Standard Mileage Rates for 2020
Starting January 1, 2020, the standard mileage rates for the use of a car, van, pickup or panel truck are as follows: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019 17 cents per mile driven for medical or moving purposes, down three cents from […]
Employer Benefits of Using the EFTPS
Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an outside payroll service provider to do it on their behalf. Background Many employers outsource some […]
Tax Advantages of S-Corporations
Tax Advantages of S-Corporations As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it’s always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must […]
Options for Receiving Payments in QuickBooks
One of the reasons we like QuickBooks is because it uses language and processes that are familiar to small business people. Instead of using the term “accounts receivable,” it has a menu label that says Customers and menu items that use phrases like Create Invoices and Receive Payments. You would have to go into the […]
Tips for Getting Paid on Time
Have you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. While some tips discussed here may not be suitable for every business, most can serve as general guidelines to give […]
Tracking Jobs in QuickBooks: Part 2
Last month, we showed you how to start building a foundation for tracking jobs in QuickBooks. We explained that you can use the software’s jobs tools to track income and expenses for any related group of items and/or services (you can think of them as projects, if you prefer). We covered three elements of preparing […]
Fringe Benefit Deductions Change; Affect Business
The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses such as deductions for fringe benefit, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are: Transportation fringe benefits. The new law disallows deductions for expenses associated with qualified […]
The Qualified Small Business Stock Exclusion
As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about […]
