For several decades non-employee employee compensation was reported using a 1099-MISC. The IRS has changed that for the 2020 tax filing year and is requiring those wages to be reported on a 1099-NEC.
Throughout the year, we publish weekly blogs loaded with tips, tricks, and valuable information about QuickBooks and all things bookkeeping. We all know 2020 was an unprecedented year, with information regarding relief programs and other solutions for businesses affected by COVID-19. We've compiled our most popular and significant blog posts from 2020 here to be sure you don't miss out on them!
Now that specifics are out for the second Paycheck Protection Program (PPP) round, there are some important things you need to know. One is the 25% loss in receipts rule.
For most of us, driving to the office has been replaced by remote work environments. Fortunately, at BudgetEase we did a lot of remote work before the pandemic. For many small businesses, however, this has been a challenging adjustment period.
Despite the time of year, I chose to head to Aurora Outlets to pick up a few holiday gifts this week. I recall saying last year that I would spare myself the misery of trying to find a parking spot and waiting in line. Knowing the annoyance lying ahead, I went anyway.
We are very thankful to have clients with unique perspectives and big ideas on how to improve the communities we live in. Rust Belt Riders is a leader on both fronts. They created a business plan to reduce landfill waste by turning food scraps into high quality soil blends available for purchase. It’s really a win-win and we are very excited to share this fantastic client with you!
There are many tasks involved with small business bookkeeping. These tasks often take much longer than we expect because concepts are easier to understand than to implement.
Here are some simple solutions to your bookkeeping problems:
Before you know it, the holidays will be here. Even with fewer get-togethers this year, the calendar is still filling up with to-dos. Don’t put off the year-end planning details of bank reconciliations and estimated tax payments until the last minute. Save yourself the stress and start the cleanup now!
It’s not too late to get organized for year-end. A lot of small business owners wait too long to get their financials in order. Closing the books for the year doesn’t have to be a race to the finish; it can be a jog. Below are a few things you can do now.
As the title suggests, we can help your small business tackle the tough stuff, and no we are not selling laundry detergent now. By the tough stuff, we mean all the transactions in your QuickBooks file that you haven’t cleaned up because you either don’t have time or don’t know how. Luckily for you, we do this every day (and actually like it).