Quarterly Estimated Taxes are key to ensuring compliance with IRS expectations. If you are a new business owner this can be confusing and intimidating. Linked below is a great article from the IRS, if you need some help with developing a quarterly and yearly tax plan please send me a message or email today.
https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes
Deferred Payroll Taxes
Deferred payroll taxes, with the current iteration of the process this could hang a fair amount of the burden on the employer. If you defer the taxes then the employee leaves the taxes still come due, this could hurt a bit. We need some concrete answers as to how this will be handled, who pays and when and what the process looks like. Still far to many unanswered questions.
#money #taxes # #bookkeeping #payroll
Balancing your Checkbook
One of the most basic controls for our money is balancing our accounts. Do you balance your checkbook every month, and more importantly have you taught your kids how? While checking online transactions is important you need to ensure your records match the bank. #knowyournumbers #banking #bookkeeping
Feeding the Hungry
This dude knows where priorities should lie, when his community was razed by the derecho he stepped up and fed hundreds every day. Here is a guy we should admire, his name is Willie and we should celebrate his deeds. We all should use our talents to help others when we can. #helpeachother #admire #waytogo
https://www.essence.com/news/willie-fairley-feeds-cedar-rapids-derecho/
Tax Refund Interest?
Interesting article here, those filing on time and getting a refund may get an interest check. It is a relatively small amount but it makes sense, if we are late paying them we have to pay interest if we take too long. I know from discussions with some of my clients they just want their refund. This may drag on into next year so looks like we may have a mess again. #taxes #moneymatters #knowyournumbers