QuickBooks Workshop Video

  It is important to point out that in some cases, small business owners have tax reporting or withholding requirements, even where there is no actual tax liability associated with the business. A good example of a tax reporting requirement is the submission of 1099/1096 issued annually. All persons and businesses are required to report certain payments made to independent contractors. These 1099 and 1096 forms essentially notify the IRS that this professional should be claiming payments received as income. This helps keep people accountable in their reporting of income. The rules defining who should receive a 1099, how much … Continue reading →

  Before you read any further, take a deep breath and remember that there is a reason why there is an entire industry of accounting professionals. If it was straightforward, businesses wouldn’t need an accountant. Your job as business owner is NOT to learn how to implement the rules, but rather what are the rules (overall) specific to your business; and, who is the best person to assist you in properly implementing and following the rules. Hire the right professionals, hold them accountable, ask lots of questions, be proactive, review everything, and focus on your growing your business. The best … Continue reading →

  There is an enormous amount of free or low cost workshops available to small businesses regarding tax subjects. What we have found is that attending some of these free seminars can be like using a firehouse to feed a baby. A lack of information AND too much information both lead to confusion and confusion leads to inaction. Focus on programs that give a simple overview from the view of a small business owner (e.g. SCORE, SBDC, SBA) and concentrate on finding a professional that can make sense of this for YOUR business. Don’t try to figure it out yourself. … Continue reading →

  The most common mistakes we see are: 1)      Most businesses are not in the correct legal entity for optimal tax strategy. Many chose their strategy only from a legal point of view. 2)      Business owners wait for the tax professional to notify you of your tax obligations. In most cases, you have to ask. 3)      Entrepreneurs think that tax preparers have reviewed their books for accuracy. This is not their job and if you read your engagement letters closely, you may notice that they require you to assert to the accuracy of the numbers you are presenting. 4)      Most … Continue reading →