In the eyes of the IRS, “dependent” can mean much more than a biological child who lives with you. Numerous individuals may depend on you for financial support. You might be sending money to a niece to help her through college or occasionally paying bills for an aging parent. And there are always those college […]
Are You Using QuickBooks’ Reminders?
We can’t emphasize this enough: QuickBooks’ Reminders can prevent countless problems with your finances. How do you know when it’s time to pay a bill or follow up on overdue customer payments or print payroll checks? If you’re still using a paper calendar and sticky notes and file folders, there’s a good chance you’re missing […]
Working with QuickBooks’ Vendor Records
It’s important to maintain good relationships with your vendors and suppliers. QuickBooks helps you track your interaction with them. QuickBooks never forgets. That’s one of the reasons you use it. You create a record or transaction, enter a note about a customer, or write a check, for example, and the information gets stored in your […]
Missed the 2016 Tax Deadline? Filing a Past-Due Tax Return
You missed the April filing deadline. What now? For whatever reason, you didn’t file an income tax return by April 18, 2017. Don’t wait until next year, and don’t think that the IRS won’t notice. You need to do something about it now. If you didn’t file because you didn’t think you’d have enough money […]
Creating Customer Statements in QuickBooks
Invoices not being paid promptly? Customers questioning their payment history? Create statements. Let’s say you have a regular customer who used to pay on time, but he’s been hit-and-miss lately. How do you get him caught up? Or, one of your customers thinks she’s paid you more than she owes. How do you straighten out […]
How Do You File an Amended Tax Return?
Its’ easy to make mistakes when you’re doing your own tax preparation. The IRS has a special procedure for fixing them. That sense of accomplishment you feel after you’ve filed your income taxes can turn quickly to dread if you realize later that you made a mistake. What do you do now? The IRS knows […]
Preparing for 2017 Taxes: 5 Things You Can Do Now
Your income tax obligation needs to be on your mind year-round. Here are some ways you can get a jump on your 2017 taxes. Summer’s over. The kids are back in school. And soon, there’ll be only three months left in 2017. If you haven’t started thinking about how to minimize your income tax obligation […]
Using QuickBooks’ Income Tracker
QuickBooks provides numerous ways to learn about your company’s health. Income Tracker is one of the most effective. You can get an enormous amount of useful information from QuickBooks’ reports – especially if you customize them to isolate the precise data you want. Reports included with the software range from the very simple, like Open […]
Tax-Deductible Expenses: Are You Recording All of Them?
2017 income tax preparation seems a long way off. Make it easier by tracking all the deductions you can take. You’ve heard it said before: Tax planning should be a year-round process. It’s so true. Your life will be a lot easier early next year when all your tax forms start rolling in. Forms like […]
Hired Your First Employee? Your Tax Obligations
It’s a major milestone for you, but it comes with a lot of paperwork that must be done correctly. Bringing a new employee into your business is reason to celebrate. You’ve done well enough as a sole proprietor that you can’t handle the workload by yourself anymore. Onboarding your first worker, though, comes with a […]