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Mid-Year Check-up: How Healthy Are Your Books?

Mid-Year Check-up: How Healthy Are Your Books?

This article is meant for the do-it-yourselfers, those of you who have decided to do your own books. Or, since DIY accounting is the default position, it also includes people who never decided to have their books done by someone else. So, we say to you DIY-ers: It’s November now. Have you looked at your books since February? If the answer is no, then perhaps it’s time to contact us and schedule a clean-up. It’s what we do, and we can save you quite a lot of headache for a very reasonable price. Maintaining your books regularly is important for…
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What are Self-Employment(SE) Taxes?

What are Self-Employment(SE) Taxes?

https://youtu.be/StEiHsOdknM What Are Self-Employment (SE) Taxes? For the sake of argument, let’s say you’re an employee. Since 1990, 7.65% of your paycheck has been sucked into the government’s coffers before you even saw it. Your employer has been doing the exact same amount in tandem by paying 7.65% of your paycheck to the government in payroll taxes for each of their employees. By now you’ve probably done the math: 15.3% of every employee’s paycheck goes to the government right away (up to the annual Social Security cap at least, which in 2019 is $132,900). If you want to get technical,…
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SEP-IRA Contributions: Everything You Need to Know

SEP-IRA Contributions: Everything You Need to Know

https://youtu.be/Xjew60bp-9Y Have you established a SEP-IRA and are wondering if you’re doing it right? Or perhaps you’re considering establishing a SEP-IRA for you and your employees. Or maybe you’ve never heard of it or otherwise don’t know what a SEP-IRA is. Don’t worry, we’ve got you covered. What Is a SEP-IRA? Let’s start by spelling out the cumbersome acronym: SEP-IRA stands for Simplified Employee Pension - Individual Retirement Account. You’ve probably heard of IRAs before, but even if you haven’t, here are some basic facts about IRAs and SEP-IRAs: First, let’s talk about the two different types of IRAs and…
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