Category: Accounting
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15 features to ensure success of bill payment outsourcing
One of the best ways to use technology in your small business is to outsource bill payments. The time and expense savings that most can achieve puts this high on our list of recommended technologies. The simple fact is that a bill pay expert can do this more simply, reliably and at lower cost than…
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Five reasons that you don’t know about tax-free stocks
Our government taxes most kinds of income. The exceptions list of tax-free income is short. One of the least known sources of tax-free income is gains on qualified small business stock ownership. Gains on qualified small business stock is completely exempt from tax. So why haven’t you heard this before? Here are five good reasons:…
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Corporation or partnership? File an extension now.
If you need to file a tax return for a corporation or a partnership, time is running short before the March 15 filing deadline. The easiest thing is to ask us to file an extension and follow-up with the documentation available. The extension filing fee is $40 and $25 of that (the e-file fee) is…
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Break down the tax filing process
Any complex task is easier when broken down into small pieces. Tax filing is no different. While there are plenty of different options, we break it down and pull out the best methods. Ways to collect information: BEST: Cell phone scanner with tax organizer OK: Flatbed scanner batch documents ALTERNATE: Photos or papers Ways to…
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What’s up with QuickBooks?
Intuit Corporation’s QuickBooks product is easily the most popular small business accounting platform in the nation. This popularity carries through to my law firm market niche where most use some type of QuickBooks platform to connect various components of financial management. Most of these users are converting from older desktop software to more modern hosted…
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Does Pennsylvania sales tax apply?
The best official publication for determining if sales and use tax applies is this “Retailer’s Information” guide from the Commonwealth. For help setting up sales tax in QuickBooks Online, just call for on site or remote setup help or for help setting up desktop version see this article by Charlie Russell.
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QuickBooks Online for law firms
Intuit corporation will release record high earnings this week that surpass stock market analysts’ expectations. The driving force is the success of QuickBooks Online, a product used by almost 4 million small businesses. The number of businesses subscribing to QuickBooks Online is growing quickly as businesses move from the desktop version, just as management predicted.…
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Employee vs contractor; more misclassification risks
“Employee misclassification is a major issue. Employers who misclassify employees are failing to provide unemployment insurance and workers’ compensation. Those employers can also leave workers with large employment tax liabilities.“ This new article delivers information on even more risks. Correct handling of worker compensation is not so difficult or expensive. It doesn’t make sense to shortcut this…
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Professionalism still counts!
“Hey online friends I just got this gig to build a house for a client. Does anybody know if I need plans or anything or should I just go out and buy the lumber? By the way what kind of lumber will I need?” Silly and absurd! Yet this week I saw a few posts…
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How to grow a tax practice
Today a group of online tax professionals across the country discussed the ways they’ve built their tax practice. I am interested because with two recently added excellent staff members, we could handle several hundred more tax returns. The clear #1 source of business is referrals. I recently published a blog post for clients and friends…