Massachusetts follows most federal laws for small businesses. The majority of small businesses are sole proprietorships. A sole proprietor is an unincorporated business with one owner who pays personal income tax on business profits. A sole proprietor will complete Schedule C. Schedule C acts as a profit or loss statement for your business and is a [...]
Learn where everything is in QuickBooks Online so you can start using it to manage your business efficiently. Figure out how to view and interpret charts in Business Overview. Track expenses and profitability, adjust settings, and link bank accounts and credit cards to QuickBooks. Figure out how to do monthly account reconciliations. Learn how to pay [...]
Growing businesses deal with massive amounts of data. It can be a daunting task to sift through pages of data in hopes of extracting some sort of usable information. Having the flexibility to automate custom financial reports in an accounting software can save time while tracking profitability. A great business tool can turn data into information, [...]
If you are an employer, here is an important filing deadline reminder. The law requires you to file a copy of the W-2 forms you give to your employees by January 31st. You are also required to file the W-3 forms. Remember, you need to send these forms to the Social Security Administration. In addition, if [...]
If you work and have low to moderate income, be sure to look into the earned income tax credit - also known as EITC. It can put money in your pocket. The first thing to do is check out IRS.gov/eitc. There, you'll discover the credit can be worth thousands of dollars for some people. The amount [...]
