By American Health Value September 07, 2011
Thank you for connecting with us on Merchant Circle! We are excited to be a part of your network. Check out our MC page, our website: www.AmericanHealthValue.com, and be sure to print our FREE 6-In-1 Prescription Discount Card to hand out to employees, friends, and family! You can save them up to 65% at thousands of pharmacies across the nation! ...read more
By Allcraft Home Improvement, Inc. April 11, 2011
Online Accounting is only a touch away for all your accounting, tax, and consulting services. Thanks for the connection on Merchant Circle. ...read more
By Salt Lake City Utah Boat & Waverunner Rentals March 16, 2011
Thanks for your MC network connection, you have an great company. We offer watercraft rental & boat tour service in the western states, if you are ever in need of these services please let us know if we can earn your business. ...read more
TAX SEASON IS OVER – NOW WHAT? BY: BARB MCGANN, CPA “People who complain about taxes can be divided into two classes: men and women." Anonymous April is finally here and even though you have 3 extra days to file this year, you should either be done, or have filed an extension! Last month, I predicted that when the IRS finally opened its computers to filing on 2/14, there would be a meltdown. I was pleasantly surprised – there didn’t seem to be any further delays or problems filing. So, heave a big sigh of relief and then turn your attention to this year! What are you doing to double your income? What is your marketing strategy? Where do you advertise and who do you hope to attract to your business? Do you have a completed business plan, complete with budgets and forecasts? Is your current bookkeeping up-to-date? Are you running reports and analyzing your current and future financial picture? Are you doing cash flow budgets so you can anticipate the ups and downs? Do you know what your service or items are your big profit makers? Does the following scenario sound familiar to you? “I work all day at the [office/shop/store] and by the time I get home at night, the last thing I want to do is sit down at the computer and work on recording my income and expenses. If I do that, I am taking time away from my family and friends, as well as rest for myself. On the other hand, if I don’t do it, I feel guilty and uneasy, worrying about where the business is headed. I can’t afford to hire an accountant to do it for me – I’m just a new small business.” If this is you, please know that it’s a new world out there. You can hire really good, fast accounting help for amazingly reasonable prices! Many Accountants and Bookkeepers are now working from home offices, using Online Accounting programs, email, fax, and internet services – with little or no overhead, they can offer the services at affordable costs. By hiring outside help so that you can work ON your business, and not work IN your business, you are doing several things…you are building a financial foundation that will give you security and peace of mind, while avoiding costly mistakes! You will experience a reduction in stress levels and free up your time for building your business – or for just plain having some leisure time! Hiring accounting help can reduce conflict between spouses (how many of you think your spouse should do the books?). And finally, you will be able to concentrate on building your wealth strategy by having accurate information and financial advice to make informed decisions! Barb McGann, CPA is the owner of MCG Financial Solutions in Eagle, Idaho; she graduated with a BA in accounting from BSU in 1986. She has lived and worked in the Eagle area for over 23 years, working for small and medium sized businesses, as well as running her own tax/accounting/bookkeeping practice in Eagle. ...read more
By Barb McGann, CPA April 06, 2011
"A taxpayer received a strongly worded "second notice" that his taxes were overdue. Hastening to the collector's office, he paid his bill, saying apologetically that he had overlooked the first notice. "Oh," confided the collector with a smile, "we don't send out first notices. We have found that the second notices are much more effective." Unknown author. I think we can all relate to that! At one time or another, we have been on the receiving end of taxpayer notice letters! This year, the IRS had to delay filing for certain taxpayers (anyone with a Schedule A, education credits, and various other forms) until February 14. I am writing this article on February 12 and I expect that on the 14, there will be 50 million tax returns all electronically filed on the same day, creating a huge meltdown of the IRS computer! By the time you're reading this, we will know if my prediction was right! In the meantime, for those of you who haven't filed yet, time is escaping!! Make this a priority in the next few weeks, so you can avoid being one of those folks that get a "second notice"!! New for 2010– the IRS is offering a new way to get your refund. Traditionally, you could get your refund on a paper check. Then, many Tax Preparers started offering Refund Anticipation Loans (and charged HUGE fees) to get your money quicker than the paper checks. Those RAL's are history, but in the meantime, the IRS started doing direct deposit. In 2010, the deposits were hitting your bank account 7 – 10 days after you filed the return. However, many people didn't have a bank account and/or didn't want the IRS to have their bank account information. So, this year the IRS is offering a prepaid Visa Debit Card with your refund loaded on to it! No bank account needed, and no huge fees. This is a pilot program for 2010 refunds, and the IRS will issue several versions of the prepaid card to test their effectiveness. The card itself is free for all customers, but there are monthly service fees that range from free to $4.95 a month and unlimited ATM withdrawals at 15,000 in-network ATM's. Online bill pay, balance inquiries and direct deposit are all free. Cardholders will pay other fees to use the card - $4.95 to replace a lost or stolen card, $2.50 to withdraw cash from a teller, and as much as $4.95 to add money to the card in-person at a retail location. If you don't have a bank account or you like prepaid debit cards, this might be an attractive way to get your refund!! Barb McGann, CPA is the owner of MCG Financial Solutions in Eagle, Idaho; she graduated with a BA in accounting from BSU in 1986. She has lived and worked in the Eagle area for over 23 years, working for small and medium sized businesses, as well as running her own tax/accounting/bookkeeping practice in Eagle. ...read more
By Barb McGann, CPA March 12, 2011
THE YEAR IS OVER – WHAT NOW? By Barb McGann, CPA Ok, 2010 is done, and the holidays are over! What are some of the things that you need to do in January to get ready for filing your taxes? #1 Individuals You should expect to get your W-2 from your employer by Jan 31. You should save your final paystub from 2010. If you haven't received the W-2 by the end of Feb. 10th, call your employer. If you just can't get one at all (maybe the employer is out of business!), then use your last paystub. You can include an explanation on your tax return as to why you don't have a W-2. You will also need your 1099's for miscellaneous or contractor income, and 1098's for interest and retirement income. Don't forget to gather your documents for the expense side…home mortgage interest, medical bills, taxes, employee expenses, moving expenses, and child care expenses. #2 Small Businesses January is the time to get your W-2's out to your employees. If you had your payroll processed by an accountant or a payroll service, they will take care of that. If you used Quickbooks or some other accounting program, the ability to print W-2's is part of your payroll program. Be sure to buy the forms early!! Local office supply shops run out of them in January. In addition to W-2's, you will need to send out 1099's. You should have been getting W-9's from all your vendors – all year long. If you did that, then generating the 1099's is a fairly easy process. If you did not get the W-9's during the year, you will need to print a list of all the vendors you paid more than $600 last year, and send out a letter and a blank W-9 for them to fill out and get back to you! Make it easy on them…give them a fax number where they can send the forms! As a general rule, you don't have to send 1099's to corporations, so check the box where they indicate what type of business they are. You would send 1099-Misc forms if: ·You made the payment to someone who is not your employee; ·You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations); ·You made the payment to an individual, partnership, estate, or, in some cases, a corporation; and ·You made payments to the payee of at least $600 during the year. You can find specific information on filing W-2's and 1099's atwww.irs.gov or easiest of all, have your accountants file them for you!! Barb McGann, CPA is the owner of MCG Financial Solutions in Eagle, Idaho; she graduated with a BA in accounting from BSU in 1986. She has lived and worked in the Eagle area for over 23 years, working for small and medium size businesses, as well as running her own tax/accounting/bookkeeping practice in Eagle. ...read more
By Barb McGann, CPA December 26, 2010
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to be... ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keys... ...read more