Florida is currently one of only seven states without a state income tax. The other six are Alaska, Nevada, Texas, South Dakota, Wyoming and Washington. Additionally, New Hampshire and Tennessee only pay taxes on dividends and income from investments (no wage taxes.) There is much discussion over whether the lack of income tax gives a…
Everything is on the web. Yes, yes it is. Communications of a financial nature jump from email inbox to email inbox, and sometimes multiples at a time. Don’t forget to CC that person! Ugh. At least there are areas of technology that are working in our favor to keep our data secure. Do you know…
Are you at risk? Employers often think that employees and independent contractors are interchangeable. That is a common misconception that can be costly to a business. The distinction between a contractor and an employee is extremely important for a small business owner to understand. How you classify workers is critical. A misclassified worker may cause…
Tax ID theft is rampant in Florida. The IRS is taking steps to protect you. Florida is 1 of 3 test markets to help protect taxpayers. With the incidents of tax identity thefts rising, the IRS is working on curbing this out of control issue. Ordinarily, you would have had to be a victim of…
Ready to hire that 1st employee? Expand your workforce? Keep in mind there are costs you will pay beyond the hourly wage! OK, so your business is growing, you have budgeted $400 a week to pay your new employee. ($10 per hour for 40 hours.) You write that 1st paycheck for $400 and voila, you…
Retail stores have long been collecting basic details (i.e. name and email) on their customers. Now, with the help of some nifty retail cloud solutions, it’s possible to collect so much more. eCommerce retailers are already taking advantage of cookies (not the delicious kind), to track shoppers through their online store. Most e-tailers are using…
https://youtu.be/rdR_6RxXXFo Most states update their state unemployment tax (SUI) rates annually. You probably received a letter like this one and thought what am I supposed to do with this? Well, you either need to send it you your payroll provider, or update your payroll system to calculate the correct rate. If you are on our…
Show off your Xero knowledge, get certified…… You are using Xero, make sure you know the best practices and stay up on all of the changes to the platform. The best way to do that is through Xero U and the self-paced or live webinar certification courses. Get more info at Xero U. If…
Make sure you file your annual reports. Florida has a due date of May 1st for annual reports. Keep in mind these are not tax returns and are separate from your state income tax filings. Failure to complete this timely will result in a $400 late fee or worse. The state will dissolve your entity…
Practice Ignition adds efficiency to client administration, leaving you the time to do what you love. We have been using Practice Ignition for about 2 years now. It was this years tax extension filing season when we seen that a-ha moment. I have loved Practice Ignition from first sight, but once we got access to payments, it took…
