Don’t Forget to File Your 1099’s With the IRS

Posted by & filed under Accounting & Bookkeeping.

If you have independent contractors working for your company, now is the time to file 1099s. You can face fines and penalties if you do not file 1099s reporting the income that you paid out to freelancers and other companies or individuals you purchased certain services from over the course of the year. You need to make sure you send out the 1099s both to the IRS and to your contractors in a timely manner.1099

Your company should first send out 1099s to contractors, and then send copies of the forms to the IRS, once contractors have confirmed that all looks right on 1099s.

Best Business Services can help you to complete the forms and take care of the filing. In some cases, you may find you have made a mistake, or a contractor’s address has changed after the form has been sent out. If this is the case, Best Business Services will assist you in making changes and updates. Call Best Business Services to learn more about how we can help with 1099s and other tax issues. Like us on FaceBook.

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Debt Management and Your Company

Posted by & filed under Accounting & Bookkeeping.

Securing appropriate financing is important to ensure that your company can grow and thrive. Best Business Services provides comprehensive assistance with securing smart financing and managing your company’s debts.

Best Business Services has developed relationships with different lenders so we can help all business clients to find a lender who provides the right type of financing for their needs.  You can benefit from a quick loan approval and will only need to complete some simple documents in order to get the money that your company needs to grow.debt relief

If you already have a loan and are having problems with lenders, Best Business Services can also help you to resolve issues that you may be experiencing. Negotiating with the lender or refinancing to a different type of debt instrument may be the solution you need.

Finally, Best Business Services can help you to decide when taking on debt for growth makes sense for your business. Call Best Business Servicess today to learn more about how we can help with debt management and your company.

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How to Avoid Tax Penalties

Posted by & filed under Accounting & Bookkeeping.

Paying taxes is never fun, but it is especially burdensome if you end up incurring penalties and fees. Who wants to pay more than would otherwise be due? Best Business Services can help you to keep track of your tax obligations and deadlines so you do not end up getting hit with fees.

While the approach to your taxes needs to be tailored to your specific situation, there are also a few basic things you can do to avoid tax penalties. For example, you should:Business tax2

  • Be sure you are paying all quarterly taxes. If you are running a company or are self-employed, you need to pay in taxes as money is made over the course of the year. Companies with employees also need to make sure their worker’s withholding is correct so the right amount of payroll taxes are sent in.
  • File your tax returns on time. You’ll need to pay interest and late fees if you are late.
  • Understand new Obamacare obligations. The Affordable Care Act (commonly called Obamacare) imposed new taxes on individuals without insurance. The law also imposed penalties on employers in the form of a tax for not providing insurance to full-time employees. The employer mandate has not yet begun to be enforced, but could be soon. You need to understand the rules.

Consulting a tax professional is also a very good way to avoid tax penalties. Call Best Business Services for assistance today! Like us on FaceBook.

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3 Ways to Increase Cash Flow This Year

Posted by & filed under Accounting & Bookkeeping.

Cash flow is king when it comes to the success of your business.  As you move into the New Year, you may be looking for ways to increase cash flow. Best Business Services can help you to find the solutions you are looking for.

 How to Increase Cash Flow

The right way to increase cash flow is going to depend upon the specifics of your case.  Three possible options that many companies can consider include:Cash Flow

  • Determining if your customer and supplier terms need any changes. You need to see if the terms you are offering to customers are balanced with those being offered by suppliers. If accounts receivable and accounts payable are too far out of alignment, you’ll have too many days to float and may need to borrow. You also should check to see if customers are actually performing to the terms set.
  • Establish a good collection system. You need to know how long it takes to get paid and have mechanisms in place to get non-payers to pay up this year.
  • Assess the profitability of your accounts. Make sure none are actually causing you to lose money.

These are just the start of the solutions to increase cash flow. Call Best Business Services for advice on choosing your best option. Like us on FaceBook.

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What Insurance Do I Need for My Business?

Posted by & filed under General Business.

As a small business owner in Utah, you want to make sure you stay in compliance with the law while doing everything you can to protect your business. That being said except for workers compensation insurance if you have employees, there is no law in Utah stating that you must carry any other types business insurance. However, even though it is not required, it is a good idea to carry appropriate insurance.  If you have real property, equipment, computers or vehicles, you may want to insure it against accidents and hazards.  Also you should probably have some commercial liability insurance to protect yourself.

What Is Commercial Liability Insurance?Business Liability Insurance

Commercial liability insurance is basically an insurance policy protecting you from claims against you for damages and injuries your company may have caused. This can include:

  • Bodily injury
  • Property damage
  • Personal injury
  • Advertising injury

It can also cover the costs to defend yourself against various suits. However, it typically will not cover you if the damages are determined to result from negligence on your part.

How Much Insurance Do You Need?

As you might expect, every business’ need is different. However, as a small business of under 500 employees, you typically do not want less than $500,000 in coverage. Of course, if you are a high risk business due to the types of products you sell or the services you offer, you may consider carrying more.

If you are a business owner in Utah, we can help you get proper commercial liability insurance coverage and other insurance as needed. Contact us today! Like us on FaceBook.

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Do I Need an Employee Handbook?

Posted by & filed under Human Resources.

Many employers offer an employee handbook. But as a small to medium-sized business owner, you may be unsure if you need to create one. Good question.

In short, there is no law that says you absolutely have to offer your employees a handbook. However, just because you are not mandated to do so doesn’t mean it isn’t a good idea. In fact, in many instances it is in your best interest to do so.

Why You Should Have an Employee Handbook

  • An employee handbook can keep expectations high. If you want to get the most productivity out of your employees, you need to make sure you set high expectations. However, without a handbook, employees may not really understand your expectations.
  • An employee handbook can offer legal protection. Your handbook presents the perfect opportunity to write down and collect your different policies. Should an employee need to be disciplined for failing to comply, your handbook can serve as a useful defense should an employee attempt to challenge you in court.Employee Handbook
  • It’s an efficient way to make sure everyone is informed. When you put out an employee handbook, you can ensure that all employees are receiving the exact same information, in a clear and concise manner.

Could you use a hand with your human resources department? Click here to learn about how Best Business Services can assist you! Like us on FaceBook.

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2015 Important Tax Dates

Posted by & filed under Accounting & Bookkeeping.

The infographic below lists the important tax dates for 2015. This includes quarterly filings for self employed, individual tax returns, last dates to make IRA contributions and more…

Click the image below to view full size version.

2015-important-tax-dates-infographcis
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How Do I Handle Payroll?

Posted by & filed under Human Resources.

Payroll refers to making payments to employees. However, payroll is much more complicated than simply sending off a check. You need to ensure that you are withholding an appropriate amount of money from the checks that you send out to each of your employees so that you can pay federal income taxes. PayrollThese taxes must be paid as you go in order to remain in compliance with Internal Revenue Service regulations and it is the job of employers to pay these taxes and to send the appropriate amount of money to the IRS.

Because of the complications associated with withholding an appropriate amount of money from employees, it is advisable for employers to have a professional service assist them with payroll. Better Business Services can help you to get your payroll process set up and can handle your payroll for you so that you do not have to worry about the accounting and you can focus on your business.

Call BBS today to learn more about how we can create the right bookkeeping system for your business. (801) 419.0403. Like us on FaceBook, follow us on Twitter.

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What Revenue is Subject to Sales Tax?

Posted by & filed under General Business.

It is important to understand what revenue is subject to sales tax. Sales tax must be paid on retailers who make any type of taxable retail sales. This includes tangible personal property, such as clothes, office equipment and computers and other things that you can see, touch and move. Things look food are not subject to sales tax.  SalesTaxRevenue that comes from leased tangible personal property may also be subject to sales tax under certain circumstances. Some kinds of digital goods are subject to tax and coins or stamps that are sold and leased are also subject to sales tax.

If you have a business, you need to know what revenue is subject to sales tax so you can ensure that you fulfill your obligations to the internal revenue service. Better Business Services can help you to understand exactly what revenue that your company makes is subject to tax so you can rest assured that you are in compliance.

Call BBS today to learn more about how we can create the right bookkeeping system for your business. (801) 419.0403. Like us on FaceBook, follow us on Twitter.

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The Right Bookkeeping System

Posted by & filed under General Business, Start-Ups.

When you have a business, you need to make sure you keep track of when and how the business spends its money as well as what money the company earns. You can use a bookkeeper or an accountant to take care of the financial recording and reporting requirements for you.  While accountants usually focus on helping with tax returns and annual financial reports, a bookkeeper can assist throughout the operating year in keeping track of all financial information you need.

Selecting the right bookkeeping system can be complicated. You need to think about what you want to spend; how complicated it will be to record your profits and losses; and what services you want bookkeepingyour bookkeeper to provide for you. Best Business Services provides a comprehensive array of options for bookkeeping services to clients throughout St. Lake City.

Call BBS today to learn more about how we can create the right bookkeeping system for your business. (801) 419.0403. Like us on FaceBook, follow us on Twitter.

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