Monday, September 28, 2020

5 Ways to Save Money | Brian Tracy

When finances are tight, stretching your budget further to save money can sometimes feel like a real challenge. If you are abiding by a strict budget, saving money will require out of the box techniques or an additional source of income. Watch this video to learn 5 Ways to Save Money now

Friday, September 25, 2020

How to Set Up and Use Projects in QuickBooks Online

If you have QuickBooks Online Plus or Advanced you can use Projects to track income, material costs, and labor expenses specific projects. 

Let’s go over how to set up projects in QuickBooks and then how to assign income and costs to a project. We’ll also cover how to add labor costs to your project both for companies that use QuickBooks Online Payroll and those that don’t.

Tuesday, September 22, 2020

Do You Have Fortitude?

Fortitude, as I define it, is the strength of mind that enables a person to experience adversity with courage. If you look up definitions of the word, you’ll find “courage through adversity” or “resolute endurance.” While I think those versions are accurate, I don’t believe they fully encapsulate what the term truly means.   

Fortitude is having the mindset that if you keep showing up, you’ll be rewarded for your efforts.

Saturday, September 19, 2020

How to Backup and Restore Your Data in QuickBooks Online Advanced

QuickBooks Online Advanced is the only online plan that includes the Online Backup and Restore feature at no additional cost. This feature helps you maintain backups of your company’s info so you can undo changes and fix mistakes. 

Let’s go over how to turn on automatic backups and how to restore your company to a previous date and time.

Sunday, September 13, 2020

How to Upload Transactions Manually in QuickBooks Online

If you can, it’s best to connect your bank or credit card to QuickBooks because then QuickBooks automatically downloads your transactions for you.

However, that’s not possible for some banks. Or, you may want to add some older transactions to QuickBooks. In those cases you’ll need to download the transactions from your bank and then upload them to QuickBooks.

Let’s go over how to upload transactions for a new account and then how to upload more transactions in the future.

Friday, September 11, 2020

How Working From Home Affects Your Taxes | Forbes

With big name companies extending work-from-home until the end of the year, next summer, or as an option for a growing number of workers, forever, ad hoc accommodations no longer seem sufficient—on either a personal, or a tax policy level.

Increasingly, the lines between employees and independent contractors (or freelancers) are becoming blurred. To be clear, you are not self-employed just because you are working from home. If you are receiving a paycheck from an employer, and those wages will be reported to you and to the Internal Revenue Service on a W-2, you are an employee. Working from home is not enough, on its own, to make you an independent contractor receiving a 1099. Why does it matter? As a result of the Tax Cuts And Jobs Act (TCJA), a.k.a., the Trump tax cuts, for the tax years 2018 through 2025, you cannot deduct home office expenses if you are an employee. There is no hardship exemption or coronavirus waiver. It's a very bright-line rule: employees who work from home can no longer claim the home office deduction. The reason you are working from home does not matter to the IRS.

It's not just the home office deduction that is creating confusion among those working from home. Employees who normally work in an office in one state, but live (and are now working from) another may be facing additional tax-filing complications. Bottom line: there is currently no national standard for the withholding, filing and payment of state income taxes for employees who work in more than one state or work in one state and live in another. That means you may have tax requirements where you typically work as well as where you live. Usually, you can sort that out via withholding, tax agreements, and credits.

So what if working at home in one state when your company is in another state means that you're subject to tax in both places? If either state has a physical presence rule (most states do), figuring the split between the two can be confusing. Typically, you may have too much tax withheld from your paycheck for your nonresident state and not enough for your resident state.

Monday, September 7, 2020

How to Manage Inventory in QuickBook Online

If you are using QuickBooks to manage your inventory, then you can order new inventory whenever you are running low.

In this tutorial, we'll go over how to order and account for new inventory using a purchase order. Then we’ll go over what to do when you receive your new inventory. Finally, you’ll see how to make adjustments to your inventory if QuickBooks thinks you have more or less than you really do.

Friday, September 4, 2020

Payroll Tax Deferral Program Risks and Concerns to Be Aware Of

Dan Geltrude, Geltrude & Company Founder and author of Positive Financial Karma joins the On the Move panel to discuss the Payroll Tax Deferral program and the impact it will have on your paycheck.

Tuesday, September 1, 2020

How to Create Inventory Products in QuickBooks Online

If you have QuickBooks Online Plus or Advanced, you can manage all your inventory products with QuickBooks. Inventory products are items you want to be able to track the exact quantity of. This gives you better sales info and keeps track of your stock. To do that you’ll first need to create inventory products in QuickBooks. Let’s go over how to do that. Note that it is best to set up your sales tax first before doing this.