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FEBRUARY 2010
In This Issue
QuickBooks Tips
Tax Tips
Seminars & Workshops
Kim's Corner
Quick Links
 
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QUICKBOOKS TIPS
 
Save yourself some time by setting up these memorized transactions:
  • Loan or lease payments
  • Recurring bills in QuickBooks
  • Recurring checks in QuickBooks
  • Monthly health insurance bills
  • Monthly electronic withdrawals from checking such as internet access payments or business insurance installment payments
  • Rent
  • Recurring sales transactions
  • Rent collections
  • Monthly installments payments due from customers
  • Repeating tuition invoices 
 
Want your QuickBooks or Bookkeeping/Payroll question answered in next month's newsletter?  Email your question to Kim@ChampionAccounting.com
TAX TIPS:  EIGHT FACTS ABOUT FILING STATUS
FROM IRS 

Everyone who files a federal tax return must determine which filing status applies to them. It's important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund owed to you.

Here are eight facts about the five filing status options the IRS wants you to know in order to choose the correct filing status for your situation.
  1. Your marital status on the last day of the year determines your marital status for the entire year.
  2. If more than one filing status applies to you, choose the one that gives you the lowest tax obligation.
  3. Single filing status generally applies to anyone who is unmarried, divorced or legally separated according to state law.
  4. A married couple may file a joint return together. The couple's filing status would be Married Filing Jointly.
  5. If your spouse died during the year and you did not remarry during 2009, you may still file a joint return with that spouse for the year of death, provided the joint return election is not revoked by a personal representative for the deceased spouse.
  6. A married couple may elect to file their returns separately. Each person's filing status would generally be Married Filing Separately.
  7. Head of Household generally applies to taxpayers who are unmarried. You must also have paid more than half the cost of maintaining a home for you and a qualifying person to qualify for this filing status.
  8. You may be able to choose Qualifying Widow(er) with Dependent Child as your filing status if your spouse died during 2007 or 2008, you have a dependent child and you meet certain other conditions.
E-mail me at kim@championaccounting.com if you need help interpreting anything here or have income tax preparation questions.  Meanwhile, here are some tips to help you alleviate a bit of tax season stress:
  1. Yoga (whatever is appropriate/comfortable for you - no pretzel bodies, though).
  2. Take a walk and clear your head
  3. Fix yourself some "comfort food."
  4. Put on some music that will make you want to sing.
  5. Play with your pet (cuddle with the kitty or play toss with your pup).
  6. Fix a nice hot cup of tea - chamomile is good.
  7. Call a friend and go to dinner.
  8. When all else fails, watch re-runs of Saturday Night Live and laugh yourself silly.
UPCOMING SEMINARS & WORKSHOPS: 
 
I'm all over eastern NC this year teaching small businesses how to use QuickBooks and simplify record keeping.  I hear I'm pretty good at this.  Here's my upcoming schedule.  I'd be happy to have you in a class, if you are nearby.  The link below takes you to the schedule where you can click on description and find registration details.  Bookmark the page to check back for updates.
  1. February 17th 6-9PM "Small Business Record Keeping" @ Carteret Community College, Morehead City, NC
  2. February 24th 1:30-4:30PM "Intro to QuickBooks Simple Start® @Beaufort County Community College, Washington, NC
  3. March 2nd - 6-9PM "Small Business Record Keeping" @ Coastal Carolina Community College, Jacksonville, NC
  4. March 3rd - 6-9PM "Intro to QuickBooks Pro®" @ Carteret Community College, Morehead City, NC
  5. March 12th - 9AM-12PM "Intro to QuickBooks Pro® @ Pitt County Community College, Greenville, NC
NOTE FROM KIM'S DESK
 
·         Tweeting with You.  Probably, like many of you, I've only recently discovered the "wonders" of social media.  If you live in the Carteret County area, most of us can thank Visibility Consultant, Mary Kurek, for that.   But, honestly, once I decided to get savvy with social media and use Twitter to grow my business with collaborations, clients, and promotional opportunities, guess what?  Overnight, my Twitter following grew from 35 to 120 and, as we speak, is continuing to grow with just the type of people I need to be meeting.    I'd like to connect with you there, as well.  My Twitter address is:  http://twitter.com/championaccntg   - feel free to introduce me to others in your network and I'll do the same for you.   Just yesterday someone introduced me to a virtual assistant in Wilmington, NC that was in their Twitter account.  There's a market I'd like to get to know better!   Look forward to tweeting with you.

·         QuickBooks "Get Ready for Your Tax Appointment" Review.   Although this isn't a new service, now is a good time to mention it again.  I had a client call me a couple of weeks ago.  She had been using QuickBooks Simple Start for almost two years, but was pretty sure there were a few things that needed "cleaning up" before she had her corporate taxes prepared.  She was right.  For most small businesses, there are just some financial activities we've recorded incorrectly because they don't seem to fit anywhere normal or obvious.  This client has a Paypal account for accepting invoice payments from international clients and also payments for products and workshops.  For a while, she wasn't looking at Paypal as an actual "bank account" and wasn't clear on how to record those Paypal commissions or how to record a transfer from that account into her regular checking account.  Seemed complicated to her at first, but we were able to correct those issues and simplify the system.  Who among us has a "black and white" business where everything is neatly cut and dried?  I can find these problem areas in a QuickBooks Data Review, but also make the corrections and help the client detour around those issues in the future.  No more complication or worry that you've messed up something that can't be fixed without days of frustration.  How worthwhile is that?  My client said it "saved her life."  Don't know about that...but I'll take it as a good testimonial.   If your life needs saving - e-mail me at kim@championaccounting.com
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