OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
You Can Help Employees Hit By Hurricane Sandy-Tax Break.
November 13, 2012 by Ed Becker
As a small employer located on Long Island the devastation and impact on people’s lives here can not be explained in words. The goodness in people is abundant everywhere you look, neighbors taking in neighbors, charities being created, food and clothing centers springing up over night, and now the time for employers to step in […]
Football Season is Here and so are Taxes on Gambling
September 12, 2012 by Ed Becker
With the start of the 2012-2013 football season comes office football pools, trips to Las Vegas, Superbowl grids and Fantasy football. This is an exciting time for football fans and also a time when the casual gambler needs to understand the tax rules as it pertains to betting. Gambling winnings are fully taxable on your […]
Should I Hire a Payroll Service or Do it Myself?
August 22, 2012 by Ed Becker
Unless you are a payroll expert, we strongly recommend using a payroll service. Here’s why: A small business owner who is concerned about growing his or her business doesn’t have the time to keep up with the rules & regulations of payroll, especially in a multi-state environment. Yes, all new businesses are concerned about the cost of a […]
Do Small Businesses Pay Taxes When Bartering?
July 6, 2012 by Ed Becker
As cash flow gets tighter and tighter many small business owners look to the oldest form of commerce, the exchange of goods and services in lieu of cash. The fair market value of property or services received through barter is considered taxable income and the IRS wants to know about this and requires you to […]
Self-Employed? Tips on Reducing Health Care Costs
January 18, 2012 by Ed Becker
Health Insurance Deduction Did you know that for 2011, there is a self-employed health insurance deduction? Eligible self-employed individuals and S-corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. It’s not too late the claim the deduction if you’re eligible. Who is covered? The deduction includes premiums paid for […]
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 […]
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 […]
