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How to Get Your Small Business Tax Ready | Reporting Cost of Goods

  Last time we shared that reporting all income is the first step in getting your small business tax ready. The second step in ensuring that your costs of goods are reported accurately.   How to Calculate Cost of Goods Sold   Cost of goods sold is where you take into consideration your inventory.  Your

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How to Get Your Small Business Tax Ready | Reporting All Income

  In the next few weeks will be focusing on getting your small business tax ready. We will provide professional tips to help small business owners prepare to file their 2012 taxes.   The first step in preparing your businesses taxes is to report all of your earned income.   Reporting All Income:   All

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Simple QuickBooks Tips – Part IIII

Customize QuickBooks with these simple changes.   QuickBooks View Have you setup your QuickBooks icon bar or does it still have the numerous QuickBooks elements pictured? You will find customizing your icon bar under the heading View. With this tool you can take off the icons you won’t use and add items you will use.

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Simple QuickBooks Tips – Part III

Customize QuickBooks with this simple change relating to 1099s.   1099s in QuickBooks Companies that provide services to your company may require 1099s at year end.  Preferences is where you need to turn this on and setup the accounts that you want checked for preparation of the 1099s. Some of the accounts most often used

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Simple QuickBooks Tips – Part II

Customize QuickBooks with these simple changes. QuickBooks General Tab If you are a tab person, that’s great. But if you are continually hitting enter instead, like me, on the general tab you will find a check box for pressing enter to move between fields. The only drawback is you need to use the F keys

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Simple QuickBooks Tips – Part I

  Customize QuickBooks with these simple changes.   Setting Your Preferences Preferences can be found by going to the top of the QuickBooks Main Page. Select “Edit,” and “Preferences” “My Preferences” can be set by each user. This will control how the individual user interacts with QuickBooks. “Company Preferences” are set by the administrator (if

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Form W-9

  Upon hiring a company or individual to perform services to be used by your company or at your rental property, you need to receive a Form W-9 from each. If you are in the service industry as an independent contractor, you will need to fill out a W-9 form for each of your clients

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Understanding List Categories in QuickBooks

  List categories is a misunderstood area of QuickBooks, here are some hints and explanations. ITEMS List    If you invoice your clients you will need to setup items. You will need one item for each sales account you have setup in your chart of accounts. Item Types The item type you choose depends on what

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Quarterly Reporting

  Monthly you may have to deposit federal and state withholding taxes. Federal rules state you need to deposit monthly if the total employee deducted and employer tax due is more than $2,500 total in a quarter. Review the rules for depositing funds carefully. If not paid according to the rules, penalties and interest apply

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How to Pay Your Employees

  The last few weeks we have been discussed “When to Hire an Employee,” whether you “Should You Hire an Employee or an Independent Contractor?”, and “Laws and Forms Needed When Hiring a New Employee”. This week will discuss how to pay your employees. Hourly Paid Employees If you have chosen to pay your employee

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