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Small Business Tax Calendar for October 2008
Following is a list of October dates that small business owners, bookkeepers and accountants should be aware of:
S-corp or LLC?
S corporations and LLCs have a lot in common and therefore often appeal to the same people. Two major things S-corps and LLCs have in common are:
Handling Recurring Transactions in QuickBooks
For transactions that you regularly make, such as paying rent, you can avoid the hassle of entering the same information time and again by setting up a memorized transaction. You can then set this memorized transaction to occur on a specific schedule (daily, monthly, annually, etc.).
Accountants Expected to See Above Average Salary Increases in 2009
According to a recent study by Hewitt Associates of 1,073 large organizations, most US workers can expect flat base pay raises in 2009 of 3.8%. However, the good news for most of the readers of this blog is that the Hewitt study found that accountants and consultants can expect higher salary increases (4.6%) than any other industry in 2009. Read the article.
QuickBooks Tutorials: Invoices and Sales Receipts
We have added quite a few QuickBooks tutorials related to working with invoices and sales receipts in QuickBooks over the last month. Each QuickBooks tutorial includes instructions, screen shots, and detailed explanations and information about those things you should think about.
When to Use Sales Receipts in QuickBooks
When you start using QuickBooks you will probably have to decide whether to use invoices or sales receipts to record your sales in QuickBooks. See our blogs titled Deciding Whether Or Not To Use Invoices in QuickBooks and About QuickBooks Sales Receipts for information on invoices and sales receipts and when it is appropriate to use each. For more information on Sales Receipts, see the following QuickBooks Tutorials:
IRS Creates Web Page for Small Businesses
The IRS recently posted a new web page with links to information on issues that small business owners (specifically those that file Schedule C) commonly face. There is information on starting a business, operating a business, business and employment taxes, IRS forms and publications, and much more. Check it out and share it with your small business clients.
When Will I Receive My Economic Stimulus Payment?
The question the IRS hears the most about the economic stimulus payments is "When will I receive it?". The answer to this question can be found on the IRS's website. Simply click on "Where's My Stimulus Payment?", enter your social security number, filing status and the number of exemptions you claimed, and click "Submit".
Adding Your Logo to Sales Receipts in QuickBooks
Adding logos to QuickBooks Sales Receipts is simple. In the Enter Sales Receipts window, click on the Customize icon to open the Basic Customization window.
IRS Simplifies Application Process for Tax-Exempt Organizations
Organizations seeking tax-exempt status used to have to go through a two step process in which they first received an advance ruling allowing them to operate as a public charity for 5 years, and then had to demonstrate that they received a substantial portion of their support from public sources in order to receive a final determination letter. However, the revised From 990, the tax return which organizations exempt from federal income tax must file, has eliminated the need for this two step process.
