In the U.S., April is usually thought of as ‘tax time’ since that’s when personal returns are due. But, for small businesses, January is tax time since we have to get a ton of filings done by the end of the month. Our own Federal returns aren’t due till March but all the paperwork we produce for others: the W2s for employees, the 1099s for contractors, and many other quarterly or annual reports are due by the end of this month.
I grew up in a family business and remember the bad old days of computing payroll taxes ‘by hand’, looking them up from the tax tables one employee at a time, late into the night, every two-week pay period. So for the most part, with QuickBooks to back us up, I consider most of our tax reports a little bit nervous-making (Do I have the right numbers? Am I getting the reporting quarter checked off correctly? Is that deadline date a post-marked date or a due-there date?) but laughingly easy to actually generate.
However, amazingly to me, there are still a few tax forms that can’t be just printed out on blank paper by QuickBooks. Read the rest of this entry »