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1099 Forms / W2 Forms —- ‘Tis the Season!

1099 Forms / W2 Forms —- ‘Tis the Season!

By on Dec 28, 2015

Christmas and New Year’s Holidays are an interesting time for us “bean counters.” We enjoy the quiet very much and relish in the peace of mind of this time of year (hint, hint: shop Amazon Prime for gifts to show up at your door!) We bask in this “quiet” because hardly anyone wants to talk boring accounting and numbers this time of year. The pro-active planners have done their tax financial analysis between summer and halloween with their CPA’s / Tax Preparers. The procrastinators will deal with the consequences of not planning ahead say…. somewhere between March and April. The rest will file extensions to deal with it closer to September and October when they’re done with their summer adventures and when kids go back to school. But, as New Year’s holiday gets closer, us bean counters start getting anxious and in position. As soon as the next business day after this holiday comes it’s total and complete insanity for us. We have to get things ready for the CPA / Tax Preparers between January and March, extremely busy months for us. I’m talking 12-hour days or more, especially in January due to those very teeny tiny, but very important, forms that must be sent out: 1099 forms and W2 forms. W2 Forms (or “W2s”) W2s must be issued to employees by February 1st and to the SSA (Social Security Administration) by February 29th if filing manually,  or March 31st if filing electronically. That’s right, W2s do not go to the IRS; it is Social Security Administration that cares whether or not employees paid the correct amount of taxes based on their wages / salaries (how does the IRS know what was reported is correct? It matches the summary figures reported to SSA with payroll taxes the business reported and paid, sneaky and smart, huh?). 1099 Forms (or “1099s”) 1099s must be issued to vendors by February 1st and to the IRS by February 29th if you’re filing them manually (who does this anymore? If you said “me!” you must like to complicate your life). If you’re filing them electronically, they’re due to the IRS by March 31st. The e-file fee is well worth it as it not only replaces buying paper forms...

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Accounting Limited Time Offer!!!

Accounting Limited Time Offer!!!

By on Jul 9, 2015

  We have less than 6 months left of 2015! It’s July and I’m having a hard time wrapping my head around it! Didn’t we just celebrate New Year’s? Valentine’s Day? St. Patrick’s Day, Easter, had spring break and memorial day holiday? Boom! Before we knew it 4th of July was here! I know we’re tired of saying it and hearing it but time is REALLY FLYING BY!  It made me think of how 6 months used to feel like a really long time~ 6 months now feels like 2 months, doesn’t it? Before we know it Halloween will be here, Thanksgiving, Christmas, and boom! Another year will have gone by.   The only way to be productive is to delegate and outsource your most time-consuming tasks. It’s the next best thing to cloning yourself.   So, why wait to get things done? It’s a good time to get ahead and get your finances in order. Why wait to look at those reports to measure your goals and look at your business growth so far? Why wait to see if you met your goals? Are you going in the right direction? Even more important, your CPA should now or soon be reviewing your file to project your tax liability so far. They should be advising you on actions to take to reduce your tax bill.   I wanted to offer something hard to resist so it would make you take action NOW!!! For a limited time, I’m offering to remotely review your accounting file (your bookkeeping so far) and give you recommendations for just $49!  That’s right, if you have 1 to 4 accounts you’re tracking in ANY application, I will review what you have so far this year for just $49. If you haven’t done any bookkeeping this year so far, it’s ok. I will review your file with last year’s data to make recommendations for this year. I will let you know if you’re tracking finances correctly based on your industry, how you run your business, and how you file your taxes ~and give you recommendations on where you can improve.   If you have 5 to 9 accounts, the fee will be $99. Anything above that, just add $19 per account. No extra hidden fees!...

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What the Profit and Loss Statement Tells You – Part II Departmental Profits

What the Profit and Loss Statement Tells You – Part II Departmental Profits

By on May 31, 2015

  Would you like to know how cost-effective or profitable each department or team in your company is?   If you’re an advisor or an advanced QuickBooks user reading this, you might say “there’s a feature for that in QuickBooks so that departments show up in the Profit and Loss statement.”   There is. It’s the “class” field.   If the feature is turned on in your file in the preferences section or company settings- named differently in different editions of QuickBooks– it’s an additional field in each transaction where you choose the department from a list you customize yourself. Having this field filled in allows you to run a Profit and Loss Statement by Class– each class’ (department, team, etc.) income and expenses shown in their corresponding columns.   However, for most small businesses out there with little or no staff or self-employeds handling their own books- or in the case of a client I have who’s growing tremendously and the books are too complicated to add yet another field to worry about- I’m going to suggest a different and simpler way to get in the habit of tracking this same information  (for the expenses at least) without filling in any extra fields. All it takes is a little “tweaking” in your Chart of Accounts in order to get a Profit and Loss Statement that will give you the information you need and the information you want.   You might be saying, “I’m too small. I don’t have different departments.” No such thing. It doesn’t matter how small of a business you are, it’s never too early to start thinking BIG and doing your books as a big company does. “Dress for the job you want” right?   Right!   So, even if you’re a 1-person show, you have departments. You handle business development, product development, marketing, sales, administration, accounting, customer service/client relations/product delivery and quality assurance, right? You’re wearing all the hats, right? Then, you need to track how well each hat is doing. You need to know where you need to cut costs, increase income and/or funding, and let’s not forget you should be tracking your ROI in all of your marketing and sales efforts. For several clients who don’t have time to track...

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Do I Have To Buy QuickBooks Every Year ?

By on May 15, 2015

This post has been a popular one since I posted it in 2010. Last summer I lost years of blogging history here in my site. I had to start over with a new one, hence, the lack of posts in my site even though I’ve been in business as a freelance bookkeeper for 10 years. Here’s a link to the short and to-the-point post in Social Moms site to learn whether or not you must buy QuickBooks every year: Do I have to buy QuickBooks every year?...

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60% off for 12 Months – QuickBooks Online Plus + Payroll

60% off for 12 Months – QuickBooks Online Plus + Payroll

By on Jan 7, 2015

Great offer that expires on 1/12/15 on QuickBooks Online Plus + Payroll, a 60% savings for 12 months of your subscription, and I thought you would want to take advantage of it. To get this offer, just follow these three simple steps: 1. Go to http://www.intuitaccountants.com/offer-qbo-plus-qp-pr/ 2. Go through the sign-up pages and fill in your information. 3. Once you sign up, add me as your accountant. Go to “Your Account” and select “Manage Users.” Then click on the “Invite Accountant” button and fill out my information Let me know if you have any questions about signing up. Talk to you...

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