Affordable Bookkeeping Services For Small Business Owners

Bookkeeping Services You Need

The Standard Deduction

What is a deduction? A tax deduction lowers your amount of taxable income. In other words, it is an amount that you get to subtract from your total income before taxes are calculated, lowering the amount of taxes you have to pay. When filing your taxes you have two choices, you can take the standard […]

What is Form 1099-NEC and how is it different from Form 1099-MISC?

You may have been familiar with form 1099-MISC in the past, but in 2020 its use changed a little as form 1099-NEC was introduced. Today, if you are an independent contractor or a business that hires independent contractors, you must be familiar with form 1099-NEC. What is the form 1099-MISC used for? Form 1099-MISC, prior […]

Everything you need to know about tax brackets

Once tax time rolls around one of the most important things you need to know is what bracket you fall into. These brackets are used to figure out what tax rates you will be paying. This article will go over how to figure out which tax bracket you are in and some other helpful tips […]

The IRS 1099-NEC Form

If you have ever outsourced some of your business’s tasks, or if you are a freelancer or an independent contractor, you may be aware of the IRS 1099-NEC Form. This article will go over what a 1099-NEC is, when the form is required, and how to fill it out. Form 1099 When you are first […]

Tax Worries

It is reasonable to understand why business owners typically hate taxes; it can be a very complicated task. Unfortunately, it is also the reason why too many of them tend to take a reactive approach to taxes rather than a proactive approach. You should be reviewing your tax situation on a semi-annual, if not quarterly […]

1099 vs W-2

When it comes to employees, choosing whether to make them W-2 employees or to pay them on a 1099 basis is part of the hiring process.  Typically, anyone doing work for you on a daily basis for the foreseeable future would be an employee and taxes would be filed by them with a W-2.  1099 […]

IRS Depositing Rules

As mentioned in a previous article, certain amounts from employee wages are deducted and sent to the IRS for Social Security and Medicare. When an employer deposits these amounts, there are certain rules established by the IRS which must be adhered to. Whenever deductions are taken out of an employee’s pay, this amount is a […]

Charitable Donations and Taxation

Donations made to tax exempt organizations often qualify as charitable deductions on income tax returns. Donations made to 501(c)(3) organizations such as churches, schools, and charities typically qualify as charitable donations, while donations made to 501(c)(4) organizations such as social groups, sports clubs, political advocacy groups, and retired professionals organizations do not qualify. Note that […]

Sales Tax in QuickBooks Online

When adding customers in your QuickBooks Online account it is important to identify them as taxable.  This will calculate taxes based on their location’s tax rate.  Making sure your customers are set up with the proper tax codes will make determining your monthly, quarterly, or yearly taxes due a seemingly automated process. To set the […]

Estimated Taxes

If you are self-employed, you are probably left with the responsibility of paying your estimated quarterly taxes.  These taxes come from your next year’s tax liability not being covered by your income tax withholding.  You will need to know what amount to pay, when to pay it, and what form to use. The form you […]

Get Your First Month of Bookkeeping for FREE!