This weekend I attended a tax seminar for small business owners that was sponsored by SCORE and the Women's Business Development Center. The attendance was overwhelming, and there were really good questions like "How to determine the business structure" and "What are the reporting requirements." It just goes to show you that business owners need expert advice related to keeping their books of record and correct tax filing guidance.
Business owners may find the following links of interest:
http://www.irs.gov/businesses/small/ - IRS offers a plethora of information and learning resources for business owners on record keeping, filing requirements and tax information
http://taxtalk.nase.org/taxtalk.asp - Provides tax advice for the self-employed
http://www.taxalmanac.com/index.php/Discussion_Forum_Index - Tax help and searchable discussion boards on tax and accounting topics
http://www.CampanelliCPA.com - Business owners are welcome to contact me for personalized attention regarding their tax questions.
May you have many happy returns.
Sunday, February 22, 2009
Sunday, February 15, 2009
You may be eligible for a tax rebate check on your 2008 return
An interesting article in the Chicago Sun discussing last years tax rebate, and how to receive a check if you have not already done so. http://www.suntimes.com/news/nation/1425713,w-tax-rebate-credit-irs-021109.article.
The IRS reports that many tax payers have incorrectly filed for the rebate on their tax return, but don't worry. You can easily find out the amount of the rebate received in 2008 by calling the IRS at 1-866-234-2942. All you need is your social security number, filing status and number of exemptons from your 2007 tax return.
Follow the link for full details at http://www.irs.gov/newsroom/article/0,,id=203191,00.html?portlet=7
The IRS reports that many tax payers have incorrectly filed for the rebate on their tax return, but don't worry. You can easily find out the amount of the rebate received in 2008 by calling the IRS at 1-866-234-2942. All you need is your social security number, filing status and number of exemptons from your 2007 tax return.
Follow the link for full details at http://www.irs.gov/newsroom/article/0,,id=203191,00.html?portlet=7
Saturday, February 14, 2009
Pay it Forward
The news of Congress’ approval for the latest stimulus package (and there will be more, no doubt) inspired me to create my own stimulus package. I planned to spend Saturday purchasing gifts for Valentine’s Day, and the upcoming birthdays of friends and family.
This morning, I had received two unexpected Valentine’s presents. They were not expensive or lavish. It was such a nice surprise that it made me realize how grateful I am that I am loved, and it inspired me to wish everyone a Happy Valentine's Day. Now I must go shopping.
Happy Valentine’s Day
This morning, I had received two unexpected Valentine’s presents. They were not expensive or lavish. It was such a nice surprise that it made me realize how grateful I am that I am loved, and it inspired me to wish everyone a Happy Valentine's Day. Now I must go shopping.
Happy Valentine’s Day
Sunday, February 8, 2009
Where’s the 1099?
Many investors will receive their year-end tax statements later than in past years. A new law, enacted last fall, changed the deadline from Jan. 31 to Feb. 15, when brokers, including brokerage firms, mutual fund companies and barter exchanges, must furnish year-end Forms 1099-B to their clients.
This year, issuers get two extra days because Feb. 15 is a Sunday and the 16th is a holiday. The deadline refers to the date the forms need to be mailed, not received by the client. The change was needed to respond to the growing number of amended returns that were being processed due to revised year-end statements on stock sales and other transactions.
One client who received a revised 1099 late last year, after filing his 2007 taxes, asked if he could include the adjustment on the following year’s tax return. However, income and expenses have to be reported in the year in which they apply necessitating an amended return. The decision to file the amended return has to be weighed against the cost of filing the amendment, which in some cases can also be costly.
This year, issuers get two extra days because Feb. 15 is a Sunday and the 16th is a holiday. The deadline refers to the date the forms need to be mailed, not received by the client. The change was needed to respond to the growing number of amended returns that were being processed due to revised year-end statements on stock sales and other transactions.
One client who received a revised 1099 late last year, after filing his 2007 taxes, asked if he could include the adjustment on the following year’s tax return. However, income and expenses have to be reported in the year in which they apply necessitating an amended return. The decision to file the amended return has to be weighed against the cost of filing the amendment, which in some cases can also be costly.
Sunday, February 1, 2009
Office Organization Tips
I thought it would be a good idea this weekend to get my office in order before tax season is underway. This is not the first time I’ve tried to organize my filing system. In spite of my good intentions, the inbox tends to overflow, but this time is going to be different. Hey, no one likes filing, it’s boring. So I start anew, third time’s a charm, and I have a new attitude and focus. Instead of approaching this from the mundane task that it is, I am giving my filing system a new life and letting it evolve unto itself.
It’s not rocket science, so what was between me and a well organized office. Like many small business owners with a myriad of more important responsibilities, there is little time for playing with paper. Then, there’s the constant deluge of e-mails in that scream for attention. Yeah, we know your there! Finally, I attribute the problem to the lack of my expertise with technology. There has to be a better way.
Let’s face it, I’m way past the fundamental principles you hear over and over again about color coded files, scheduling a set time for filing, and prioritizing mail into categories for action, filing or the trash bin. No doubt, these tips are helpful, but I do have other priorities. That is, until I need to find or reference something that I read or wrote down. Am I the only one who has a hard time getting my arms around this task? Were other small business owners faced with the same dilemma? If so, read on, and I’ll share with you where my head is, as success seems to be on the horizon.
The light bulb went on when I let the system evolve on its own. The most important things I did to move from the fog to the sun drenched window where I sit at my desk may not be prophetic, but here goes:
· I set up two separate categories, one for ‘operating my business’ and one for ‘marketing my business.’ That’s all that really matters, and within those two categories are several subcategories that make it easier for me to determine how I want to retrieve the information when necessary resulting in no more lost data files.
· Then I replicated the same format that I set up for my manual paper system onto my PC. This is major because now I don’t have to second guess myself when I am looking for something that I thought I had set up in a file. Every time I come across a useful tool or article on the internet I can file it in the appropriate folder for later use. Taking it a step farther, I enlisted help to set up a network, so that I could access important data from either my laptop or my PC. Of course, I had to find a home for all those files on my desktop, which now also looks a lot cleaner, as well.
· Dusted off my day planner. I now keep it open on my desk to jot down tasks and phone numbers that I don’t need to store in my Blackberry. This eliminates the tiny post-it notes, which end up being misplaced anyway. The other benefit is that I get an immediate visual to let me know where I stand. I can also go back and see my progress, which makes me feel very good.
· No more than 30 unread e-mails in my inbox at a time. Take this a step farther and create folders for your messages that you want to save for future reference. It’s easy to do in most electronic mail systems.
· Finally, but most importantly, is prioritizing tasks. My new philosophy is tending to the most important task at hand and continually reprioritizing the list. This process is known as ‘segmenting’ to people familiar with the “Law of Attraction.” It’s a process where you set you mind in tune with what it is you want to accomplish and the wheels of motion are set forth to move you in the right direction towards completion. An esoteric concept, but it works. Try it.
It’s 5 P.M. on Sunday and my office is uncluttered and organized, my computer desktop is clean, my electronic files are neatly categorized and my unread e-mails are limited to one page. It will be interesting to see what happens as the week unfolds. Anyway, I’ll keep my fingers crossed.
It’s not rocket science, so what was between me and a well organized office. Like many small business owners with a myriad of more important responsibilities, there is little time for playing with paper. Then, there’s the constant deluge of e-mails in that scream for attention. Yeah, we know your there! Finally, I attribute the problem to the lack of my expertise with technology. There has to be a better way.
Let’s face it, I’m way past the fundamental principles you hear over and over again about color coded files, scheduling a set time for filing, and prioritizing mail into categories for action, filing or the trash bin. No doubt, these tips are helpful, but I do have other priorities. That is, until I need to find or reference something that I read or wrote down. Am I the only one who has a hard time getting my arms around this task? Were other small business owners faced with the same dilemma? If so, read on, and I’ll share with you where my head is, as success seems to be on the horizon.
The light bulb went on when I let the system evolve on its own. The most important things I did to move from the fog to the sun drenched window where I sit at my desk may not be prophetic, but here goes:
· I set up two separate categories, one for ‘operating my business’ and one for ‘marketing my business.’ That’s all that really matters, and within those two categories are several subcategories that make it easier for me to determine how I want to retrieve the information when necessary resulting in no more lost data files.
· Then I replicated the same format that I set up for my manual paper system onto my PC. This is major because now I don’t have to second guess myself when I am looking for something that I thought I had set up in a file. Every time I come across a useful tool or article on the internet I can file it in the appropriate folder for later use. Taking it a step farther, I enlisted help to set up a network, so that I could access important data from either my laptop or my PC. Of course, I had to find a home for all those files on my desktop, which now also looks a lot cleaner, as well.
· Dusted off my day planner. I now keep it open on my desk to jot down tasks and phone numbers that I don’t need to store in my Blackberry. This eliminates the tiny post-it notes, which end up being misplaced anyway. The other benefit is that I get an immediate visual to let me know where I stand. I can also go back and see my progress, which makes me feel very good.
· No more than 30 unread e-mails in my inbox at a time. Take this a step farther and create folders for your messages that you want to save for future reference. It’s easy to do in most electronic mail systems.
· Finally, but most importantly, is prioritizing tasks. My new philosophy is tending to the most important task at hand and continually reprioritizing the list. This process is known as ‘segmenting’ to people familiar with the “Law of Attraction.” It’s a process where you set you mind in tune with what it is you want to accomplish and the wheels of motion are set forth to move you in the right direction towards completion. An esoteric concept, but it works. Try it.
It’s 5 P.M. on Sunday and my office is uncluttered and organized, my computer desktop is clean, my electronic files are neatly categorized and my unread e-mails are limited to one page. It will be interesting to see what happens as the week unfolds. Anyway, I’ll keep my fingers crossed.
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