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Your in-depth guide to the latest changes in WorldPay and how it impacts Lightspeed users Introduction It's essential for businesses to stay ahead of the curve, especially when it comes to payment solutions and integrated systems. In the spirit of continuous improvement and client satisfaction, we want to bring you up to speed on the latest updates concerning WorldPay's integration with Lightspeed. What’s New with WorldPay? Dedicated Support Line WorldPay rolled out a 24/7 dedicated support line specifically for Lightspeed dealers in March. The support number (833-998-4733) is an important r ..read more

The Employee Retention Credit (ERC) was introduced as part of the CARES Act, which provided individuals and businesses with government-sponsored financial relief in the wake of the COVID-19 pandemic. While the ERC is a legitimate tax credit, many third-party companies are utilizing aggressive marketing campaigns and misleading claims regarding who can receive this credit and how much they can qualify for. The IRS has issued an official warning against these tactics, renewing a warning they issued last year, and even adding these strategies to their list of Dirty Dozen Tax Scams this year. Here ..read more

Though we work with business owners in a wide variety of industries here at The Accounting Guys, we provide specialized support and accounting services for power sports, marine, and RV dealerships. Our years of experience specializing in serving these businesses has provided us with insight into the unique accounting and bookkeeping needs of these companies—and if there’s one thing we’ve learned, the technology you use can make all the difference. Dealer management systems (DMS) like Lightspeed, Lizzy, and DX1 may seem like a large investment for your business, but when used appropriately, you ..read more

Navigating Changes to Tax Laws in 2023 Every year brings about some changes to tax laws. Some of these changes are minor, or only impact a small percentage of taxpayers, while other tax law changes are more sweeping and have a broader reach. In 2023, there have been several changes to the tax code that you should be aware of, so that you can better plan for your taxes throughout the year. Here are a few of the most significant tax law changes happening this year, as well as some tips on how to best navigate these changes. Changes to Individual Tax Rates Most years, tax law changes will include ..read more

Placing money into any type of retirement account is a smart financial decision—both for your future financial security and for immediate or future tax benefits. However, once you place money into these accounts, the funds are expected to stay there until you reach retirement age, which the IRS defines as 59 ½. What happens if you need the money before then? Are there consequences for early withdrawals? Here’s what you need to know about early withdrawal penalties and their impact on your taxes. Are Early Withdrawals Taxed Differently? Different retirement accounts are taxed differently when y ..read more

With a New Year upon us, it’s time to start thinking about filing your tax return. But tax season isn’t until April, right? In reality, tax season officially begins on January 24th this year, and it can be beneficial to start gathering your tax documents even sooner. Keep reading to learn which documents you should start collecting and when to begin collecting them. When to Gather Your Tax Forms Your official tax forms likely won’t start arriving until after the official start of tax season. This is when your employers and contracted clients will begin sending you your W-2s and 1099s. Dependin ..read more

Many people get into the spirit of giving during the holiday season and make donations to various organizations and causes at this time of year. While acts of charity are their own reward, it doesn’t hurt to get a tax deduction for your donations as well. But how can you ensure that your holiday donations are tax deductible? Here are a few things you should do. Check the Organization’s Tax Exemption Status In order for your donations to be tax deductible, they must be made to a registered non-profit organization. You can check the tax exemption status of any organization you donate to on the I ..read more