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SA Nov News:  Upgrade to QB 2015, Getting Ready for Year End, 2015 Tax Updates, NH Employer Resources, Business Structures, and more….

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

Day to day bookkeeping can go even faster if you use techniques to navigate between entry points, use keyboard shortcuts and calculating and editing tricks.  Here is the QuickBooks 2015 for Dummies Cheat Sheet, which lists all of these time saving tricks.The end of the year is quickly approaching.  Now is the time to be sure you have the information you need to accurately report subcontractor and employee pay.  Verify that all subcontractors are Set Up As Vendors and that the 1099 capability is turned on in both your software and the vendor information.  Have a W-9 Form on file for all subcontractors.  Also verify employee addresses and social security numbers.

Reconciling all of your bank and credit card accounts is also very important to accurate year end reporting of wages and payments to subcontractors.  Remember, these people are paying taxes based on what you have reported.  Be sure that you have addressed all uncleared transactions involving payments to vendors and employees.  Go to the bottom left of the register and use the Sort By pull down menu to sort by cleared status.  All uncleared transactions will appear at the bottom of the register.  Reissue or delete checks, as needed.

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.

 

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
The Wage Base for Social Security withholding and employer contributions has increased from $117,000 in 2014 to $118,500 for 2015.Did you know that Inuit offers a FREE Paycheck Calculator?  You enter the employee information, and the calculator uses the most up-to-date tax tables to calculate the net pay for hourly and salaried employees.

Visit the NH Department of Labor site to find out more about the NH Worker’s Compensation requirements.  The FAQ page includes information for sole proprietors, various types of employees, and the requirements for hired family members.

This page of the New Hampshire Employment Security division is a great resource for everything from posting a job opening to staying up to date on payroll reporting compliance and claim processing.

 

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


Taxes

The Social Security Administration announced a 1.7% increase in benefits for 2015.On October 23rd, the IRS announced the 2015 Pension Plan Limitations.  Taxpayers may contribute up to $18,000 to 401(k) plans.  Catch up contributions and other plan considerations are also discussed in the news release.

Use the IRS online resources to Avoid Surprises At Tax Time.  Links for the W-4 Form, IRS Withholding Calculator, information about the Premium Tax Credit, life events that may change the taxes you pay, and estimated tax forms and process are included.

On October 1st, the IRS finalized a rule that allows taxpayers to deduct Local Lodging Expenses, even when the employee in not traveling away from home.  Read more about the Safe Harbor Test related to this deduction.

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

Small Business News

Here are a couple good articles about how to structure your business.  Whether you are just starting out, or have built an established business, The 5 Biggest Tax Differences Between an LLC and a Corporation, and Determining the Best Legal Structure for Your Business provide useful information about the various business structures.

This is a great article about Building Your Business in 2014.  This article explains that the focus should be on what you have, not necessarily gaining new business.

Ready to Hire The Perfect Candidate?  The hiring process can be time consuming and expensive, if you are considering the wrong applicants.  Learn how to attract and focus on finding the best fit for your company.

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/