Online Tax Services » online tax services

How Accounts Are Used?

admin — Fri, 23 Apr 2010 00:20:03 +0000

Q: Do I need to select billable hours? Each client has a cap. How do I set them up so that we know when they are reaching their limit?

YES! Billable hours are an option that will accumulate and warn you at cap. It won’t prevent you from going higher. Your system works! The meat and potatoes will come out in the way record keeping is being handled (the paperwork). Always have a PDF backup or paper on file to recreate the paper trail. Remember to print reports at each step and attach to the bills/invoices to show your work is being done. If it’s good enough for you, do one more thing.

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Document Management

admin — Thu, 22 Apr 2010 20:00:00 +0000

Q: I am looking for something like Intuit’s Document Manager, but not online and preferably free. I have all the documents scanned in on my computer and don’t have the desire or need to access them from anywhere else. Does anyone know of any other options?

Not really “document management” but drop box is a fantastic tool that is free and shares a folder with anyone with whom you want to give access. Great way to share documents.

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Closing a Vendor

admin — Thu, 22 Apr 2010 17:25:19 +0000

Q: I just want to know that if we get a bill from a vendor for a large amount of work billed to us and we enter it to QB, however this was later changed to new vendor as the other vendor passed away. How do we reflect this in QB?

Think about how you want this to be reflected in your reports. Do you want the old vendor to show up in your aging reports? Do you have the TIN of the vendor on file for his annual 1099? Did you already issue 1099 forms for 2009 with this information on it?

If this is a different person altogether. You better start over with this guy. Make sure you are reporting to the correct TIN.

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Recurring Invoices

admin — Thu, 22 Apr 2010 01:28:50 +0000

Q: We have customers that owe the same amount every month. Can invoices be set up for automatically billing?

This was the original reason we switched from pencil and paper to computers! I highly recommend memorizing invoices for monthly billing. If you also activate QB billing module (fee required) you could have the program automatically email the invoice!

And while you are at it, be sure to customize your invoice so it does not look like a default QB form. The default template is a bit sore on the eyes. But be sure your client fully agrees to the customization!

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LLC Treated as an S-Crop to “Staright S-Corp”

admin — Wed, 21 Apr 2010 18:33:41 +0000

Q: In order to save the state taxes/fees levied in CA on LLC, one of my clients is changing the entity from LLC treated as an S-Corp to Straight S-Corp.

Any suggestions on closing the books for LLC and opening the accounting file for Straight S-Corp are welcome too. Any suggestions are welcome, while I prepare the Final 2009 Tax
Return for LLC.

California imposes a minimum tax on LLC and Corporations. Your entire client managed to do was incur additional costs in organizational handling and re-start his company from day one. S/he just lost all historical recording and is now considered a company with less than two years of history. You’ll also have to obtain a new TIN.

Too much work and too expensive…take another look.

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My wife and I separated, do we file separate tax returns?

admin — Wed, 04 Mar 2009 12:23:46 +0000

Jay W asked:

Early last year my wife and I separated. She moved out shortly after. I want to know if we are to file separate income tax returns? If we do, do we have to enter our income on the other’s tax return? Or, do we still have to file jointly until our divorce is finalized?

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