They may be. The IRS’s rules for taxing Social Security benefits could require some studying on your part. If you’ve received Social Security benefits for more than a year, you probably already know the answer to this question. But if you started receiving those government-issued checks or direct deposits in 2016, now’s the time to […]
Anatomy of a QuickBooks Inventory Item
If you have an item-heavy business, you need tools to track your inventory. QuickBooks provides them. When you started your business, maybe you were able to keep track of your inventory by peering in the closet or your garage. As you grew, that simply took too long. But you grew tired of running out of […]
Paying Bills in QuickBooks Online
In a previous column, we talked about setting up bills in QuickBooks Online. Now it’s time to pay them. We recently laid out the benefits of using QuickBooks Online for bill entry and payment. It’s faster than manual methods. It leaves an electronic record of your accounts payable. And it helps ensure that bills are […]
Last-Minute 2016 Tax Tips
April 17, 2017, sounds like it’s a long way off. But December 31, 2016, isn’t. If you haven’t given much thought to your 2016 income tax obligation, it’s time. The holiday season has begun, and the end of the year is approaching. You probably have personal and business to-do lists a mile long. Gifts to […]
Can’t Keep Up with Bills? QuickBooks Online Can Help
There are more pleasant accounting tasks than paying bills, but QuickBooks Online organizes and simplifies this critical chore. How does your company keep track of its bills now? If you’re like a lot of small businesses, you’re still dealing with a lot of paper. You may have a paper or electronic calendar where you enter […]
Charging for Time in QuickBooks Online, Part 2
Last month, we talked about time-tracking setup, single-activity data entry, and user permissions. This month, we’re exploring additional time-and-billing steps. By now, you’ve set up QuickBooks Online for time tracking and entered your first timed activity. If you have employees who only need to get on the site to complete their timesheets, we showed you […]
Tax Planning, 12 Months a Year
We’re halfway through 2016. What do you know about this year’s income tax obligation? Your 2016 income taxes are probably not at the top of your mind in the middle of summer. After all, it seems like you just filed your 2015 taxes (or you put in for an extension). Maybe you made your two […]
Using a Vehicle for Business: Q&A
IRS rules and exceptions abound, but there are some questions we can answer simply. Next to your home, your car is probably the most expensive investment you make. And the costs of paying for and maintaining it can be considerable. Can you recoup some of your investment by claiming vehicle expenses on your tax return? […]
All About the Earned Income Tax Credit
Individuals who are working and who have low-to-moderate taxable income may qualify for this income tax credit. When you think about ways to offset your income as you’re preparing for income tax time, do you primarily consider the deductions you can take? Things like home mortgage interest, charitable donations, and taxes you paid that can […]
Charging for Time in QuickBooks Online Plus, Part 1
You could be losing revenue if you’re not tracking billable time carefully. QuickBooks Online Plus can help. You can’t see time. Nor can you look at hours and minutes to see how many you have in inventory. But if you’re a service-based business, your income is derived from this invisible asset. Billable time needs to […]