Free Help
Accounting Tips:
For new businesses it is a good idea to check with an accountant before you set up your books, file the master business application and before you hire employees. The biggest mistake new businesses make is to hit the ground running, doing everything and then run into a snag when they start getting notices from federal and state agencies. They have no idea how to fill them out and if they have went past the due dates will also incurr penalties and interest.
I can also help you set up and train you on Quickbooks to make sure you avoid this costly mistake. 90% of new businesses fail in the first year. Please call me and let me help you make sure that you are not one of them that fails.
For new businesses it is a good idea to check with an accountant before you set up your books, file the master business application and before you hire employees. The biggest mistake new businesses make is to hit the ground running, doing everything and then run into a snag when they start getting notices from federal and state agencies. They have no idea how to fill them out and if they have went past the due dates will also incurr penalties and interest.
I can also help you set up and train you on Quickbooks to make sure you avoid this costly mistake. 90% of new businesses fail in the first year. Please call me and let me help you make sure that you are not one of them that fails.
Check this page often as we get updates on tax changes from the IRS.
Since congress is still deciding on some changes, including changes to claiming mortgage interest, I will post the outcome as soon as it has been decided.
For 2005 the business mileage has changed, but only for October through December of 2005. You will need to keep track of mileage from January through September and for October through December to get the correct mileage expense. For the last quarter it is 41.5 cents per mile and for January through Septemer it is 40.5 cents per mile.
Sales tax, for those states who were able to claim it for the first time in a long time, is also still up in the air as to whether they will use a table or actual receipts. I am telling all of my clients to keep all the receipts anyway. The table only counts one rate as opposed to the many rates you may have paid. Also the table does not take into account purchases that are between everyday groceries and supplies and auto purchases. There are a lot of things you buy, such as washing machines, televisions, and furniture to name a few, that you do not buy every year, but if you figure the taxes on that it will be more than the table is giving you credit for which could cost you money in paying more taxes than needed.
Since congress is still deciding on some changes, including changes to claiming mortgage interest, I will post the outcome as soon as it has been decided.
For 2005 the business mileage has changed, but only for October through December of 2005. You will need to keep track of mileage from January through September and for October through December to get the correct mileage expense. For the last quarter it is 41.5 cents per mile and for January through Septemer it is 40.5 cents per mile.
Sales tax, for those states who were able to claim it for the first time in a long time, is also still up in the air as to whether they will use a table or actual receipts. I am telling all of my clients to keep all the receipts anyway. The table only counts one rate as opposed to the many rates you may have paid. Also the table does not take into account purchases that are between everyday groceries and supplies and auto purchases. There are a lot of things you buy, such as washing machines, televisions, and furniture to name a few, that you do not buy every year, but if you figure the taxes on that it will be more than the table is giving you credit for which could cost you money in paying more taxes than needed.
