BUSINESS OWNERS BOI REPORTS ARE DUE!
Attention, business owners! Ensure compliance and stay on top of your finances by completing your Business Operating Income (BOI) report today.
- Compliance: Demonstrates transparency and accountability.
- Financial Insights: Provides key data on revenue, expenses, and profitability.
- Planning Ahead: Helps make informed decisions for your business's future.
Click the link and complete your BOI report today to keep your business running smoothly!
File Your 2023 IRS Income Tax Extension Here
When you e-file IRS Form 4868 and receive confirmation, you’ll have until October 15, 2024 to finish and file your 2023 tax return. Hit the link below or add any questions below!
BUSINESS OWNERS HERE IS A DISCOUNT FOR YOU!
Empower Your Small Business This Tax Season with QuickBooks: Top 3 Tools
As tax season approaches, small business owners are gearing up to navigate through the complexities of tax filing. Amidst the hustle, having the right tools can make a significant difference in streamlining processes, ensuring accuracy, and maximizing deductions. QuickBooks, a leading accounting software, offers a range of features designed to simplify tax season for small businesses. In this blog post, we'll outline three indispensable QuickBooks tools that can empower small businesses during tax season.
1. QuickBooks Online Tax
Overview:
QuickBooks Online Tax is a comprehensive tax preparation tool integrated directly into QuickBooks Online. It simplifies the tax filing process by automatically pulling in your financial data from QuickBooks, organizing it, and providing step-by-step guidance to help you prepare and file your taxes accurately.
Key Features:
Automatic Data Import:QuickBooks Online Tax seamlessly imports your financial data from QuickBooks Online, saving you time and reducing the risk of errors associated with manual data entry.
Tax Forms and Schedules: It provides access to a wide range of tax forms and schedules, including 1040, Schedule C, and more, ensuring that you have everything you need to complete your tax return.
Guided Workflows: The tool guides you through each step of the tax preparation process, prompting you to input necessary information and offering explanations where needed, making it easy for even non-accountants to navigate.
Real-Time Calculations: QuickBooks Online Tax calculates your tax liability in real-time as you input your data, allowing you to see the impact of deductions and credits instantly.
E-file and Direct Deposit: Once your tax return is ready, you can e-file it directly from QuickBooks Online Tax and choose to receive any refunds via direct deposit, expediting the refund process.
Benefits:
- Saves time by automating data entry and calculations.
- Minimizes errors with built-in validation checks and real-time calculations.
- Streamlines the tax filing process with guided workflows.
- Maximizes deductions and credits by ensuring you don't overlook any eligible expenses.
2. QuickBooks Self-Employed Overview:
QuickBooks Self-Employed is specifically designed for freelancers, independent contractors, and small business owners who file a Schedule C with their personal tax returns. It helps users track income and expenses throughout the year, making tax preparation easier when tax season arrives.
Key Features:
-Automatic Expense Tracking: QuickBooks Self-Employed automatically categorizes and tracks business expenses, such as mileage, supplies, and office expenses, by connecting to your bank and credit card accounts.
-Mileage Tracking: It offers a built-in mileage tracker that uses GPS to accurately record and categorize business-related mileage, helping you maximize deductions for vehicle expenses.
- Quarterly Estimated Taxes: The tool calculates quarterly estimated tax payments based on your income and expenses, helping you avoid underpayment penalties and stay on top of your tax obligations.
- Tax Deduction Maximization:QuickBooks Self-Employed identifies potential tax deductions based on your business expenses, ensuring you claim all eligible deductions and minimize your tax liability.
Benefits:
- Simplifies expense tracking and categorization, saving time and reducing manual effort.
- Helps maximize deductions by capturing all eligible business expenses.
- Facilitates compliance with quarterly estimated tax payments, preventing penalties for underpayment.
- Provides insights into business finances year-round, not just during tax season. 3. QuickBooks Desktop Pro/Premier
Overview:
QuickBooks Desktop Pro/Premier is a robust accounting solution for small businesses that prefer desktop software over cloud-based solutions. While it may not offer real-time collaboration or automatic updates like QuickBooks Online, it provides powerful features tailored to the needs of small businesses, particularly during tax season.
Key Features:
- Customizable Reports: QuickBooks Desktop Pro/Premier offers a wide range of customizable reports, including profit and loss statements, balance sheets, and tax-related reports, allowing you to generate insights into your business's financial health and prepare for tax filing.
- Tax Forms and Filing:The software includes tax form templates and facilitates tax filing directly from the application, streamlining the tax preparation process for businesses that prefer to handle their taxes in-house.
- Inventory Management (Premier): QuickBooks Desktop Premier includes advanced inventory management features, such as tracking inventory levels, creating purchase orders, and generating inventory reports, which can be beneficial for businesses with inventory-intensive operations during tax season.
Benefits:
- Offers robust accounting features tailored to the needs of small businesses.
- Provides flexibility and control over data management with desktop software.
- Facilitates detailed financial reporting and analysis for informed decision-making.
- Enables in-house tax preparation and filing for businesses that prefer desktop solutions.
In conclusion, QuickBooks offers a suite of tools designed to simplify tax season for small businesses, whether you prefer cloud-based or desktop accounting solutions. From automated data import and expense tracking to real-time calculations and customizable reporting, QuickBooks equips small business owners with the tools they need to navigate tax season with confidence and efficiency. By leveraging these tools, small businesses can streamline their tax preparation processes, minimize errors, and maximize deductions, ultimately contributing to their financial success.
As tax season approaches, now is the perfect time for small businesses to explore QuickBooks and discover how these tools can help them succeed.
Want to learn more about 1099-K forms?
Hey, #TaxTwitter #IRS’ free webinar ‘Form 1099-K Third Party Payment Network Transactions’ is available and includes a full transcript of the webinar. https://youtu.be/Kb5dVhwAcV0
LOOKING FOR YOUR TAX REFUND STATUS?
DYK that once you’ve filed your tax return, the #IRS “Where's My Refund?” tool allows you to quickly #incometax
check your refund status online? Get started at: www.irs.gov/refunds
2024 Income Tax Refunds Will Be Bigger This Season!
Millions of workers and families benefit from the #EITC. If you’re unsure whether you qualify
or not, check out the EITC Assistant on the #IRS website: www.irs.gov/eitcassistant
Many working people qualify for the #IRS Earned Income Tax Credit. Do you? Do your loved
ones? Check eligibility with the #EITC Assistant: www.irs.gov/eitcassistant
Unwrap 2024 Savings Today!
QuickBooks Online Unwraps Savings for the Holidays!** 🎁
As the holiday season approaches, there's no better time to sleigh your financial goals with QuickBooks Online. 🚀✨ Join us on a journey of financial merriment and discover how QuickBooks Online can be your holiday helper, bringing cheer and savings to your year-end festivities.
Unwrapping the Magic of QuickBooks Online for the Holidays! 🛍️📊
Holiday Budgeting Bliss:
Tired of tangled holiday budgets? QuickBooks Online is here to streamline your expense tracking. Categorize your festive spending with ease and watch your budget stay as merry as your celebrations.
Exclusive Discounts and Deals:
'Tis the season for savings! Click https://quickbooks.grsm.io/785rn5w9mi50 to unveil exclusive holiday deals on QuickBooks Online. It's our gift to you for a jolly financial season.
Cheers to Year-End Reports:
Bid farewell to financial chaos and welcome stress-free tax preparation. QuickBooks Online offers customizable year-end reports, ensuring you start the New Year on a financially organized note.
Virtual Collaboration for Businesses:
If you're running a business, QuickBooks Online fosters seamless collaboration. Ensure everyone in your team is on the same festive financial page, spreading virtual cheers and boosting productivity. 🥂🎉
Share the Financial Joy:
Love the financial magic QuickBooks Online brought to your holidays? Share the joy with friends and family! Tag them in the comments and let's make this holiday season the merriest one yet.
Claim Your Discount and Sleigh Your Financial Goals! 🎅🌟
It’s better to be ready then to have to get ready!!!
Take steps to prep now that will help you file federal tax returns timely and accurately in
2024. See #IRS tips to #GetReady: www.irs.gov/getready
2024 Tax Refund Calendar
Stay ahead of the game this tax season by keeping a close eye on the 2024 IRS Tax Refund Calendar! Our latest blog post is your go-to resource for staying up-to-date on crucial dates and deadlines. Whether you’re anticipating a refund or planning your financial strategy, this calendar has you covered.
IRS ERC Withdraw Option!
Did you fall victim to an Employee Retention Credit promoter scam? If the incorrect #ERC or #ERTC claim hasn’t been processed, #IRS has a special withdrawal option to help you: https://ow.ly/5ygU50PYKaF
#IRS has a withdrawal option for those who have an unprocessed Employee Retention Credit. If you filed an incorrect claim, take a look at the special #IRS guidelines: https://ow.ly/5ygU50PYKaF #ERC #ERTC
Tax Counseling for the Elderly
The #IRS Tax Counseling for the Elderly program offers free tax preparation that help
people in need, right in your community. Support this effort by volunteering today:
IRS Provided Tax Adjustments for 2023
WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023
Don’t Get Scammed! Must Read!
Many people are giving to charities in response to acts of violence and natural disasters. #IRS warns everyone to watch for criminals soliciting donations and falsely posing as legitimate organizations.
See: www.irs.gov/teos
IRS Extension Upcoming Deadlines….
If you requested an extension from the #IRS, you have until 10/16 to file your tax return. Read:
Taxpayers to prepare and file federal income tax returns online using guided tax preparation software.
For more info: https://ow.ly/oORY50PS74q
#IRS reminder: The 10/16 tax filing extension deadline nears for millions of taxpayers. This includes
disaster-area taxpayers in most of California and in parts of Alabama and Georgia.