Invoicing application WorkingPoint is continuing to add to its offerings. Since we first reviewed the web-based application, the team behind it has been busy. The focus of the new features is simplifying tax season for small business — and as we’re all starting to think about what we need to do to close the books on 2009, these new features will come in handy. Read the rest of this entry »
I’ve written in the past about the handy features of bookkeeping and tax preparation service Outright. Its easy-to-use interface and integration with other apps make it almost a no-brainer for small business that aren’t satisfied with their existing accounting process.
As we’re at the midyear point, now is a good time to evaluate how prepared you are for tax preparation, rather than wait for year end. To sweeten the deal a bit, the folks at Outright have partnered with Network Solutions to offer a free domain name and business profile page for one year to new signups. The promotion runs through until the end of July.
If you don’t already have a web presence, this might be a great way to get yourself online, and to get the bookkeeping and tax preparation benefits of Outright. Just register as normal with Outright and they’ll send you the details on how to get your domain name. It is estimated that 50 percent to 60 percent of small businesses do not yet have an online presence; offers like this can give people the ability to take the plunge and move their business to the web.
What I really like about this offer is that it is very much in the spirit of the Small Business Web movement that I think is tremendously important for the long-term success of web services. While not an integration move, it shows how service providers can work together to bring a real benefit to their small business users. I’ve watched these interactions and relationships develop online and am thrilled to see real benefits coming out of these partnerships.
Is your business online? Could you use a free domain name?
As we approach April 15th and tax time, it is normal for us to think about how we maintain our books and evaluate if our current process is working for us.
While there’s no shortage of accounting programs available, with varying levels of complexity and pricing, it can be difficult for a small shop to find the right solution. Focusing on ease of use and integration with other web apps, Outright is a great choice for web workers.
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Not understanding bookkeeping, taxes and other administrative tasks can be very off-putting for people thinking about starting their own business. But in reality, these tasks are not that hard to do if you’re organized and get a little professional help.
Now, I’m not a CPA, and the closest I’ve come to taking accounting is being a professor’s assistant in an online graduate program course. However, I must do something right as I’ve been on my own for over four years and my business tax payments remain on target. So here I’m going to share what I do, as it might work for you or give you ideas on how you can keep on top of your business finances.
I keep it simple by having just two tools in my accounting toolbox: QuickBooks and Electronic Federal Tax Payment System (EFTPS). Substitute QuickBooks with your favorite accounting application to make this process work for you. I tend to pick up new software fast, but not so with QuickBooks. Regardless, it takes care of all of my invoicing, expensing and tax needs. But we won’t go into that. My way is just one way; check the comments on this post to see a bunch of great ways to handle your taxes.
There are two things you need to do:
If you run a small business and hire any independent contractors, here is a reminder that the deadline for the processing and sending of your 1099 forms is February 2nd, just a couple of weeks away. I know from experience in my client work that it can be a tedious and laborious process and is something that most seem to put off until the last minute.
While most accounting software packages like QuickBooks have functionality for tracking these details and printing the forms you need, there are other options available as well. We’ve covered the PayCycle service in the past as an option for all of your payroll needs but even if you aren’t a current customer, they offer a 1099-MISC E-File service which can help you get these forms mailed out on time.
The PayCycle process is 3 steps – enter the information online, print the forms and then e-file with a single click. You’ll still need to compile the totals and manually enter in the data but it sure beats typing or filling out the forms by hand. I also like the fact that it prints on plain paper as the forms can be expensive and I know I always mess up the alignment on at least a couple of them.
Until January 27th you can print and file up to 50 forms for $25.00. Get more information or sign up online with PayCycle.
Have you processed your 1099 forms yet?
If you’ve reached the point of having more work than you can handle, there are several ways to handle the overflow. One of the easiest, in some ways, is to hire subcontractors to do part of the work for you. But before you rush out and offer part of your next job to your closest web-working buddy, there are a few things that you need to consider. Here are four of the biggest pitfalls to watch out for.
1. No Handshake Deals – If you’re going to bring on a subcontractor, make sure you both sign a contract laying out what the job is and how much you’ll be paying. I’ve sung this tune in the past, and I’ll sing it again: a contract won’t prevent all possible disagreements, but it will eliminate many and give you a basis for resolving the rest. If you ever have a job go completely sour on you, to the point where your client won’t pay, then you’ll be happy to have a contract spelling out your responsibilities in place.
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If you work from home, you may be wondering if you can deduct costs related to your home office — a part of your mortgage payment or rent, for example. But unfortunately the U.S. tax law in this area doesn’t recognize the work-life blend that most home workers practice. If you mix business and personal activities in your home office, you can’t take the deduction.
The Wall Street Journal reports that most people eligible for this potentially lucrative deduction probably don’t take it:
“It is questionable whether most taxpayers who are eligible to take the deduction actually do so,” IRS National Taxpayer Advocate Nina Olson said in a report to Congress last week. She urged lawmakers to offer taxpayers a simpler, optional method of calculating the home-office deduction. [subscription required]
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Invoicing application WorkingPoint is continuing to add to its offerings. Since we first reviewed the web-based application, the team behind it has been busy. The focus of the new features is simplifying tax season for small business — and as we’re all starting to think about what we need to do to close the books on 2009, these new features will come in handy. Read the rest of this entry »
Web Work 101: How To Escape The Cubicle
