How To

IRS Federal Estimated Tax Form 1040-ES – Tips On Filling Out

Avoid IRS penalties! Learn how to file an IRS Federal estimated tax form (1040-ES): Alright! Your small business is getting off the ground and starting to make some money now. Along with that jubilant observation comes the sobering thought of paying taxes on that hard-earned income. Impatient Uncle Sam doesn’t like waiting till April 15th […]

IRS FORM 1099

An IRS Form 1099-MISC is used to report payments to certain recipients during the year. A Form 1096, a transmittal form, is the cover page for the 1099s that you will submit to the IRS (unless you file electronically). This form totals all payments on your 1099s. IRS Form 1099 Guidelines: Determine who is an

How to Remit Federal Payroll Taxes:

Report and submit your federal payroll taxes with IRS Form 941, if you are a small business with paid employees. See what this form is used for and when you should submit your 941s. Form 941 is used to report to the IRS: number of employees total wages paid during the quarter withholdings and total payroll

How to Complete a W-3

Completing a W-3 is an essential task for small businesses with employees. See the following step-by-step instructions for completing and filing a W-3. A W-3 form is a summary of your W-2 forms. The W-3 and copy A of all W-2s must be mailed to the Social Security Administration no later than the end of

Business Records Management

Tips on Managing your Biz Receipts Business records management is an essential part of running your small business; however, it has always been an area of entrepreneurship that many small business owners struggle with. Personally I put keeping track of my business receipts in the same category as a trip to the dentist… you don’t necessarily like it,

How to do a Bank Reconciliation

A bank reconciliation is an important process that every small business owner should perform to ensure that the company records and bank accounts are correct and corresponding. Cash on the balance sheet illustrates a company’s ability to pay debts and fund operations, but how do you know the bank statement balance is accurate? Bank reconciliations help bookkeepers,

Balance Sheet Format, Example & Free Template

Balance sheets along with income statements are statements that are not only used to evaluate the health and financial position of a business but are the primary statements that lenders and investors will look at. In our previous article, we talked about creating an internal income statement to analyze our financial data. Here we will discuss the

Adjusting Entries

Adjusting entries are an important and often necessary part of your accounting! As any small business owner knows, keeping the books by recording all transactions and putting together financial statements can be a complicated procedure. Still, it is crucial that it is done accurately to ensure that you stay on top of income and expense

Accountable Reimbursement Plans

How to Set Up and Properly Administer an Acceptable Reimbursement Plan Accountable reimbursement plans are an excellent way to reimburse your employees. Set up properly, accountable expense reimbursement arrangements can be a great tax benefit for your small business as well as your employee. A Reimbursement Plan is an employee reimbursement arrangement or method for reimbursing employees’

How to Choose an Accountant

Choosing an accountant can be one of the most challenging important decisions you will make as a small business owner. You are not just looking for someone do your accounting…you are looking for someone that will be a key adviser to your small business. A good one can help grow your business. A bad one