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Provision Business Services LLC

A Professional Bookkeeping Firm

Located in Albuquerque, Serving all of New Mexico

505-269-3783

How to post deposits from Square

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...

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S-Corp Shareholder Compensation

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...

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Separating personal and business funds

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. ...

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Covid Related Tax Credits:  Employee Retention Tax Credit

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...

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