OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
7 Simple Tax Breaks Small Businesses Always Overlook
August 19, 2013 by Ed Becker
Tax return preparation is a daunting task for Fortune 500 companies and sole proprietors alike. Every business has a unique financial strategy, but one goal is consistent across the board – pay less taxes! There are literally thousands of potential breaks hidden in federal tax code; it just takes some digging to find them. Let’s […]
Dealing with Seasonal Cash Flow Dilemmas
August 9, 2013 by Ed Becker
Virtually all businesses encounter cash flow setbacks at one point or another. Pool maintenance services are hit hard during the winter months, retail shops see sharp declines after the holiday season, and most tax preparers close up shop after the April 15th deadline. A quick glance at the books of any business will show seasonal […]
Internet Sales Tax Coming Soon?
June 3, 2013 by Ed Becker
For years we have enjoyed the freedom of ordering clothes, gadgets, and toys tax-free over the Internet, but all that could be changing soon. Legislation aimed at closing the Internet sales tax loophole is rapidly working its way through the political machine. The Marketplace Fairness Act Under current law, state sales tax does not apply […]
Deducting Non-Cash Charitable Gifts – a Word of Advice
May 29, 2013 by Ed Becker
Do you have a dusty piece of machinery taking up space in your business warehouse? Or perhaps the neighbors are complaining about that car parked on your front lawn? Charitable gifts are an excellent way to reduce tax liability, but unfortunately, are closely scrutinized by the IRS. The following tips will help ensure you report […]
How to Extract Insightful Financial Ratios from QuickBooks
May 17, 2013 by Ed Becker
Hidden among the mountains of data you have accumulated in QuickBooks lies several eye-opening financial ratios. These ratios are essential in corporate finance, but are also extremely effective at analyzing the financial strength of small businesses. The Current Ratio Current Ratio = Current Assets / Current Liabilities Does your business have the ability to pay […]
Simple QuickBooks Techniques to Thwart Employee Fraud
May 3, 2013 by Ed Becker
Small businesses often overlook the risk of employee theft and fraud. In most cases, weak internal controls leave the door wide open for embezzlement of company funds by unscrupulous employees. Fortunately, there are several simple techniques that can be implemented in QuickBooks to significantly decrease the risk of fraud. 1. The Root of the Problem […]
How Dwindling Tax Incentives for Green Energy will Impact your Business
May 1, 2013 by Ed Becker
Synopsis: The impact of expiring green energy tax incentives for small business and what to expect in the future. As traditional fuel prices continue to climb, green energy tax incentives have failed to keep up with the pace. Over the past decade, tax breaks for solar, wind, and alternative fuels have made clean energy a […]
Save Valuable Time with these Bookkeeping Tips
April 26, 2013 by Ed Becker
Bookkeeping is the recording of all your business financial transactions and it has to be done accurately. If you are a small business owner then you will be wearing a lot of hats, leaving you little time for accurate accounts or bookkeeping. 1. Fortunately there are many financial software programs that help you accurately record […]
