Configuration Tips to Make QuickBooks More Effective for Your Business

QuickBooks is an incredibly powerful tool for managing your business finances. However, to get the most out of the software, it's essential to configure it correctly. By taking the time to set up QuickBooks effectively, you can streamline your bookkeeping processes, save time, and gain greater insight into your business's financial health. Here are a few configuration tips to help you make QuickBooks more effective for your business, making your bookkeeping simpler and easier than ever.

May 15, 2023
Bookkeeping Setup Tips for Your New Business

Starting a new business is an exciting and challenging endeavor. Among the many tasks on your to-do list as you establish your business, setting up your bookkeeping system is among the most essential. Proper bookkeeping is not only a legal requirement, but it also helps you keep track of your financial performance and make informed decisions that can impact your company’s growth. Here are a few tips for setting up an effective bookkeeping system for your new business.

May 01, 2023
How Your Corporate Structure Impacts Your Business Taxes

It’s important for business owners to consider their business’s taxes from the very beginning. In fact, it’s something that you should think about before you even officially open your doors for business. When establishing a new company, you’ll need to select a corporate structure. While there are many factors that impact the right designation for your business, you should seriously consider how each option available to you impacts your business’s taxes. Keep reading to find out how corporate structure impacts the taxes for your business.

Apr 15, 2023
How a Tax Consultation Can Benefit Your Business

As a business owner, it’s important to find a balance between reducing costs and ensuring that you’re not cutting important corners. If a service seems unnecessary, it might seem natural to forego it in the interest of saving on expenses. However, it’s important to consider the benefits of every opportunity, and weigh it against the costs. When it comes to hiring a tax consultant for your business, there are many ways in which a consultation can save your business money and, ultimately, cost less than what it will save you. Keep reading to learn more about how a tax consultation can benefit your business.

Apr 01, 2023
Tax Audit: What causes you to get audited by the IRS?

Tax season is underway, and there’s been increased scrutiny of the IRS as it starts deploying part of the nearly $80 billion in funding approved for the agency by Congress in August. While Treasury Secretary Janet Yellen has said goals include boosting customer service and improving technology, critics have warned the new funding will spark an uptick in IRS audits.

Mar 28, 2023
Minimum Wage Increasing in New Jersey: How It Impacts Your Business

For 2023, the minimum wage in the state of New Jersey has been increased by $1.13 per hour, making the new minimum wage $14.13 per hour for most employees. This change went into effect on January 1st of this year. It’s important for business owners to be aware of these kinds of changes to their daily expenses and operations, and understand how those changes impact their company. Keep reading to learn more about the minimum wage increase and how it might affect your business.

Mar 15, 2023
Expert Tips for Sayreville NJ Tax Preparation: Simplify Your Tax Season Today

Tax season can be a daunting time for Sayreville, NJ residents, given the maze of rules and regulations to navigate. However, mastering the specifics of local tax laws and adopting effective strategies can turn the experience into a manageable and potentially rewarding one. In this comprehensive guide, we'll explore tailored steps for Sayreville residents to streamline their tax preparation process and ease the stress associated with tax season.

Mar 05, 2023
IRS Introduces New Tip Reporting Program — How It Works

The Treasury Department and Internal Revenue Service today issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program between the IRS and employers in various service industries. The IRS is issuing this guidance in proposed form to provide an opportunity for public comment.

Mar 01, 2023
IRS Proposes New Tip-Reporting Program for Service Industries

Early in February, the IRS introduced a proposed change to tip reporting for service-based industries. This proposal would establish a new program known as the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip-reporting program between employers and the IRS. If your business falls into a service-based industry where employees frequently receive tips, it’s important to learn about the proposed SITCA program and how you can provide feedback on this new method of tip reporting for employers.

Mar 01, 2023
20 Popular Tax Deductions and Tax Credits for 2023

A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly. Tax deductions and tax credits can be huge money-savers — if you know what they are, how they work and how to pursue them.

Feb 27, 2023
Is Social Security Taxable?

Some of you have to pay federal income taxes on your Social Security benefits. This usually happens only if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return).

Feb 24, 2023
Tax Refund: How To Get Your Refund Faster And Avoid Delays

Stimulus cheques are a mainstay of the family economy for many households in the United States. Thanks to these types of payments, many families have very large financial relief to be able to pay bills, pay for housing and buy food. It is a huge help that makes life easier in general.

Feb 17, 2023
IRS 2023 Mileage Rate Rises to 65.5 Cents per Mile: What to Know

Most people have to commute to and from work each day, but for business owners, there is a chance that you’ll have to do a lot more driving than that. Business owners often drive long distances to have meetings with clients, attend industry conferences, check on various worksites or additional business locations, and so on. This type of business-related driving is actually deductible on your tax return, either using a standard deduction rate per mile, or by calculating your actual fuel and maintenance costs. The standard mileage rate changes each year, and for 2023, has increased to 65.5 cents per mile. Keep reading to learn all you need to know about this increase and how to claim the deduction.

Feb 15, 2023
Expert Tips for South Plainfield NJ Tax Preparation: Simplify Your Tax Season Today

Tax season can be a daunting period for South Plainfield, NJ residents, given the intricate web of rules and regulations. However, mastering the intricacies of local tax laws and implementing effective strategies can turn this taxing time into a manageable and potentially rewarding experience. In this comprehensive guide, we'll explore specific steps tailored for South Plainfield residents to streamline their tax preparation process and, ultimately, ease the stress associated with tax season.

Feb 10, 2023