Our latest blog focused on the importance of knowing what things you can look forward to writing off on your taxes this year. But just as important, you need to know all the things your business cannot write off as tax day draws closer. Battle this grey area, and be prepared before tax day.
There is plenty of time between now and April 15th to get prepared for paying Uncle Sam, but there is nothing wrong with being prepared. The last blog we posted was about knowing what items, some often unknown, that you can write off your taxes. We all love that extra break at the end of the year and it can be a huge burden lifted off your companies' bank account. But are you just as familiar with all the items you cannot write off your taxes? If not, you could be in for a lot of frustration when you start preparing your taxes and getting prepared to pay for them. Don't get caught in that trap, be prepared before you even begin your fiscal year. Know what receipts you need to save and where you can help your business save money - and know what to avoid spending money on before you get ready to sign the dotted line on April 15th.
Let's start with some of the basic nondeductible recommended by Quickbooks. After Quckbooks help you track your project probability, manage your bills, track your business mileage, track your income and expenses, helps you prepare invoices and payments, manage your contractors, and pay your employees, it also offers this fantastic reminder of what you cannot write off and deduct from your upcoming taxes.
How does this sound so far? Are any of these nondeductibles surprising or frustrating? Or were you already aware of these items? Well - the list continues. This one is a little more detailed and focused towards small business owners.
For new business owners and sole proprietors, it's so easy to forget or not even known about all of the best deductibles and write-offs for your future tax season. So here are some of the best tips and hints and what you can look forward to writing off come April 15th!
April 15th. It's a day that goes down in infamy once you're proudly bringing home your first paycheck or have opened your own business or have become a sole proprietor. Even though it's still 9 months away from when we all have to open our wallets for Uncle Sam, taxes don't have to be as painful or as costly to you or your business as you think. We get it - taxes aren't your favorite thing. So to ease the pain between now and April 15 let's talk about something a little less painful - your tax write-offs and deductibles!
Those glorious write-offs can cut your taxable income and cut down on what you end up paying for your taxes come tax season. But are you writing off everything that you can? Do you know just how much you can track and write off every year to make sure you're getting the financial break you and your company deserves? Let's break down what exactly you can write off - and how you should be keeping track. Federal tax laws can be a bother and can get in the way of what you think you can write off and what you actually can. Tax code and Tax law does change a little every year, so there are loopholes and certain things that will affect how, how much, and when you can write off certain things. When tax season does come around, make sure you, your tax advisor, or your Quickbooks extraordinaire takes the time to research the new tax code for the year. This list covers the big write-offs - and a handful of others that you might not know about. A lot of the time the more unknown or forgotten write-offs can be some of the most lifesaving and profitable at the end of the day. Make sure you're keeping track - and reading the small print.
Our first recommendation is to keep track of everything for your company. Quickbooks is a simple and easy tool that can help you track all of your project probability, manage bills, track your mileage, keep track of your income and expenses, help you manage your invoicing and payments, manage your contractors, and of course - pay your workers. It's simple, efficient, and can take the headache out of tax time. You will also be a star employer if you get your taxes finished sooner than the cut off date. The faster you do, the faster that tax return can get back into your pockets and the pockets of your employees.
The first general idea to keep in mind when you're just beginning and making plans of what you're going to be writing off this year, your write-offs HAVE to be something that is always used in your business industry. Once this is established, don't forget to keep and track your records. There are TONS of amazing apps and programs that can help you stay organized. Did I mention how amazing Quickbooks is and how they can do all of that for you?
TOP WRITE OFFS FOR SMALL BUSINESSES!
Next up: Things you think you can write off, but actually, you cant!
Tax season is quickly approaching, and Pathways wants to ensure that your business has their taxes under wraps! Here are a few tax tips for your business!
Use Quickbooks Payroll
When it comes to payroll, it can be difficult to manage by hand and keep up with all the employees of your business. In order to combat that, and provide relief come tax time, we recommend using Quickbooks payroll!
File your Taxes on Time
Many have been there, in crunch time, and end up missing the deadline for their taxes. Don't let that be you with your business. Ensure you get your taxes done on time, if not early, by using Pathways! Call and schedule your appointment today!
Take Deductions Seriously
When it comes to taxes and running a business, it helps to know what deductions you can file for and have. It is best to communicate with a Pathways team member to discuss the deductions that you and your business qualify for.
We hope to see you soon for your tax appointment, make sure to get everything you need to get done early so you do not have to pay any late fees come 2019!
Have you been having a hard time lately with your finances for your small business? Have you been struggling trying to flip through papers up on papers that don’t seem to have the correct information? What if we at Pathways Consulting told you you don’t have to do that anymore?
That’s right. You don’t.
QuickBooks is an accounting software that can change the way you do booking. From spreadsheets to payroll, QuickBooks will have your business running smoother than you ever thought it could.
QuickBooks is smarter than a spreadsheet, since it’s an online program you can use the convenience and efficiency of computer software to keep a hold of your businesses’ exchanges of money.
Eliminate your worry today and do some reach search on QuickBooks. Once you’ve made a decision then that’s what you want to do, contact us!
Lucky for you at Pathways Consulting we have experienced, knowledgeable, members of our team who understand QuickBooks to a T! Don’t be shy and call today to schedule your appointment!
We will go over QuickBooks software with you and help you receive a better understanding of what this new innovative computer technology means for your small business! We look forward to hearing from you!
Hurricane Florence has brought to our attention the necessity of having your business at your fingertips. Luckily for all the small business owners out there, technology has grown and flourished to accommodate every demand we place on it.
It even makes it possible and easy to handle your business from your phone! That means 24/7 access for you! But what allows you to run your business solely through your phone if you so choose? Quickbooks!
Quickbooks is the best and most efficient accounting system right at your fingertips. Here at Pathways, we even have quickbooks specialists to help you manage your account without the hassle or confusion!
Do you have your business’ books and records safe in case of a natural disaster? Make the switch to Quickbooks today by calling Pathways Consulting and scheduling a meeting! If you live in the Summerville, or surrounding area, we will get you on the right track with your money and out of the storm!
QuickBooks: Quick Tips for Running a Smooth Program
Technology is progressing, and so should you! With the use of QuickBooks, your business can begin running at an optimal pace! QuickBooks has multiple ways to make your life easier, but in order for that to happen, you need to understand how to use it fluidly. Pathways Consulting is here no matter the issue you may be having with your QuickBooks account! Here are some general ideas to keep in mind before you come see us!
Learn the Basics
Sometimes it just takes a little time to get familiar with how a program works, luckily QuickBooks makes it simple and efficient. When you use QuickBooks for the first time, there will be a guided tutorial for you to maneuver the program and learn about each of the buttons, placing data, and setting up accounts. Take your time with this part because it is the most important for getting the most out of the program. If you are in need of help, come by our office at Pathways, or make an appointment with one of our Quickbooks experts.
Keep your Data Safe
These days with online communities and tools, you need to make sure that your are keeping data safe through the use of highly secure passwords. Luckily, if you are already using a QuickBooks account, you can easily change your password.
Correct Information, Always
There is nothing more frustrating than putting information into a system and having it come back as incorrect. Make sure when you are adding information regarding clients and employee details that the information is correct and up to date. This is your business and you want it to run as smoothly as possible!
When using anything online or on a computer, you want to make sure you are saving the data and information on a backup device or hard drive. This will save you a lot of time and frustration if something were you ever happen to the computer or system you were using!
Customize Customize Customize!
Make Quickbooks look the way you want it to! Move the icons around to the best suitable place for you! This will help manage your time as you carefully input information regarding your business.
These were just a few quick tips for running your business through QuickBooks! If you have any more questions or concerns, please feel free to contact our Pathways Consulting Office. We are here to help you!
Quick Tips for QuickBooks
Pathways Consulting understand that learning and understanding a new interface takes time. While we are always here to assist you with the more accelerated features QuickBooks has to offer, we thought compiling tips on beginning stages of Quickbooks would help, too! The information below will cover navigation, icons, and how to maneuver within the program. Quickbooks is known for easy use which will make learning and understanding the interface come sooner than you think!
HOME SCREEN NAVIGATION
The Left Navigation Bar
Perhaps the most important feature of the home screen to familiarize yourself with, the left navigation bar lists all the “centers” you will be working in. The names of each Center is displayed:
Pathways advises all their clients to take a few moments in the beginning to click through each and see what options are available within the Centers. Familiarizing yourself with QuickBooks is the first step in becoming a QuickBooks professional.
Located at the top right of your home screen will be a gear icon. As with many other systems, the gear icon represents access to settings and tools.
Plus Sign (Quick Create)
One of the most convenient tools within QuickBooks, the Quick Create plus sign allows you to create any of the amazing transactions. When you click the icon a list of actions will appear with everything you needs to accomplish for your business. Some example include;
QuickBooks has a large arrangement of lists that you can choose, use, and manage for your business or personal use.
A wonderfully organized location where you can see all transactions regarding sales including sales receipts and invoices. *Note that deposits will not be included in this section
A nice location to store all your many customers! Make sure you have as much information on each customers as possible, the more detail the better you are in the long run! Running a smooth business is difficult, but using QuickBooks’ efficiently will help!
Expenses / Vendors
As with the title, you can expect what will be within these lists. Expense transactions will be located in the expenses list in an organized fashion. Vendors will be listed with the corresponding list title.
Accounting / Chart of Accounts
You may want to ask one of our talented staff to go over the Accounting and Chart of accounts with you so you can receive a better understanding of what this section of QuickBooks does and needs to function. As with any business, each moving part matters! When you use other QuickBooks services such as invoicing and expenses, you will be able to choose an account it wi be labeled as. This provides you and your business with the best organization of accounts in order to see where money is being spent and what on.
Now that you have read through the information we provided, do you feel more confident in your QuickBooks knowledge? If you have any questions or concerns, give us a call and set up an appointment. Our staff at Pathways consulting are here to help you get the best out of your QuickBooks journey!
The Do's and Don’ts of Quickbooks for a Small Business
Running a small business is no small task. Often times, a business owner will find themselves looming over numbers and bookkeeping more so than running their business. Why? Because they haven't switched their business over to Quickbooks! The advantages of using Quickbooks for your small business are endless, but here are some quick do's and don'ts when it comes to understanding what Quickbooks can do for you!
Take advantage of the automatic bookkeeping tasks
QuickBooks is a wonderful tool that takes time to devote toward Small Businesses. With is comes the ability to connect various kinds of money keeping engines. Connect your bank, PayPal, credit card, or Square to access transaction access. Quickbooks will even take of the calculations, so you don’t have to! Balancing has never been so easy!
Perform tasks on mobile while in the field
Does your business require you to be on site and not cooped up in an office? With Quickbooks, mobile is just as functional as the desktop version! With todays technology, there is no reason for a business owner to be unable to access all bookkeeping information while on the go. Your information will be synced with Quickbooks so all changes will be kept safe and correct.
Use Quickbooks to keep a healthy business
Quickbooks allows you to stay organized in order to keep your business running smoothly. Receive reports and access to data that shows you how your business is doing in a straightforward fashion.
Manage bills on your own
It’s frustrating having to keep up with paying bills on multiple platforms. With Quickbooks, all bills are easily scheduled and formatted. There is no need to manage your bills on your own. Everything is documented when using the billing section of Quickbooks, even your records and bookkeeping.
Forget to log expenses
There is nothing left unlogged with Quickbooks. When making purchases for the business, quickly use the mobile app to take a photo of receipt. Quickbooks will quickly log and organize the expense among previous entries. No more worry of having lost a receipt!
Become frustrated at tax time
With Quickbooks, you don’t have to worry about being unorganized when Tax Time comes around. If you have used Quickbooks efficiently, the software will organize all the information you need for tax season for easy access. All records are alongside the FASB regulations.
There are only positives when it comes to Quickbooks helping your small business. Ensure that you are getting the most out of your experience with Quickbooks by asking any of our trusted members of Pathways Consulting. We are trained in understanding Quickbooks to the fullest extent and love helping others! Take your business organization to the next level with Quickbooks and our help!
Familiarize Yourself With Quickbooks
QuickBooks is known for the amazing features you can use to grow your business. It may seem a bit daunting, but do not worry! Here are a few ways to familiarize yourself with QuickBooks!
Tackle the organization of your business’ moving parts through inventory tracking, categorization of expenses used on your company card, and much more!
Give your company the look and feel you desire through QuickBooks’ variety of personalization options! Branding is as important to QuickBooks as it is to your business.
Simple and efficient performance reports at your fingertips! Since QuickBooks handles multiple parts of your business, they can also provide you with detailed reports on how your business is thriving!
Accountant access is simple and hassle free, so when tax time comes, there won’t be stress! QuickBooks also helps you with you 1099s!
Pay your employees with W-2s easily with QuickBooks. With easy hour entry and optional direct deposit it check, your employees with continue to be happy! QuickBooks also guarantees payroll taxes with zero errors!
QuickBooks easily organizes your incoming and outgoing payments. It even allows you to email clients who have yet to pay your business!
QuickBooks has many elements that are just right for your business. It has all the tools in order to make your business boom with productivity! At Pathways, we are available to assist you in your QuickBooks journey anytime. Feel free to contact us with any questions or concerns!
It's Quickbooks Season!
The Pathways Team