If I had a dollar for every time I heard, “Nothing in life is free,” I would be a rich woman. It was a phrase that echoed in my head time and time again as we waded through the relief options offered to small businesses last spring in response to the pandemic. While my clients, […]
Category: Bookkeeping
End-of-Year Employee Checklist
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 […]
End-of-Year Employee Benefits Checklist
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 […]
End-Of-Year Contractor Checklist
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 […]
It’s Almost Time for 1099’s
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 issue a 1099-MISC to each person to whom […]
How to Pivot Business Networking Strategies in a Pandemic
Many small businesses rely on word-of-mouth referrals as their main source of new business. However, obtaining referrals has become more difficult since the onset of Covid-19. Social distancing guidelines have greatly decreased the number of business networking events. Conventions, trade shows, and group gatherings have been canceled. While some business networking events have gone virtual, […]
Courtesy Reminder for Small Businesses with Payroll
If you haven’t already, you will be receiving a letter from the Wisconsin Department of Workforce Development stating what your state unemployment insurance rate is for 2021. This rate changes annually for most businesses and needs to be updated in your payroll system. I have included an image example of what to watch for. Failure […]
Mixing Personal & Business Accounts? Now What?
Myth: If I make a personal purchase from my business accounts or with a business credit card, I can exclude the purchase from my bookkeeping. Fact: In order to properly reconcile your business accounts, all transactions should be recorded, even if they are personal in nature. Whether you routinely make personal purchases from business accounts […]
Do I pay tax on the draws I take?
Oftentimes we get asked this question, “If I take an owner’s draw, will I pay taxes on it?” Without getting too deep into the weeds of different types of legal entities (LLC, Partnership, S Corp and C Corp) and the difference between a salary versus a draw (yes there is a difference), the short answer […]
How Well Does Your Bookkeeper Score? Take The Quiz
Prosperity Bookkeeping created this little quiz to help determine how well your current bookkeeping system adds up to success. Take a few moments to answer these 10 questions about the key elements of bookkeeping. Response: Disagree Neither Agree or Disagree Agree 1. Has a good grasp of accounting concepts and knows the accounting software I […]
