WASHINGTON — The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds. Taxpayers will have [...]

{ 0 comments }

This Way or That Way

Read More

Four Ways to Manage Prices in a Down Economy

We are living in a period of “accelerated change”. Indeed, the ground does seem to be shifting beneath us almost faster than we can comprehend, so it’s important to stay nimble in these difficult times. One way you can do so is to closely manage your prices. In some cases you may need to ratchet [...]

Read More

QuickBooks Accountant 2011 Announced

The new version of QuickBooks Accountant is about to be released.  Are you ready?  Take a look at some of the highlights by viewing the attached .pdf here. Intuit QuickBooks® Accountant 2011, an Intuit ProLine™ Solution, is Intuit’s premier bookkeeping, write-up and financial reporting solution for accounting professionals supporting multiple QuickBooks clients. The 2011 solution provides unique [...]

Read More

16 Bank Reconciliation Tips and Tricks

Although it may seem like drudgery, reconciling your bank account is a critical accounting task that you should carry out each month. Doing so helps ensure the integrity of your financial reports, since most of your accounting transactions ultimately affect cash in some fashion. Further, QuickBooks is a much more powerful tool for your business [...]

Read More

Get the Job Done and Track Costs too!

Many businesses can benefit from tracking revenue and expenses by project. Known as job tracking in QuickBooks parlance, it’s ready for your immediate use. For instance, let’s say that your company installs residential elevators. Several different builders contract with you to install your product in their high-end homes. In such cases the builder would be [...]

Read More

Many Tax Return Preparers Required to Use IRS e-file Beginning in 2011

SOURCE: Internal Revenue Service Congress recently approved a federal e-file mandate for tax return preparers, based on recommendations from the IRS, the Treasury Inspector General for Tax Administration and the Electronic Tax Administration Advisory Council. The requirement will be phased in over two years. As a result of the new rules, preparers will be required [...]

Read More

Small Business Expenses 101

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag [...]

Read More

How to set up accounts for contractors that will be given 1099s

The first thing you must do is tell QuickBooks that you will be issuing 1099s. Click on Edit (from the menu bar), then Preferences. Scroll down until you find the picture that says “Tax:1099″ and click on it. On the Company Preferences tab, answer yes to the question about the issuance of 1099 forms, then [...]

Read More

Profit & Loss Report Versus Statement of Cash Flows

If you’re like most QuickBooks users, you rely on the Profit & Loss Standard report to monitor how your business is doing. However, you may have overlooked an even more valuable report: the Statement of Cash Flows. The Profit & Loss Standard (P&L) report is important in its own right, but it only provides partial [...]

Read More