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Chris Blach, QuickBooks ProAdvisor |
 There aren’t that many different types of forms to keep straight in QuickBooks, but you likely don’t use all of them. You probably use invoices and purchase orders frequently, and may fill out the occasional sales receipt, credit memo, or estimate.
But what about sales orders? You may find that they could make your bookkeeping more accurate and easier. There are only a few situations where they’re needed, but they’re the appropriate form to use at those times. (more…) |
Archive for May, 2011
Sales Orders in QuickBooks: Why? When? How?
Thursday, May 12th, 2011How to Spot an IRS Impersonation Scheme
Wednesday, May 11th, 2011|
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| The IRS does not send taxpayers unsolicited e-mails about their tax accounts, tax situations, or personal tax issues. If you receive such an e-mail, most likely it’s a scam.
IRS impersonation schemes flourish during filing season. These schemes may take place via phone, fax, Internet sites, social networking sites, and particularly e-mail. (more…) |
Employers Health Care Benefits Reporting Requirements
Thursday, May 5th, 2011|
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| Under the Affordable Health Care Act, employers will be required to report the value of health care benefits. For 2011, employers may voluntarily report the value of health care benefits for each employee. This amount will appear on the new 2011 form W-2 to be issued in 2012. This is a reporting item and will not affect taxable income. For 2012, the reporting is required for all employers except small employers filing fewer than 250 W-2 forms.
If you have questions about how to do this, please contact our office. |
Haven’t Filed an Income Tax Return? What to Do
Tuesday, May 3rd, 2011|
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Filing a past due return may not be as difficult as you think.Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money.
Here’s What to Do When Your Return Is LateGather Past Due Return Information Gather return information and come see us. You should bring any and all information related to income and deductions for the tax years for which a return is required to be filed. Payment Options – Ways to Make a Payment There are several different ways to make a payment on your taxes. Payments can be made by credit card, electronic funds transfer, check, money order, cashier’s check, or cash. Payment Options – For Those Who Can’t Pay in Full Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened. Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an installment agreement, a temporary delay, or an offer in compromise. Taxpayers who need more time to pay can set up either a short-term payment extension or a monthly payment plan.
What Will Happen If You Don’t File Your Past Due Return or Contact the IRS It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions. Please contact us for further information and support on your late returns. |
Financial Tips for May 2011
Tuesday, May 3rd, 2011|
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When to Review Your Life Insurance CoverageIt makes good financial sense to periodically examine your life insurance coverage to make sure the coverage is still sufficient. After all, life insurance is often a family’s most important financial and estate planning tool. With today’s frequent changes in financial circumstances and goals, it’s a good idea to re-examine your life insurance coverage on the occurrence of any of the following:
Consult with us if you think it might be time to adjust your life insurance coverage. A Slip of the Lip May Bring on a Tax AuditMany taxpayers have learned, to their dismay, that it generally isn’t wise to talk carelessly about their taxes – especially about sensitive areas. Why? Because the wrong person overheard their careless talk and “turned informer,” either for revenge or in the hope of an “informer’s reward.” An informer’s “tip” to the IRS will often trigger a tax audit. Even though the taxpayer has done nothing improper, he or she may have to suffer through the audit. Not only is this time-consuming, but it can also result in additional taxes due to the discovery of an innocent error on the return or the disallowance of a marginal deduction.
Check Your Credit ReportOrder a copy of your credit report from one of the major credit reporting agencies. Read the report carefully and report any discrepancies to the appropriate agencies. This not only ensures that the records are accurate, but also helps prevent others from obtaining credit in your name. Review Budget vs. ActualsCompare April income and expenditures with your budget. Make adjustments as appropriate to your May expenditures. Make sure you have invested your planned savings amount for April. Make Withholding AdjustmentsBased on the results of your prior year’s tax return, make any necessary adjustments to your tax withholding by completing Form W-4 and giving it to your employer. |
Exemptions and Deductions for 2011
Tuesday, May 3rd, 2011|
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With the 2010 tax filing deadline behind us, it’s time to plan for 2011.The standard and itemized deductions for 2011 are as follows:
Standard Deduction for 2011:
Personal Exemption for 2011:The personal exemption amount is $3,700 (up from $3,650 in 2010). Remember that there’s a temporary repeal of the standard deduction and personal exemption income limit phaseout until 2012. This means that all taxpayers will receive the full deduction and exemption amounts. Give us a call if you have questions about this. |
Federal Tax Due Dates for May 2011
Tuesday, May 3rd, 2011|
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