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Categories Business Services, Payroll Services, QuickBooks® Training, Tax Preparation Author

3 Reasons to Hire a QuickBooks® ProAdvisor

QuickBooks ProAdvisor

When it comes to managing your finances, there are several great reasons to hire an accounting professional.

Yes, you can most likely handle tackling your books on your own—but why spend valuable time crunching numbers when you could be focusing on your business? Seeking accounting help will not only free up time, but it can end up saving you money in the long run!

While general accounting professionals and CPAs can help you get the most out of your money while properly keeping track of both money in and money out, they might not necessarily have in-depth knowledge of QuickBooks®—the #1 rated, best-selling small business accounting software.

Categories Business Services, Payroll Services, QuickBooks® Training, Tax Preparation Author

5 Tips for Simplifying Setup for QuickBooks® 2014

QuickBooks Setup

Now that we’ve gone over what to expect from QuickBooks® 2014, it’s time to install and implement the new software. If you’re excited to start taking advantage of the improvements and new features, but dreading the installation process, don’t worry! We have a few useful tips that can help speed up setup and get you to work in no time.

Convert QuickBooks as of January 1st.

Did you know: converting to a new accounting system at the start of a new year significantly simplifies the process?  Since it’s only October, this means you’ll have to wait a few months before you can start reaping the benefits of QuickBooks 2014, but starting a new financial year when the New Year begins will let you enter a simpler trial balance. At the start of the year, for example, you’ll only have to enter asset, liability and owner’s equity account balances. At any other time, you’ll also have to enter year-to-date income and year-to-date expense account balances, which can get tricky.

Categories Business Services, Payroll Services, QuickBooks® Training, Tax Preparation Author

What To Expect From QuickBooks® 2014

QuickBooks 2014

As a powerful business accounting tool, QuickBooks® can be a huge help when it comes to streamlining your business’ accounting process. From pointing your company in the right direction financially to saving you hours on payroll, the program makes going online with your accounting easier than ever.

With the recent release of QuickBooks 2014, a lot of improvements have been made and a handful of new features are scattered throughout—in fact, a lot of the changes made to the new version of QuickBooks were commonly asked about and requested by users.

So, what’s new and helpful to you, as a business owner?

Categories Business Services, Tax Preparation Author

Moving soon…. Any benefits from tax man?

You are moving because you or your spouse got a new job. It is stressful on entire family. Will they make new friends? Will you like the new job? Will I be successful? Additionally, is there any tax benefit to the move? See here:

Ten Tax Tips for Individuals Who Are Moving This Summer

Summertime is a popular time for people with children to move since school is out. Moving can be expensive, but the IRS offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location.

  1. Move must be closely related to start of work Generally, you can consider moving expenses incurred within one year from the date you first reported to a new location, as closely related in time to the start of work.
  2. Distance Test Your move meets the distance test if your new main job location is at least 50 miles farther from your former home than your previous job location was.
  3. Time Test You must work full time for at least 39 weeks during the first 12 months after you arrive in the general area of your new job location, or at least 78 weeks during the first 24 months if you are self-employed. If your income tax return is due before you’ve satisfied this requirement, you can still deduct your allowable moving expenses if you expect to meet the time test in the following years.
  4. Travel You can deduct lodging expenses for yourself and household members while moving from your former home to your new home. You can also deduct transportation expenses, including airfare, vehicle mileage, parking fees and tolls you pay to move, but you can only deduct one trip per person.
  5. Household goods You can deduct the cost of packing, crating and transporting your household goods and personal property. You may be able to include the cost of storing and insuring these items while in transit.
  6. Utilities You can deduct the costs of connecting or disconnecting utilities.
  7. Nondeductible expenses You cannot deduct as moving expenses: any part of the purchase price of your new home, car tags, drivers license, costs of buying or selling a home, expenses of entering into or breaking a lease, security deposits and storage charges except those incurred in transit.
  8. Form You can deduct only those expenses that are reasonable for the circumstances of your move. To figure the amount of your moving expense deduction use Form 3903, Moving Expenses.
  9. Reimbursed expenses If your employer reimburses you for the cost of the move, the reimbursement may have to be included on your income tax return.
  10. Update your address When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS.
Categories Business Services, Tax Preparation Author

Can’t find time to file your corporate tax return? Start now!

Corporation and Corporation S tax returns are comprehensive, lengthy and potentially costly to your pocket book — if you aren’t a tax expert.

If you don’t claim all of your deductions and credits, you could be leaving a big chunk of change on the table. And in contrast, if you aren’t well versed in business tax returns and know how to legally minimize your taxes, you could leave yourself overexposed to taxation.

If you’re committed to going it alone and filing for yourself this year, here is the best advice you can give you when it comes to your corporate tax return:

Start now. March 15th will be here before you know it!

To be honest, you have a lot of research, organizing and accounting to do. The sooner you get started, the less likely you are to be rushed and miss something when deadline is looming. Even if it’s just sorting receipts or printing your 1120 or 1120S forms, the sooner you tackle the beast the better it will be for your business.

If you plan to hire a professional to file your business tax return for you, our advice is still the same: start now!

The earlier you sign up for your professional corporate tax filing service, the better your price will be.

As a Long Island accounting firm that has been professionally preparing taxes for over 20 years, we know the ropes when March 15th comes around — and we can be right there for your business with guaranteed compliance and an auditing protection guarantee.

Plus, our corporate tax filing rates are some of the most competitive in all of Long Island, NY. But you don’t have to take our word for it.

If you’d like to speak with a Beaton Accounting tax professional, call us today for a FREE consultation on your business tax return:

631-921-6894

Have a question or certain topic you’d like to see addressed in our next blog post? Just leave a comment, or email us at info@beatonaccounting.com

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