A limited liability company (LLC) can be taxed as one of four entity types – sole proprietorship, partnership, C-corporation (C-corp), or S-corporation (S-corp). The entity type that’s right for LLC taxes, and the type of LLC tax return that needs to be filed, depends on the number of owners and any elections the owners make….
General Bookkeeping & Accounting
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Once you have your accounting software up and running it's time to learn the basics of accounting and bookkeeping. In addition to making tax time much easier, proper accounting and bookkeeping will give you the insight you need to keep your business running smoothly.
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Business Taxes
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Having nightmares about tax season? Taking a few steps to get organized ahead of April 15th, can save you days of work and stress. Here's what you need to know to be a business tax champ.
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QuickBooks Training
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Accounting software should be the centerpiece of any business' accounting and bookkeeping department. Today's cloud based software is affordable, and with the right training, easy enough for any small business owner to navigate. Get started with the most popular option, Quickbooks, by taking the below course right now.
QuickBooks Course
Software & Services
All Accounting Articles
How to Import Credit Card Transactions into QuickBooks Online
Welcome to the Fit Small Business QuickBooks Online training course! In this lesson, we’re going to cover how to enter credit card charges in QuickBooks Online. We’ll explain how to automatically link up your credit card accounts to QuickBooks, as well as how to import credit card transactions into QuickBooks manually using a CSV file….
2019 FICA Taxes, Unemployment Insurance, & Workers’ Comp for Owners
FICA (Federal Insurance Contributions Act) is a federal law that requires employers to withhold three taxes from their employees’ wages: 6.2% Social Security tax, 1.45% Medicare tax, and 0.9% for anyone who earns more than $200,000. In addition to FICA taxes, you must also cover unemployment taxes and workers’ compensation. If you’re looking for affordable…
Zoho Books vs. QuickBooks Online: Price, Features & What’s Best in 2019
In this guide, we give you the lowdown on how Zoho Books matches up to QuickBooks. Both Zoho Books and QuickBooks have many features like the ability to invoice customers, pay bills, and run detailed financial reports. Zoho Books is ideal for existing Zoho users and QuickBooks works for most small businesses. When to Use…
QuickBooks Online Comparison: Simple Start vs Essentials vs Plus
QuickBooks Online offers three versions: Simple Start, Essentials, and Plus. The features increase with each version, along with the price. You’ll pay $20 for Simple Start, $35 for Essentials, and $60 for Plus. The best QuickBooks Online option depends on your number of users and whether your business needs accounts payable, inventory, or budgeting features….
2018 FUTA Tax Rate & Form 940 Instructions
The Federal Unemployment Tax Act (FUTA) requires employers to pay a tax of 6% on the first $7,000 of salary or wages paid to each employee during the year. This FUTA tax is deposited with the IRS throughout the year. Employers file Form 940 to calculate their FUTA tax for the previous calendar year. How…
QuickBooks Online Multiple Users Setup
Welcome to the FitSmallBusiness QuickBooks Online training course. In this lesson, we’re going to cover how to give your accountant, bookkeeper, or other users access to your QuickBooks Online account. You can follow along on your own QuickBooks Online account. If you don’t have one already, you can sign up for a free 30-day trial…
How to Set Up Advanced Settings in QuickBooks Online
Welcome to the FitSmallBusiness QuickBooks Online training course. In this lesson, we’re going to cover how to set up Advanced Settings in QuickBooks Online. These settings affect what shows up on your financial reports, including your profit & loss statement, balance sheet, and cash flow statement. You can follow along on your own QuickBooks Online…
Car Depreciation: How to Calculate Your Vehicle Depreciation Deduction
Entrepreneurs who drive cars, trucks, vans, or SUVs for business can deduct part of the vehicle purchase price from their taxes. The purchase price is typically deducted over one to five years using a process called depreciation. Three methods for calculating car depreciation are the special depreciation allowance, modified accelerated cost recovery system (MACRS) depreciation,…
How to Do Payroll in QuickBooks Online in 9 Steps
Doing your own payroll is one way for business owners to save money. If you use QuickBooks Online, you can set up and run payroll easily in no time. We’ll show you what info you’ll need and provide step-by-step instructions on how to set up and process payroll in QuickBooks Online in nine easy steps….
Form 941 Instructions & FICA Tax Rate 2019 [+ Mailing Address]
Form 941 is a quarterly tax form that tracks FICA tax payments made by employers throughout the year. FICA taxes include Social Security and Medicare taxes with employer rates of 6.2% and 1.45%, respectively. FICA taxes are typically due monthly or semiweekly, and Form 941 is due quarterly. You can download Form 941 here. However,…
Sole Proprietorship Taxes: Rates, Deadlines, Benefits & Forms
The IRS treats the owner of a sole proprietorship and the business as a single entity. Instead of paying a 21% corporate tax rate, your sole proprietorship tax rate is based on your personal income tax bracket. Sole props file an annual tax return on April 15 but may be subject to other tax filings….
