Book Maid Bookkeeping

05/03/2023

Wisdom Wednesday

05/01/2023

Motivational Monday

03/30/2023

Wednesday Wisdom

03/29/2023

Are you pro, or anti, cilantro? 🌿
Weird fact: Did you know that, because of genetics, cilantro tastes like soap 🧼 to some people??
Personally, I’m PRO cilantro. I will put it on EVERYTHING but the rest of my house HATES it!
How about you?

03/28/2023

03/15/2023

Feeling the crunch and thinking of filing an extension for your business taxes?

Here’s what you need to know

𝗪𝗛𝗔𝗧’𝗦 𝗧𝗛𝗘 𝗗𝗨𝗘 𝗗𝗔𝗧𝗘 𝗙𝗢𝗥 𝗙𝗜𝗟𝗜𝗡𝗚 𝗧𝗛𝗘 𝗘𝗫𝗧𝗘𝗡𝗦𝗜𝗢𝗡?

For Partnerships + S-corps: 𝗠𝗮𝗿𝗰𝗵 𝟭𝟱, 𝟮𝟬𝟮𝟯, and extends filing to Sept 15, 2023

For Self-Employed, Sole Proprietor, and C-Corps: 𝗔𝗽𝗿𝗶𝗹 𝟭𝟴, 𝟮𝟬𝟮𝟯, and extends filing to Oct 16, 2023

𝗪𝗛𝗔𝗧 𝗙𝗢𝗥𝗠(𝗦) 𝗗𝗢 𝗜 𝗡𝗘𝗘𝗗?

IRS Form 4868 - Self-employed or a Sole Proprietor

IRS Form 7004 - Partnership, S-corp or C-corp

𝗛𝗢𝗪 𝗗𝗢 𝗜 𝗙𝗜𝗟𝗘 𝗜𝗧?

You can file the extension electronically or by mail.

You can file online through the free IRS payment portal, and through most tax software tools.

𝗛𝗢𝗪 𝗗𝗢𝗘𝗦 𝗙𝗜𝗟𝗜𝗡𝗚 𝗙𝗢𝗥 𝗔𝗡 𝗘𝗫𝗧𝗘𝗡𝗦𝗜𝗢𝗡 𝗔𝗙𝗙𝗘𝗖𝗧 𝗠𝗬 𝗧𝗔𝗫 𝗣𝗔𝗬𝗠𝗘𝗡𝗧?

Your tax 𝙥𝙖𝙮𝙢𝙚𝙣𝙩 is still due in March/April, even if you extend your 𝙛𝙞𝙡𝙞𝙣𝙜 deadline to Sept/Oct.

𝗗𝗢𝗘𝗦 𝗧𝗛𝗜𝗦 𝗣𝗥𝗢𝗖𝗘𝗦𝗦 𝗖𝗢𝗩𝗘𝗥 𝗠𝗬 𝗦𝗧𝗔𝗧𝗘 𝗧𝗔𝗫𝗘𝗦, 𝗧𝗢𝗢?

Nope – you’ll need to ask your local Secretary of State about the procedure and file separately.

𝗔𝗥𝗘 𝗧𝗛𝗘𝗥𝗘 𝗔𝗡𝗬 𝗘𝗫𝗖𝗘𝗣𝗧𝗜𝗢𝗡𝗦?

Yes! There are a few scenarios that give an automatic 6-month extension on both filing AND payment of taxes (like living and

working abroad, etc).

𝗪𝗛𝗘𝗥𝗘 𝗖𝗔𝗡 𝗜 𝗟𝗘𝗔𝗥𝗡 𝗠𝗢𝗥𝗘?

Just check out the comments below I added a link to a super-helpful blog

I hope that helps!

02/25/2023

02/24/2023

“So do I need to worry about collecting + filing sales tax for my business? 🤔 And if so – what percentage or amount do I need to charge?”

This is a surprisingly complicated question 😬

Here’s why:

🇺🇸 𝗘𝗮𝗰𝗵 𝘀𝘁𝗮𝘁𝗲 𝗶𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁

There is no universal federal sales tax rate – sales tax amounts (and rules) are determined by each individual state.

🗺️ 𝗔𝗹𝗹 𝗽𝗵𝘆𝘀𝗶𝗰𝗮𝗹 𝗹𝗼𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝗿𝗲 𝗮 𝗳𝗮𝗰𝘁𝗼𝗿

If your business is located in Ohio, but you have a warehouse in Indiana - that matters. Went to Kentucky to sell at a weekend convention? That matters

📦 𝗦𝗼𝗺𝗲𝘁𝗶𝗺𝗲𝘀 𝘄𝗵𝗲𝗿𝗲 𝘆𝗼𝘂 𝘀𝗵𝗶𝗽 𝘁𝗼 𝗶𝘀 𝗮 𝗳𝗮𝗰𝘁𝗼𝗿

Most states’ sales taxes are also destination-based - so, even the buyer’s ship-to location matters (!)

💰 𝗬𝗼𝘂𝗿 𝗮𝗺𝗼𝘂𝗻𝘁 𝗼𝗳 𝘀𝗮𝗹𝗲𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝘀 𝘁𝗵𝗶𝘀 𝗮𝘀 𝘄𝗲𝗹𝗹

Depending on the state, if you’re located in State A and selling in State B, you don’t need to collect sales tax in State B until you cross a certain minimum (like $100k in sales)

So again - this simple question doesn’t have a simple answer 😅

However, here are a couple of amazing resources to help you figure this out:

This article from Bench about sales tax basics:
👉 https://bench.co/blog/tax-tips/sales-tax-basics/

This amazing state map tax tool from Taxjar:
👉 https://www.taxjar.com/resources/sales-tax/states

This video walking you through how to set up sales tax in your Quickbooks Online account:
👉 https://youtu.be/MiRQ6CSVMlg

Hopefully, one or more those resources can help clarify the sales tax needs specific to you and your business!

What about you? How do you handle sales tax management in your business? I’d love to hear your favorite tricks + tools!

… Or maybe right now you’re thinking, “I’m not even up to date on the BIG things, like client payments … let alone sales tax rates!!” 😓

No worries – I’ve gotcha covered ❤️

If you sell taxable products or services, QuickBooks helps you track how much sales tax to charge. If you use this feature, you should know how much you nee...