According to Gene Marks, CPA and president and CEO of the Marks Group, it does make sense to pay your vendors early. Your vendors are critical partners, and if you treat them this way you will see the payoff in the long run.
One advantage of early payment is discounts many vendors offer for early payment. If you don’t see an early payment discount option on an invoice, don’t hesitate to ask your vendor what they can do for you.
Paying vendors early also helps solidify relationships. You will be someone your vendors want to continue to work with. They will be willing to take your calls, and are more likely to do favors should need something like last minute inventory fast.
Marks also suggests paying vendors twice a month – say on the 10th and the 25th. He says this allows you to avoid seepage of money from an uncontrolled … Read More
Does it Make Sense to Pay Vendors Early?
One advantage of early payment is discounts many vendors offer for early payment. If you don’t see an early payment discount option on an invoice, don’t hesitate to ask your vendor what they can do for you.
Paying vendors early also helps solidify relationships. You will be someone your vendors want to continue to work with. They will be willing to take your calls, and are more likely to do favors should need something like last minute inventory fast.
Marks also suggests paying vendors twice a month – say on the 10th and the 25th. He says this allows you to avoid seepage of money from an uncontrolled … Read More
Beware – Unemployment Benefits are Taxable
Unemployment recipients in Minnesota can request withholding when they sign up for the benefit. To start or change tax withholding, individuals can log on to their personal account at www.uimn.org or phone 651-296-3644 in the Twin Cities or 1-877-898-9090 in greater Minnesota. Federal income tax is withheld at a rate of 10 percent.
In Massachusetts, recipients have the option of requesting that federal and/or state income taxes be withheld from weekly benefit payments when they sign up. Federal income taxes are withheld at a rate of 10%, and state income taxes are withheld … Read More
Income Taxes for Estates and Trusts
Which Estates and Trusts Must File a Form 1041?
The following estates are required to file Form 1041:
The following trusts are required to file Form 1041:
An estate must obtain a tax ID … Read More