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. …
Jan 6 – Deposit payroll tax for payments on Jan 1-3 if the semiweekly deposit rule applies. Jan 11 – Deposit payroll tax for payments on Jan 4-6 if the semiweekly deposit rule applies. Jan 13 -Deposit payroll tax for payments on Jan 7-10 if the semiweekly deposit rule applies. Jan 17– Individuals: Pay the installment of your 2011 estimated tax. …
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 …
Are you in âہ“shock†over your business’s cash flow? Are you wondering,âہ“What do I do with too much cash?†or âہ“How do I make MORE money?†Experienced professional accountants can help you overcome the shock! In a medical situation, treating for shock includes the lifesaving steps of providing food, rest and encouraging words.In business,shock treatment includes analyzing gross profit margins. You must …
Once you have the “tax bleeding“ under control, take action and protect the wound. “Protecting the wound” in business involves looking at the cash balance in your company’s checking account. Cash is the lifeblood of a company!  Just as the human body requires a certain amount of blood for proper functioning, your business needs a certain amount of cash to …
Ok, you’ve stopped the bleeding from high overhead cost. So why are you still hemorrhaging cash? It could be due to TAXES.  The typical business pays most of these taxes: Income Tax (highest rate of 39%) State Income Tax FICA, or self-employment, taxes (highest 15.3%) Property Tax (about .1% of assessed value) Unemployment Tax (6.2%) Sales Tax (about 9% in LA) …
