Protect your Identity and your Tax refund:

For your own security ask your Tax preparer if your tax information will be outsourced outside of their office to get your taxes done or it will be prepared onsite?

Some preparers are sending information outside of the country and that is placing taxpayer’s information at risk.

Refunds:

Please note, if you request efile and also ask for direct deposit, you will get your refund within 10-14 Business days. Do not accept instant tax refunds, because you will lose 10-30% of your refund of money you can use to pay off debts or save for emergency.

NEW DEADLINE 1099 and w2s

New 1099 filing Deadline is January 31 this year to both the government and the employees and subcontractor’s

If you own your own business be sure to issue 1099 to all individual subcontractors you paid more than $599.99

 

Grow your business by learning to hire and delegate

As a business owner learn to hire help, delegate and let it go!

When you hire help, take the time to train them on what needs to be done and leave them to the task.

 Check on them initially and if after checking on them 2 to 3 times all is well leave them alone and check in occasionally.

When you do this, you can then focus on the big picture and grow your business and take it to the next level.
 Add people to your team gradually though. Hiring too many people at the Same time can also hurt the growth, because you won't have the time to train them probably.

Once the one you hired is doing alright on their own, then you add the next help, train up and add the next one. Eventually you will have a wonderful team to help build your dream. Be sure to pay them well and treat everyone of them with respect. Register for QuickBooks Online version in person class 

Register for QuickBooks class 
 

 

The difference between profit & cash in the Bank.

I get asked by business owners. Why is my  profit not the same as my bank account balance?

Sometimes not all expenses can be written off in the year when it is incurred depending on the type of accounting system being used (accrual or cash basis). If you are a business owner, I am sure your Accountant has mentioned it.

If not, the simple explanation is under the accrual method you get to write off expenses even if you have not paid cash for them when they are incurred in that year.
Using the cash method, you can only expense when you pay for them.

For the Revenue side, under the accrual you have to include the sales in income even if you have not received the payment and under cash method you include sales in income after you have been paid.

I prefer the accrual method for most of my clients since the IRS limits the use of cash method for certain limit of income level. My goal is to grow my clients to go over that threshold so I start out with the big picture in mind. Consult a qualified Accountant in your area to guide you. Start your accounting system before your first sale. Take a short ABCs of accounting from a community college in an evening course to understand basic accounting as an entrepreneur.

It doesn't have to be a full blown accounting associate or bachelors degree. Understanding basic accounting will make you understand when your accountant is explaining your business to you.
I do take the time to educate my clients though as I coach them throughout the year.

We can help you if you need us.  Check us out at Http://www.JNKcpa.com
 

 

Run and pay employees using the payroll features. You can run and print paychecks in either QuickBooks online or QuickBooks desktop.
Print employees W2 at year end without any stress by using QuickBooks online or QuickBooks desktop.

Register for QuickBooks class

 

Bootstrap to fund your Business instead of asking for Government Grant !

I see so many business dreams die, because the entrepreneur feels somehow getting free money to start a business is their birth rite.

I am here to tell you, the time it takes to fill all those endless papers for the Government could have been used to go to nextworking events, building your website, networking on social media, asking your potential customers to pay a portion of the orders upfront etc.

Spend the time perfecting your product or service to give the best of yourself to your potential customers. When you are genuine your clients and vendors will fund your growth.

When I started, I needed to buy computers, printers, projectors for the QuickBooks seminar with 30 people in a room. I  started with one laptop a filing cabinet and I bought the projector from Dell on an installment payment plan. I had one client who offered to pay his whole year fees of accounting services upfront so I can get all the equipment I needed. That's what I meant to do awesome job for clients and they will fund your growth.

While you are building your business, keep your regular full time job though and do this venture in your spare time. I was upfront with my clients about my vision, they knew I worked full time and will return calls on my lunch breaks and after 5pm and available on weekends. I did this for almost 3 years until I had enough money coming from the practice to pay my living expenses. Then on March 25, 2005 I pouched the clock for the last time. My boss told me, by the way Juliana if things doesn't work out you can come back. I appreciated the gesture, but I knew I was not going back. I once heard , the sailor that sails backwards NEVER sees the Sunset. I haven't had any other source of income since then. The business keeps growing from my own strength
Go on to Succeed.....

 

 

NEW DEADLINE 1099 and w2s

New 1099 filing Deadline is January 31 this year to both the government and the employees and subcontractor’s

If you own your own business be sure to issue 1099 to all individual subcontractors you paid more than $599.99

Employee or subcontractor? That is the Question !!!

Many of us struggle as small business owners in the beginning doing everything ourselves.  And as your business starts growing, you may need help to scale the business.

When you hire help, be sure to classify their role and how you pay them. The employee vs subcontractor is a little tricky so check out the rules for yourself here https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee

Register for QuickBooks class  

 You can call the IRS and remember they are there to help you. For general questions you don't have to give your name or any information about you.  You may have to wait a little for about 30 minutes to an hour, just put the phone on hold while you perform other tasks.

When in doubt consult the IRS  at Telephone  1 800 829 4933 or treat them as an employee to avoid any issues with the government.