Bookkeeping Tips: Maximize Your Tax Deductions

March 25, 2011

Understanding tax deductions can be difficult. Each year IRS tax law changes and knowing which itemized tax deductions are legal and offer the greatest potential for reducing tax debt can be nearly impossible for the average person. There are additional non-itemized deductions

According to an article on WalletPop on AOL written by Kelly Phillips Erb, “While it’s true that many taxpayers rely on popular itemized deductions, those aren’t the only deductions available. Taxpayers who file a form 1040 may also opt to claim a number of what the IRS calls ‘adjustments to income’ — that’s another way of saying non-itemized deductions. Since deductions reduce your taxable income, they’re a relatively painless way to chip away at your tax bill.”

Erb goes on to explain a variety of ways to maximize your tax deductions

1. Educator Expenses. People working for schools such as teachers (grades K-12), counselors, principals or aides who work in a school at least 900 hours during the school year in 2010 can take a deduction of up to $250 for qualified expenses.

2. Alimony. Alimony payments can be deducted on your federal income tax return. There are parameters to follow so make sure you understand how the alimony payments can be deducted properly.

3. Student Loan Interest Deduction. Anyone paying off college loans can claim interest on a qualified student loan as a deduction. Again be certain to review the tax law so you make certain your loan interest can be legally deducted.

4. Career-Related Moving Expenses. In 2010, if you moved for job or career reasons you may be able to deduct your moving expenses. Ask your accountant or bookkeeper.

5. Health Savings Account Deduction. Health Savings Accounts (HSAs) are tax-favored accounts that you may be able to take a deduction for those contributions that you make to a HSA during the year.

There are a a variety of ways to maximize your tax deductions. For more information read the rest of “10 Ways to Maximize Your Tax  Deductions Without Itemizing“, by Kelly Phillips Erb on WalletPop.  You can also speak with your bookkeeper or accountant about the options for non-itemized deductions.

Common Bookkeeping Mistakes Small Businesses Make

January 25, 2011

wn snap bookkeeping services asheville In an article on AllBusiness.com entitled Top 10 Bookkeeping Mistakes Made by Small Businesses some common issues are discussed. As many of us are aware small businesses are always looking for ways to save money, increase efficiency and improve profitability and performance. It is not surprising that so many small businesses often forget to keep receipts on every business related transaction, take on too many tasks themselves, and sometimes don’t communicate clearly because of their busy schedule. Some more specific mistakes you want to avoid  are:

-Listing transactions in the wrong categories on QB.
-Not having a backup system for QB files.
-Forgetting to track reimbursable expenses.
-Not properly classifying employees.
-Not properly reconciling the QB files with monthly bank statements.

These are just a few of the things you should be careful of when managing your own financial tracking and bookkeeping.

To learn more about how to keep from making common mistakes check out this great bookkeeping and financial tracking article on AllBusiness.com.

Purchase Quickbooks through WNCSNAP and Save $!

January 15, 2011

In 2010 WNC Snap Bookkeeping went through many changes. Our staff, location and service list evolved during the year but there is one thing that stayed the same – our commitment to providing high quality, affordable bookkeeping and financial tracking services for small and medium sized businesses.

In order to serve our customers WNC Snap is dedicated to sharing deals and passing along the savings to our cherished clients. As an Intuit Certified ProAdvisor, WNC Snap can help you save money when you buy Quickbooks 2011 online from our team. Get up to 20% off and free shipping when you order through our website, just click the banner on the WNC Snap homepage to get your savings today!

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Test Drive the Latest Versions of Quickbooks

December 26, 2010

Are you thinking about purchasing the latest Quickbooks software for your small business?

Then visit the Intuit website and test drive the demos of everything from Quickbook Enterprise to Quickbooks Payroll. In order to be sure this kind of software is something your business can properly implement  it is best to test drive the software. If it seems confusing, you may want to employ a Quickbooks expert or specialist to help you create a system that can track all of the important financial data you need in order to grow your company.   You can also search the Internet for online tutorials and look in your local area for local Quickbooks trainings and classes.

Quickbooks Tips for Small Business

December 15, 2010

Small businesses are often dealing with budget issues and yet, they have many of the same financial tracking needs as any medium or large company. It is essential for any business owner be aware of some basic financial information. Up to date financial tracking and reports allow business owners and operators to make successful decisions based on accurate and real data.

Quickbooks – The Best Tool for Small Business Financial Tracking & Bookkeeping

Small businesses can follow some basic rules when using Quickbooks to help make financial tracking simple and affordable.

1. Set up your Quickbooks accounts fully. Your Quickbooks file should track all relevant accounts related to your business including checking, savings, credit cad and Paypal accounts. This will allow you the highest level of accuracy.

2. Create custom categories when necessary. Instead of using the preset categories create any specific custom categories your business needs. Also be sure and ask your accountant or bookkeeper what categories various transactions are best placed in. If you are not certain of how to get the highest tax advantages, the best thing to do is ask a tax expert.

3. Regularly review your Quickbooks reports in order to maintain a clear perspective on your business’s financial performance. Quickbooks can provide a variety of reports based on the complexity of your business and the QB tools you have chosen to use.

In addition to these 3 simple tips, researching Quickbooks online may also be helpful for any small business planning to manage the financial tracking in house. You may also consider hiring a QB expert to provide affordable Quickbooks set up and QB training services. With just a little bit of expert advice many small business owners can learn the basics of Quickbooks and accurately and affordable manage the bookkeeping. Proper bookkeeping is what will allow your business to grow into a strong and secure enterprise.

Image: Pixomar / FreeDigitalPhotos.net

Managing your own QB? Here are some ways to save your bookkeeper or accountant time.

November 26, 2010

Many small businesses find it easier and more cost effective to hire a Quickbooks specialist to set up their bookkeeping system and get them started. The only issue is that sometimes if you are not experienced with QB you can make some simple mistakes that will cost you more money when you take your files to the bookkeeper or accountant for review and tax preparation. here are some excellent tips from the Tax Guru blog on how to be sure you are using Quickbooks to your best advantage and to save your business money and your bookkeeper time.

http://taxguruqbtips.blogspot.com/2010/06/some-client-qb-tips.html

 

“More and more these days I find myself

November 23, 2010

“More and more these days I find myself pondering how to reconcile my net income with my gross habits.” -John Nelson

Bean Counter FREE Bookkeeping Tutorial

October 19, 2010

LEARN BOOKKEEPING BASICS FOR FREE ONLINE!

If you are interested in managing your own bookkeeping then you may want to go through the FREE Bookkeeping Tutorial from the Bean Counter website. If you don’t like to read this Tutorial is not for you, but if you are truly interested in understanding the basics of bookkeeping  and learning how to create and maintain your own financial tracking system this Tutorial is detailed, easy to follow and offers a great deal of valuable information.

Click the link below to go to the FREE Tutorial and learn how to mange your own financial tracking:

http://www.dwmbeancounter.com/tutorial/Tutorial.html

Payroll, Payroll Taxes, Payroll Management: Intuit Payroll

September 28, 2010

Payroll Basics for Small Business from Intuit – Financial Tracking Experts

Are you looking to better manage your payroll and spend less time trying to organize employee data, taxes and more? Intuit can help you create financial tracking strategies  and make payroll more efficient and accurate. Click below to find out more about Payroll 101 and find out if Intuit products are right for you. 

Payroll, Payroll Taxes, Payroll Management: Intuit Payroll.

If you are looking for training and consulting when it comes to Intuit products WNC Snap can help! We offer Quickbooks training and consulting, as well as management training to assist with payroll set up, reporting and evaluation in Asheville and throughout Western North Carolina. Contact us today and let us empower you to do business based on sound financial data tat is easy to access at any time.

WNC Snap-we help make your business decisions easier!

ProStrategic Blog’s September 2010 Quickbooks News

September 10, 2010

The Prostrategic Blog, written by bookkeeping and Quickbooks expert William Fraser made some interesting announcements for this month.  Here are some of the highlights. Visit Mr. Fraser’s blog to read the whole article.

  • Prepare your 2011 monthly budget in QuickBooks to compare your monthly actual profit and loss statements to your budget month and year-to-date.
  • Users can soon buy Quickbooks 2011. William Fraser suggests “if your version is three years old, it will be time to purchae a new edition for support and proper maintenance.”
  • QuickBooks released a new update for QuickBooks Pro, Premier, Simple Start, and Enterprise 10.0.
  • QuickBooks now provides multi foreign currency conversion to US dollar values, print statements in foreign monetary funds as well as US dollars.
  • The client data review routine in QB helps find errors in recorded transactions.

For more information read Prostrategic.