Employees with too much or too little tax withheld from their paycheck can give their employer a new Form W-4. Mid-year is a good time to make adjustments if needed. The IRS Withholding Calculator can be used to determine the number of allowances to claim. If you are self-employed, Form 1040ES should be used to remit quarterly estimated tax payments and can also be used to determine the amount of tax to remit.
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2nd Quarter Employer Federal Tax Returns (Form 941) are due on July 31, 2017. A complete listing of all employer tax due dates can be found here.
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TN Charitable Solicitation Registrations are due 6 months after the end of a non-profit organization’s accounting year. Organizations with a fiscal year end of December 31 should file their TN Charitable Solicitation Registration by June 30. More information about TN Charitable Solicitation Registration can be found here.
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A QuickBooks On-Line Plus subscription retails for $40 a month. This subscription includes automatic data back up and bank-level security and encryption. Five company users can have access with different permission levels and 2 accountant users can be added for no additional cost. Over 65 reports are available with a QBO Plus subscription. If you charge customers sales tax, QBO Plus will add sales tax to purchases and keep up with the accounting for your sales tax payable. QBO Plus will allow you to send customers invoices and estimates and print checks from your computer. Bank and credit card transactions
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A QuickBooks On-Line Essentials subscription retails for $30 a month. This subscription includes automatic data back up and bank-level security and encryption. Three company users can have access with different permission levels and 2 accountant users can be added for no additional cost. If you charge customers sales tax, QBO Essentials will add sales tax to purchases and keep up with the accounting for your sales tax payable. QBO Essentials will allow you to send customers invoices and estimates and print checks from your computer. Bank and credit card transactions can be downloaded and accepted into your books. Your QBO
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A Quickbooks On-Line Simple Start subscription retails for $15 a month. This subscription includes automatic data back up and bank-level security and encryption. One company user will have full access to the subscription and 2 accountant users can be added for no additional cost. If you charge customers sales tax, Simple Start will add sales tax to purchases and keep up with the accounting for your sales tax payable. Simple Start will allow you to send customers invoices and estimates and print checks from your computer. Bank and credit card transactions can be downloaded and accepted into your books. If
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Quickbooks 2017 Desktop has several new features that will improve efficiency and reporting. Some of these features are: Scheduled reports can be automatically emailed to those who need to receive them. The company file name will display on deposit summaries. Smart Search and In-Between Search improve search functionality with drop down boxes and range searching. A “Record Deposits” icon will show when there is an undeposited funds account balance. A new “features tour” is available to learn about these and other features. If you use QB payroll, copy and paste functionality has been added to individual lines on time sheets.
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Form 990 for non-profit organizations with a December 31 year end are due May 15. An extension can be filed to give the non-profit more time to file. Generally, Form 990’s are due 5 months and 15 days after a non-profit organization’s year end. A complete list of non-profit year ends and due dates can be found here. If you aren’t sure which 990 your organization needs to file, a list and information for all Form 990s can be found here.
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Don’t ignore the letter. Most IRS Letters are simply asking for information. The letter will deal with a specific issue and will give you specific instructions. Responding to the letter with the information required should resolve your issue. If the letter indicates a changed or corrected tax return, review the information and compare it with your original return. If you disagree with the information in the letter, mail a letter to the IRS and explain why you disagree. The address to mail the letter is on the contact stub at the bottom of the notice. Be sure to include
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If you pay for work-related expenses, you may be able to deduct them. Generally, employee business expenses are deductible if they are more than two percent of adjusted gross income. In most cases, they go on IRS Schedule A, Itemized Deductions. Employee business expenses must be ordinary and necessary to your work in order to be deductible. An ordinary expense is one that is common and accepted in your industry. A necessary expense is appropriate and helpful to your business. Some examples of deductible employee business expenses are: Required work clothes or uniforms not appropriate for everyday use. Supplies and
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