We warned you in the last article, but now it’s time to meet Joe Payne…
November 18, 2011
Woody started a very successful Widget business earlier this year. He was the best Widget maker in town, and business was booming. Things couldn’t be better. He decided to cut his overhead costs by doing his own book
keeping. He went out and bought QuickBooks, and made an honest attempt to keep his books up to date. After all, the software would do all the bookkeeping for him.
Then, he ran into……. Joe Payne.
Woody had been so busy with the business, his books were behind over six months;
He had set up his QuickBooks totally wrong, so his items were going to the wrong accounts;
He had no idea what his Balance Sheet was, or what those accounts were for;
He had never reconciled any of his accounts, so he was missing transactions
Thank goodness, Woody had the good sense to book an online appointment with Seacoast Accountability at www.SeacoastAccountability.com. Joe Payne had gotten Woody into a bookkeeping nightmare. Poor Woody had thought his net profit was one number, when really it was probably going to be something totally different. Now, three quarters of the year was gone, he wasn’t sure how good the year really was, and it looked like he could owe the IRS thousands of dollars.
Don’t let Joe Payne get a hold of you and your books. You can book an online appointment, like Woody did, or call Seacoast Accountability at (603) 834-1271 . Do it NOW, so you can be sure your books are set up correctly, recorded accurately- and so you can tell Joe Payne to “Go Take a Hike”. You will be confident that you know exactly where you and your business stand financially.
Look for our next post, where we will tell you about more victims that have met Joe Payne.
You Are Probably Going to Lose Money This Year
November 18, 2011
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If not, you need to call Seacoast Accountability NOW for a ten point check up.
Chances are that you may have overstated income and/or expenses, or are missing valuable deductions you could claim at tax time. Let us help you fine tune your financial information for a more accurate estimate of your tax situation for this year, and to get you started off on the right foot for next year. Do it before it gets any later!
Call (603) 834-1271, or visit our website at www.SeacoastAccountability.com to book an online appointment for your financial tune-up.
Visit the IRS Portal for instructional videos for small businesses
September 16, 2011
The IRS now has a small business portal that provides several instructional videos for small businesses. Topics include, but are not limited to, starting or changing a business, audits, expenses, scams, employer topics, and a small business workshop. Check out the portal at: http://www.irsvideos.gov/SmallBusinessTaxpayer .
We have found an IRS webinar that we thought you might be interested in.
The broadcast will also discuss the nine factors used to determine if an activity is engaged in for profit.
Please contact us if you have any questions!
Kathy Foster
Seacoast Accountability
603-834-1271
info@seacoastaccountability.com
www.SeacoastAccountability.com
New Business Mileage Rate Effective July 1, 2011
July 26, 2011
Please contact us if you have any questions!
Kathy Foster
Seacoast Accountability
603-834-1271
info@seacoastaccountability.com
www.SeacoastAccountability.com
Time for Your Mid-Year Financial Check-Up
June 30, 2011
- Verification and set up of all accounts needed to track tax deductions
- Correction of bookkeeping entries that could skew net income figures
- Review of cost classifications and balance sheet transactions
- Verification of bank and other reconciliation reports
- Clean up of miscellaneous and “other” accounts
- Review of financial statements to prior year tax return
- Advice as to estimated tax payments, based on results
Kathy Foster
Seacoast Accountability
603-834-1271
www.SeacoastAccountability.com
Stop Making Mistakes in QuickBooks!
June 6, 2011
The Top Ten Mistakes to Avoid
Learn from real life case studies:
- Were you surprised that your tax return didn’t match your QuickBooks?
- Are you certain your QuickBooks is set up correctly?
- Are you frustrated with QuickBooks?
- Can your QuickBooks pass an IRS audit?
- Are your QuickBooks mistakes costing you time and money?
Come join us for a two hour presentation that will walk you through common
mistakes and remedies to make your QuickBooks processing more accurate and audit
proof. How can you assess your financial performance or estimate your current
tax situation, if you are not confident in your QuickBooks information? Let us
show you how to verify that you are set up correctly and handling transactions
appropriately, and walk away feeling more confident using QuickBooks.
Cost : $45 per person
Email info@SeacoastAccountability.com
for further details on class dates and times.
Get Your 2007 Refund, Before It’s Too Late
March 14, 2011
Did you know that the IRS can refuse to issue you a refund? Even though you overpaid the tax out of your hard earned money, they can refuse to give the overpayment back to you, if you file the tax return more than three years from the original date that it was due.
It is estimated that 1.1 billion people owed refunds still have not filed their 2007 returns, which is a whopping estimated $1.1 billion. In order to claim these refunds, taxpayers must file the 2007 return no later than April 18, 2011. The average refund is estimated by the IRS to be $640 or more. If you are owed a refund, a late filing penalty is not assessed, so get up off that couch and get that 2007 tax return filed!
Even if you think your income is so low you don’t need to file, and you had income taxes taken out or made quarterly payments, file the return to get that tax paid back into your pocket. You may not only get the amount that you have overpaid in tax, but you may get extra money if you qualify for some of the refundable credits, such as the earned income credit.
You should also be aware that if you have not filed 2008 or 2009 yet, the IRS may keep the 2007 refund until you file all required returns. If you owe taxes, back child support, or any federal debts such as student loans, your refund will also be withheld to pay those obligations.
If you are missing the tax documents necessary to file the return, see our previous blog post titled “Are You Missing a W-2”. You may also request a transcript from the IRS by filing Form 4506-T, Request for Transcript of Tax Return. The link to all IRS forms and publications can be found under the tax tab of our website under “Tax Links”.
Disclaimer:
I desire to present only accurate information on this blog. However, I do not guarantee the accuracy or timeliness of the information. The information on this blog is subject to change without notice. I do not assume any liability or responsibility for the accuracy, completeness, or usefulness of the documents or information available on this blog. Any reference to a product, service, publication or web site does not imply an endorsement of that product, service, publication, or web site. If you have any questions or comments about any information provided on this blog, please email me at info@SeacoastAccountability.com.
Are You Missing a W-2?
February 14, 2011
Each year there is always someone who has moved and hasn’t received all of their W-2 forms. Before you file your return, be sure that you have all the needed documents to avoid having to amend the return in the future. Some other documents that may be slow to arrive in your mailbox include student loan interest you have paid, interest income from banks and investment firms, information about stock sales and other investment information, state tax refunds received, and income and expenses pertaining to partnerships and trusts. These types of information are reported to the IRS, so you want to be sure that you are addressing these types of income and deductions on your tax return. So what do you do if you haven’t received all of the information you need to file an accurate return?
First, contact the employer or other party responsible for providing the information. Inquire if and when the information was mailed, and verify the address the form was mailed to. Have them check to see if the form was returned to them because of an incorrect or insufficent address. Write down the person’s name and the date you talked to them and allow a reasonable amount of time for them to resend the information.
If you still don’t receive the information, contact the IRS at (800) 829-1040. When you call, provide your name, address, social security number, and phone number. For missing W-2 forms, also provide the employer’s name and address, the dates you were employed, and an estimate of the wages earned and federal taxes withheld. This information can be obtained from your final pay stub or leave and earnings statement, if a year to date figure is included.
You are still responsible for filing your tax return on time, which is April 18th for the 2010 tax year, or you may request an extension by the filing deadline. If you don’t receive a W-2 after taking the steps outlined above, you can file Form 4852, which is a Substitute for Form W-2 Wage and Tax Statement. Form 4852 and instructions can be obtained at http://www.irs.gov or by calling (800) 829-3676. Attach Form 4852 to your tax return, estimating the amount of wages and federal tax withheld, as accurately as you possibly can. The return must be mailed in and there will probably be a delay in any refund while the information is verified by the IRS.
Estimates for missing tax information may possibly be found on year end statements and other correspondence received during the year, in the event you never receive the information. If amounts reported to the IRS vary from your estimated amounts, an amended return may need to be filed.
Be sure to also check your subsequent Social Security statements to be sure that the wages reported on Form 4852 are being reflected in your Social Security wages. If not, contact the Social Security Administration at the number listed on the statement.
Disclaimer:
I desire to present only accurate information on this blog. However, I do not guarantee the accuracy or timeliness of the information. The information on this blog is subject to change without notice. I do not assume any liability or responsibility for the accuracy, completeness, or usefulness of the documents or information available on this blog. Any reference to a product, service, publication or web site does not imply an endorsement of that product, service, publication, or web site. If you have any questions or comments about any information provided on this blog, please email me at info@SeacoastAccountability.com.
Delays In E-Filing of Tax Returns
January 18, 2011
Due to the slow response of legislation to either extend or eliminate Bush era tax cuts, many taxpayers will have to wait to e-file their returns. IRS is currently scrambling to update the forms to comply with the recent Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act legislation. Those forms affected include:
Schedule A, Itemized Deductions
Form 3800, General Business Credit
Form 4684, Casualties and Thefts
Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (Page 2)
Form 6478, Alcohol and Cellulosic Biofuel Fuels Credit
Form 8834, Qualified Plug-in Electric and Electric Vehicle Credit
Form 8859, District of Columbia First-Time Homebuyer Credit
Form 8910, Alternative Motor Vehicle Credit
Form 8917, Tuition and Fees Deduction
Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
These forms should be ready for e-file by mid to late February. Taxpayers using commercial software can check with the software provider for specific instructions. Tax preparers will still be able to prepare the returns, but will not be able to transmit to IRS until the e-file system is in line with the recent changes. More information is available at www.IRS.gov.
Despite the delay, e-file and direct deposit are still the fastest way to get your refund, without paying the high costs of a refund anticipation loan. Taxpayers can expect their refunds in typically 8-10 days using e-file and direct deposit, as compared to 4-6 weeks for paper returns submitted by mail.
Disclaimer: This post is intended to provide general information about the subjects posted. It should no way be construed as tax or financial advisement.
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