As a business owner, you have likely heard of the term sales tax before. Heck, you might have even heard about sales tax nexus before. But, have you heard of economic nexus? If you have in-person or online sales, it’s time to listen up and learn about economic nexus. Read on to learn what is […]
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The Ultimate Guide to Agricultural Accounting: Mastering Your Farm’s Finances
Like any business, you need up-to-date accounting records if you run a farm, ranch, or related operation. But, some aspects of agricultural accounting—like livestock and land—are specific to farming businesses.
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Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
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What Is IRS Form 1099?
Did you pay any vendors this year? There are many types of payments, ranging from rents to prizes and awards. And if you did pay a vendor, you might be required to file Form 1099-MISC. So, what is IRS Form 1099?
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What Is the Child and Dependent Care Credit?
You work long hours as a small business owner. And if you have children or dependents, you might need help providing care while you work. But with 58% of families expecting child and dependent care expenses to cost more than $10,000 per year, things can add up quickly. Did you know the IRS offers some […]
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Back it Up … What Is Backup Withholding, and Are My Contractors Subject to it?
When you pay an independent contractor, you don’t withhold taxes from their wages … or do you? In some cases, contractor wages are subject to backup withholding. So, what is backup withholding, and when do you need to do it?
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IRS Form W-9: A Detailed Look at Purpose and Usage
Does your business hire independent contractors, gig workers, or freelancers? If so, congratulations—you get to learn the ins and outs of IRS Form W-9! So, what’s the scoop with the IRS W-9 form? What exactly is it used for? Who needs to fill one out? We have the answers to all of your burning questions […]
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“Would You Like to Round up for Charity?” 6 Facts to Know About Checkout Donations
You’re at the checkout counter, wallet in hand, preparing to pay for your purchase. But before you can, the cashier asks if you’d like to round up or make a donation for charity. Sound familiar? If so, you’re part of the millions of consumers hit with a request for checkout donations.
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Tax Credit for Employer-paid Childcare Expenses: America’s Best-kept Secret
The employer-provided childcare tax credit has existed for over 20 years to help employers secure affordable childcare for their employees. The only problem is, no one seems to know about it. It may be America’s best-kept secret for your employees with children.
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Offering a Retirement Plan Could Score You 401(k) Tax Credits
Thinking about offering your employees a 401(k) plan? Already offer a retirement plan to your team? Either way, you’ll want all of the juicy details about the 401(k) tax credits for employers. Get the scoop on the 401(k) tax credit and how you can use it to lower your tax liability.
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