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Anonymous
Not applicable

QuickBooks Year-End Center Database – For All Your Payroll (and Tax-Related) Questions


tips_sneaky-deadline.png

 

 

 

Each year, QuickBooks compiles an abundance payroll, tax, benefits and finance management articles in the Year-End Center. This perennial  knowledge database is relevant for both business owners and self-employed workers who are closing their books and starting fresh in the New Year.

 

Beyond common year-end questions, Year-End Center artcles also explore topics QuickBooks users may be less familiar with, but are nonetheless critical for proper accounting.

 

Have you ever wondered about the difference between W-2 and W-3 forms?

Are you unsure of how to account for bonus paychecks you gave out during the holidays? Do you want to offer fringe benefits such as health savings accounts (HSA) to your employees next year? If you answered yes, then the Year-End Center is a great resource for you!

 

If you are specifically looking for year-end tax information, here are a few resources to get you started:

 


 

Join the conversation

What does your business do to financially prepare for the New Year? Do you have any “best practices” for preparing your books ahead of tax season? 

 

5 Comments
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Level 15

QuickBooks Year-End Center Database – For All Your Payroll (and Tax-Related) Questions

Kudo's, this statement

information relevant for business owners and self-employed workers alike who are closing their books and starting fresh in the New Year.

made me look.

 

<sigh>  Alas, there is nothing concerning the end of year, start a  new year for sole proprietors and partnerships (all of which are self employeed, and self-employeed, by the way is not a business type)

 

The Thread, even though cheered up, should show that it is specific to payroll, and only payroll.

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Anonymous
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QuickBooks Year-End Center Database – For All Your Payroll (and Tax-Related) Questions

Hey

Thank you for the input. Would you be able to offer some insight or point to some relevant resources for sole proprietors and partnerships?

In regards to the thread being payroll specific, since many folks who use QB are not accountants and don't necessarily realize they need to make (or know how to make) technical distinctions, and since 1099s/W-2s/Taxable Deductions are related (tasks that need to be done in preparation for tax season), I felt it was good to indicate as such. The basic message being, "here's some key payroll information, let’s get ready for April!"

What do you think?
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Level 15

QuickBooks Year-End Center Database – For All Your Payroll (and Tax-Related) Questions

1099s/W-2s/Taxable Deductions are related (tasks that need to be done in preparation for tax season)

 

1099 and w-2 are end of year activities

Taxable deductions are business expenses which occur as an ongoing thing during the year.  The exception being posting accumulated depreciation to fixed assets (unless the company has elected to post that depreciation monthly)

 

April?  Why put the drop dead date in the title?  and not all companies, with or without payroll, file income tax NLT 4/15.  Fiscal year is the key for a company filing. 

 

w-2 and 1099 affect personal income tax filings and that is why they have to be sent out NLT Jan 31, not april

 

 

 

 

 

 

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Anonymous
Not applicable

QuickBooks Year-End Center Database – For All Your Payroll (and Tax-Related) Questions

Thank you for the great information! Especially your point about depreciation - new business owners may not be familiar with how that all works. Great to get them thinking about it.

And again, good point about the January 31st deadline - we’ve highlighted the January 31st deadline in our recent posts. Appreciate the reminder!
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Level 6

QuickBooks Year-End Center Database – For All Your Payroll (and Tax-Related) Questions

I try to project how much I'll make as a self-employed person for the upcoming year. I err on the low side, and from that number I'm better able to make sounds business decisions, and stay on top of my accounting! 

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