Preventing Data Theft in QuickBooks
Be proactive about the security of your QuickBooks company file, and you’ll be less likely to encounter data theft. Thanks to the internet, privacy has been on the wane over the last few years. We assume that our addresses and phone numbers are public information, thanks to sites like Switchboard and 411.com. We hopethat our dates of […]
Things Get Lost Or Forgotten Over Time
Things get lost or forgotten over time. Take a minute … Make a list of all your assets and their beneficiaries– Retirement Accounts Bank Accounts Investments Insurance Policies Also make a list of all your online logins and passwords– Bank Accounts Credit Cards Cell Phones Social Media and other Website Accounts Keep your lists in […]
Reasonable Comensation for Sub S Shareholders
This is a HOT button for the IRS. We want less compensation and more distributions to keep payroll taxes lower; the IRS wants the opposite. We have formulas and ideas to protect you. First, get over yourself and take salary and it has to be different than $24,000 or $36,000. This shows the number is […]
Accounting for Time in QuickBooks
If you sell services to your customers, you’ll need to understand how to use QuickBooks’ time-tracking features. Small businesses that sell products have to do a constant balancing act. Keep too much inventory on hand, and you’re sitting on potential profits. If you don’t order enough and you run out, your customers may go to […]
Reminder: First Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment. Despite the individual tax filing due date being delayed until May 17, 2021, there is no delay in paying first quarter estimated tax payments for the 2021 tax year. So it is time to review your tax situation for the 2021 tax year and make an estimated quarterly tax payment using Form 1040-ES.
Navigating the New 2021 Child Tax Credit: What You Need To Know
The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: