5 02, 2018

Guide for hiring new employees

2018-02-05T02:43:48+00:00 February 5th, 2018|Payroll, Staff, Uncategorized|

From pen and paper to digital convenience we can make it happen!

5 things to remember when you have a new employee.

If you’re hiring a new employee, congratulations! It’s important to start off on the right foot as an employer by making sure you follow all of the legal rules that now apply to you. From tax forms to government registrations to insurance requirements and more, being an […]

20 01, 2018

The skinny on paying estimated taxes: What you need to know to avoid the ire of the IRS

2017-12-14T21:17:14+00:00 January 20th, 2018|FAQ, Helpful Tips, Tax Advice|

Paying estimated taxes – What you need to know

Do you get an income that comes free of taxes? If so, you probably should be paying estimated taxes on a quarterly basis.

It doesn’t matter whether the untaxed money comes from a job, investments, alimony or prizes you’ve won. If Uncle Sam doesn’t get his share close to the time you received the money, you could end up owing not only taxes but also penalties and […]

14 01, 2018

Say no to the spreadsheet to do your bookkeeping

2017-12-27T18:59:05+00:00 January 14th, 2018|Banking, Cloud Accounting, Services|

From pen and paper to digital convenience we can make it happen!

Say No To The Spreadsheet

When helping a new client I am always surprised to see the sheer quantity of business owners that do their own bookkeeping using a combination of a box of receipts and excel.

So, what’s holding them back from using an accounting program? The majority of customers I speak to say they still rely […]

18 12, 2017

Learn How to Avoid an IRS Scam

2017-12-14T00:57:05+00:00 December 18th, 2017|Helpful Tips, News, Tax Advice|

Learn How to Avoid IRS Scams. Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Learn how and when the IRS contacts taxpayers to help you avoid a scam.

IRS Scam

The IRS initiates most contacts through regular mail delivered by the United States Postal Service. There are special circumstances in which the IRS will call or come to a home […]

11 12, 2017

Are You Ready for Year End?

2017-11-29T17:51:55+00:00 December 11th, 2017|Tax Advice|

Tax season is coming – Are You Ready for Year End? When it comes to taxes, preparation is key. Gather the following common reference materials and official documents to help your filing go smoothly. The financial experts at The Red Bench are here to help!

Income recordsTax Preparation

  • Form W-2: wages, salary, and tips
  • Form 1099-MISC: freelance and/or contract income (more than $600)
  • Form 1099-G: refund, credit, or offset […]
5 12, 2017

7 Steps to Audit-Proof Your Tax Return

2017-11-29T17:21:21+00:00 December 5th, 2017|Helpful Tips, Tax Advice|

Follow these 7 Steps to Audit-Proof Your Tax Return to make your return less susceptible to an IRS audit.

1. Be neatAudit Proof your Taxes

A neatly prepared, computer-generated return looks much better to the IRS staffers reviewing your return. All reputable tax pros now complete their returns using computers, and there are a number of really good do-it-yourself computer programs for PCs and Macs alike. Some […]

1 12, 2017

How to Make Itemized Deductions

2017-12-14T21:37:59+00:00 December 1st, 2017|Services, Tax Advice|

How to make IRS Itemized Deductions, from the experts.

View this video to hear directly from the IRS how to make itemized deductions. Have the correct records and itemizations. Canceled checks or credit card statements often work, though record keeping rules vary. Learn more here!

Learn more about Itemized Deductions at irs.gov, charitable contributions. Or contact the Financial experts at The Red Bench today.

From pen and […]

2 11, 2017

Small Business Guides – Year end checklist

2017-12-14T22:13:32+00:00 November 2nd, 2017|Bookkeeping, Cloud Accounting, Helpful Tips, Services, Tax Advice|

Year end is approaching. It’s a good idea to make an early start on tidying and preparing your accounting information.

Understand your obligations

You need to start preparing your business accounts towards the end of the financial year so that they’re ready for tax filing and form submission. For many businesses, that’s the end of the calendar year too. And December can be a busy time, so it pays to start […]

1 11, 2017

What does your business do when a disaster strikes?

2017-12-14T22:18:40+00:00 November 1st, 2017|Bookkeeping, Helpful Tips, Staff|

Fires, earthquakes, hurricanes, tornados, and floods can happen at any time … sometimes, they happen all at once.

When disaster strikes and is close to home, it can be easier to see the need in front of you, but what about when it’s somewhere else and impacts clients, vendors or even your staff’s family members? When your business feels compelled to help, it’s sometimes hard to identify how to even get started. Here are a few ideas on you can […]

1 11, 2017

Calculating Sales Tax for Online Businesses

2017-11-01T19:04:26+00:00 November 1st, 2017|Cloud Accounting, Tax Advice|

Stay up to date with the latest news and legislation about sales tax. Here are the basics.

Nexus

A nexus is when a company maintains a permanent or temporary presence within a particular state. If your business is headquartered in Chicago, for example, you would need to collect sales tax from customers in the state of Illinois. This is called a substantial nexus.

You might also have a nexus in states where your company […]

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