Bookkeeping News & Tips

Are Holiday Bonuses Taxable?


As the holidays approach, you may be thinking about your employees and how you would like to give them a bonus, but you are unsure how to account for it in the books. If you would like to give a bonus/ gift, it is always a tax benefit for the employer, since employers can write it off as a business expense. The important thing to keep in mind is whether or not the bonus counts as taxable wages to the employee. Below are some tips about giving bonuses to your employees [More]

Are You A New Employer? Here Is What You Should Know About Payroll Taxes


If you just opened your business or are hiring employees for the first time, you will discover that hiring new employees is a long process. When people consider hiring employees to help with business tasks, they many times think about the interview process and finding the candidate for the job, but forget about the paperwork and tax implications involved in bringing in additional help. Payroll processing can be time consuming and overwhelming, if you do not have any previous experience in accounting or are not using great bookkeeping software with payroll features included. Below are a few tips and things you should know about payroll taxes before you hire your first employee [More]

Hiring A Seasonal Holiday Workforce? What You Need To Know!


As we approach the holiday season, many small businesses are beginning to hire seasonal workers to help with the increase in work load. If you plan on hiring seasonal workers this holiday season, there are a few things you need to keep in mind. Many of the laws and regulations that apply to full-time employees also apply to seasonal or part-time employees. [More]

Customizing Your Chart Of Accounts With TaxSlayer Books


 A chart of accounts is defined as a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. Each account is listed by a name and an identification number. One of the biggest advantages of using TaxSlayer Books is t... [More]

How To Choose Calendar Or Fiscal Year For Bookkeeping Purposes


  Most businesses report their taxable income on a calendar year. But for some companies, they might find it preferable to report a fiscal year. A fiscal year is considered a 12-month period that ends sometime other than December 31. Businesses that have a specific, non-calendar business cycle... [More]