Few Small Businesses Employ Bookkeepers or Accountants

Keeping track of your business metrics is important.  Read more here:

Few Small Businesses Employ Bookkeepers or Accountants

 

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Tax deadline 25 days away!

With the tax deadline looming, don’t forget about any past returns!  You have 3 years from the due date to file for any refunds.  The last chance to file for 2009 is this April.  If you owe back taxes, here is an article from the Motley Fool with some helpful information:

http://www.fool.com/how-to-invest/personal-finance/taxes/2013/03/22/need-help-with-back-taxes-heres-how-to-get-it.aspx

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Software Review: Expensify

Expensify

www.expensify.com

We’re always looking for ways to improve our productivity and what could use more improvement in a small business than expense reporting?  This week we’re giving Expensify a thumbs up for their expense reporting software that makes “Expense Reports That Don’t Suck”.  They get an extra wink for providing their service free for individuals and free for the first two users if you sign up as a business.

Their most convenient feature leverages our addiction to smart phones by allowing employees to snap photos of receipts for instant digital filing.  A great feature when you spend time on the road and are prone to misplacing your receipts.  They will even scan your receipt for you and pluck all of the important information off it.

Expensify also plays nice with Quickbooks and Google Apps, and has customizable reports that work with just about every other accounting application.  If you’re looking to take your office digital, you can’t go wrong including Expensify in your software collection.  We’ve been using it for more than a year and cringe at the thought of going back to paper expense reporting.

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IRS Webinar for Child Care Providers

The IRS is holding a webinar to cover tax issues faced by Child Care providers on June 5th, 2012.  Get the details here: http://www.irs.gov/businesses/small/article/0,,id=158856,00.html#1

Topics include:

  • Tax related issues pertaining to businesses in the child care provider industry
  • Income items
  • Recordkeeping tips
  • Business use of the home calculation
  • Expense issues
  • Depreciation rules and reporting
  • Food Program Reimbursements (CACFP)
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Are you spending too much time on paperwork?

Administrative functions are necessary to run any business, but they don’t have to be tedious and time consuming.  With a little help from Jillion Services, you can harness technology to minimize the amount of time you spend on invoicing, payroll, time sheets, and other necessary tasks.

Sage North America has developed an infographic highlighting some of the challenges small business face.

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Utilize Your Accountant

http://www.accountingtoday.com/news/Small-Businesses-Accountants-Sage-62440-1.html

The above like will take you to a short article over at Accounting Today titled Small Businesses Not Fully Utilizing Accountants.  Are you working with an accountant to make the most of their business acumen when it comes to decisions about your business?

Your accountant can help you with such mundane tasks as bookkeeping, payroll, and taxes, but where they shine the most is knowing how to leverage your business against the competition and earn you market share.  Do you know when it’s better to take out a loan for a new piece of equipment or self finance?  Your accountant does!

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Happy Tax Day!

Some words from the IRS about paying late:

Failure to File or Pay Penalties: Eight Facts

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the IRS can assess a penalty if you fail to file, fail to pay or both.

Here are eight important points about the two different penalties you may face if you file or pay late.

1. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty.

2. The failure-to-file penalty is generally more than the failure-to-pay penalty. So if you cannot pay all the taxes you owe, you should still file your tax return on time and pay as much as you can, then explore other payment options. The IRS will work with you.

3. The penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25 percent of your unpaid taxes.

4. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.

5. If you do not pay your taxes by the due date, you will generally have to pay a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. This penalty can be as much as 25 percent of your unpaid taxes.

6. If you request an extension of time to file by the tax deadline and you paid at least 90 percent of your actual tax liability by the original due date, you will not face a failure-to-pay penalty if the remaining balance is paid by the extended due date.

7. If both the failure-to-file penalty and the failure-to-pay penalty apply in any month, the 5 percent failure-to-file penalty is reduced by the failure-to-pay penalty. However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.

8. You will not have to pay a failure-to-file or failure-to-pay penalty if you can show that you failed to file or pay on time because of reasonable cause and not because of willful neglect.

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Tax Deadline Looming

Tax Day is Tuesday, April 17th this year.  If you’re not quite ready to file, the IRS has made it easy to file a request for an extension using the FreeFile and/or Free File Fillable Forms.  To get your Form 4868 electronically delivered, go to the IRS website here: http://www.irs.gov/efile/

Don’t forget! Even if you file an extension, if you owe taxes they must be paid by the April 17th deadline.

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Government Contracting Classroom | SBA.gov

If you are interested in doing business with government entities, completing a sale can be more tricky than when working with regular businesses.  The Small Business Administration has created 8 on-line, 30 minute courses to help you navigate the government contracting experience.

You can start and stop the courses at any point and they are free.  Be sure to turn on your speakers!

Government Contracting Classroom | SBA.gov.

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Collecting Unemployment?

Did you know that unemployment benefits are considered taxable income and should usually be reported on your federal tax return?

If you collect unemployment, you have the option of having federal taxes withheld from each check. If you do not, you may need to make estimated tax payments during the year. Before filing your taxes, make sure you receive a form 1099-G showing the full amount of benefits you received.

For more information on how to handle reporting your unemployment compensation see IRS publications 17 and 525 at the IRS website, www.irs.gov.

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