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.

Resources

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.

Resources

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.

Resources

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!

Resources

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.

Resources

What are the requirements to be a tax preparer?

admin — Mon, 28 Sep 2009 07:40:29 +0000

Adam S asked:

I’m a college student and have found that many of my peers are intimidated by filing their tax returns. Are there any requirements for me to prepare their tax returns (1040-EZ) for them?
I plan to take a small payment for my services.

Resources

For people who support Obama. Are you willing and prepared to pay a little more in taxes to support his vision?

admin — Sun, 29 Mar 2009 06:18:45 +0000

Nunya K asked:

of America’s future?

Are you prepared to put your money where your mouth is?
Pack. If you’re asking me, yes, I am prepared to pay more to make our country work for all not just the wealthy.

I have twelve years to full retirement, I know about paying taxes like my parents and grandparents.

Do college students with kids and no job need to fill out income tax returns?

admin — Mon, 23 Mar 2009 23:42:06 +0000

Returning College Student asked:

I am a returning college student. I am married and I have 2 children. In 2005 I decided to return to school after a life altering car accident. In 2006 I was a full time student and had no job. My wife did not have a job either. My question is: Did we have to fill out out an income tax form?

As you can probably tell I did not fill one out for 2006, but I was advised by a tax preparer that it was not necessary. I am here asking now, because I am not sure she was entirely correct.

Resources

IRS Commissioner Dodges Income Tax Question

admin — Fri, 20 Mar 2009 15:59:34 +0000

interpauler asked:

New York Times reporter, David Cay Johnston, asks IRS Commissioner Mark Everson – “What law requires Americans to file or pay income taxes?” His answer: Blah blah blah blah blah. Dodge dodge dodge dodge dodge. The IRS Assistant Commissioner’s answer: Blah blah blah blah blah. Dodge…

Im paid a certain amount for a period of time during tax season, can employer lower wages after tax season?

admin — Fri, 20 Mar 2009 05:41:32 +0000

zebo007 asked:

I’m currently getting paid very well preparing income taxes for my employer during tax season and she said that after tax season she will not pay me the same rate per hour. The season slows down dramatically we are open all year.

Is it okay to lower someone’s wages back to normal after lifting them up only during a certain part of the year?