In a previous article, we discussed how to manually input the entries for your bookkeeping and payroll setup. In this article, we’ll go over a more automated way to this through your payroll processor. Here, we’ll be using ADP to do this. Other payroll processors, however, might have a similar function. You might have to …
How to Automate Your Payroll Bookkeeping with ADP Read More »
If you ever wondered what’s the correct way to do your payroll bookkeeping this article is for you. We’ll go over in detail what to do to do it the right way. This will be helpful to you whether you run payroll for actual employees or just for yourself as a de facto employee. If you’re more …
How to Do The Bookkeeping for Your Payroll Liabilities? Read More »
You might be wondering how to give your accountant access to your bank. If you use Bank of America, you can setup different levels of access for your team. Everyone can have their login ID and password and you can easily delegate a lot of the tasks that you might otherwise have to deal with. …
How to Setup Accountant User For Your Bank of America Account Read More »
Accelerated depreciation methods are one of the many ways you can take advantage of tax deductions. They’ll lower your taxable income and ultimately help you lower your tax bill year-over-year. A capital asset is defined as property the taxpayer holds that is expected to generate value overtime. Over the course of its life it will …
How to Take a Larger depreciation deduction using the Double-Declining Balance Method Read More »
It’s 1099 season and the January 31st deadline this 2023 draws close! In a previous article we went over the 3 easy keys to navigate the 1099 season. In particular we talked about who to send the 1099-NEC (nonemployee compensation) and in which situation. Check it out here. In this post we’ll talk about form W-9, who must …
Overcoming Obstacles During 1099 Season -Dealing with Obstinate Vendors Read More »
If you are a small business and are unsure about who you are required to send 1099’s and 1099-NEC to this January 31st deadline, read on. Since 2020, form 1099-NEC (non-employee compensation) replaces prior years’ Box 7 of 1099-MISC. You could previously report non-employee compensation along with other miscellaneous income using that form, but no …
3 Easy Keys to Understand the 1099-NEC Requirements in 2023 Read More »