As a small business owner, changes to the federal tax code and new federal business tax deductions will have you feeling like you have homework to do. But sweeping changes in the recently passed federal tax plan has entrepreneurs (and tax accountants) everywhere feeling like they are cramming for midterms. With that in mind, we created a study… Read more about Your Essential Small Business Tax Deductions Checklist for 2021
Tis the season for charitable giving – aka, charity donations. If you want to give back to those who aren’t profiting like you are, your business should consider giving a percentage of your profits to a charity of your choosing. There are plenty of worthy charities that could use some help. PayTech is here to… Read more about Charity Donation: How Your Small Business Can Get Tax Deductions
When it comes to small business accounting in Phoenix, there are a lot of things people simply don’t know. What is the difference between financial and managerial accounting? What are assets and liabilities? It’s these types of questions that PayTech believes everyone should know about small business accounting in Phoenix. Here is a list of… Read more about 5 Things Everyone Should Know About Small Business Accounting in Phoenix
Accounting, for any business, be it brick and mortar or a completely digital or e-commerce-based, is one of the key business functions. No company can make financial decisions and keep up with their growth without having complete control over their finances. For this purpose and the survival of the company in one of the fastest… Read more about Debunking 4 Common Myths about Outsourcing Your Accounting
January is here already (!) and it’s time once again to prepare Form 1099-MISC’s before the January 31, 2019 deadline. Using QB’s desktop here is the answer to the important question, “how do I run a 1099 report in Quickbooks?” How to find and produce 1099 reports in Quickbooks Here’s how to get the report… Read more about How Do I Run a 1099 Report in Quickbooks?
Keeping control of your business’ expenses is a vital part of making a business successful. While you might always make sure to keep careful track of your spending in order to make your business grow, not everyone involved with your company will have the same goal. Some people are only looking out for themselves, and… Read more about Protecting Your Business From Expense Reimbursement Fraud
When filing an extension for your income tax returns, the Internal Revenue Service requires that you estimate what you owe and pay in at least 90% of the taxes that you owe. An extension is for filing the return and is not for the payment of income taxes.
Paying taxes is a part of owning a business. If you run a restaurant, you may have to deal with taxes that are a bit more complex than those paid by your average operation. The fact that you deal with tipped employees adds a layer of complexity to the process that’s hard to figure out,… Read more about FICA Tip Credit