How to post deposits from Square
If you use the credit card processing site Square, you know that the amount deposited in your bank account doesn't match the total amount you charged your client's card. What is the correct way to post this in your books? If you look up your deposit on Square's...
Avoid a common mistake that leads to overpaying gross receipts tax (or sales tax)
There is a common error almost all beginning business owners make when calculating gross receipts tax due. (In New Mexico, sales tax is called gross receipts tax.) When most people are calculating gross receipts tax, they look on their bank statement to find the...
S-Corp Shareholder Compensation
Many small businesses are organized as S-Corporations (or S-Corps). There are tax benefits for being organized as an S-Corp as opposed to being organized as a sole proprietor. If you are a sole-proprietor or single member of an LLC, you can elect to be taxed as an...
Separating personal and business funds
Most business owners understand the importance of being a corporation, whether it's an LLC, S-Corp, or C-Corp. Forming a corporation makes your business a separate legal entity - separate from you the individual owner or individual partner or individual shareholder. ...
Covid Related Tax Credits: Employee Retention Tax Credit
Sometimes, reading all the details of tax programs can be overwhelming. Here's a brief summary of the Employee Retention Tax Credit. It is a refundable credit against some employment taxes with a limit of 50% of qualified wages. This applies to wages paid between...