Wow, how time flies. Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2020 taxes. But don’t wait. Get on this now! Do you need a replacement business vehicle? If […]
Payroll Taxes: Who’s Responsible?
Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government. A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will […]
10 Tips for Better Budgeting…
…and how QuickBooks Online can help you with the mechanics. If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to adjust your budget […]
5 Ways to Lower Your SUTA Tax Rate
An employer’s SUTA tax rate is susceptible to fluctuation. If yours is escalating, contrary to popular belief, you actually might be able to reduce it! Check out these five strategies to curb your SUTA tax rate. Because the State Unemployment Tax Act – or SUTA – tax is mandatory, you may think you have no […]
How to Use Rules in QuickBooks Online Transactions
Maintaining your transaction registers conscientiously leads to a clearer understanding of your finances. Last month, we talked about the types of best practices that can lead to more effective use of QuickBooks Online and, ultimately, more thorough knowledge of your finances. The first one was this: Go through your new transactions every day. Categorizing and […]
General Overview of Business Deductions
General Overview of Business Deductions Business expenses are the cost of carrying on a trade or business, and there may be some tax breaks there. But a lot has changed in recent months, and the rules can be complicated. Are there business deductions you can take advantage of? Yes, but first you have to […]