Don’t Worry – Protect Yourself

Worried about the IRS and the possibility of a dreaded IRS notice appearing in your mailbox? Don’t Worry! Protect Yourself!

Robert W. Wood gives excellent advice with his article in Forbes, “Three (Incredibly Simple) Rules to Keep the IRS Away”.  The three simple rules are:

Keep Good Records

Respect Those 1099’s

Keep Business and Personal Separate

Following these rules will protect you from most issues if the IRS comes knocking on your door. Take steps to get organized and be proactive with your business records so you can stop worrying about the IRS. Don’t wait until tax filing season to get your records in order. Organize your documents with your first touch of the paper or electronic transaction. Tackle one piece of paper or electronic transaction at a time and process it completely. Follow a consistent schedule to process your records. Stop viewing paperwork as the enemy…view it as your money!

Tax Deadlines Approaching Fast

Gather your receipts! The deadline for filing your extended partnership, corporate and trust tax returns for 2011 is fast approaching.

Final deadline to file Forms 1065, 1041, 1120, and 1120S for 2011 is September 17, 2012.

Get your tax projection updated NOW.

The 3rd quarter estimated tax payments for 2012 are due on September 17, 2012.

Welcoming Teachers and Administrators to the New School Year!

At Holt Accounting & Tax Professionals, we appreciate Teachers and School Administrators for their dedication to the educational profession, in their service to our community, and in making a difference in the lives of our children. We value your commitment and recognize the many challenges you face.

We want to offer you some important tips to help you save your hard earned money.

  • The educator expense above the line tax deduction expires the end of 2011. In 2012, save your receipts for education expenses you pay personally. You may be eligible to deduct these expenses if you itemize.
  •  Save for your retirement with the Teacher’s 403(b) retirement plan contributions. Contributions reduce your federal and state taxable income so you pay less tax now.
  •  Donations to the school can be a charitable donation when you itemize your deductions.
  • Track mileage for job related travel to deduct the business mileage on your itemized deductions.
  • Professional fees and dues can be deducted when you itemize.
  • If you have continuing education expenses, you may be eligible under the lifetimelearning credit to deduct up to $2,000.
  • Tax planning during the year will help ensure you take all allowable tax deductions, minimize your taxes and maximize the cash in YOUR pocket. Tax planning provides savings opportunity options that are otherwise missed. Don’t miss out! Start your tax planning today!

Have a great school year!

Go Paperless with QuickBooks

Ready to get rid of all the stacks and file drawers full of paper? Scan and connect your documents to your QuickBooks records for permanent filing of your records.

In QuickBooks, Click on the Docs button on the icon bar to open the Document Center or click on Company from the menu bar to choose Documents from the drop down list and select Doc Center.

Load you document in your scanner. Click on the Scan button in the Document Center and follow the instructions. The QuickBooks Scan Manager window will open for you to select a scan profile and page size.

Scan Manager

Click the Scan button to begin the scan process. Choose to scan more pages or click on the Done Scanning button. A window will appear to allow you to name the document, add a description and enter keywords to assist with search functions.

Your scanned document appears in the Doc Center and is available to attach to any transaction or item within QuickBooks.

To Attach Documents:

Find the transaction or item and open it. Click the Attach button. Select the document from the Doc Center and click Attach. Click Done. The document is now attached to the QuickBooks transaction or item. Click Save & Close. Now you can get rid of the paper!

Power Message – The Power of Face-to-Face Networking

Growing a successful business means you have to network. Networking is simply connecting people and among those are YOUR customers. Networking opportunities come in a variety of forms through social media, business associations, and industry specific organizations, to name a few. I want to share an article that gives excellent advice on how to use networking effectively. I encourage you to use the tips as your action plan in making networking a successful marketing tool to help grow your business. Get out there and connect with your clients!

The Power of Face-to-Face Networking | SBA.gov.

Social Media Posting Schedule

For those of you in business that have mastered the many details of using Twitter, Facebook, Linked In, Google+ and Pinterest, you are probably shaking your head and wondering how to find the time to manage all these posts. As an Accountant, I am big on planning and schedules. To determine when you need to make posts, it is helpful to know when the peak times occur giving you the most readers and potential leads. This is a great tool I use to make my posting schedule and helps make my time effective with social media.

To learn more, scroll all the way down for recommended reading. Good luck out there and let me hear how you are doing adding social media to promote your business.

Source: jonloomer.com via Connie on Pinterest

Related Reading:

Social Media – Where To Learn

Social Media – Market Your Business

Tax Hike Agenda Snapshot

Tax Hike Agenda Snapshot

As it stands now, with the Supreme Court ruling upholding the health reform and the unknown election results, we are facing hikes in taxes. Here is a quick snapshot of where we are headed as a result of the health reform.

Tax Increases Effective 2013

Singles earning more than $200,000 and couples earning over $250,000 will pay a 9% Medicare surtax.

Deducting medical expenses for those under age 65 will now be subject to a 10% AGI floor.

Flex spending accounts will be capped at $2,500 for the year.

Unearned income will be subject to a 3.8% Medicare surtax for singles with Modified AGI over $200,000 and couples over $250,000.

The Federal subsidized part of drug plan costs for retirees will be nondeductible for employers.

A 2.3% excise tax on medical devices goes into effect in 2013.

Tax Increases Effective 2014

Uninsured individuals will owe at least $95 in tax as a penalty, with a cap at $285 for families. The tax rises the next 2 years with the top tax at $2,085 in 2016. Those with lower or middle incomes will get an income tax credit to help pay for insurance coverage.

Employers with 50 or more full time employees that do not provide adequate health care will owe an excise tax if one of their employees get the income tax credit. The cost of the tax is $2,000 for every employee above 30 workers. If any employee buys coverage through an exchange, the tax rises to $3,000.

What does all this mean? This is just a snapshot and does not provide all the complicated details but the bottom line is…less deductions and more taxes.

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