Using a Vehicle for Business: Q&A

IRS rules and exceptions abound, but there are some questions we can answer simply.   Next to your home, your car is probably the most expensive investment you make. And the costs of paying for and maintaining it can be considerable. Can you recoup some of your

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Setting Up User Access in QuickBooks

Will multiple employees be working with your QuickBooks company file? You’ll need to define their permission levels. If you ever did your bookkeeping manually, you probably didn’t allow every employee to see every sales form and account register and payroll stub. Most likely, you established a system

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Better Budgeting Using QuickBooks Online Plus

  Everyone groans when budget time rolls around. QuickBooks Online Plus offers tools that simplify the process.   Budget. The word evokes a sense of dread in most small business managers’ minds. Large corporations have entire teams of accountants that work on this critical element of financial

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What’s Your DSO?

If you grant credit to customers, then you have a balance in accounts receivable. DSO stands for Days Sales Outstanding, and this helps you measure how fast your receivables are being converted to cash. Here’s how to calculate it: DSO = Accounts receivable balance / Annual net

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Tax Planning, 12 Months a Year

Tax Planning, 12 Months a Year We’re halfway through 2016. What do you know about this year’s income tax obligation?   Your 2016 income taxes are probably not at the top of your mind in the middle of summer. After all, it seems like you just filed

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Charging for Time in QuickBooks Online, Part 2

  Charging for Time in QuickBooks Online, Part    Last month, we talked about time-tracking setup, single-activity data entry, and user permissions. This month, we’re exploring additional time-and-billing steps.   By now, you’ve set up QuickBooks Online for time tracking and entered your first timed activity. If

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Do the New Overtime Rules Affect You?

Effective December 1, 2016, federal overtime regulations will change and may affect how you are paying your employees.  These overtime updates will affect 4.2 million workers across the country. The new rules will raise the salary overtime-eligibility threshold from $455/week to $913 ($47,476 per year).  This new threshold

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All About the Earned Income Tax Credit

All About the Earned Income Tax Credit Individuals who are working and who have low-to-moderate taxable income may qualify for this income tax credit. When you think about ways to offset your income as you’re preparing for income tax time, do you primarily consider the deductions you

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