Are You Ready for Taxes? 

(And you thought I'd never ask!)

You might think this post is a little bit early but, from a bookkeeper's standpoint, there's no such thing as being too early to get and keep your business organized.

With year end quickly approaching, bookkeepers all over the nation are gearing up for tax season.

Every year we get an influx of potential clients who are:

1. New in business
2. Don't keep records
3. Hired the wrong person & have a mess on their hands
4. Outsourced their books to a non-performing company
5. Missed a prior year income tax deadline
6. Didn't file quarterly sales tax returns
7. Didn't file quarterly employer returns
8. Didn't make timely tax deposits
9. Mixed personal receipts with business
10. Have received letters from the IRS and have gone into
panic mode

As a bookkeeper, I've become very adept at doing things "on the fly" when a business lags behind or waits until the last minute. But at the end of the year, with so many new prospects, it's first come, first served and the work piles up until I find myself working 7 days a week, 16 hours a day.

From the beginning of the year, until April has come and gone, I have no life and this becomes my schedule.

January ~ reconcile payrolls, prepare W-2 forms, file year end employer returns and annual returns for federal and state. Hunt down taxpayer ID numbers and addresses for subcontractors and get the 1099 forms in the mail.

February ~ start work on new clients' projects ~ last year I had 11 new clients whose books had either never been touched, had not been completed, or were totally messed up by the person doing them. If not already mailed, W-3 forms need to be filed.

March ~ still working on new clients books. By this time I have the majority of them ready for taxes but am still fielding calls for prospective work. 9 times out of 10, I have to turn the work down or refer it to another bookkeeper because, if I know I can't get it done before the tax deadline, I won't commit to doing it.

April ~ putting the finishing touches on all my client accounts and making sure the income and expense accounts are in order for the tax preparer. I do prepare returns for most of my clients but when I'm overloaded, I outsource the returns to 2 trusted and reliable sources.

April also has a deadline of the 30th for the 1st quarter employer and sales tax returns [Jan through Mar] so, after filing business returns I have 2 weeks to file the the other returns.

By May I'm exhausted and ready to take a month off. But by that time I'm become so involved in getting everything ready and getting taxes and returns out of the way that I've managed to fall behind on the regular monthly maintenance and have to play catch up.

Here are some things to consider before the end of the year:

1. If you don't get your paperwork to a bookkeeper before too long, you may find that no one is available after the first of the year.
2. If you wait until mid-March and later to find a bookkeeper, you'll almost assuredly need to file an extension.
3. If you've already placed your work with a bookkeeper or an outsource service, you will definitely want to get a progress report from them as to how far along they are to make sure you're going to be ready on time.
4. Filing extensions are not without risk. If you file an extension believing you owe nothing, then find out you do, you can be penalized.

If you know you'll have 1099 forms to issue, get your W-9 forms to the vendors and get them back ASAP. The sooner you start, the better. Not everyone will get it back to you in time and some may never respond at all. Sending and receiving W-9 forms is time-consuming. The best way to ensure compliance is to have the contractor sign a W-9 form before they receive their very first check from you.

If you have employees, give them all an update form before the end of the year in case they've moved since they started working for you. This will alleviate or reduce the amount of forms that will be returned to you if they're all mailed.

If a W-2 is returned for a terminated employee, however, you can place the unopened envelope in the terminated employee's file until he/she calls you for it. There's no obligation to locate them on your part if the envelope is returned. It's their responsibility to notify you before W-2 forms are mailed of any change of address.

Here are a few ways you can save your bookkeeper time and you the money. [BTW ~ not every bookkeeper uses the same guidelines, but these tips should still save you money in the long run.]

1. Organize your receipts by bank or credit card account, not by category.
2. Have your bank statements and credit card statements available for data entry and reconciliation.
3. Keep cash receipts in one place and be sure to label the expense type if it isn't obvious.
4. Forward 1099, 1098, and any other miscellaneous forms to your bookkeeper on receipt.
5. If you're tracking income by customer, please note the customer's name or account number on the deposit.
6. If you use PayPal, please have each of the monthly reports printed to a PDF along with the financial statement PayPal provides for use in reconciling the PayPal account.
7. If you collect and pay sales tax and your website can generate a taxable and non-taxable sales report, either print the report out in PDF format or print each of the sales orders out that tax was collected on.

Part of a bookkeeper's job is to get to know who you are and we typically find this out by interviewing at the same time you interview us.

Unless you've decided the bookkeeper you're interviewing won't work for you, be open. Most important of all, just be yourself and share with us what your concerns are, if you have any personal deadlines, and keep us posted if you leave town so that we can get our questions answered and don't have to hold up your project.

Just remember, we've got holidays coming up that will cut down on the time you'll have to prepare for year end so getting started now would be a really, really good idea!

If anyone has questions, contact me when you get the chance and I'll be happy to help.

T.R.A.I.N. Forum 

Professionals Helping Professionals to Keep Business Owners on Track!

T.R.A.I.N. [Trade Referrals And Information Network] was developed for the sole purpose of addressing the critical growth needs of Entrepreneurs, Freelancers, and Small Business Owners.

T.R.A.I.N. has an all-volunteer staff of Administrators and Forum Advisors who can answer your questions and provide resources for you.

Staff members include Certified Bookkeepers, QB Pro Advisors, Human Resource Administrators, Web & Document Design Experts, Virtual Assistance, Professional Organizers, Article Marketing, Photography, and much more!

T.R.A.I.N. is a national forum and resource information can be found [or located for you] in all 50 states.

Not only do we have boards set up for critical areas of business management but there is also a chat room where you can speak with a Forum Advisor privately and where public forum discussion groups can be held.

For those of you who enjoy business to business and social networking, we have an area in the forum created just for you.

Membership is free and the information will be invaluable. The doors are open to guests from 7/3/ to 7/10/07 for the purpose of evaluating your benefits as a member. After that, you must create a member profile to view the board or contact me for a temporary password at CrossCountry329@aol.com.

Go ahead and take a look. If you like what you see, create a member profile and introduce yourself and your business on the Advertising and Referrals board.

There are 48 business categories. Just find your industry and put your business name in the subject line. Be sure to add a link to your website in the introduction so you can be found easily!

Click on the forum link at the top of the link list below to be taken to the T.R.A.I.N., or for those of you who like to cut & paste here's the address:

http://crosscountry329.proboards78.com/index.cgi

Excellent Choices! 

It's a Mixed Bag 'Cause Life Isn't Just About Bookkeeping, You Know!

T.R.A.I.N. Forum

Small business forum ~ please see description above.

IRS focuses on Schedule C filers

SAN FRANCISCO - If you file Schedule C, look out: The IRS says it's ready to focus on taxpayers who run small, unincorporated businesses.

"Our increased focus will be on those individuals who are filing 1040s and are running businesses that are not incorporated," Mark Everson, the IRS commissioner, said in a recent telephone conference.

"Some of these Schedule C audits can be very aggressive in terms of reviewing all of your bank accounts and really digging in," she said. "They seem to have the notion that Schedule C filers are more likely to either try to deduct personal expenses or to omit income from their returns."

Choose the Right CPA (or Tax Advisor) for Your Business by Maria Marsala

Certified Professional Accountants (CPAs) are more than just individuals who do your yearly taxes. They can advise you on a long list of other services, which may include advice on your accounting system, financial, retirement, estate and tax planning. CPAs are part of a business owner's professional team along with a banker and lawyer. Here are some suggestions on choosing the right one for you and your business.

Whatever!

Hey! Don't let the title fool you. The Baby Boomer generation hasn't been a walk in the park for many of us. Beverly Mahone is gaining fame rapidly with the chronicles of her own odyssey through this era in her publication of "Whatever! A Baby Boomer's Journey Into Middle Age". Survival of the fittest or funniest? Take a peek, then decide for yourself.

Ryze Network

Online networking that really works!

Negotiation Resources

Better Business Negotiations Worldwide with Bob Gibson. Bob is an excellent listener as well as a great speaker. Ask what you like and he will share with you some very good down-to-earth information.

Power Networking Talk Show

Join a Live Show or Listen to a Pre-Recorded Podcast hosted by Lamar Morgan.

Hormonal Imbalance in Menopause

This is NOT for women only ~ this site is for anyone and everyone who is going through, or knows someone going through, the many phases of menopause, from Peri- to Post-Menopause. Debbie Wells is a walking testimonial for the promotion of natural progesterone and has some extremely viable information about the causitive factors of hormal imbalance.

Human Resource Tools

Do You Spend Too Much Time On Employment Issues? Are You Tired of the Employee Revolving Door? Then You've Come to the Right Place!

Small Business Start Up Guide

The statistics concerning survival rates of new businesses vary considerably depending on who's doing the reporting. For instance, the reported failure rate during the first three years ranges from 10% to 85%. The real figure is no doubt somewhere in between these limits. The point, however, is that considering there are nearly a million new business start-ups each year; many of them will fail. We're going to profit from these failures by learning the basis for the failures, adding this information to data we've gleaned from the successes, to give you a clear advantage. This guide contains a wealth of information that is based on many actual, hard-learned, and expensive lessons.

Listen to iTunes Podcasts

Download iTunes for free and listen to my podcast, hosted by Lamar Morgan of Power Networking, on Outsourcing Your Bookkeeping.

Inland Empire Message Board

Message board for businesses in the Inland Empire. Information on services and local event announcements can be found here. No fee to become a member and post your services and/or events.

Podcast ~ Direct Link

I've been informed that the iTunes podcast is difficult to find. Click here to access it directly.

StartUp Nation

This is an excellent resource for information and education through forum interaction with other entrepreneurs. Create a free profile on a site that is geared specifically toward the growth and independence of small business ownership.

Can You Afford to Retire on Your 401(k)?

Can you afford to set aside 15% to 18% of your current income for retirement? This PBS documentary is a MUST-SEE for anyone whose company has replaced their Pension Plan with the 401(k). Statistics from the Employee Benefit Research Institute show that most Baby Boomers will be working through their retirement regardless of their retirement plan.

Employee Benefits Research Institute

This is a very important resource for employees and employers alike. Human Resource Directors in particular can find a wealth of information at EBRI.

Wildlife Preservation Foundation

The Barry R. Kirshner Wildlife Foundation is no-kill shelter run by Roberta Kirshner in memory of her son Barry who founded the sanctuary twelve years ago and then passed away in an automobile accident shortly thereafter. Roberta is an incredible woman who works around the clock on an unpaid basis. In addition to the millions of details involved in making sure the animals are well cared for including coordinating the all-volunteer staff, performing education programs about endangered species and responsible animal ownership and care, and performing fund raising, she is often up in the middle of the night personally taking care of sickly animals (75% or so of the animals have special needs - an 80% blind white tiger, a Bengal tiger with cancer, a black leopard with a heart condition, and a lion with allergies, to name a few), and feeding them. I can not say enough good things about her love for and dedication to animals - she is constantly saying "the animals come first." From my first-hand experience at other zoos, she does the work of several paid staff members. Testimonial was provided by Bob Lander, volunteer.

My Little Taste of Italy

Looking for the PERFECT Italian pastries? I had the pleasure of meeting Gloria yesterday and sampling a few [okay, alot] of her absolutely scrumptious treats.

Squisito, Mama Gloria! Grazie così tanto.

Casa Machado

Looking for a great vacation rental with an excellent view? Take a look at Casa Machado in Santa Fe, New Mexico. Wow!

Small Business Management Assistance 

"Keeping Your Business On Track ~ The Right Way"

If a person buys a bad product, they will do one of a few things: return it, repair it, or (in frustration) throw it away.

These are things you can't do with a bookkeeper who isn't qualified to take care of your business or has made a huge mess of it.

One error in your payroll reporting methods or employment taxes, and JUST LIKE THAT, you could watch your dreams and everything you've worked so hard for simply disappear.

I've seen a few business owners make it back, but not very many and it's devastating to know you could have helped them prevent it ~ if you'd only known.

Alot of companies start up because they have an absolutely brilliant product or service but they flounder and fail due to a few bookkeeping, payroll, and tax errors.

My service is here to assist business owners in their everyday struggle to stay on top.

I can provide the services you need at an affordable rate or I can show you what to look for in the person or service you rely on to keep it all together so you can do what you enjoy most.

I'm not in business for myself ~ I'm in business for my customers. I'm here because I see a huge need and I'm able to fill it.

Contact me and let's get you back on track!

Feel Free to Sign My Guestbook Before You Leave 

adamsparker37 Hi, what a good advice you have here! Thanks for your advice. In compaction world its very hard to maintain own accounts and books. Your providing services are very useful to small business owners. While you want to contact to them you can choose is /www.conferencecallsforprofit.com/800-conference-call.html/ "> 800 Conference Call service. Its toll free service. You will be provided separate pin and the maintenance also very cheap. The is a good way to grow your business. Once again thanks for your good advice. Posted March 26, 2008

Isabel22 Great job.Thank you for sharing this useful information.Often small to medium size businesses struggle in their day to day operations because they lack the experience to know if their books are being taken care of properly.Here is also similar kind of information on Audit Software , an interesting site about audit software,Auto Dealer Software,Auto Maintenance Software,Auto Repair Software,Auto Responder Software,Premium Audit Software.Please visit us. Posted March 26, 2008

mandyc008 hello! nice lens here.. good information and its a great awareness for people who wants to business on their own. very well said Linda.Please check out also my good site inventory management software Many thanks! Posted March 14, 2008

SavvySenseGuy Very good advice you have here. Operating a business does take hard work and effort. One thing you can worry about less is getting your messages through to your partners, employees, customers, and anyone else in an easy and convenient manner, such as conference calls. This manner of communication also saves a ton of money. You could make use of conference calls to keep tabs on how the bookkeeping and accounting is faring. Posted March 10, 2008

PotPieGirl Linda - This is a great Squidoo lens and a wonderful example of how web site owners can expand their business with this fun little (free) site. Well Done! Posted January 29, 2008

robin2728 Great Lens!! 5 Stars! http://www.squidoo.com/robinscollectables Posted January 24, 2008

tltfaas Thanks for the great lens. For QuickBooks users I recommend the productivity tools at http://www.qbautomation.com Posted December 26, 2007

krisManuel Hey there, great lens! thanks for sharing. 5-stars from me :) If you have time, stop by my lens Your Health and Freedom Posted December 09, 2007

Pearsonsliva

Good information about credit card. That's a 5 star rating from me. You can find all type of credit card news from my lens. If you have some time, please feel free to check it out.

Posted December 07, 2007

YardsaleSurfer Glad it is November and you had a chance to stop by! Thanks for rating my lens! Melissa Griffore, CEO Yardsale Surfer Posted November 04, 2007

 

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Guest Announcements & Events 

Advertise & Announce Your Upcoming Events Here [be sure to include dates & times]

QuickBooks-Credit-Card-Processin In case someone is watching their money and does not want to pay $199.95 for QuickBooks, now they can get free QuickBooks 2008 accounting software FREE www.intlcardservice.com . It is not a trial or limited version, we give away the QuickBooks Pro 2008 or upgrade with a completed merchant account. Posted November 23, 2007 Posted January 18, 2008

CPAbookeepers Very nice lens. In case someone is watching their money and can not afford Qucikbooks now then they can try out the free accounting software at www.CPAbookkeepers.com . It is not a trial or limited version, web based and really free with no obligation. Posted November 23, 2007

Meka

Nce lens and content

Posted October 06, 2007

Pierce_This_2 I'm glad that you enjoy book keeping! somebody has to. 5 star lens. How to measure a belly button ring Posted October 04, 2007

CrossCountry Well, apparently my Announcement area has deleted itself. Go ahead and post your announements anyway and hopefully they will stick this time! My apologies to those who have already posted and their announcements have been deleted. Linda Posted July 09, 2007

 

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Great Stuff on Amazon 

QuickBooks Standard Payroll 2007 (Requires QuickBooks) [OLDER VERSION]

Amazon Price: $90.00 (as of 08/19/2008)

QuickBooks Pro 2007 - 3 User Multi-Pack [OLDER VERSION]

Amazon Price: (as of 08/19/2008)

QuickBooks Pro 2007 Small Business Financial Software [OLD VERSION]

Amazon Price: $499.00 (as of 08/19/2008)

WHATEVER! A Baby Boomer's Journey Into Middle Age

by Beverly Mahone

Amazon Price: $12.95 (as of 08/19/2008)

Announcements ~ Podcast is Now Available for October 30th Talk Show 

Benefits of Outsourcing Your Bookkeeping

October 30th was the first in a [possible] series of talk shows that Cross Country Bookkeeping Service is doing for the benefit of small business owners.

The focus of my first discussion was on the benefits of outsourcing your bookkeeping. The recording is 30 minutes in length so if you have a few minutes, I invite you to listen to it.

The podcast is available at the iTunes Store ~ just click on the link below to locate it.

Lamar Morgan, of Power Networking, is working on a schedule for the next talk show. I will be announcing the date as soon as it's been determined.

As always, audience participation is welcome during the live show or you can listen to the recorded Podcasts as they become available.

For more information you can register at www.TalkShoe.com, then click on the Power Networking link.

NOTE: If there is a topic [or topics] that you'd like to hear about, please contact me. Your suggestions are always helpful and your opinion is extremely valuable. Hopefully we can work together to stay on top!

Is 2007 the year your business is really going to take off? Or are you in over your head & don't know where to find assistance? 

Ready to Move Ahead, But You're Still Not Convinced That Outsourcing is Cost-Effective?

Whatever your situation may be, if you're at the point [or getting close] where you can't do what you do best and keep up with the bookkeeping at the same time, contact me.

For anyone who thinks outsourcing your bookkeeping is too costly, here's some simple math for you.

For those of you who spend only 1 hour a day doing your own books ~ what is that hour worth? I'm sure the first thing that comes to your mind might be, "I do this in my FREE time." But is it really free? Let's find out.

Let's say, for example, you make $20 per hour ~ at that rate, doing your own bookkeeping, you've invested $100 per week if you only work 1 hour a day @ 5 days a week ($140 if you work all 7 days).

Since there are 52 weeks in a year, you could be costing yourself anywhere from $5,200 to $7,300. (How much is an extra hour's worth of time spent with your family or following up on leads from potential clients?)

Depending on your volume of expenses & receipts, a service can cost you anywhere from $1,200 to $1,800 per year. (If your volume is less, it could cost you less. This example is based on a moderate to moderately heavy volume of entries)

Let's go a step further with regards to your savings ~ break the monthly outsourcing into a weekly cost and see if it sounds feasible. Using the numbers we're already working with, the cost breaks down to anywhere from $23.08 to $34.62 per week. Doesn't that sound pretty reasonable compared to your cost, the stress involved, and the time you lose by doing it yourself?

Anyway, it's food for thought. When you're ready to find out what it will take to free up some time and relieve yourself of alot of stress [not to mention paperwork], contact me.