Current Newsletter & Archives

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Archived Newsletters

 

Corrected Form 1095-A, Non Profit E-File Compromised, 1099 Form Deadlines, WOC Deadline, File Your NH Annual Report Online, and more

Welcome to our monthly newsletter with tips and information for your business.
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QuickBooks and Bookkeeping News

QuickBooks | Payroll | Taxes | Small Business

 

QuickBooks and Bookkeeping News

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If you are preparing your own taxes, and file Schedule C, you may want to read Understanding Cash Basis Reports in QuickBooks. There are several adjustments that may need to be made to get accurate reports for your cash basis Schedule C.

It is annoying when a customer bounces a check, and equally annoying to get the transaction recorded correctly in your QuickBooks. Here is a summary and detailed solution for Recording Non-Sufficient Funds (NSF) checks in QuickBooks.

New to QuickBooks? Here are Top Mistakes to Avoid and Tips for a Smooth Start.

There are several tools in QuickBooks to recover lost data, retrieve a password, or to repair a damaged file. Try these tools in the Intuit Resolution Center when you are having problems with your QuickBooks company file.

If you are using QuickBooks 2012, you will need to Upgrade your software this coming May if you want to continue using some features such as payroll and online banking downloads.

Step by step instructions, and tips to ensure a smooth Update of Your Company File.

Seacoast Accountability is now offering affordable QuickBooks classes!  Email us at info@SeacoastAccountability.com, or call us at (603) 834-1271, for further details.

Save up to 35% on QuickBooks 2014 software and products when you purchase from our website at www.SeacoastAccountability.com.


Payroll and Employee News

You have until April 30th to provide a pre-screening form for workers that qualify you for the Work Opportunity Credit.

Planning on increasing staff this year? Here is the IRS link to Employment Taxes for Businesses. This link is the starting point to help you determine if workers are employees or independent contractors, and basic information about employment taxes.

Here is a list of documents that should be included in every Employee File, what should not be included, as well as how long to keep these documents.

If you prepared your own 1099 forms, copies should have been mailed to the recipient by 2/2/15. If you mail your forms to the IRS, the deadline was 3/2/15. If you E-File your forms to the IRS, the deadline is 3/31/15. Click on 1099 Deadlines and Penalties for more information about failing to file the forms, making corrections, and the penalty for filing incorrect forms.

 

Avoid the headaches-Seacoast Accountability payroll services start at $100 per month.


Taxes

Those of you that enrolled for health insurance coverage through the Marketplace, should watch for a corrected Form 1095-A form. If you have already filed your taxes, you may want to read What Consumers Need to Know about Corrected Form 1095-A. IRS will not require amended forms to correct the information, however you may benefit by filing an amended return if your 2015 Silver plan premium is less than the 2014 premium.

Read about the IRS Tax Tips for the Self Employed to learn more about employees versus independent contractors, how your taxes are calculated, how the self employment tax works, and making estimated payments.

If you have had part or all of your mortgage debt cancelled, you may or may not be taxed on the amount of debt forgiven. Here are 10 Tips About Mortgage Debt Cancellation.

Property sales, even property that is not used in a business, may be subject to Capital Gains Taxes. Read more about when and how to calculate if you have a gain and what the rate is, when you can deduct a capital loss, and the various tax implications of selling property.

If you file a Form 990, 990-EZ, or the 990-N postcard electronically, your information may have been compromised. Those affected should receive an email, alerting them about the breach of information. More information on this attach can be found on the Form 990.org FAQ page.

Is your tax return getting too complicated to do yourself? Give us a call! 


Small Business News

Tax Pocket is a mobile application that will help you keep mileage logs and expense reports in real time.

Entrepreneur Magazine’s Top 25 Business Podcasts provide a great way to learn about topics on business and marketing techniques, while you are performing some of the routines in your daily life.

Need a contract drawn up, or have questions about how to form an LLC or Corporation? Here are 20 Places to Get Low Cost or Free Legal Advice for Your Business.

This is a good article about Applying for a Business Loan. It outlines reasons for rejection and how to regroup and reapply, if you have been rejected.

If your business is registered in NH, now is the time to File Your Annual Report. The report is due by April 1, 2015, and does carry a rather stiff penalty for filing late.

Seacoast Accountability is looking for professionals who would like to have a link on the resource page of our website.


Disclaimer: This post is intended to provide general information about the subjects posted.  It should no way be construed as tax or financial advisement.  We do not endorse any website or product introduced here.  Please contact Seacoast Accountability, a CPA, or a tax professional to discuss your particular tax or financial situation.

Seacoast Accountability
8 Commerce Way Suite 3
PO Box 494
Barrington, NH  03825
603-834-1271
http://www.seacoastaccountability.com/