You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive. Check the Individuals section of the IRS website at http://www.irs.gov or consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that may help you determine if you need to file a tax return with the IRS this year. There are some instances when you may want to file a tax return even though you are not required to do so. Even if you don't have to file, here are seven reasons why you may want to: Federal Income Tax Withheld  You should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year's tax. Making Work Pay Credit  You may be able to take this credit if you had earned income from work. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Earned Income Tax Credit  You may qualify for EITC if you worked, but did not earn a lot of money.EITC is a refundable tax credit; which means you could qualify for a tax refund. Additional Child Tax Credit  This refundable credit may be available to you if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit. American Opportunity Credit  The maximum credit per student is $2,500 and the first four years of postsecondary education qualify. First-Time Homebuyer Credit  The credit is a maximum of $8,000 or $4,000 if your filing status is married filing separately. To qualify for the credit, taxpayers must have bought – or entered into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you entered into a binding contract by April 30, 2010, you must have closed on the home on or before September 30, 2010. If you bought a home as your principle residence in 2010, you may be able to qualify and claim the credit even if you already owned a home. In this case, the maximum credit for long-time residents is $6,500, or $3,250 if your filing status is married filing separately. Health Coverage Tax Credit  Certain individuals, who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit worth 80 percent of monthly health insurance premiums when you file your 2010 tax return. ...read more

High unemployment, beleaguered stock values, corporate and personal bankruptcy; these headlines have become all too familiar. But the same factors that signal a recession can actually highlight a great opportunity for folks hoping to start small businesses. For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good news. It's difficult to enter a market when the economy is booming and competition is stiff. Also, a down economy can mean cheaper prices for goods and services. As companies close branch offices, they may be willing to sell office equipment, furniture, electronics, and other items at discounted rates. Check eBay and Craigslist for deals. Find local businesses that are closing their doors and see whether they're selling stuff you need. High unemployment, beleaguered stock values, corporate and personal bankruptcy; these headlines have become all too familiar. But the same factors that signal a recession can actually highlight a great opportunity for folks hoping to start small businesses. For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good news. It's difficult to enter a market when the economy is booming and competition is stiff. Also, a down economy can mean cheaper prices for goods and services. As companies close branch offices, they may be willing to sell office equipment, furniture, electronics, and other items at discounted rates. Check eBay and Craigslist for deals. Find local businesses that are closing their doors and see whether they're selling stuff you need.If you have any questions give us 404-631-6365. ...read more

A company's general ledger account Cash contains a record of the transactions (checks written, receipts from customers, etc.) that involve its checking account. The bank also creates a record of the company's checking account when it processes the company's checks, deposits, service charges, and other items. Soon after each month ends the bank usually mails a bank statement to the company. The bank statement lists the activity in the bank account during the recent month as well as the balance in the bank account. When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company's Cash account in its general ledger and vice versa. This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a "bank rec." The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company's books) is consistent with the amount of cash shown in the bank's records. Because most companies write hundreds of checks each month and make many deposits, reconciling the amounts on the company's books with the amounts on the bank statement can be time consuming. The process is complicated because some items appear in the company's Cash account in one month, but appear on the bank statement in a different month. For example, checks written near the end of August are deducted immediately on the company's books, but those checks will likely clear the bank account in early September. Sometimes the bank decreases the company's bank account without informing the company of the amount. For example, a bank service charge might be deducted on the bank statement on August 31, but the company will not learn of the amount until the company receives the bank statement in early September. From these two examples, you can understand why there will likely be a difference in thebalance on the bank statement vs. the balance in the Cash account on the company's books. It is also possible (perhaps likely) that neither balance is the true balance. Both balances may need adjustment in order to report the true amount of cash. After you adjust the balance per bank to be the true balance and after you adjust the balance per books to also be the same true balance, you have reconciled the bank statement. Most accountants would simply say that you have done the bank reconciliation or the bank rec.If you have any questions give us 404-631-6365. ...read more