Verify contractor information: Verify contractor name Verify contractor address Verify contractor identification number File 1099 You’ll want to make sure all your contractor information is in one place. Like with employees, you’ll want to verify your contractor’s name, address, and identification number. The ID number can be a contractor’s SSN, ITIN, ATIN, or EIN. The […]
Verify employee benefit information: Confirm retirement plan eligibility Confirm health benefits (and imputed wages) Confirm fringe benefits Review sick time Review vacation time Review deferred compensation We often set and forget employee benefits, but the end of the year is an important time to verify your employee benefit information. For most retirement benefit information, like […]
Verify employee data: Verify employee full name Verify employee address Verify employee Social Security number File W-2 It’s important to review employee data at the end of the year, particularly with employee names, addresses, and Social Security numbers. Improperly filing this could lead to penalties for each misfiled W-2. Check with your employees to make […]
Review profits & lossesThe first thing you should do after this checklist is review your profit and loss statement. It’s a good practice to see how you’re spending your money and if your expenses are categorized. If you haven’t already, you may want to reconcile your bank accounts and receipts. Collect W-9sDid you use vendors […]
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January 15, 2020 Deadline to make estimated tax payments for the 4th quarter of 2019. January 31, 2020 Deadline to distribute annual wage and tax reports to employees and independent contractors who did work for you in 2019. Deadline to submit transmittal forms for W-2s to the Social Security Administration (Form W-3, all […]
December 5, 2019Kristie Van Pay, Prosperity Bookeeping LLC January is fast-approaching and that means it is almost time to send out 1099’s to some of your vendors. Check out my latest video for more information or continue reading below! To whom are you required to send a Form 1099-MISC? As a general rule, you must […]
Here’s the proper way to manually record credit card transactions in QuickBooks Online Written by: Kristie Van Pay, Prosperity Bookkeeping LLC November 6, 2019 A common mistake I often see QuickBooks users make is to record their credit card transactions on the check they write to the credit card company. They enter a check in […]