OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
2016 Filing Year-End 1099’s (Updated)
December 26, 2016 by Ed Becker
December Tips for Small Businesses All businesses are required to give a Form 1099 to any non-employee 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 payer […]
2016 End of Year Tax Tips for Small Businesses
December 5, 2016 by Ed Becker
Being near the end of the year, it might seem like you can’t do anything to benefit your company for tax filing, but this isn’t always true. Even if you have not planned for your tax year in advance in detail, you can still do many things that can benefit your filing. This discussion […]
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 […]
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 […]
Managing Company Credit Cards in QuickBooks – The Easy Way
June 12, 2013 by Ed Becker
Company credit cards are a handy financial tool, and frankly you’ll probably find it hard to do business without them. However, proper bookkeeping that’s well-organized from the start will keep them from becoming a headache. If your business has even a few company cards floating around, you can very quickly have a bookkeeping nightmare on […]
Using Classes Effectively in QuickBooks
June 5, 2013 by Ed Becker
Accounting is all about information for effective business management. Classes are one way to get the answers you need quickly and easily. It’s easy to forget sometimes in the hustle and bustle of keeping track of bills and invoices and customer payments and tax time and everything else that accounting isn’t just about numbers. Properly […]
Audit Trail Within QuickBooks
January 25, 2013 by Ed Becker
The QuickBooks audit trail is a great tool for business owners, CPA’s, forensic accountants and anyone who is concerned about the integrity of the accounting files they use. Unfortunately, there are dishonest employees who look for weaknesses in systems and perpetrate fraud everyday. My bookkeeping firm, Outsource Your Books LLC, has been brought in on […]
