OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Simplify your Year End Tax Returns with QuickBooks
April 24, 2013 by Ed Becker
QuickBooks helps you do away with the hassle of sorting, coordinating and computing for filing your year-end tax returns. This is the first principle of a good accounting system and QuickBooks gives it to you. Therefore why not use it to simplify filing of your tax returns? To quote from QuickBooks website “Simplify, Save Time, […]
FICA & Medicare Payroll Tax Rates for 2013
January 8, 2013 by Ed Becker
2013 FICA and Medicare Tax Rates The rate is 7.65% in total: 6.2% for the Social Security portion and 1.45% for Medicare. FYI, this had been reduced by 2% to 4.2% over the past few years as part of payroll tax holiday to help with the economic recovery. All of the fiscal cliff discussions did not address […]
Bookkeeping Year End Checklist
January 7, 2013 by Ed Becker
The year has come and gone and now is time to get information to your CPA for tax return purposes. In reality, a small business should be performing all of its essential accounting functions during the year and on a day-to-day basis. Let’s face the facts: small business owners get sucked into daily fires and it’s […]
Mileage Rates for 2013
January 7, 2013 by Ed Becker
The IRS has announced its rates, found a quick blog on this that is worth checking out if you reimburse your employees
How Long Should I Keep My Records?
December 10, 2012 by Ed Becker
As a follow up to my post on How Long Should I Keep My Accounting Records?, I am still receiving many questions on this topic. This post will hopefully clarify some of your questions and provide more insight for our clients and followers. Here are some sample examples and timelines for record retention. Each person’s situation […]
Public Relations Approaches for A Small Business
December 6, 2012 by Ed Becker
Here are 4 tips for the small business owner who may not have the resources (time or money) to engage a PR firm. Public relations can be very expensive, but as outlined in the Intuit post linked to below, there are some simple steps you can implement. Intuit recommends: Contribute to trade publications. Pitch trend […]
Are Holiday Bonuses Taxable?
December 5, 2012 by Ed Becker
Every year I receive questions on what to do for bonuses for employees. It appears that everyone has there own ideas on how to handle bonuses and whether they are taxable. Short answer: Bonuses are taxable to your employees, but deductible expenses for your business. For a longer answer, including the best way to handle […]
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 […]
