The end of the year is approaching and businesses are wrapping up and preparing for next year. Here are the top 7 things you need to know for 2015:
Higher 401(k) contribution limits. Taxpayers will be able to contribute up to $18,000 to their 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan in 2015, which is $500 more than in 2014. The catch-up contribution limit for employees age 50 and older will also grow by $500 to $6,000 in 2015.
Higher elective deferrals for SIMPLE plans. The 2015 maximum is increased to $12,500, up $500.
Social Security base has increased to $118,500. Once your gross wages have reached this amount in a calendar year, social security tax will no longer be calculated for the employee and employer.
Unemployment rates change each year for some states. Look for your notification and update the rate in your payroll program so that paychecks in 2015 are calculating this employer tax properly.
IRA contribution limits unchanged. The IRA contribution limit will remain $5,500 in 2015. Investors age 50 and older can contribute an additional $1,000 to an IRA
The standard mileage rate for 2015 for the use of a car, van, pickup or panel truck is 57.5 cents per mile for business miles driven, up from 56 cents in 2014. Two good applications to track mileage are Expensify and Tallie. You can sign up for a free trial at
Gather your W9’s from contractors and vendors to determine which are eligible for 1099-Misc reporting. Individuals, sole proprietors, and single-entity LLC’s are eligible. When in doubt, file a 1099-Misc. When you’ve reimbursed a contractor for material, include this in the amount reported. The contractor can deduct these expenditures and is responsible for providing the receipts.
Start the budgeting and planning process for next year. Besides the budgeting feature that is included with your subscription to QuickBooks Online (Plus version only), you can use LifePlan which integrates with QBO, and is more robust. You can learn more about it here: http://www.liveplan.com/
QBO Pro powered by Redmond Accounting Inc has been named one of Intuit's top 20 firms of the future. Intuit invited accounting firms across the U.S. to showcase their forward-thinking, future-ready business practices by applying to their Firm of the Future contest. We submitted this video to demonstrate how we embrace four key trends: QBO Pro has leveraged these tools…
QBO Pro powered by Redmond Accounting Inc has been named one of Intuit's top 20 firms of the future. Intuit invited accounting firms across the U.S. to showcase their forward-thinking, future-ready business practices by applying to their Firm of the Future contest. We submitted this video to demonstrate how we embrace four key trends: QBO Pro has leveraged these tools…
QBO Pro powered by Redmond Accounting Inc has been named one of Intuit's top 20 firms of the future. Intuit invited accounting firms across the U.S. to showcase their forward-thinking, future-ready business practices by applying to their Firm of the Future contest. We submitted this video to demonstrate how we embrace four key trends: QBO Pro has leveraged these tools…
QBO Pro powered by Redmond Accounting Inc has been named one of Intuit's top 20 firms of the future. Intuit invited accounting firms across the U.S. to showcase their forward-thinking, future-ready business practices by applying to their Firm of the Future contest. We submitted this video to demonstrate how we embrace four key trends: QBO Pro has leveraged these tools…
QBO Pro powered by Redmond Accounting congratulates our own Laura Redmond on being named as a “2014 Top 100 ProAdvisor “ by Intuitive Accountant. This list recognizes the leading consultants who have embraced the ProAdvisor program and leveraged it in order to better serve their clients and grow their own business. The Top 100 were selected from over 80,000 ProAdvisors…
Last week we were awarded Top Client Accounting Services ProAdvisor by Insightful Accountant (IA). IA is an industry news organization. Their annual awards are announced each year at the Scaling New Heights accounting technology conference, an internationally-renowned, in-depth training conference for accountants and other small business advisors. The first year IA awarded these titles in 2014, we won Leading QuickBooks…
These last few weeks of the year are the perfect time to implement improvements in your business processes so you can start the new year on the right foot. Move to QuickBooks Online to leverage improved access and integration Automate data entry with bank feeds Go paperless with your bill pay process Take the hassle out of expense reporting for…
The end of the year is approaching and businesses are wrapping up and preparing for next year. Closing out the books can be quite a scramble. Don’t start the new year off behind the ball. Here are the top 9 accounting highlights to consider going into 2021: Higher 401(k) contribution limits. If you’re looking to do some tax planning to…
QBO Pro powered by Redmond Accounting Inc has been named one of Intuit's top 20 firms of the future. Intuit invited accounting firms across the U.S. to showcase their forward-thinking, future-ready business practices by applying to their Firm of the Future contest. We submitted this video to demonstrate how we embrace four key trends: QBO Pro has leveraged these tools…
