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Tax & Accounting

4 Things to Know About the Self-Employment Health Insurance Deduction

If you own a small business or you’re otherwise self-employed, you have to take responsibility for yourself in many different ways. No one else is going to withhold taxes from your salary, so you have…

Long-Term Pandemic Impact on Online Retail

In the last 10 months, much of daily life has been turned upside down. Large events have been canceled, schools have switched to distance learning and many workplaces are still depending on remote setups for…

What are the pros and cons of using QuickBooks?

With user-friendly software such as QuickBooks available, many business owners feel they should be able to keep their records on their own, even as they wrestle with finding the time and wonder if they’re doing things correctly.

I am doing bookkeeping for a restaurant, are the tips received and reported by the waitress taxable for unemployment purposes?

Tips reported by a restaurant waitress to an employer are taxable for unemployment tax calculation purposes, subject to certain thresholds and guidelines. Also, there are additional tax treatment considerations for different types of food service businesses and tip and gratuity procedures that…

Can employers still reimburse employees for individual health plans under ACA as they could in prior years?

Beginning in 2014, employers can no longer reimburse employees for their substantiated premiums for individual health insurance coverage on a tax-favored basis under a benefit plan meeting the requirements of IRC Section 106 and Revenue Ruling 61-146.

What factors are involved in outsourcing overseas when it comes to tax and accounting?

Amounts paid to IT developers or other business service providers in foreign countries are qualified business expenses. Also, if a foreign worker, or firm, does not physically conduct any business activities in the U.S., then you generally would not have U.S. income tax withholding or payroll cost implications.

What do I need to do to start a 501(c)(3)?

While the 501(c)(3) designation is often denoted as an organization, it is actually a tax exemption status, rather than an organization itself.  You will be required to form a business entity structure that qualifies for the 501(c)(3) IRS tax emeption status prior to filing for the exemption. We have provided information and resources below for you to review regarding how to form a nonprofit organization and how to achieve a 501(c)(3) tax emption status.

I am starting to get orders from out of state, how do I handle the sales tax?

State and local sales and use tax laws vary; however, for sales made to customers in the U.S., when a business has no physical presence in a state, it typically has no obligation to collect sales tax in that state.

What are the tax problems with paying employees’ individual health insurance plans with a business check?

State regulations may prohibit insurers from accepting payment for individual health insurance policies from parties other than the individual insured, or it may be an internal policy intended to direct eligible employers to group health policies. You would need to check with the companies for the reason(s) for their policies.

Which Turbo Tax should I purchase for my home based business?

Intuit has several versions of TurboTax software that are geared toward the different tax preparation needs of its customers.  For example, if you have a home-based business that is structured as a sole proprietorship, which is an unincorporated business owned by one person, then the Home & Business version would generally be the preferred choice.

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