For those of you who are on QuickBooks payroll, it’s important that you download the most recent payroll update. As we get closer to the end of the year. tax forms usually get updated. The only way to make sure you have the most recent IRS forms is by downloading these updates.
(see below for the most recent update notice)
If you are not receiving an email alert from Intuit, open QuickBooks, go to EMPLOYEE – MY PAYROLL SERVICE -ACCOUNT/BILLING INFO. Make sure your current email address is listed on the lower left side of the screen under “Company Information”
If you are not on payroll but are interested in getting more information about this service, give our office a call.
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Intuit QuickBooks Payroll Updates Your Tax Tables and FormsIntuit QuickBooks Payroll has released Payroll Update 20922. This update includes recent changes to tax tables and forms for many states. To see what’s in this update, check out Payroll News. Scroll down to the “Current Payroll Update” section.Even if there are no updates to forms or tax tables for your state, we’re always making improvements to Intuit Payroll, so it’s important to keep your software updated! If you have Automatic Updates turned on and have selected all the updates to download automatically, your QuickBooks software should download and install the update for you. If you do not have Automatic Updates turned on, you can still get this payroll update manually.Did this help you? Take a moment to take our short survey. |
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I know it’s hard to believe that I am talking about this already, especially for those of you who just filed their tax returns last week. But really, now is the perfect time to get your financial records in good order. One of the primary reasons is tax planning. Without knowing how your business is doing, how can you do year end tax planning?
One of the biggest concerns I have for small business owners is that they wait until tax time, March or April, to get all their financial records and accounting in order. In many cases once the calendar changes to the new year it’s too late to take advantage of tax saving opportunities. Also for those of you who are considering starting a SEP retirement plan or some other type of retirement plan, you need to allow for enough time to get the paperwork in place and funded by the required due date. The bottom line is don’t procrastinate it could cost you.
This is also a good time to make sure that all your employee information and addresses are current. If for example, one of your employees’s got married or divorced during the calendar year, make sure you verify that their name has not changed. You certainly don’t want to waste time reprinting W2’s because you had incorrect information. The same thing holds true for anyone you need to send a 1099 Misc to. Just to be clear, you are required to send any individual or unincorporated company a 1099 Misc if you have paid for services that exceed $599.99 for the calendar year. The best way to determine if a company is actually incorporated is to request they complete a W9. If you are unfamiliar with this form, I recommend you visit http://www.irs.gov/. In the search box type W9. It will direct you to both the form and the instructions for completing it. Going forward I suggest that you have any service provider complete a W9 prior to sending them their first payment. They are usually more willing to comply if you are holding up their payment. Money is always good motivator.
You also want to make sure you don’t have any “hanging” entries. You know those items you really don’t know where to code so you stick them in “other” or “misc”. This is a sure way to drive your accountant crazy. Also make sure you have entered enough detailed information on larger purchased items that your accountant can determine what the item is and how it should be depreciated. This will save your accountant time which in turn will save you money. If you are unsure, just ASK. If you don’t feel comfortable asking your accountant or the person who is preparing your tax return, you need to find someone else you do feel comfortable with. Communication with your tax professional is key to making sure the information reported on your tax return is accurate and you are taking advantage of every possible tax savings opportunity you can.
This leads me into one of the most important concern that needs to be addressed. You have got to establish good communication and feel comfortable discussing your tax situation with your tax professional. I will even go so far to say it is a real good idea to meet with them before the end of the year especially if you are using someone new to prepare your tax return. It will cost you an hour of time but it could save you much more than that. It’s worth the investment.
Last I would like to remind everyone to take a look around their offices and in their closets. As we are all aware, the economy and unemployment have hit many people this year so it’s really a good time to clean out your closets and help people and non-profit organization who are truly in need. Considering donating old computers (that have been completely cleaned of data) desks, office furniture and personal items like clothing and shoes. As long as you are donating to a 501 (c3) non-profit organization, you can get a tax write off. Make sure you can a donation receipt. This, is my opinion, is a win-win tax advantage.
I will post more specific tax planning topics as we get closer to the end of the year so stay tuned…..
This is a great article for anyone considering starting their own business.
Taking the Plunge – Tips for Getting over the Fear of Starting a Business
It appears that some anti-virus software program interpret a component of the QuickBooks Program as unsafe virus.
I have first hand experience with this issue. My anti-virus software told me that I had an potentially unsafe virus running on my computer. I quarantined the virus and then deleted it. As soon as I did that I could not get my QuickBooks 2010 to access any of my data files and it came up with the error code 6123 each time. Only after I had research the issue on the QuickBooks support website did realize that the anti-virus error message I was getting was related to the error code I was getting in QuickBooks. The support website does list a problem with McAfee anti-virus software but evidentally it happens with other anti-virus software as well since I don’t use McAfee.
To fix the issue I had to repair the QuickBooks 2010 program in the add/remove option of the control panel. When I got the anti-virus warning again I told it to always ignore the error. Once I did that I could pull up QuickBooks 2010 with no issue.
As a Certified QuickBooks ProAdvisor I periodically get coupons from Intuit that I can share with my clients.
This coupon can be used online or with a phone order. Just use Special Offer Code C39741.
This should save you a few buck!
House Bill 120 provides for an exemption from both state and local sales and use taxes for specific energy efficient products. These exemptions apply to sales occurring October 1 – 4, 2009. The exemptions are limited to products with a purchase price of $1,500 or less that have been designated as meeting requirements of the U.S. Environmental Protection Agency and U.S. Department of Energy “Energy Star” programs.
Here is the link for more detailed information on what products qualify.
https://etax.dor.ga.gov/salestax/holiday/2009/energy_holiday.aspx
Within the next week or so QuickBooks 2010 will be released on-line and in retail stores. If you have QuickBooks 2009 and think you might need another license, get it now. Shortly after QuickBooks 2010 is released it will be extremely difficult to get another license of QuickBooks 2009.
The good news is that in the past the previous version, in this case 2009, can usually be purchased for 1/2 of the regular retail price. Check out this weekend’s sales flyer for Best Buy, Staples, Office Max or Office Depot.
As a Certified ProAdvisor, I have already gotten QuickBooks 2010 but have not installed it yet. I plan to shortly and will post a review of the new QuickBooks 2010.
Remember that you are not required to upgrade from 2009 to 2010. In fact I would strongly recommend you wait a month or so for the guinea pig Certified ProAdvisor like myself to find the bugs if there are any.
For many months now I have wanted to find a convenient and useful way of getting bookkeeping and QuickBooks tips to my clients. With the help of John and Linda Lullie of Inspired 2 Design LLC , my website gurus, they have once again come through for me. Welcome to what I warmly call The Beaners Blog.
I plan to add helpful tips for QuickBooks users, current tax information from the IRS, and general “Good Cents” small business advice on what I hope will be a regular basis.
Please feel free to email me at acclaimpro@comcast.net or call our office at 404-771-6407 if you have a specific tax or QuickBooks issue that you need help with or have a question.
