By John P. Kandler, Staff Accountant In the 2025 Reconciliation Bill otherwise known as the “One Big Beautiful Bill” or OBBB, there are an abundance of tax provision updates for tax years starting after December 31, 2025. There are, however, several pre-existing provisions for businesses that were not impacted and remain unchanged by the final […]
By Karen M. Schott, Senior Accounting Analyst As we embark on the second half of 2025, now is the perfect time to perform a mid-year review of your QuickBooks Online file. Staying ahead of year-end tasks in QBO will help ensure a smooth tax filing season and reduce stress for both you and your accountant. […]
By Amanda M. Ziehm, Staff Accountant The One Big Beautiful Bill (OBBB) brings sweeping tax changes to U.S. businesses. Below is a quick look at some of the key changes: Qualified Business Income Deduction Section 199A was set to expire after 2025, which is a 20 percent deduction for qualified business income. The QBID has […]
Form 1099-K, “Payment Card and Third-Party Network Transactions” is an information return that reports the gross amount of reportable transactions to the Internal Revenue Service (IRS). Payment card transactions are those transactions processed using credit cards and debit cards. Third-Party Network transactions are those transactions processed by a central organization that has a contractual obligation […]
Bill Pay is a feature that allows electronic bill payment directly from QuickBooks. It simplifies the process of managing and paying bills, making it more convenient and efficient for businesses. Here is how it works: Link Your Bank Account. First, you need to link your bank account to QuickBooks to enable electronic payments. You will […]
Tax Year 2024 Key Amounts Standard Deduction – Married filing jointly — $29,200 – Single/Married filing separately — $14,600 – Head of household — $21,900 Additional for Elderly (over age 65) – Married filing jointly — $1,650 – Single — $1,950 Child Tax Credit – Credit — $2,000 – Maximum refundable — $1,700 […]
Payroll Tax Reminders: NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees. This requirement is based on the employer’s number of employees and net income. For example, employers with 5 to 99 employees must provide up to 40 […]
Small steps can lead to big improvements in monetary habits. In this article we will share best practices regarding your finances that can be beneficial for both businesses and individuals. Pay Yourself First Financial advisors suggest that people should begin funding their retirement accounts as soon as they start working. The compounding effect will allow […]
Introducing a new cost-effective solution that was designed for accountants by accountants for clients to use! QuickBooks Ledger is an ideal solution for small businesses, particularly those transitioning from the desktop version to cloud-based accounting. Key features and benefits Affordability: Priced at $10 per month, QuickBooks Ledger is cost-effective for small business-es, removing the barrier […]
As featured in our previous newsletter: “Understanding and Evaluating your Personal Financial Statements,” we learned that personal financial statements refer to a document or spreadsheet that highlights an individual’s financial position at a given point in time. The statements include information about the individual, such as a name or address, along with a personal balance […]
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