With the passing of the ARP legislation in the middle of tax season and then an additional month added to the season, some legislative changes were ignored if they didn't affect the current season. Let's catch up on what else may impact you - child tax credit, meals, retirement contributions, rmds and 2020 withdrawals, etc.
Highlights of the American Rescue Plan Act passed in mid-March include a third round of stimulus money, extended unemployment, more time to apply for the PPP loans, unemployment exemption for 2020 and more. The price tag? An extended tax filing deadline for individual returns until May 17, 2021.
In order to get paid faster, you need to make it easy to deliver invoices and statements to your customers. QB Online allows you to send these forms via e-mail. In order to make this work for you, it helps to customize the messaging. Don't leave it the default message and turn on the reminder function in QBO with the customized messages. Polite and professional, but firm will win the day on getting paid. Also, include exactly what you want the customer to do and by when to prevent further action on their account. If you get consistent in your messaging and timing, you will get paid consistently.
Do you make it easy for your customers to pay you? Do you take credit cards, even Amex? Debit cards? ACH? Are you e-mailing or texting invoices with secure payment links?
All of these options make it easy for your customer to make the decision to pay you! The faster you get paid, the better your cash flow!
In this video we talk about what you need to do to get paid faster and a small sampling of tools that can make it happen for you.
QBO has a little known feature where they roll out and beta test new features called QuickBooks Labs. This video will show you how to access the Labs and turn on the newest beta test feature: Dark Mode. This trend is happening on apps everywhere and QBO will not be left behind.
Learn about the guidance that has been issued relating to the Economic Aid Act passed at the end of 2020 that impacts PPP loans, 2nd draws of PPP, Unemployment, forgiveness, and Covid Pay.
There are is so much happening in the world right now and it seems that there is always a busy season. Learn what mindset shift I am working on to make my current busy season less stressful and more memorable.
Another round of PPP funding has been approved, but this one has a reduction in gross revenue threshold in order to be applied for. This video shows you how to run a report that will show your gross revenues by quarter verses the same quarter in the previous year. This will allow you to see the percentage change (at least 25% decrease) to determine if you qualify for applying for the new round of PPP funds. Covering both the QB desktop and QB online process, this quick video will give you what you need as the first step for determining qualification.
Finally get rid of that annoying beep and other settings that may be keeping you from doing your most efficient work. From date settings to pre-filled account preferences, one-time messages to leaving out the decimal point it can all be found in one spot and adjusted by YOU! This video will show you how to review those settings and get QuickBooks desktop working the way you want it to!
Congress has finally passed the long awaited second (or is it third) stimulus bill. And while it is still awaiting presidential signature, the parts affecting small business are not likely to change. In this video I review the new rules regarding PPP forgiveness and taxability, as well as the opportunity for applying for additional PPP funds in the future.
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