ebs Associates Blog

Small Business Accounting & Technology Resources

Tax Saving Frequently Asked Questions | ebs Associates

Posted by Denise Loter-Koch on Oct 19, 2018

This Financial Guide answers frequently asked questions surrounding tax saving ventures; and provides tax saving strategies for deferring income, and maximizing deductions; it also includes some strategies for specific categories of individuals, such as those with high income and those who are self-employed.

Before getting into the specifics, however, we would like to stress the importance of proper documentation

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Topics: Taxes, Taxes in Oregon, Sales Tax, Small Business Ideas, Small Business Accounting

Tax Records: Frequently Asked Questions | ebs Associates

Posted by Denise Loter-Koch on Oct 11, 2018

What pieces of paper do I need to keep in order to do my taxes? Keep detailed records of your income, expenses, and other information you report on your tax return. A good set of records can help you save money when you do your taxes and will be your trusty ally in case you are audited.

There are several types of records that you should keep. Most experts believe it's wise to keep most types of records for at least seven years, and some you should keep indefinitely.

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Topics: Small Business Ideas, Small Business Accounting, Sales Tax, Taxes in Oregon, Taxes, QuickBooks Online

Your Primer on Automating Your Business & Record Keeping

Posted by Lester San Jose on Aug 22, 2018

It goes without saying: complete and accurate financial record keeping is crucial to your business success. Good records provide the financial data helping you operate more efficiently. It becomes more important, as year-end preparation looms around the corner.

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Topics: Taxes in Oregon, Taxes, Sales Tax, QuickBooks Software, Small Business Ideas, Small Business Accounting, QuickBooks Desktop, Vendor Management, QuickBooks Warehouse Inventory Management, QuickBooks Add-ons & Extensions

The Beginner's Guide to Sales Tax in QuickBooks

Posted by Jakob Mann on Aug 8, 2018

A variety of businesses must collect sales tax as part of their business operations, remitting those funds to the appropriate government agency on a predetermined schedule. The process of correctly collecting, recording, and paying these sales tax liabilities can be somewhat daunting at first, but QuickBooks has some tools built in that can help this go more smoothly.

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Topics: QuickBooks Software, QuickBooks Desktop, QuickBooks Enterprise, QuickBooks Pro, QuickBooks Premier, Taxes, Sales Tax

Your Guide to the Net Investment Income Tax

Posted by Denise Loter-Koch on Aug 8, 2018

While the Net Investment Income Tax (NIIT) tends to affect wealthier individuals most often, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. Here's what you need to know.

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Topics: Taxes in Oregon, Sales Tax, Small Business Ideas, Small Business Accounting

How to track time in QuickBooks Desktop

Posted by Denise Loter-Koch on Jul 30, 2018

When you sell a product to a customer, you know it. It goes away, and your inventory count in QuickBooks is reduced by one. This tracking helps you know what is selling and what is not, and it signals when a reorder is due.

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Topics: QuickBooks Warehouse Inventory Management, TSheets, Small Business Accounting, Taxes, QuickBooks Desktop, QuickBooks Enterprise, QuickBooks Premier, Sales Tax, QuickBooks Software

How to Plan a Data Migration in 6 Easy Steps

Posted by Jakob Mann on Jul 24, 2018

From time to time, you may find that you need to replace your QuickBooks company data file. There are a variety of reasons this might happen:

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Topics: QuickBooks Company File, QuickBooks Invoices, QuickBooks Warehouse Inventory Management, Sales Tax, QuickBooks Import and Export, Customize Form Templates, QuickBooks Reporting

South Dakota v. Wayfair, Inc. |  New Sales Tax Rules for Online and Off-Line Sellers

Posted by Osita Egbukichi on Jul 2, 2018

Supreme Court rules that South Dakota can tax sales by out-of-state sellers. For many Oregonians, ‘Sales Tax’ is a dirty word that they’ve had the good fortune to be able to avoid. Small businesses, both local and out of state, factor this exception when they are looking at their projected revenue or viability and, for some, the survivability of their business. However, many may not be aware of the storm clouds that erupted outside the borders of our state; or, the rude awakening many small and personal businesses are in for in this new tomorrow of Sales Tax Nexus.

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Topics: Sales Tax, QuickBooks Add-ons & Extensions, News & Resources, Taxes in Oregon, Avalara

How to make sales tax item adjustments in QuickBooks

Posted by Aubrey Leahy on Mar 23, 2018

The sales tax adjustment feature in QuickBooks doesn’t adjust the individual sales tax item. You must create a zero cost Sales Receipt or Credit Memo depending on the plus/minus adjustment needed.  The details are in the article below.

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Topics: Sales Tax, QuickBooks Desktop, QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, Small Business Accounting, Avalara, QuickBooks Reporting, QuickBooks Training or How To

Tax Fraud can bring serious consequences

Posted by Avalara on Dec 7, 2017

Washington businessman Mark Standley was recently sentenced to six years in prison for one of the largest sales tax thefts in Washington state history. As the owner of a drywall company, Standley drastically under-reported the amount of sales tax collected from customers over a six year time period.
According to court documents, he only paid the Department of Revenue (DOR) $3,000 of the $855,000 tax owed. To make matters worse, Standley refused to pay workers’ compensation premiums for his employees.

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Topics: Small Business Accounting, QuickBooks Add-ons & Extensions, QuickBooks Software, Avalara, Taxes, Sales Tax



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