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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Homeowners Tax Tips

September 17, 2014 by Ed Becker

Homeowners are eligible for more tax benefits than renters, but you don’t just get these handed to you by the IRS. There are very specific deductions and paperwork that need to be filled out in order to claim these benefits. You will want to research new tax guidelines and laws each year before filing. Mortgage […]

Independent Contractor or Full Time Employee? Bookkeeping Tips and Strategies

October 23, 2013 by Ed Becker

In terms of bookkeeping, the difference between full time employees and independent contractors is essential knowledge for small business owners. Incorrectly classifying your workforce could lead IRS penalties, costly lawsuits, or both. How to Classify an Independent Contractor The primary identifying feature of independent contractors is their ability to control the method in which work […]

Prevent Employee Theft with QuickBooks

April 22, 2013 by Ed Becker

All businesses, particularly small business are vulnerable to employee theft or embezzlement. It makes sense to ensure that you take steps to minimize and prevent theft opportunities. American businesses loose over $50 billion annually due to employee theft according to the US Department of Commerce. The first basic rule would be to select your employees […]

What Expenses Can I Deduct as a New Business?

November 30, 2012 by Ed Becker

New business owners want to sleep soundly at night, but sometimes an endless array of questions circles in their heads as they prepare the logistics of operating a new business. Typical questions that startup business owners ask are: What type of entity do I set up? Where do I incorporate? Can we hire subcontractors? Does my […]

You Can Help Employees Hit By Hurricane Sandy-Tax Break.

November 13, 2012 by Ed Becker

As a small employer located on Long Island the devastation and impact on people’s lives here can not be explained in words. The goodness in people is abundant everywhere you look, neighbors taking in neighbors, charities being created, food and clothing centers springing up over night, and now the time for employers to step in […]

What Size CPA Firm Is Best for My Business?

October 31, 2012 by Ed Becker

As your business starts to expand, the need for expertise from an outside advisor, either a CPA or accounting services firm, becomes more critical.  You can no longer piece together your accounting records once at the end of the year and know what is going on with your business. You need useful, accurate information every […]

How To Clean Up Accounts Receivable in QuickBooks?

October 19, 2012 by Ed Becker

Ever scratch your head while looking at a  journal entry made by your CPA, especially one that leaves items unmatched within your A/R ledger? You may see a corresponding invoice and payment in the A/R ledger that net to a “zero” balance, so why are they even sitting there on an A/R report?  Shouldn’t they […]

Should I Hire a Payroll Service or Do it Myself?

August 22, 2012 by Ed Becker

Unless you are a payroll expert, we strongly recommend using a payroll service.  Here’s why: A small business owner who is concerned about growing his or her business doesn’t have the time to keep up with the rules & regulations of payroll, especially in a multi-state environment.  Yes, all new businesses are concerned about the cost of a […]