the total number of transactions is less than 200. However, banking institutions and other financial service providers must report the total gross amount for credit and debit cards for the year for every merchant. So, this means, that as a …
As a small business owner you may be wondering which software you should use to do your bookkeeping. As you walk down the aisles of any office supply shop or computer store you may notice that there are several programs from which to choose. There is QuickBooks, Peachtree, and several other choices. Have you been wondering which software accounting professionals …
What do you think of when you hear “tax deadline”? Most people think of April 15th. But for the business owner, March 15, 2012 is a date not to be forgotten. Corporate tax returns(Forms 1120, 1120A, and 1120S), are due on March 15. If you are not filing your return on Mar. 15, you must file for an automatic 6 …
The 2011 year brought a new tax requirement for landlords. All landlords who receive $600 or more per year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people. This rule change applies to both residential and commercial property. Prior to 2011, this requirement …
1099-K…and the amounts found on this form must be reported. This is actually NOT a new tax- it is more like a way to improve compliance among businesses accepting payment cards and/or payments accepted from a third party settlement. Thanks to a provision in the Housing Assistance Tax Act of 2008, the House Ways and Means Committee have found that …
If you have a trade or business that is reported on a Schedule C (Profit or Loss from Business) or Schedule F(Profit or Loss From Farming) on your individual tax return, you may have payments that need reporting on Form 1099. The most common types of payments are rents and services. These are required to be reported if you were …
Outsourcing. What exactly does that mean? It can’t possibly be like the TV show “Outsourced”, or can it? Nope! That is not what we mean by outsourcing. Outsourcing is when you, the  business owner, use an accounting firm to record your financial information, such as check stubs, bank statements, and credit card statements. All this information is then turned into a financial statement. …
Are you one of the many business owners struggling with the idea of hiring a bookkeeper? Have your accounting and taxes become more complicated over the last few years? Are you tired of not being able to work on growing your business? Would it make better sense…and cents, to hire someone to do the everyday bookkeeping for you? Are you beginning …
Hopefully, you had a chance to think about the information I posted last week. If you have are doing your own business bookkeeping and you don’t have an accounting degree, perhaps you realize that you’ve bitten off more than you can chew. Clients frequently tell us they thought they could figure out how to do their own bookkeeping.  Their goal is …
Good record keeping is important to any business!  Ã‚ Actually, it is one of the most important pieces to running a successful and profitable business! Who is doing your accounting? Are you doing the bookkeeping, or is an in-house accountant, or an accounting firm? Whomever is doing your bookkeeping Ã‚ should be experienced and knowledgeable in tax accounting rules and accounting software…whether it is a …
