How to Clean up QuickBooks for 2020
Yes, it’s here again: a new year. Whether you have a few tasks left or have already closed out the books for 2019, it’s always good to double-check everything and make sure that you have: Processed every 2019 transaction (or that you know why you can’t). Dealt with all your 2019 financial data to give […]
Opportunity Zone Guidance Finalized
Final regulations were recently issued regarding details about investment in qualified opportunity zones (QOZ) that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019. The final regulations provide additional guidance for taxpayers who are eligible to make an election to temporarily defer […]
Reminder: Use Correct Forms to Pay Employment Taxes
Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return. A small business files one or the other; these two forms are not interchangeable and the employer should never flip-flop between the two forms on their own. […]
Starting a Home-Based Business
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs – home-based business people. And, with technological advances in smartphones, tablets, and iPads […]
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 […]
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 […]
Backing Up Your QuickBooks File?
Everyone has lost computer files. A Word document here, part of a presentation there — maybe even a spreadsheet. It’s maddening. But usually work can be reconstructed. Lose a QuickBooks company file, though, and you’re in a world of hurt. It would be nearly impossible to rebuild your customer, vendor and product/service lists with the […]
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 […]
