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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 |
| Pay via Pay Pal |
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ECL Consulting now offers our clients the option of paying their invoices via Pay Pal. Look for a link on your invoice to take you directly to Pay Pal. Save time and money by paying online, securely and easily.
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| ECL Staff Contact Info |
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Each of ECL's staff members can be reached directly. You can also call 520-241-0371 to leave a message for any staff member.
Our central fax number is
1-520-843-2092.
Please make sure you dial the "1" and the area code, no matter where you're dialing from.
Eli Larriva:
520-241-0371
520-721-6868
520-638-6738
Kris Dorris:
443-206-3613
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| June Tax Deadlines |
| June 15
Individuals - If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. Otherwise, due April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 15.
However, if you are a participant in a combat zone you may be able to further extend the filing deadline.
Individuals - Make a payment of your 2009 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2009.
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Corporations - Deposit the second installment of estimated income tax for 2009. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
Employers - Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May. |
| How to Submit Your Monthly Materials to Us |
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Fax number for submitting monthly materials:
1-520-843-2092
(Please be sure to dial all the digits, including the leading 1, even if you are in the same area code.)
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Save on QuickBooks |
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ECL Consulting, LLC has partnered with A+ QBooks Consulting & Services, LLC to bring you substantial savings on QuickBooks.
QuickBooks Enterprise Solutions 9.0 5 to 30 users software special - from $50/month! 1 year of Full Services Plan by Intuit is included!
Complete QuickBooks Point of Sale 8.0 new systems special - from $40/month! Includes a computer, 1 user software, 1 receipt printer, 1 barcode reader, 1 credit card swipe, and 1 cash drawer.
Call (800) 609-0788 or email for details or to order. |
| Save on Document Management
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ECL Consulting's computer experts, Livewire Technical Services, recommend a Fujitsu ScanSnap S510 scanner for fast document management and offer a $65 setup and initial training session on its use. Contact Livewire at (520) 235-8726 or email them. | |
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Greetings!
As we move into the summer travel season, more and more people will be using their vehicles. See our tips below for ideas on maximizing your auto deductions. |
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Getting the Most From Auto Expenses |
If you use a personal car for business, you have two choices for claiming deductions:
1. Deduct the actual business-related costs of gas, oil, repairs, tires, supplies, parking, tolls, drivers' salaries and depreciation.
2. Use the standard mileage deduction and simply multiply 55.0 cents for 2009 travel. (2008's rate was 50.5 cents for first six months and 58.5 cents for the last six months of 2008) by the number of business miles traveled during the year. Your actual parking fees and tolls are separately deductible under this method.
Which method is better?
For some taxpayers, the standard mileage rate produces a larger deduction. Others fare better tax-wise by deducting actual expenses.
Tip: The actual method allows you to claim accelerated depreciation on your car, subject to limits and restrictions not discussed here.
The standard mileage amount includes an allowance for depreciation. Opting for the standard mileage method allows you to by-pass the limits and restrictions and is simpler, but often less advantageous in dollar terms.
Caution: The standard rate may understate your costs, especially if you use the car 100% for business, or close to that percentage.
Caution: Once you choose the standard mileage rate, you cannot later use accelerated depreciation if you opt for the actual cost method in a later year. You may then use only straight line.
Generally, the standard mileage method benefits taxpayers who have less expensive cars or who travel a large number of business miles.
How To Make the Most of Your Auto DeductionsKeep careful records of your travel expenses. We won't be able to determine which of the two options is better for you if you don't know the number of miles driven and the total amount you spent on the car.
Furthermore, the tax law requires that you keep travel expense records and that you give information on your return showing business versus personal use. If you use the actual cost method, you must keep receipts.
Tip: Consider using a separate credit card for business auto expenses to simplify your record-keeping.
Tip: You can also deduct the interest you pay to finance a business-use car, if you're self-employed (subject to certain limits & restrictions).
Note: Self-employeds and employees who use their cars for business can deduct auto expenses if they either (1) don't get reimbursed, or (2) are reimbursed under an employer's "non-accountable" reimbursement plan. In the case of employees, expenses are deductible to the extent that auto expenses (together with other "miscellaneous itemized deductions") exceed 2% of adjusted gross income. Did you know that ECL Consulting offers organizing services for your small business? Our Expert Organizers are experienced in developing systems for efficiently managing paper records & digital files, maximizing office space, process & project management, scheduling & time management. Contact us to learn more.*Information supplied by IRS at the time of this newsletter and may be subject to change at any time. |
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Ask An Expert |
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Q: Last week, we started our discussion on ways to track changes made to QuickBooks transactions. Today, we continue with Voided/Deleted Transactions Summary and Detail Reports.
A: Deleted transactions often appear as a discrepancy when you attempt to reconcile a bank or credit card account. Typically the starting balance that QuickBooks displays will differ from the ending balance on your bank statement. In such instances, it's a good practice to first check the Voided/Deleted Transaction Reports:
- Choose Reports, and then Accountant & Taxes.
- Select either the Voided/Deleted Transactions Summary or Detail reports. Both provide basically the same information, but the Detail report includes the entire transaction, rather than just the top level information.
Closing Date Exception Report
You can use this report to determine if anyone has made changes to transactions subsequent to you specifying a closing date in the QuickBooks preferences. To do so, choose Edit, and then Preferences. Next, choose Accounting, and then Company Preferences.
Finally, click the Set Date/Password button, and then follow the onscreen prompts. Going forward, you can choose Reports, Accountant & Taxes, and then Closing Date Exception Report to monitor any changes to closed periods in QuickBooks.
Customer Credit Card Audit Log
QuickBooks offers additional protection if you store customer credit card data in QuickBooks. The Customer Credit Card Audit Log report records all activity related to customer credit cards:
- When credit card numbers are entered
- Whenever credit card numbers are displayed onscreen
- When credit card numbers are edited or deleted
To enable logging of customer credit card activity in QuickBooks, choose Company and then Customer Credit Card Protection. Follow the onscreen prompts once you click the Enable button.
Ever have an accounting, tax, QuickBooks or cash flow management question and didn't know who to ask? Now you can Ask An Expert! Email us your questions and we will print the question and the answer in our newsletter! No question is too big or too small. |
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ECL Consulting Presents... |
The Better Business Bureau of Southern Arizona has invited ECL Consulting to present a seminar on "Intro to QuickBooks."
This seminar will review 10 of the most common mistakes QuickBooks users make, as well as a brief introduction to the functions, features and benefits of the software. A Q&A session with an active QuickBooks sample company file will provide visual & interactive answers to your questions.
Covers QuickBooks Premier and QuickBooks Pro 2009 and earlier versions for PC. MAC users welcome.
Location: The seminar will be held at the headquarters of The Better Business Bureau of Southern Arizona, 434 S Williams Blvd., Suite 102, Tucson, AZ 85711.
Date and Time: May 21, noon to 1 pm. You are welcome to bring a bag lunch.
Cost: Free
Register: Call the BBB at 888-6161 or send an email. | |
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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