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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Payroll Tax Cut Extended into 2012…Temporarily

December 30, 2011 by Ed Becker

Feds Approve Payroll Tax Cut Extension Nearly 160 million workers will benefit from the extension of the 2011’s reduced payroll tax rate into 2012. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from […]

Don’t Make this Mistake with QuickBooks and Credit Card Receipts

December 24, 2011 by Ed Becker

A simple, but helpful tip from my QuickBooks training files If you’re like many small businesses, you use your credit card to pay for as many small business expenses as you can: gas, office supplies, travel, meals, etc.  Some small businesses use their credit cards as a line of credit.  Others like accruing points.  And […]

Watch Out – They are Coming After You! (1099 Warning)

December 20, 2011 by Ed Becker

1099 Classifications — States and the Federal Government are Cracking Down States and the Federal Government are hiring agents to go after employers who are not abiding by employee classification laws. Why? Because with huge budget deficits, pinging small businesses with penalties can bring in revenue for struggling states. Both the New York State Department […]

How to Save Time Preparing 1099s – QuickBooks Training Tip

December 16, 2011 by Ed Becker

Want to save time this year preparing 1099’s?  If you are a QuickBooks user, you’re in luck.  Follow this simple QuickBooks training tip to make 1099 preparation as efficient as possible. In order to print out accurate 1099 forms at the end of the year using your QuickBooks software, the first thing you’ll want to […]

10 Red Flags to Watch for When Reviewing Bank Statements

December 12, 2011 by Ed Becker

What’s the danger in not reconciling bank accounts regularly? Many small business owners simply log into their bank’s website for a quick review of cash balances instead of reconciling their accounts. Below, I’ll give an example of how relying on this quick case review can be a $100,000 mistake. Plus, I’ll give you 10 “red […]

Ring in the New Year With A Year End Small Business Accounting Tune Up

December 9, 2011 by Ed Becker

As a small business owner, you know that December isn’t just about holiday festivities and the holiday season. December is also another small business accounting season. It’s when you need to compile and prepare year end documents for your CPA, so he or she can file everything for you before the upcoming deadline. Which accounting […]

Get Ready for Year End – 1099 time!

December 6, 2011 by Ed Becker

December Small Business Bookkeeping Tip All businesses are required to give a Form 1099 to any service provider that the business paid for services provided during the calendar year. The deadline to issue 1099’s is January 31, so now is the time to make sure you have all W-9’s completed with current addresses and tax […]

Why CPA Firms Should Outsource Bookkeeping Services

December 5, 2011 by Ed Becker

Most CPA firms are looking for ways to expand and obtain additional clients. In this competitive market, some CPAs are offering additional services including insurance products, investments, financial planning, human resources and outsourced bookkeeping. Each situation is different, but one underlying fact that firms should consider is how to hire and train bookkeepers while still […]