Quickbooks, Bookkeeping and Accounting Blog

A list of upcoming dates and actions for accountants, bookkeepers and small business owners to be aware of follows:

5/2/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll taxes for payments made between April 26th and April 29th.
5/7/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll […]

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Being able to get ahold of your accountant as you have questions is incredibly helpful. Unfortunately, many of my customers complain that they can’t get ahold of their accountant when they need them. Therefore, I recommend that if you are looking for an accountant, you specifically ask how soon you can expect to hear back […]

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The maximum amount of wages subject to social security taxes increased from $97,500 in 2007 to $102,000 in 2008, and is expected to increase to $106,500 in 2009. Here is a look at the maximum wages subject to social security taxes over the last 10 years:

1999: $72,600
2000: $76,200
2001: $80,400
2002: $84,900
2003: $87,000
2004: $87,900
2005: $90,000
2006: $94,200
2007: $97,500
2008: $102,000
2009 (projected): $106,500

The tax rates are 6.2% for FICA and […]

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The recommended method for giving your accountant access to your QuickBooks company file is via an Accountant’s Copy, which allows you to continue to work in QuickBooks while your accountant makes changes to your QuickBooks file.  You can then import the changes your accountant made into your company file. For information on using the Accountant’s […]

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A list of upcoming dates and actions that accountants, bookkeepers and small business owners should be aware of follows:

4/2/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll taxes for payments made between March 26th and March 28th.
4/4/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll taxes for […]

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If you want your accountant to make adjustments to your books, but cannot give up access to QuickBooks while your accountant is making the changes, then create and give your accountant an Accountant’s Copy of your QuickBooks file. After your accountant has made all necessary adjustments, you can import them into your current QuickBooks company […]

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The 2008 standard mileage rate, which is used to calculate the deductible cost per mile of driving an automobile for business purposes, is the highest it has ever been. The standard rates, which went into effect on January 1, 2008, are as follows:

business miles driven: 50.5 cents per mile
miles driven for medical and moving purposes: […]

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A list of upcoming dates and actions that accountants, bookkeepers and small business owners should be aware of follows:

3/3/2008 - Fishermen & Farmers: your 2007 income tax return (Form 1040) is due, along with any taxes you owe.
3/5/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll taxes for payments made between February […]

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QuickBooks classes enable you to classify all income and expense transactions. You can do so by department, location, type of business, partner or associate, or anything else that is useful and meaningful to you. You can then run reports in which you break your business down into the classes you have created. 
Example of Using QuickBooks Classes
Suppose […]

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The 2008 Economic Stimulus Act, noted mostly for the stimulus payments it provides to individuals (see Bush Signs Economic Stimulus Package; Most People Will Receive Tax Rebates), provides two important incentives to businesses:

50 Percent Special Depreciation Allowance
Businesses will be able to depreciate 50% of the adjusted basis of certain qualified assets during the year the […]

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If you use a portion of your home for business, then you might qualify for a home office deduction. The following questions are designed to help you figure out if you qualify:

Do you use a specific area of your home exclusively or regularly for business?
If you have not designated a specific area of your home as […]

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A list of upcoming dates and actions that accountants, bookkeepers and small business owners should be aware of follows:

2/1/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll taxes for payments made between January 26th and January 29th.
2/6/2008 - If you are subject to the semiweekly deposit rule, then deposit payroll taxes for […]

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Many small businesses (large businesses, too) struggle with the question of whether an individual can be treated as an independent contractor or needs to be treated as an employee. The general rule is that if the employer has the right (whether or not they exercise such right) to control and direct the individual, both with respect […]

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There are many things to consider before hiring an accountant. Would you rather hire an independent accountant or a large accounting firm? Will you ask your accountant for business advice or just ask them to file your taxes? Will you ask them to help you clean up your QuickBooks file or is it not important to you […]

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One of the first things I do when I get involved with a business is to figure out what their major sources of revenue and expenses are. I do this in two ways.  First, I talk to management to find out what things they consider to be important to the business. Second, I spend a […]

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