SSA/IRS adds to their Technology for SMB’s

Recently the IRS added links for small to mid-sized businesses (SMB’s) on the SSA/IRS website. The links provide SMB’s with resources regarding Employment Tax & Worker Classification, forms, publications, and other small business resources to get SMB’s ready for the upcoming filing season. With the year coming to an end, now is a good time to make sure you are ready to provide your employees with their tax information. W-2’s should be sent to employees by the end of January 2008.

SMB’s can also subscribe to the “e-News for Small Business” that provides timely useful tax information right to your computer. The news is sent to your inbox every Wednesday, and it is FREE.




Keeping Your Business N Synergy

Inflated Tax Penalties

So we all know that every year one thing is always set to increase…inflation. The IRS is now taking a look at their tax penalties to ensure that they maintain their bite during these inflationary times. A recent report by the GAO (Government Accountability Office) reveals that inflation has significantly decreased the real value of some civil tax penalties with fixed dollar amounts. The report goes on to say that the decline in value could weaken the deterrent effect of penalties and the treatment of taxpayers over time.

Maybe coming soon to a mailbox near you will be an increase in your tax penalties, but of course the easiest way to alleviate this situation is seek out a tax advisor that can keep you ahead of the ball year round. Don’t let inflation bite you in the tax pocket too.

Keeping Your Business N Synergy

Microsoft Office Accounting 2008 Coming Soon

Microsoft is updating their small business accounting software package for 2008. Get ready for the new Office Accounting Express and Professional 2008. Each software title has enhanced features in addition to the seamless integration with existing Microsoft software titles. The major improvements are:

1. New Bilingual versions
2. New Resource Center
3. Budgeting Functions
4. Universal transaction import
5. Easier Invoicing
6. Enhanced Purchase and Sales Order tools
7. Streamlined Online Banking

Of course Office Accounting has all the features that made over 2million people download the FREE version in 2007. These features include payroll integration, EBay business integration, and the ability to send your books to your accountant remotely. For more information on how Microsoft Office Accounting can make your business run smoothly be sure to visit their website or speak to a Microsoft Office Accounting Certified Consultant.

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Tax Planning Switch for 2008

The final months of the year are the time that many taxpayers are meeting with their accountants to get a good hold on their taxes for this year. Typically as a small business taxpayer, the strategy for tax planning is to defer income to the next year and accelerate deductions in the current year. This strategy may need to be changed if 2007 was a bad year economically (see previous posts regarding small business sentiments). If there was not very much revenue for 2007, one may ask what the use in accelerating deductions is.




One thing is do is maybe switch your plan and defer deductions until next year. As with any tax strategy what actions your small business takes in the old year need to be examined in regards to the projections for 2008. Be sure to speak with your accountant before taking any actions for the actions you take should not only be to lower your tax bill ,but to keep your business running smoothly for years to come.

Keeping your Business N Synergy

Crunching Back the Cash Flow Crunch

Two interesting articles crossed the e-mail today. One article is announcing a new ad campaign that encourages more people to start their own businesses. The launch of Intuit’s “Just Start” will launch in New York’s Grand Central today and tomorrow. Another article probably echoes the sentiments of many existing small business owners that operating a business and managing cash flow are the most important issues to success.

New Features in QuickBooks 2008

The numbers in these articles is what really caught my eye. Intuit conducted a survey with accountants and their results found that the majority of accountants tell individuals interesting in starting their own business to create a business plan. Almost all of the accountants surveyed also stated that up to one quarter of their clients did not use accounting software.

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Another survey conducted by CPA2Biz found that over half of small business owners do not use budgets or forecasts to effectively manage their cash flow. These surveys bring up major issues that small business owners must address to keep their business running smoothly. Attending one of our FREE seminars is a good way to get the tools to keep your cash flow smooth.

Our next seminar is this Saturday so be sure to check our website for more information.

Keeping Your Business N Synergy

Cleaning Out Your Tax Fridge

With tax season just around the corner, and tax laws changing all the time, many individuals and small businesses will be looking for the right ingredients to prepare their new tax return entrees for 2008. As with any great entrée one prepares, it all starts with your ingredients. To ensure that your taxes are prepared with the freshest and latest tax changes, here are some tax provisions that will be expiring by the end of the year (2007) that you will need to clean out of your tax fridge:

1. AMT exemption amount
2. State and local sales tax deduction
3. Qualified tuition deduction
4. Residential energy credit
5. Conservation contribution
6. IRA distribution to charities
7. Educator deduction
8. Mortgage insurance premiums
9. S corporation contributions
10. Research credit
11. Contributions of food, books, or computer technology

12.Leasehold and restaurant improvements

Be sure to check with your tax advisor for the expiration date of these provisions and details on how to use them for your tax entrée this year.

Keeping your Business N Synergy

Organize Your Medical Expenses