|
"We Help Business Owners That Have A Dream
& Their Dream Isn't Accounting "
|
|
What's New at Profit Focused Principles...
Wow! Spring is HERE! With this warm, beautiful weather, its hard to stay focused on work. There are golf games to play, walks or jogs to take, or yard chores to be done. Spring fever can make it harder to stay motivated with your business responsibilities. So if you haven't prepared them yet, don't forget about your TAXES! Tax preparation doesn't need to give you a headache. There are several ways to make it easier on yourself. Don't procrastinate! Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error. You can hire an expert tax accountant to complete your taxes for you - wink, wink! Don't panic if you owe and can't pay. If you can't pay the full amount of taxes you owe by the mid-April deadline, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest.
This can feel like an overwhelming burden, but believe me, I understand. If I can help in any way, like pull your QuickBooks together or help you prepare, don't hesitate to call. We are always here to help.
Now put on your shades, and get out there and enjoy this wonderful spring weather!
|
Did you know that almost everything you own and use for personal or investment purposes is a capital asset?
Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price is a capital gain or capital loss.
Here are 10 facts from the IRS about how gains and losses can affect your federal income tax return.
1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.
2. When you sell a capital asset, the difference between the amount you sell it for and your basis - which is usually what you paid for it - is a capital gain or a capital loss.
3. You must report all capital gains.
4. You may only deduct capital losses on investment property, not on personal-use property.
5. Capital gains and losses are classified as long-term or short-term. If you hold the property more than one year, your capital gain or loss is long-term. If you hold it one year or less, the gain or loss is short-term.
6. If you have long-term gains in excess of your long-term losses, the difference is normally a net capital gain. Subtract any short-term losses from the net capital gain to calculate the net capital gain you must report.
7. The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2011, the maximum capital gains rate for most people is 15 percent. For lower-income individuals, the rate may be 0 percent on some or all of the net capital gain. Rates of 25 or 28 percent may apply to special types of net capital gain.
8. If your capital losses exceed your capital gains, you can deduct the excess on your tax return to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.
9. If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.
10. This year, a new form, Form 8949, Sales and Other Dispositions of Capital Assets, will be used to calculate capital gains and losses. Use Form 8949 to list all capital gain and loss transactions. The subtotals from this form will then be carried over to Schedule D (Form 1040), where gain or loss will be calculated.
For more information about reporting capital gains and losses, see the Schedule D instructions, Publication 550, Investment Income and Expenses or Publication 17, Your Federal Income Tax.
For more tax tips, follow us on Facebook!
www.facebook.com/profitfp
 |
|
|
Repetitive Transactions? Memorize 'em. |
Filling out invoices the first time can be a pain, especially if they're lengthy. But doing the same thing repeatedly if the identical invoice recurs regularly? No need.
QuickBooks can memorize a variety of transaction types, including invoices, purchase orders, and bills. After you've memorized them, you can edit, reschedule, and delete them, as well as group them if more than one will be dispatched on the same day. Here's how.
A familiar start
Let's say you're starting a new job providing regular training for a client; it's always four hours, every Monday, for 12 weeks. First, find or create the invoice.
After you've found (or created) the invoice, then click Edit | Memorize Invoice. This window opens:
Figure 1: You'll define the terms of your memorized transaction in this window.
READ MORE.... |
|
|
Client Profile
Greg Cutler
Americraft, Inc.
It's been a long road since Greg Cutler started Americraft in 2003 with the idea that he could do it better.
Everyone's heard stories of shoddy contractors,even contractors that just simply disappeared and stole their down payments. Greg's number one goal was, and is, to provide excellent work at a fair price. He wanted to build a solid reputation and run a company that homeowners could trust and feel comfortable that their project would go as planned with superior craftsmanship.
Americraft, Inc. is based in Downers Grove and specializes in house improvements. They will bring your visions to life! Americraft prides itself on attentively listening to your goals and concepts and makes them a reality for your home. Whether you want to remodel your Kitchen, Bath or Basement, or want home renovations, from conception to construction, Americraft is your one stop shop. Renovations or even house remodeling can be a frightening concept, but Americraft can put your mind at ease.
Many times companies who specialize in kitchens and baths, in addition to others offering complete services, may be a department in a larger operation such as a lumber yard, plumbing contractor or home center (a variation might be a designer who has a team of sub-contractors he or she regularly hires for installation services but who are not employees).
The advantages of using a single firm for the entire project are considerable.
- A team of experts work together to complete the project. Team members tend to understand the position and timing each trade must work within to bring the project to a timely and successful conclusion and cooperate to that end.
READ MORE...
|
|
TAX SEASON SPECIAL!
As our special offer this month, PFP would like to offer you a Pre-Tax Review at the discounted rate of $195!
Big Mike will review your QuickBooks before you prepare your taxes so you can see where your liability is.
HURRY, you don't have a lot of time left!
CONTACT BIG MIKE ASAP
to take advantage of this special offer!
email: m.peters@profitfp.com
|
|
