Year-End Tips for QuickBooks  
 
 
December 14, 2015

    

 

Just a quick note of some things you may need to think about as the year-end approaches:

  • VEC Rate for 2016 - DON'T WAIT...If you process your own payroll, you'll want to make sure you update your VEC rate.  To change the rate in QuickBooks, click on Lists, payroll item list, and double-click on VA-Unemployment.  Click next through a couple of the screens until you get to the company tax rate screen, enter your rate in the Year 2016 field.  Be careful to key the decimal point in the correct place.  You can call 1-800-897-5630 to obtain your rate if you haven't received your Tax Rate Notice.
  • W-2s for 2015 - If you process your own payroll, you will not need to purchase W-2 forms, the forms can be printed on plain paper.  You may have received an email directly from Intuit about ordering forms, but it is not necessary to order pre-printed W-2 forms.  If you prefer to order the forms, I sell them through Safeguard (click here for more information).  Be sure that all four quarters of your 941 forms agree to your W-3 form, if you need assistance, please let me know.
  • 1099s for 2015 - If you print 1099s from QuickBooks, you will need to purchase the pre-printed IRS forms.  I sell the forms through Safeguard (click here for more information) or visit your local office supply store.  Keep in mind, you need to prepare 1099 forms for sole proprietors and partnerships if the amount for services totals $600 or more.  If you need assistance with the settings in QuickBooks (edit, preferences, tax/1099), please let me know.  Note, if you need 1-5 forms (2 1099s per page), I will be happy to send them to you at no charge.
  • W-9 Forms - I recommend that all employers who use subcontractors have them submit a W-9 form to let you know if they are incorporated or not; you'll want to keep these on file.  Some of my clients do not issue payments to subcontractors until they receive the W-9 form.
If you have any questions or if I can help you in any way, please let me know.  Happy holidays!

Lynn Ailsworth
Ailsworth Accounting & Software Solutions
757-503-4404

 

Save 20%

QuickBooks 2016 - call me to save 20%

Checks and forms - call me to save 35%