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Remember to schedule your FREE meeting with us to see how we can save you time and money! (520) 241-0371 info@eclconsulting.com |
| January Tax Deadlines |
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January 1
Employers - Stop advance payments of the earned income credit for any employee who did not give you a new Form W-5 for 2009. January 15
Employers - 941 (Social Security, Medicare and withheld income tax) deposit. If the monthly deposit rule applies, deposit the tax for December payroll.
Individuals- Make a payment of your estimated tax for 2008 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). This is the final installment date for 2008 estimated tax. However, you do not have to make this payment if you file your 2008 return (Form 1040) and pay any tax due by February 2, 2009.
Extended Deadline
February 2
Employers - Give your employees their copies of Form W-2 for 2008 by February 2, 2009.
Businesses - Give your independent contractors their copy of Form 1099-Misc by February 2, 2009. | |
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Greetings!
It's the beginning of a new year, and that means it's time for resolutions. With this issue, we give you some tips to help with your resolution to keep your business organized and ready for growth this year. |
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Resolve to... Protect Prior Year Data
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You'll likely be closing the books on 2008 soon and your records will become the basis for your tax return. It's critical that your QuickBooks records for a given year match the corresponding tax return, so consider setting a closing date in QuickBooks so that no one inadvertently changes the supporting documents for your tax return:
- Choose Edit, and then Preferences.
- Choose Accounting, and then click on the Company Preferences tab.
- Click Set Date/Password, and then enter a closing date. Although optional, you should then set a password. If you set a date without a password, transactions can still be recorded and changes made in the prior year.
Before setting the closing date be sure:
- All bank, credit and cash accounts have been reconciled for the prior year.
- All uncleared or duplicate transactions have been researched and corrected.
- All year end adjustments for depreciation and amortization have been posted.
- 2008 adjusting entries from your tax accountant have been posted.
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Resolve to... Stay On Top of Deadlines |
An organization tip from Carol
Do you ever miss a deadline or forget to send paperwork on time? Organize yourself for the new year by setting up recurring appointments in Outlook for all your deadlines. Now, you'll automatically be notified every time something is due. Just resolve not to hit the Snooze button!
Need some help organizing your time, office, processes or paperwork? Contact us to learn more about our organizing services.
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Resolve to... Ask An Expert |
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Q: What's the difference between an accountant and a bookkeeper?
A:
Bookkeeping = The work or skill of keeping account books or systematic records of money transactions.
Accounting = The theory and system of setting
up, maintaining, and auditing the books of a firm; art of analyzing the
financial position and operating results of a business from a
study of its sales, purchases, overhead, etc.
At ECL Consulting, LLC we provide accounting services beyond the basics of bookkeeping. Bank reconciliations, payroll and sales tax are only the beginning - strategic planning, analysis and goal setting are our passion! Not sure what else we can offer to help you meet your goals - just ask!
Ever have an accounting, tax, QuickBooks or cash flow management question and didn't know who to ask? Now you can Ask An Expert! Send your questions to askexpert@eclconsulting.com and we will print the question and the answer in our newsletter! No question is too big or too small. | |
Have you enjoyed this newsletter? Have any suggestions for things you'd like to see covered? Have a question for our resident Accounting Expert? Let us know by emailing askexpert@eclconsulting.com.
Each issue will cover different topics and have different features, so watch for us each Tuesday.
Remember, we provide accounting and cash flow solutions for successful companies -- yours!
Eli Larriva
ECL Consulting, LLC
(520)241-0371
info@eclconsulting.com
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