Quick Tip – Building Client Relationships – Take Time

Quick TipBuilding client relationships take time and require genuineness . It is all about sharing and caring. Get to know your client and share with them, a little about yourself. Find out what is important to them in business and personally. Give them you undivided attention while you interact with them. Just remember, personal connections do not replace great work. Hand Shake

Get closer than ever to your customers.

So close, that you tell them what they need, well before they realize it themselves.

~ Steve Jobs~

Tax Tips – Is It Tax Deductible? – Child Support

Tax TipsLearn tax tips so you will be informed and can save money on taxes!

Question – Is Child Support Tax Deductible?

Example – Court-ordered child care support payments are deductible.

Answer – True or False?

 

The answer is FALSE.

Unlike alimony, the payer doesn’t get a deduction; nor does the recipient pay income tax on the money. Court Ordered Payments

Protection After IRS Tax Records Breach

Identity TheftClark Howard has our backs again with his article, 3Ways to Protect Yourself After the IRS Tax Records Breach. Risk for Identify Theft is growing rapidly and you can take steps to protect yourself.

  1. Do a credit freeze
  2. Beware of reload scams
  3. Reduce your withholding at work

Reducing your withholding at work is recommended if you are receiving a tax refund each year. Essentially you are giving the government an interest free loan. THEY get to use your money all year long! Reduce your withholding to the point you estimate you will break even when you file your taxes. Estimating tax liabilities and adjusting withholding accordingly is tax planning at its finest. I highly recommend all tax payers do proper tax planning every year.Tax Planning

 

You Are What You Wear – Dress Codes 101 Quick Guide

Dress for success!

business-casual-infographic-dress-codes

IRS Offers In Compromise

TaxGreat article at Forbes, by Robert E. McKenzie – IRS Relaxes Offer in Compromise Rules.

Mr. McKenzie recaps the changes in the IRS Offer in Compromise rules with the Fresh Start Initiatives implemented by the IRS. He also includes great advice on being selective in hiring tax resolution firms that are heavily advertised and not always able to deliver their promises.

Be careful out there and know your rights!

Tax Tips – Is It Tax Deductible? – Alimony

Tax TipsLearn tax tips so you will be informed and can save money on taxes!

Question – Is Alimony Tax Deductible?

Example – You are paying alimony to your ex-spouse and need a break. Is alimony tax deductible?

Answer – True or False?

 

The answer is TRUE.

You can deduct alimony you pay an ex-spouse, even if you don’t itemize. To qualify as alimony, the cash-only payments must be spelled out in your divorce agreement. You’re required to report the Social Security number of your ex-spouse, too, so the IRS can make sure he or she reports the alimony as taxable income.Alimony

 

QuickBooks Tips – Credit Card Fraud Protection

tip of the dayEMV®/Chip Cards and the liability shift going into effect on October 1, 2015

You may have heard that the United States is transitioning to full adoption of EMV chip-enabled cards to reduce credit card fraud. This means that there will be changes to the way payments are made and accepted. We wanted to share a bit more about EMV with our QuickBooks clients.

What is EMV?

EMV Chip CardEMV is the global standard for smart card payments and acceptance devices, named after the developers: Europay, MasterCard, and Visa. EMV microchip-enabled cards provide stronger security and other capabilities not possible with traditional magnetic stripe cards.

An EMV chip-enabled card has a square microchip on the front of the card and is something you may already have in your wallet. A special card reader is required to read these EMV chips, but you can still swipe the cards through the same magnetic stripe readers you’re using today.

To encourage businesses to adopt the more secure technology of EMV/chip cards, a liability shift is going into effect on October 1, 2015. Today, if businesses swipe a counterfeit or stolen card, the bank assumes the loss. Starting in October, if businesses swipe a counterfeit or stolen EMV/chip card using a magnetic stripe reader, they could be liable for that charge.

What this means for QuickBooks clients

If there is any concern around fraudulent credit card transactions, you may want to get an EMV reader. An EMV device reads the microchip embedded in the card and authenticates that the credit card is valid. This reduces your liability for fraudulent transactions.

Some questions to consider:

  • Do you sell to customers that you don’t know?
  • Do you sell expensive items?
  • If you accept a counterfeit or stolen credit card and can’t collect the funds, would that have a material impact on your business?

What you need to do

The transition to EMV cards and EMV technology will not happen overnight. For now, there is no action needed, other than gaining a better understanding of EMV. Changes to QuickBooks Payments products are coming soon and Intuit is working hard behind the scenes to ensure a smooth transition.

Click here for more information available online with Intuit

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