Intuit QuickBooks will change its automated payroll tax withdrawals in the new year. Beginning January 1, 2025, QuickBooks will withdraw payroll taxes when payroll is processed and when taxes owed increase, a difference from its current process of withdrawing payroll taxes when they’re due. You or a company admin must confirm if you wish to continue [...]
Missing the October 15 tax deadline can result in more than just extra paperwork—it can lead to financial penalties and long-term issues with the IRS. Here’s what happens if you miss this important date and what you can do to mitigate the damage. Late-Filing Penalty The most immediate consequence of missing the October 15 deadline is [...]
With one more tax deadline looming this year, it’s tempting to take a well-deserved break from all things tax-related. However, taking a proactive approach now, in the fall, can save you time, money, and stress when tax season rolls around again in the spring. Here’s why a little fall planning can make all the difference: 1. [...]
Introduction Understanding the various tax forms and their specific purposes is essential for individuals and businesses alike. Four commonly encountered tax forms are the W-2, W-4, W-9, and 1099 forms. Each form serves a unique function and must be used appropriately to ensure compliance with tax regulations. In this article, we will delve into the [...]
This article was first published in the Springfield Business Journal's 2024 Giving Guide. As we enter a season of giving, being mindful of tax credit availability can put you ahead during tax season and greatly reduce your tax bill. Both tax deductions and credits can be beneficial in reducing taxes each year. A deduction reduces taxable [...]
Payroll can seem intimidating, especially if your business employs many people, but with a streamlined process, it doesn’t have to be. We’ve highlighted some of the best-practice payroll tips for small business owners. Benefits of Implementing Good Payroll Practices Following good payroll practices helps you to avoid costly errors, such as: Classifying workers inaccurately [...]
No matter what your trade is, you should develop an understanding of the basics of accounting and bookkeeping. These are critical business skills that every business owner should know. Here are 9 useful small business accounting tips that owners should keep in mind. Key Takeaways: Keep records and receipts organized. Set up accounting systems by [...]
If you’re anything like us, you searched the value of gold medals, freshened up on Simone Biles’ achievements, and said, “Bonjour!” more than ever in the last month as you competitively watched the 2024 Summer Olympics. But if you’re wondering about the financial outcomes for gold-medalist Olympic winnings, you’re in the right spot. Do [...]
Navigating taxes can get complex, especially for franchise owners, who must balance meeting rigid tax regulations and the unique demands of franchise ownership, be it royalty fees or franchise taxes. Getting into a franchise is often much easier than starting your own business from scratch, but it has some drawbacks, the two major ones being [...]
Accurately classifying your workers is an important part of keeping your business compliant. Not only that, strategically hiring a mix of 1099 and W2 employees can help you scale your business more quickly. To stay competitive in the free market, you need to maximize your pay structure and choose the payroll structure that is the [...]
