This past Wednesday I had the opportunity to attend New York City FDNY 148th Medal Day. The bravery, courage and strength that these men and women provide for our city is unbelievable. THANK YOU! If there is a lesson that I learned throughout my years about fire, it’s never to underestimate a fire. No matter how big or how small the fire is, get out and as far away from the building as quickly as possible. Don’t worry about grabbing your personal belongings because the slightest bit of black smoke will knock you out unconscious. Also, there may be some attractive tax advantages for your property that is lost or damaged so don't worry. Your personal belongings are replaceable. Your life is not.
The integration of mobile applications has enabled businesses to provide more value and connect better with their customers. Companies such as Square Inc. and Google have teamed up with Intuit to integrate their own personal software into QuickBooks Online. Two of the applications, in which I have identified below, have played a major role in contributing to my businesses’ success over its most recent years.
If you live in the Tri-State area, I am sure you are well aware of how much cheaper the gas prices are in New Jersey in relation to it's surrounding states. The reason why gas prices are so low is because of how cheap the NJ state gas tax is. Although, compared to New York, the price of gas in New Jersey makes many New Yorker's jealous, but soon residents of the Garden State are going to be feeling like they filling up in New York.
Intuit continues to improve the lives of small business owners. Instead of saving all your files on your computer, Inuit is using the cloud to make accessing your financials simpler. In the past, small business owners would buy the desktop version of QuickBooks for a few hundred dollars but now with QuickBooks online you can access your financials on the go and for as little as $10 per month.
When people ask me what I do and I tell them that I am a bookkeeper, the next question immediately asked is "What is that"?. Half of the time, rather than attempting to explain what the profession entails to a blank face, I say "It's like accounting". The person usually gives a head nod and says "oh yes". But if I bet I asked them what accountants do the first thing they would say is taxes. But, accountants do much, much more than just taxes and bookkeepers do much more than accounting. Bookkeepers provide an essential service to the client to properly prepare and maintain financial records, keep track of accounts and verify the accuracy of procedures used for recording financial transactions. The bookkeeper prepares the details for the accountant to be able to analyze the big picture.
QuickBooks continues to make it easy for their customers to use their software on the go. Intuit is so technological friendly that small business owners, most particularly freelancers are able to access QuickBooks remotely from a mobile device, tablet and/or laptop. If you are self-employed, you are normally always on the move going from job to job and client to client. Self-Employed individuals are subject to a 15.3% tax on their net profits. That’s why it is critical that you take all of the deductions that you are entitled to. If you need help handling and getting a better grip on your income and expenses, then QuickBooks-Self Employed may be right you.
QuickBooks is a product of Intuit and has been serving small business communities and accountants for the past decade. QuickBooks Desktop was one of the first versions launched by Intuit in the early 2000's. Since then, Intuit’s QuickBooks has been a hot item chosen by accountants because of how versatile and fluid the software can be. With QuickBooks Desktop, accountants could save their work on a flash drive and load the financials to the small business owner’s computer. The accountant would take the file back to his office to work on it, and then by the time he was able to return it to the business owner, several expenses were incurred and income checks were deposited to the bank and recorded by the company bookkeeper. This caused mass confusion for both the accountant and the business owner because it was not a "live file". QuickBooks needed to come up with a solution to this problem.
As a small business, it’s important to keep all your finances organized. QuickBooks is software designed to help you manage payroll, inventory, sales, and other needs for your small business. QuickBooks is also password protective and allows you to back up your files so you can worry less about losing vital information for your business.
With the new QuickBooks desktop 2017 you can do all of those things and more! The new QuickBooks 2017 software was designed to make it more user friendly for accountants and business owners. 5 key additions to the QuickBooks include:
With college tuition costing a fortune, the student loan interest deduction is very common especially for recent post graduates. Student loan interest deduction is an adjustment on your total gross income which is used to determine your Adjusted Gross Income (AGI). Meaning that if you earned $30,000 in 2015 and accrued more than $2,500 in student loan interest, your net taxable income would decrease to $27,500. So instead of paying tax on 30,000 you are paying tax on $27,500. The maximum amount of student loan interest that a taxpayer can deduct is $2,500 per tax year.
Here is an example:
The most common question asked while consulting with new business owners is which accounting method to choose. Should it be cash or accrual? Every business owner must elect a method of accounting. In today's post, I am going to outline the main difference between both standard options....
If you are a business owner- small or large the law requires employers operating in New York State to have worker's compensation coverage for all employees, even part-time employees and family members that are employed by the company. Section 26-A states that an employer is liable for a penalty of up to $2,000 per 10-day period if they fail to provide workers compensation insurance.
We are Certified QuickBooks Pro Advisors and registered New York State Tax Preparers