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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Vacation, a Tax Write Off?

March 5, 2020 by OSYB Staff

Needing a vacation but can’t quite afford it? Perhaps you could combine a business trip with some leisure time. Intuit QuickBooks shares how you can lighten your out-of-pocket vacation expenses by planning out a few of these things: Set up a business appointment before you plan your vacation or leave for it. Maintain all records […]

Energy Tax Savings- Get Rewarded for Being Green

May 22, 2017 by Ed Becker

Many Americans are concerned about saving energy and money, being more green or eco conscious is a perfect combination. Making green choices saves you money as you can claim energy tax credits. If you have made improvements to your home or purchased certain appliances that are energy star rated, you may have been able to […]

Filing Tax Return as Self-prepared vs. Professional Preparer

March 27, 2017 by Ed Becker

Tax return filing deadline is creeping up pretty quickly! If you have not already made a decision of how you will file, it’s getting down to the wire now. Many tax professionals will be booked up by now, or have very few openings. If you have never used a tax professional, you should be choose […]

E-filing vs. Paper Filing

March 20, 2017 by Ed Becker

In this era of everything digital, it seems surprising that anyone still struggles with the choice of filing their tax return electronically or by paper. E-file is simplified with the IRS Free File program which is  reasonably priced tax software to prepare and filing yourself, as well as, for tax professionals preparing and filing returns […]

Tax Deadline 2017- Late Filing or Late Payment

March 13, 2017 by Ed Becker

If you have never been down to the wire of the tax filing deadline (usually April 15th), you may not understand the anxiety. Tax season is either a great time of year, for those getting a refund; or a major stressor for those who owe taxes. The IRS has more power to instill fear or […]

New I-9 Form Effective January 22, 2017

January 18, 2017 by Ed Becker

The Department of Homeland Security has released a revised I-9 form that is effective January 22, 2017. Any prior I-9 forms are no longer to be used. Generally, each employer needs to obtain a I-9 for each employee he or she hires. These forms are required from each hired employee to be completed within 3 […]

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 […]