The best accounting software for small businesses should be affordable, easy to use, and allow you to easily track income and expenses. The software should also include detailed financial statements to give you insight into the health of your business. We looked at over two dozen products and narrowed it down to our top 10….
Small Business LLC Taxes & LLC Tax Returns [+ Free Checklist]
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….
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 streamline the process of paying…
