8 Essential Accounting Equations Every Business Owner Should Know

It's usually a given that you didn't start your small business because you love accounting. Even if you have someone else handling your accounting, it's essential to keep your finger on the pulse of your business' viability, as it will help you to be better equipped to manage your business. QuickBooks helps to demystify accounting by [...]

How to Pay Your Taxes

There are several easy ways to pay your taxes: online by phone, cash, check, or money order. To pay online, you can go to your online account at IRS.gov/account and make a payment from your checking or savings account. You can also view the amount you owe; any payment, history, or activity; and other account information [...]

How Self-Employed Individuals and Household Employers Repay Deferred Social Security Tax

This article was published by the IRS. The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax was due by December 31, 2021, [...]

Mark the Calendar: Important Backup Withholding Deadlines

This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? The person or business paying the taxpayer doesn't generally withhold taxes from certain payments. They don't do this because it's assumed the [...]

Most Retirees Must Take Required Minimum Distributions by Dec. 31

This article was published by the IRS. The Internal Revenue Service is reminding retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by December 31. Required minimum distributions (RMDs) generally are minimum amounts that retirement plan account owners must withdraw annually starting with the year they reach [...]

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