The federal government imposes excise taxes on a variety of products and services that are manufactured in or imported into the United States. Businesses collect excise taxes and pay them to the government. Excise taxes apply to alcoholic beverages, tobacco, firearms, airfares, telephone service, and many other products and services. Alcohol and Tobacco Tax and…
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Quicken vs QuickBooks Online: Price, Features, & What’s Best 2019
As a business owner, deciding which small business accounting software to use for your business can be overwhelming. There are a number of good products on the market, including Quicken and QuickBooks. In this article, we compare pricing and features of Quicken versus QuickBooks so that you can decide which is best for you. When…
IRS Form 1099 Reporting for Small Business Owners
Businesses are required to send copies of Form 1099-MISC to the IRS and contractors if the business paid $10 or more in royalties or $600 or more in compensation to non-employees. Form 1099-MISC is due by January 31st to report payments made the previous calendar year. Accounting software can prepare and file Form 1099-MISC. You…
10 QuickBooks Invoice Templates [+Free, PDF, Custom Templates]
The best QuickBooks invoice templates will include all the pertinent details you need to provide your customer so you can get paid. This includes a detailed description and cost of products/services, payment due date and your contact details should they have questions. QuickBooks Online invoice templates help you save time and bill customers faster. Free…
Xero vs. QuickBooks Online: Price, Features, & Who’s Best in 2019
Xero and QuickBooks Online are even in the features they offer, but your business situation will determine which is right for you. If you need to give a lot of users access to your data, choose Xero because it includes unlimited users. However, if you prefer an accounting software most accountants use, choose QuickBooks Online….
How to Prepare Form 1065 in 8 Steps [+ Free Checklist]
Form 1065 is used by partnerships and multi-member LLCs taxed as partnerships to report business income and expenses. Because a partnership is not a taxable entity, net earnings are reported on each partner’s personal tax return. Form 1065 is necessary to report all partnership income, deductions, and credits for the tax year. We recommend hiring…
Bench CEO Wants to Give Entrepreneurs Financial Superpowers
We sat down with Ian Crosby, co-founder and CEO of Bench, to gain insight into a recent study published by Bench in December 2018. We discussed how business finances are the single biggest stress for young entrepreneurs. Crosby elaborated on how Bench is playing a key role in reducing, if not eliminating, that stress altogether….
10 Best Time Tracking Software 2019
The best time tracking software for small businesses should be affordable, easy to use, and offer multiple time entry options. The software should also include the ability to manage projects, invoice customers, and create detailed reports. We looked at more than a dozen products and narrowed it down to our top 10. Top 10 Time…
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IRS Annual Filing Season Program 2019
The Annual Filing Season Program (AFSP) is a voluntary credential for tax professionals offered by the IRS. The AFSP is right for tax preparers who are not already enrolled agents, certified public accountants, or attorneys. IRS issues a Record of Completion to tax preparers completing 18 hours of tax education and meeting other requirements. What…
Section 179 Deduction for Property, Equipment, & Vehicles
The Section 179 tax deduction allows business owners to deduct the full cost of qualifying property and equipment purchases, up to $1 million for the 2018 tax year. Businesses can also write off the full cost of equipment through bonus depreciation, which makes this is a viable alternative to the Section 179 deduction starting in…
24 Small Business Tax Preparation Mistakes to Avoid from the Pros
Tax season can be very stressful for small business owners, especially for those who don’t understand the tax paying process. One small mistake can cause overpayment, penalties, and not being able to take advantage of tax savings. To help, we asked the experts to share the most common small business tax preparation mistakes you should…
Section 179 Calculator: Calculate Your Tax Savings
Section 179 is a type of tax deduction that lets you deduct up to $1 million in equipment and other fixed assets as a business expense on your tax return. This provides significant tax savings compared to depreciating the assets over several years. Our Section 179 calculator helps you determine how much you can deduct…
