Ten Tips for New Business Start-Ups
Compliments of Kolen Services
Are you having trouble keeping up with your bill? How does your company keep track of its bills now? If you’re like a lot of small businesses, you’re still dealing with a lot of paper. You may have a paper or electronic calendar where you enter all of the due dates as bills come in. When you see one approaching, you either take out your checkbook or schedule an online payment. Then you store all of your paid paper bills in file folders in case you have to look back at them.
It’s probably pretty clear to you that this isn’t the best system. You occasionally miss payments because a bill was lost in transit or for some other reason didn’t make its way to you. Or you were out of the office for a few days and didn’t look back on deadlines you missed.
QuickBooks Online can help keep bill-payment running smoothly and your relationships with vendors on the up-and-up.
Before you can start paying bills, you have to enter them into QuickBooks Online. This will entail a bit of extra work the first time you deal with a particular vendor, but there are numerous benefits to handling your accounts payable in this fashion, like:
You’ll enter information about each bill on a screen like this. There are fields not pictured here that you’ll sometimes have to complete. So let’s start a conversation about the whole process.
Looks pretty simple, doesn’t it? It is – if you have a simple bill like the one you receive for gas and electric. You select the vendor by clicking on the arrow next to the blank field in the upper left and choosing from the list that opens. The Mailing Address and Terms should fill in automatically if you’ve done all of your initial QuickBooks Online setup. If not, you can add and edit this information.
Bill date refers to the date of the bill itself, not the day payment is due to the vendor. That goes in the Due date field. Select your Account from the list that opens when you click in that field, and enter a Description and Amount. If that’s all that’s required for that bill, you can save it and proceed to the next. It’s now recorded as a bill that needs to be paid.
Some of your bills are just one-offs, but others arrive on a regular basis. So QuickBooks Online has tools that will minimize the time required to process them after you’ve entered the basic information once. After you’ve completed a bill, click Make recurring at the bottom of the page to see this screen:
QuickBooks Online lets you create templates for bills to use in future payments.
This screen is self-explanatory. You simply tell QuickBooks Online how much notice you want before a bill’s due date so you can process the payment. Take care with this screen to avoid paying bills too early, which affects your cash flow unnecessarily, or too late.
You have three options when you’re creating a Recurring Bill template. You’ll choose one from the list that opens when you click the arrow in the Type field:
As if 7.5% was not already almost impossible to achieve. Increasing to 10%, now that is just ridiculous if you ask me and another bait and switch move When an individual itemizes deductions, one of those deductions is the cost of medical and dental expenses, including health insurance premiums. However, the medical expense deduction has been historically limited to the amount that exceeds 7.5% of a taxpayer’s adjusted gross income (AGI).
With passage of the Affordable Care Act, commonly referred to as Obamacare, the percentage of AGI that reduces medical expenses was increased to 10%, but was retained at 7.5% for taxpayers age 65 and over (for married seniors if either spouse is age 65 or over). However, this lower percentage of AGI for seniors expires after 2016, and beginning for the year 2017, the limitation percentage for them also becomes 10%, which can result in a substantially lower medical deduction for seniors. Affordable Care, has become not so affordable for even the people who need care. Here is an example, if your AGI is $65,000, then your medical expenses will need to exceed $6,500, and the amount deductible is only the amount over the $6,500. So, if your medical expense for the year was $5,500 your allowable deduction is $0, but if your medical expenses were 7,500 then your allowable deduction will be $1,000. You will not get to deduct the entire amount only the amount that exceed the 10%. You can only claim the deduction if you itemize and sufficient documentation.
Some tax pro may suggest senior citizen to accelerate their medical expense as this year come to an end to claim the tax deduction with the lower 7.5%. I would strongly disagree unless you already itemize and exceed the 7.5% of your AGI significantly where the cost for the medical expense make sense relative to the allowable deduction. You may also want to be cautioned, because if you ordinarily claim the standard deduction instead of itemizing deductions on your return, accelerating your medical expenses into 2016 may not result in any tax savings for you. If you have questions, let us know.
Attention Taxpayers! This is a friendly reminder that today is the Tax Filing Extension Deadline. Individuals, who Files Form 1040, 1040A, or 1040EZ if you timely requested a 6-month extension. Today is your last day. However, the IRS has establish some late filing penalty relied for victims of Hurricane Matthew. Several states has release tax relief news releases as well. Below is some information regarding the relief information put out by the IRS.
The "rule of conversation" don't talk politics and don't talk religion. Leading up to the US Presidential election we are being forced to talk about both. I believe everything happens for a reason and God could not have chosen a better time to "test" us as believers as the called out chosen ones. Make no mistake about it.... this election is a test of your "faith", "belief", "moral compass", your decision will determine not what you won't stand for but Who You "will" Stand With.
The bible say "This day I call the heavens and the earth as witnesses against you that I have set before you life and death, blessings and curses. Now choose life, so that you and your children may live and that you may love the LORD your God, listen to his voice, and hold fast to him. For the LORD is your life, and he will give you many years in the land he swore to give to your fathers, Abraham, Isaac and Jacob." Duet 20:19. God does not set before us the choice of "death and curses" Which will you choose this election?... "death" or "cursed".....lol Allegory....but a hidden "truth" if you will just catch it.
"Fear and Love" is the motivation that control behavior. This entire election has been about "Fear"......Both candidate tagline... headline should read "Vote for me! not because I care, but because the option of my opponent is much more to be feared and down right scary" the bible says, God has not given us the spirit of fear, but of "love" and of a sound mind. In the wake of this election consult your "inner conscious" who is fit to be the Leader of the FREE WORLD the one who has the spirit of death or he that brings a curseth spirit. Wait..... don't answer that......
Listen! Before Christ went to the cross he said to the disciple "watch and pray" not necessarily to change the course of God's plan, but so they could be strengthen in their "faith" in order to endure what was about to happen to their leader, their way of life, their systems of beliefs. He urged them not to fall asleep because what was coming was happening whether they were ready or not and He who they called Rabbi, Teacher, Leader was going to the CROSS to suffer and die. But wait!!! remember, He did not leave them with out a Comforter......
When I was in IRAQ I used to tell my Soldiers to EMBRACE the SUCK!!! The Strength "United" in Christ Kingdom. There are some things we can not escape they are inevitable, however, we can be Comfort knowing that the Spirt of God lives on. So hold your head up!!!! Don't be Afraid, Be Strengthen in Your Faith and let not FEAR BE what control you in CHOOSING WHO YOU WILL STAND WITH!!!!
Fredericksburg's Tax Expert
iAsk Kolen Services