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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

What You Should Know About S Corps, Part 3

December 17, 2019 by OSYB Staff

You have decided to choose the S corp status – Intuit QuickBooks shares your next steps: Register your business as either a sole proprietorship, single-member LLC, partnership or C corporation. Ensure availability of your business name in your state Register a “Doing Business As” name.  Prepare your articles of incorporation. You’ll need to file these with your […]

What You Should Know About S Corps, Part 2

December 12, 2019 by OSYB Staff

Now that you know more about S corp status, here are some of the disadvantages of declaring S corp status as there are stringent requirements: shareholder pool is significantly lowered can’t have more than 100 shareholders shareholders must be US citizens, residents, or resident shareholders cannot be other partnerships or corporations. Non-compliance with these requirements […]

What You Should Know About S Corps, Part 1

December 10, 2019 by OSYB Staff

IntuitQuickbooks shares that before opening a new business, a decision to make would be the type of entity you want to operate: sole proprietorship partnership limited liability companies C corporations S corporation So what is an S corporation?  “According to the Internal Revenue Service (IRS), S corporations are corporations that elect to pass corporate income, losses, […]

Improve Your Marketing Plan

December 5, 2019 by OSYB Staff

Small Business Trends shares ten ways to improve your small business strategy and here are a few of them: Use content marketing – it’s affordable and adds value for your customers but remember that your strategy should be refreshed over time Update your SEO strategy with expert input – check in with professionals and get […]

Branding 101 for Small Businesses

December 3, 2019 by OSYB Staff

TechPluto shares some smart tips for small businesses to create personalized branding: Perform thorough research find out all about  your potential customers and understand how and why they spend their money know everything you can about your competition research on-line and talk with as many people as you can to gather data 2.  Choose a […]

Self-employed and FICA Taxes

November 28, 2019 by OSYB Staff

Federal Insurance Contributions Act (FICA) taxes are are collected to fund Social Security taxes and Medicare tax. Company’s manage their employees’ FICA tax payments and the process of FICA payments are more complicated for the self-employed. Both social security and medicare taxes have specific regulations and company’s hire experts who will ensure that company’s are […]

Light-hearted Office Gift Ideas

November 26, 2019 by OSYB Staff

Holiday season is around the corner and office parties are a common team building activity. And sometimes a white elephant gift exchange is included in the festivities. Small Business Trends shares a few fun office gift ideas that you may want to consider. Here are a some of them: Magnets with pictures of co-workers Ugly […]

Cash or Accrual Accounting? Part 2

November 21, 2019 by OSYB Staff

As a business owner, you have two accounting methods to pick from, either cash basis accounting or accrual basis accounting. Intuit QuickBooks shares a quick summary of accrual basis accounting since you learned about cash basis accounting in the previous blog:   Accrual basis accounting: outlined by the Generally Accepted Accounting Principles (GAAP) provides a clearer […]