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| Survive the Recession
Spend Time Finding the Right Accounting Firm |
There may be no hope for major companies like Lehman Brothers, Circuit City, Bed Bath and Beyond, but many struggling small to medium sized businesses and sole traders could still survive the recession - all they need is some good business sense and top quality bookkeeping.
Now that the credit crunch and slow down in spending has begun to dig its heels in, there's no doubt that things are going to get worse before they get better for the majority of business people. Whilst the lack of sleep may be an excuse for not safeguarding your livelihood, it is a very bad idea for business people to ignore the problems they are facing. For those who are struggling in the current economic climate, the most important thing is to monitor the progress of their business with effective bookkeeping and accounting to react swiftly to any warning signs.
Here are three reasons why small businesses need to put even more emphasis on bookkeeping during the recession:
1. Monitor and Control Expenses: Now more than ever, it is important to watch the level of expenditure and not to let it get out of control. Regular accounting will tell you how your expenses are running when compared to your targets, and will also allow you to compare monthly income against monthly expenditure.
2. Save Time and Money: Talking of levels of expenditure, the cost of an accountant to prepare your Annual Accounts and Tax Returns is based upon the time it takes to do the work. It follows, therefore, that if you can reduce the CPA or accountant's time by using companies that will do higher quality work and save you 30-50% like www.TaxTalkOnline.com.
3. Claiming Expenses Against Tax: Many people who work from home are self-employed. These two areas give rise to a wide range of legitimate expense claims where expenditure previously classed as 'private' now become 'business' and, as such, will greatly alter the level of profit and tax payable. However, without a proper set of accounts and records, such expenses cannot readily be quantified, and certainly cannot be substantiated if required at a later date. |
| Phishing for Refunds
Special Report |
| Never open any attachments to questionable e-mails and do not click on links contained in suspicious e-mails. Attachments or links may contain malicious code that will infect your computer.
Note that the IRS does not initiate contact with taxpayers via e-mail. Current phishing schemes attempt to convince the users that they are receiving an email from the Internal Revenue Service (IRS). The scammer sends emails with an official IRS seal to potential victims, telling them how to get their refund status or a tax refund credited to their credit card account by providing some personal information, such as their Social Security number, credit card information and bank PIN.
If you receive a suspicious e-mail that claims to come from the IRS, you can forward that e-mail to a new IRS mailbox, phishing@irs.gov .
You can also forward suspicious e-mails to the Federal Trade Commission at: spam@uce.gov For complete information, use this link or go to the IRS website and search for "phishing". |
Accounting Philosophically
Food for Thought |
A friend of mine, who is a lifelong Professor of Accounting and Finance, and lives a comfortable, but hardly extravagant lifestyle, recently, shared a joking observation on our current economic situation with me. It was, "I didn't realize how bad things had gotten until Fortune magazine called me to let me know that I was #27 on the Fortune 500 list." Obviously, this was not so, but his point was made - and if you haven't heard it enough already, TIMES ARE TOUGH! Hopefully, the old economic concept of demand and supply will soon come into play. Simply put, if we can't demand - and the suppliers want to supply - something will have to give. Ideally, it will be prices - and they will come down. But, I'm willing to bet that you, like me, are wondering exactly what the stimulus will stimulate. After all, if money is provided to buy things, then prices will not need to come down - and we may wind up buying at the same price, but with our own tax dollars. So, let's see here. It looks like we're paying taxes so we can get a stimulus check from those taxes - to pay the same price we were paying before - that helped create the need for the stimulus in the first place.... Confusing, isn't it? Let me know what your thoughts: Email me at william.vasquez@taxtalkonline.com
Accounting Philosophically is strictly a tongue-in-cheek observation and is not intended to reflect any political affiliation, lobbying cause, or other similar position. |
| Know the Basics
2 Primary Points About Bookkeeping Basics |
Bookkeeping and accounting basics consists primarily of two rather easy points: First, keep track of your income and expenses, thereby improving your chances of making a profit.
Second, to collect the necessary financial information about your business to file your various tax returns and local tax registration papers. Sounds pretty simple, doesn't it? And it can be, especially if you remind yourself of these two goals whenever you feel overwhelmed by the details of keeping your financial records. Hopefully you will also be reassured to know that there is no requirement that your records be kept in any particular way. (There is a requirement, however, that some businesses use a certain method of crediting their accounts cash vs. accrual accounting. In other words, there's no official "right" way to organize your books. As long as your records accurately reflect your business's income and expenses, the IRS will find them acceptable. The actual process of keeping your books is easy to understand when broken down into four key steps. 1. Keep receipts or other acceptable records of every payment to and every expenditure from your business. 2. Summarize your income and expenditure records on some periodic basis (generally daily, weekly, or monthly). 3. Use your summaries to create financial reports that will tell you specific information about your business, such as how much monthly profit you're making or how much your business is worth at a specific point in time. 4. Get a good bookkeeping & accounting service. Preferably one that is reputable and national. One that understands your business and industry. | |
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| Company Spotlight |
TaxTalkOnline, Inc. can help your small to medium sized business, accounting or CPA firm; whether on a full-time, part-time or casual working capacity to offer alternatives to how you do your bookkeeping and accounting today!
We can replace the tedious hours the owner or manager spends completing accounting tasks or hiring and managing bookkeepers or other employees; with a simple and Easy Online Model which can save you up to 30-50% on what is spent today. |
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A Road Map for Teens |
| Paragon House released Hansen's second book, Success 101 for Teens: 7 Traits for a Winning Life. "We here so much talk about what we want for our youth, but have not provided a roadmap to get there," says Hansen. In his book he identified the 7 key traits as: determination, responsiblity, confidence, love, persistence, dreams and attitude. Dreams are important, because they are the fuel for our engines, " he wrote. The book is available at Amazon, Borders, Barnes & Noble and several other major book retailers. For $12.95 it is a must read for Parents, Educators, Guidance Counselors, and Youths. |
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