Current Newsletter & Archives
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Obamacare in NH, Tax Balance Due Options, 4/30 WOC Deadline, Health Insurance and the W-2, 2015 Small Business Tax Tips, and more
Welcome to our monthly newsletter with tips and information for your business.
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QuickBooks and Bookkeeping News
QuickBooks and Bookkeeping News
Learn more about QuickBooks Reminders. You can remind yourself to pay bills on time, to print checks, to issue invoices to customers, and several of your tasks that you perform on a regular schedule.
We’ve reminded you about recording your beginning odometer mileage for vehicles that you use in business, but did you know that you can Record Your Mileage in QuickBooks? We have found that the IRS finds the report that you can generate to be audit proof when used in conjunction with a daily planner.
QuickBooks and Windows sometimes have display setting glitches, such as transaction forms that do not fit on the screen, missing buttons, and various sizing and distortion issues. This article outlines how to Correct QuickBooks Display Issues using the various versions of Windows.
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.
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.
Do you work for an employer, and found that you owed taxes on your 2014 tax return? Use our link to the IRS Withholding Calculator to see if you need to adjust the W-4 you have filed with your employer. You can also find a 2015 W-4 form on our site, to fill out and submit the changes to your employer.
Due to budgetary constraints, the Social Security Administration suspended their annual mailing of benefits statements in 2011. We suggest that everyone should create an online account and check their earnings and benefit statements annually for accuracy.
Although employers issuing less than 250 W-2 forms per year are not required to report employer sponsored health insurance premiums on employee W-2 forms, there is a new payroll tracking item in QuickBooks to report the cost of coverage. Find out how to set up the payroll item, what Health Insurance on W-2 forms is reported, and other FAQ about the reporting requirement and how it is tracked in QuickBooks.
Watch out for the 40% Cadillac Tax, if you offer health insurance to your employees.
Avoid the headaches-Seacoast Accountability payroll services start at $100 per month.
If you found that you had a Balance Due on your 2014 return, there are several things you should know about how, where, and when you can pay your balance due.
Those of you that were lucky enough to get a refund, you should know that your refund can be used to Offset Your Unpaid Debts. See what debts your refund can be used against, how you will be notified, and how to dispute the offset. Information about the Injured Spouse Allocation is also discussed.
We have come across a few people this year that have filed their taxes, only to find that someone else had already filed using their information. The IRS is addressing this growing concern by issuing an IP PIN, which verifies that you are the rightful filer of the return.
We processed several tax returns this year that included an individual shared responsibility payment because people were not covered by health insurance. The open enrollment period ended on 2/15/15, however, there is a special enrollment period that runs from 3/15-4/30/15. This article explains Obamacare for NH Residents, including the open enrollment.
Is your tax return getting too complicated to do yourself? Give us a call!
Small Business News
I don’t know why every small business blog I read lately has a specified number of bullet points in the title, but anyway, here a few you might find interesting or useful:
The 5 Biggest Legal Mistakes Small Business Owners Make
5 Lesser-Known Marketing Metrics You Should Pay Attention To
Top 10 Small Business Tax Tips For 2015
50 No Fluff Content-Rich Blog Post Ideas (with tax season over, I am going to try a few of these!)
Choose from more than 20 FREE online courses in Finance, Marketing, and Business Management offered through NHSBDC
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.