Accounting guidelines for holiday parties, gifts, and bonuses ‘Tis the season for giving. During the holidays, many businesses reward their employees’ efforts with holiday parties, gifts, or bonuses. Are you correctly accounting for these expenses? If not, you may be missing out on considerable business deductions. By properly managing your books during this season of… Read More »
In recent years there have been some significant changes to the rules regarding issuing a 1099-MISC Form. It used to be easy. If you paid someone $600.00 or more you needed to send them a 1099-MISC (Ok, so that is a bit of generalized statement) by January 31st, and the IRS copies by February 28th.… Read More »
You may think that you don’t have to worry about the filing deadlines for your W2s or Form 1099s because you have a payroll company taking care of this for you. And for the most part you’d be correct. However, it is the employer’s responsibility to make sure that every So, what changed? Up until… Read More »
On December 1, 2016 new overtime rules go into effect for salaried employees. Wait, salaried employees don’t get overtime, right? Not exactly, the previous rule stated that a salaried employee making more than $23,660 per year was exempt from overtime. However, the majority of salaried employees are hired at a higher annual salary than that… Read More »
Over the years when I’ve spoken with sole proprietors & independent contractors about their bookkeeping system, there have been a few that tell me “Oh, I just keep track of my funds through my bank website. I’m too small to have to do any actual bookkeeping.” I’m sorry to be the one to tell you… Read More »
If you’ve read even one “Bookkeeping For Small Business” article or blog post you know that the one of the first pieces of advice is to keep your personal and business funds separate. Yes, this can be easier said than done, but it is essential for running a successful and profitable business. But this isn’t… Read More »
If you are like most small businesses, you have two sets of files going through March. Last year’s files are still in your cabinets and you’ve started creating this year’s files. For many the system is one that has been developed, changed, honed, tweaked, changed again, tweaked again, and again and again until you’ve found… Read More »
I’ve encountered it a few times over the years. I meet a business owner and he or she are in a terrible position. They had experienced a downturn in business, or had over extended themselves in Accounts Payable, or for any number of reasons found themselves with a lack of cash. So, they made the… Read More »
It is that time of year again, Form 1099s are being worked on, many may have already been sent. So, if you are a new business owner, or one who hasn’t been “as good about this as I should be”, here are some guidelines for sending out your 1099s. Please note, in this blog piece… Read More »
I’ve received them, my clients have received them, friends have received them. Phone messages that state you owe the IRS money and a sheriff (or other legal authority, or legal actions such as liens) will be arriving at your door imminently if you don’t clear up the balance due NOW! So, in order to avoid… Read More »
