Archive for the ‘Updates’ Category

Paula’s Posts

Monday, April 20th, 2015

I will be starting a big project this week for a client in cleaning up their QuickBooks file. This client has

families as customers, but then individual jobs as the students because one family may have multiple

students at this private school. The previous bookkeeper did not properly apply payments to the

individual jobs which leaves paid invoices showing as not paid. It is difficult to collect overdue tuition if

you cannot even figure out who has and has not paid. This will be a fun assignment!

If you filed an extension on your IRS income tax, October 15th will come sooner than you think. Start

NOW in getting your paperwork organized. Call me for a free one-hour consultation and I can give you

some suggestions to help you going forward.

Last week I promised an update on my move. I closed on Friday on a two bedroom, two bathroom

manufactured home in Hacienda Village, which is a 55+ community with 600 homes, two club

houses/pool in Winter Springs. The movers are coming this Thursday!!! There is a large FL room which

has been converted to a part of the house and that will become my office. It has a beautiful view of the

front yard.

 

Bookkeeping Tips: Meals and Entertainment – If you take someone out for a meal as a business

expense, did you know the IRS will only allow you to deduct 50% of that expense? Their reasoning is

that the other 50% was your meal and they will not allow you to deduct that portion. This rule applies

even if you took out five people; they only allow 50% of the cost as a business expense. But you record

the full expense into your accounting software.

 

Useful Links:

 

Important Deadlines:

May 1 – Florida Annual Corporation Reports must be filed with Sunbiz.org or you will be fined

over $400.

Paula’s Posts

Monday, April 13th, 2015

As a bookkeeper, everyone asks me if this is a really busy time of year for me. It is not! The reason is -

for my regular clients, I do their books every month and I closed out 2014 for them in January, allowing

them to get their files to their CPA in early February. Any last minute businesses who come to me now,

are filing an extension until October 15th. So I get busy in August and September when they realize

their six month extension is almost up. I charge them double my normal rate to get a year’s worth of

information compiled in a few days.

 

Bookkeeping Tips: Are Moving Expenses Tax Deductible? The answer can be found at

http://www.irs.gov/taxtopics/tc455.html. If you are moving for a job or to start a new business, you

have to meet three basic criteria:

 Your move closely relates to the start of work

 You meet the distance test

 You meet the time test

 

Useful Links: Many of us use CraigsList.com to buy and sell things. As I have previously mentioned, I am

moving soon. (More information about that next week.) I have discovered an app called OfferUp.com.

It is super-easy to use. Simply open the app, take a picture of the item you want to sell, enter a

description of the item as well as the price, and you will receive email notifications if someone is

interested or wants more information about the item.

 

Important Deadlines: (These continue to be the two biggest deadlines of the year!)

April 15 – Personal tax returns are due or you must file an extension by this date.

May 1 – Florida Annual Corporation Reports must be filed with Sunbiz.org or you will be fined

over $400.

Paula’s Posts

Friday, April 10th, 2015

This has been a busy week. I am buying a house in Winter Springs which means my office will also be

moving. It will seem strange after 21 years in Altamonte Springs, but I embrace change. It is good for

the soul. Exciting times ahead!!! I will have more information on where and when next week.

 

Bookkeeping Tips: What accounting system are you using? Of course, QuickBooks© is the most

popular program out there, but there are some free options if you don’t need payroll or inventory.

Some businesses just need to track their expenses. To view some of the best options, go to

TechRadar.com. They have several options and one of them might be a great fit for your business.

 

Useful Links:

www.irs.gov – Download instructions and fillable forms.

http://accountinginfo.com/study/fs/expense-101.htm – If you want to have a better

understanding of the principles of accounting for operating expenses.

 

Important Deadlines: (I know I mentioned these last week, but they are really important ones.)

April 15 – Personal tax returns are due or you must file an extension by this date.

May 1 – Florida Annual Corporation Reports must be filed with Sunbiz.org or you will be fined

over $400.

Paula’s Posts

Friday, April 3rd, 2015

I work from my home where I reside with my two cats, Roxie and Lilly, and am care-giver for my 85 year

old mother, Nina. During my spare time, I enjoy spending time with my friends at the movies,

restaurants, the beach or getting some exercise in the great Florida outdoors.

 

This will be a weekly blog during which I will give you an update on what is happening in my world as

well as periodic Bookkeeping Tips, Useful Links, and Important Deadlines.

 

Bookkeeping Tips: If you have a company credit card and are keeping your records in a system such as

QuickBooks, note there is no tax line titled Credit Card Charges. You need to record each transaction

separately into the category of the expense (such as gasoline, meals & entertainment, cost of goods

sold.) The balance due should be an accounts payable and when you make a payment to the credit card

company, the check should be recorded against that accounts payable. Contact me at

paula@paulakeyes.com and I will be pleased to walk you through the process of setting this up correctly

at no charge.

 

Useful Links: Shoeboxed Receipt and Mileage Tracker – A phone app to track mileage and keep a copy

of receipts. This free application will track your mileage for tax deduction purposes as well as scan a

photo of and organize your receipts.

 

Important Deadlines:

April 15 – Personal tax returns are due or you must file an extension by this date.

May 1 – Florida Annual Corporation Reports must be filed with Sunbiz.org or you will be fined

over $400.

Making Our Accountants Count

Sunday, November 21st, 2010

The Star reports on making our accounts count.