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How to Prepare for Your Tax Preparer It’s tax season again and time to meet with your tax preparer. With this in mind, included below are few simple steps to help you prepare for that meeting. This is an easy system and one that will make taxes seem less
Bookkeeping Responsibilities and the IRS Since bookkeepers and outsourced bookkeeping services providers are generally the ones responsible for managing all of a company’s records, they are often placed in the position of having to communicate with the IRS on behalf of their employer or client. This being the case, it is important that the
IRS Announces Payroll Tax Initiative The IRS recently announced the introduction of a new program specifically designed to help businesses with payroll tax compliance. This plan of action, called the Early Interaction Initiative, is designed to identify and notify employers who fall behind on their payroll tax obligations. Once identified, the program includes follow up
Focus on Payroll Taxes Payroll taxes, also called employment taxes, are those taxes that employers are required to pay based on the compensation of their employees. They include federal and state income taxes withheld from employee paychecks, FICA (Social Security and Medicare) taxes and FUTA (federal unemployment) taxes. Because they include money that actually belongs
Section 179 in a Nutshell The Section 179 Deduction is a $25,000 tax deduction that applies to both new and used business equipment and off-the-shelf computer software that is purchased and put into service during 2015. Up to this cap amount, it allows business owners to write off the full purchase price of such items
Bookkeeping not a Favorite Task of Small Business Owners A recent survey of more than 500 small business owners showed that bookkeeping services was one of their least favorite tasks. The survey, conducted by TD Ameritrade, showed that 68 percent of small business owners liked interacting with their clients and customers, while only 15 percent
End of the Year Bookkeeping Tasks Although current and accurate financial records are important all year long, they are even more important as the end of the year approaches. A precise year end accounting of a company’s financial situation is essential to tax planning, tax preparation, assessing profitability and developing long range financial goals. This
Bookkeeping for the Self-Employed Bookkeeping for the Self-Employed: The bookkeeping concerns of the self-employed are numerous and complex. Independent contractors, sole proprietors and other self-employed individuals are allowed to take certain tax deductions that are specific to their entity structure. These deductions include such items as home office expenses, car expenses, health insurance premiums and self-employment
Tips for Your Small Business Bookkeeping System Tips for Your Small Business Bookkeeping System These Helpful Tips will Enhance Your Small Business Bookkeeping System Tips for Small Business Bookkeeping – A company’s bookkeeping services arm is one of its most important components. It is a key element of its profitability and long term success. All of
New Focus on Fixed Asset Retirement – Keeping up with fixed asset depreciation and retirement is a bookkeeping function that is often overlooked, especially in companies that are too small to have a designated fixed asset manager. However, in light of new tax legislation that went into effect on January 1, 2014, fixed asset