If you’re self-employed, understanding what’s deductible and recording all of your business expenses should be priorities. When you work for yourself, accurate accounting is critical. The IRS pays special attention to tax returns prepared by sole proprietors. Not only does the agency try to determine whether all taxable income has been recorded, but they also […]
How to Use QuickBooks’ New Customer Groups
You can now create groups of customers and automate the process of sending payment reminders. QuickBooks has a new set of tools that can help you deal with what is probably one of your most pressing problems: getting customers to pay. Here’s how to use this new feature. Creating Your Groups QuickBooks has added an […]
Hiring An Independent Contractor? Your Tax Obligations
First time hiring an independent contractor? Here’s what you need to know about taxes. Two months ago in this column, we explained the differences between employees and independent contractors. The IRS has strict rules that you must follow when you make this distinction because there are very different tax rules for each type of worker. […]
How to Track Inventory in QuickBooks
Knowing where you stand with your company’s product count is crucial. QuickBooks can help you stay current. If your company sells physical products, you know how important it is to always be aware of your stock levels. You have to know what’s selling and what’s not. And you need to get a head start on […]
Know Where You Stand: Use QuickBooks Reports
It’s impossible to have a clear picture of where your business is headed without regularly running QuickBooks’ built-in reports. If you’re currently using QuickBooks, you know how it’s transformed your daily bookkeeping practices. You can create sales forms like invoices quickly and actually find them when you need them. Your customer and vendor records are […]
Do You Need To File An Amended Tax Return? Here’s How
If you made an error on a tax return over the last three years, you can amend it by filing an IRS Form 1040-X. It happens more often than you might think. Millions of individuals have to make one or more changes on a tax return they’ve already filed every year. The IRS has a […]
Why You Need Year-Round Tax Planning…
…and tips on how to do it. The IRS may have granted us a reprieve for filing our income taxes this year, but we hope you’re well into your preparation for 2020 income taxes – or finished with them. Tax planning shouldn’t be a task on your to-do list every April. It should start January […]
How to Protect Your Data in QuickBooks
Your QuickBooks company file is gold. Keep it safe from fraud and intrusions. After the unprecedented year we’ve just experienced, the last thing you need is to have your accounting data compromised or stolen. It would be impossible to reconstruct your QuickBooks file from scratch, and you can’t afford to have a hacker steal any […]
How to Customize Sales Forms in QuickBooks
QuickBooks comes with perfectly usable sales form templates. But you can modify content and appearance to make them yours. When you receive an invoice or bill in the mail or online, how much attention do you pay to the way it looks? You might think you don’t, but any communication we receive from the vendors […]
7 Tax Tips for a Turbulent Tax Year
2020 is in the rearview mirror, but your income taxes for the unprecedented year are due soon. Here are some tips. The COVID-19 pandemic affected everything last year, including our health, employment, travel and entertainment, and social activities. It had impact on income taxes, too. Your 2020 Form 1040 had to be modified to reflect […]