B.A. Harris Blog

Do I Need a Will?

Recently, my wife and I engaged a local attorney to draft our wills and various estate documents. We are in our mid-thirties, in good health, and thanks to the decrease in real estate values, have very little net worth. Although many might argue that drafting these documents was a waste of money, I strongly believe all adults should have wills, powers of attorney, and medical directives in order to plan for the uncertainties of life.

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Hiring New Employees and Tax Credits

Hiring new employees? Contact Us to See if You Qualify For a Tax Credit In an effort to stimulate the economy, Idaho and the federal government have both passed tax legislation for businesses that hire new employees prior to December 31, 2013. Idaho The Idaho credit is available for new hires on or after April 15, 2011 and before December 31, 2013. The credit is only available to the extent that new hires represent an expanding workforce, (as opposed to replacement of a prior employee), and who receive employer-provided health care benefits.

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Quickbooks and 1099s

You can use the 1099 feature in QuickBooks to create a summary report of the vendors that are eligible for Form 1099-MISC. There are several steps that are necessary for this report to generate the correct information. First turn on the 1099 feature by going to the preferences menu. In this menu there is a “tax:1099” option and under “company preferences” there is yes/no prompt to turn on/off 1099 tracking. Secondly, the accounts you use in Quickbooks have to be mapped to the correct box on the 1099’s.

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New FICA/Payroll Tax Withholding for 2011

As you begin to prepare your first payroll checks of the new year and make your 941 deposits you may notice a difference in the Fica amounts. Since we can all remember, the employer portion and employee portion of FICA has always been the same amount, but beginning in 2011 this has changed. Employees have received a 2% increase to their net paycheck courtesy of the U.S. government. The amount withheld from employee paychecks for FICA is now 4.

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California Franchise Tax Board and Mandatory Electronic Payments

California has passed a law requiring individuals to remit all future tax payments electronically once they either make an estimated tax or extension payment in excess of $20,000 or file a tax return reporting total tax in excess of $80,000. Effective January 1, 2011, the Franchise Tax Board will begin assessing a penalty equal to 1% of the amount paid if a required electronic payment is paid by other means.

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