Prepping for tax season is enough of a challenge…you shouldn’t have to fear getting ripped off when you go to file. But among the many legitimate tax preparation businesses in the state, there are a handful of shady companies that collect personal financial information under false pretenses or that file a customer’s tax return without consent and keep all or part of any refund.
One type of tax and loan scam that has repeatedly surfaced over the past couple of years involves tax preparation businesses filing returns on behalf of consumers without their consent. These businesses initially solicit the consumers’ business with a promise of providing short-term loans.
Here are some tips to avoid becoming the victim of tax preparation fraud:
Be alert to promotions such as “holiday loans” or other short-term loans that can be used to gain the personal financial information needed to file an individual’s tax return.
Be careful providing personal financial information to a business unless you want the preparer to file your taxes. Make sure you provide clear direction and that the company specifically advises you on whether they intend to file your tax return.
Never sign an authorization permitting a company to file your taxes if you do not want the company to do so.
Never sign a document without first reading and understanding what it says.
Always insist upon receiving copies of all documents that you are required to sign or that identify the terms of a transaction and the charges you will be required to pay. Confirm, before signing, that you will receive copies. If a business does not agree to provide copies, don’t sign.
Sunday, December 21, 2014
Wednesday, December 17, 2014
NEW JERSEY: Minimum Wage Changes Effective January 01, 2015
Dear Valued Clients:
To assist you with your planning for the New Year, we are posting to let you know that New Jersey has a minimum wage change effective January 01, 2015:
Non-Tipped Employees: $8.38
Tipped Employees: $2.13
We are happy to assist you in complying with this new minimum wage rate. Failure to comply with minimum wage laws may result in substantial penalties.
Kathryn C. Tiffany, LLC appreciates the opportunity to be an essential partner with you and your business.
To assist you with your planning for the New Year, we are posting to let you know that New Jersey has a minimum wage change effective January 01, 2015:
Non-Tipped Employees: $8.38
Tipped Employees: $2.13
We are happy to assist you in complying with this new minimum wage rate. Failure to comply with minimum wage laws may result in substantial penalties.
Kathryn C. Tiffany, LLC appreciates the opportunity to be an essential partner with you and your business.
Tuesday, December 16, 2014
4 Reasons to Use a Bookkeeping Service for Your Small Business
Many business owners are hesitant to hire a bookkeeping service to track their expenses. They may feel it is an unnecessary cost, or some may be uncomfortable giving a third party access to this privileged information. While these concerns are valid, there are many advantages to hiring an outside party to take bookkeeping off your hands that may outweigh drawbacks.
#1 Opportunity Cost
The bottom line is it takes time to keep your own books; this is time you could be spending on other areas of your business. If you are not an accountant or have little familiarity with software that assists with bookkeeping, the time it takes you to enter transactions into your ledger will be much higher than what is necessary. Think about cost not just in terms of the dollar amount you could save doing this yourself but also how much more you could earn for your business if you were not spending time keeping books. You may find it makes financial sense to bring in a third party, even if it involves some additional expense to your business.
#2 Accuracy
When you hire a bookkeeping service, you are employing an individual with accounting experience or even a certified accountant. These individuals know how to enter and classify your transactions. This not only helps keep your books accurate; it also helps for pre-tax planning. When you keep your books yourself, you may find a certain amount of procrastination is natural. You get busy, and you decide to close out the month on the third of next month instead of the thirtieth of this month. A person employed for the sole purpose of keeping the books will procrastinate less, check more often and usually do a better job.
#3 Conflict of Interest
You may be in a partnership or business arrangement where there is more than one individual with an interest in the accounting of your business. Even if you think you have a great business relationship, these relationships can easily turn sour if there is any accusation of misconduct with bookkeeping. Even an unintentional error at the hands of one person can cause a serious and unrepairable rift in a business relationship. Take the potential conflict of interest out of the situation, and use a third party to carry out the transactions. You and your business partners will be better able to deal with any potential issues if none of you are directly at fault.
#4 Outsourcing
Today, there is no need to hire an in-house bookkeeper or accountant for most small businesses. If your transactions demand a daily, full-time accountant, then it may be the time to seek one. However, if you simply need someone for a few hours a day or a few hours a week, consider outsourcing the job. You will save money on salary and benefits to the individual. With the advances of Internet technology, communicating with a third-party accountant is as simple as sharing your information with an external hard drive. You do not even need to have the bookkeeper in the office if you can share files effectively.
Original article can be found at FW
#1 Opportunity Cost
The bottom line is it takes time to keep your own books; this is time you could be spending on other areas of your business. If you are not an accountant or have little familiarity with software that assists with bookkeeping, the time it takes you to enter transactions into your ledger will be much higher than what is necessary. Think about cost not just in terms of the dollar amount you could save doing this yourself but also how much more you could earn for your business if you were not spending time keeping books. You may find it makes financial sense to bring in a third party, even if it involves some additional expense to your business.
#2 Accuracy
When you hire a bookkeeping service, you are employing an individual with accounting experience or even a certified accountant. These individuals know how to enter and classify your transactions. This not only helps keep your books accurate; it also helps for pre-tax planning. When you keep your books yourself, you may find a certain amount of procrastination is natural. You get busy, and you decide to close out the month on the third of next month instead of the thirtieth of this month. A person employed for the sole purpose of keeping the books will procrastinate less, check more often and usually do a better job.
#3 Conflict of Interest
You may be in a partnership or business arrangement where there is more than one individual with an interest in the accounting of your business. Even if you think you have a great business relationship, these relationships can easily turn sour if there is any accusation of misconduct with bookkeeping. Even an unintentional error at the hands of one person can cause a serious and unrepairable rift in a business relationship. Take the potential conflict of interest out of the situation, and use a third party to carry out the transactions. You and your business partners will be better able to deal with any potential issues if none of you are directly at fault.
#4 Outsourcing
Today, there is no need to hire an in-house bookkeeper or accountant for most small businesses. If your transactions demand a daily, full-time accountant, then it may be the time to seek one. However, if you simply need someone for a few hours a day or a few hours a week, consider outsourcing the job. You will save money on salary and benefits to the individual. With the advances of Internet technology, communicating with a third-party accountant is as simple as sharing your information with an external hard drive. You do not even need to have the bookkeeper in the office if you can share files effectively.
Original article can be found at FW
Sunday, November 30, 2014
Quickbooks® Expert - Bookkeeping Business Services
If you're a businessperson or professional, ask yourself the following questions:
● Are you claiming all of the business deductions you're entitled to?
● Would your financial reports withstand the test of an audit?
● Are you in compliance with all payroll and sales tax reporting, deposits
and filings?
● Are your business books ready for tax preparation?
● Do you know how to interpret your financial reports to manage your
business, determine your profitability and project for future success?
If you answered no to any of these questions, let's talk.
Certified Quickbooks® ProAdvisor with 28 years of accounting experience and will help you solve any bookkeeping problems you may have.
Call Kathryn today at (856) 803-4651 to schedule your free consultation.
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
● Are you claiming all of the business deductions you're entitled to?
● Would your financial reports withstand the test of an audit?
● Are you in compliance with all payroll and sales tax reporting, deposits
and filings?
● Are your business books ready for tax preparation?
● Do you know how to interpret your financial reports to manage your
business, determine your profitability and project for future success?
If you answered no to any of these questions, let's talk.
Certified Quickbooks® ProAdvisor with 28 years of accounting experience and will help you solve any bookkeeping problems you may have.
Call Kathryn today at (856) 803-4651 to schedule your free consultation.
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Straight-line Method of Depreciation
Straight line depreciation method: Depreciation is charged uniformly over the life of an asset.
We first subtract residual value of the asset from its cost to obtain the depreciable amount.
The depreciable amount is then divided by the useful life of the asset in number of accounting periods to obtain depreciation expense per accounting period.
Due to the simplicity of the straight line method of depreciation, it is the most commonly used depreciation method.
The formula to calculate the straight-line depreciation of an asset for a full accounting period is:
Here's an example:
On Jan 1, 2014 Company A purchased a vehicle costing $20,000. It is expected to have a value of $5,000 at the end of 4 years. Calculate depreciation expense on the vehicle for the year ended Dec 31, 2014.
We will first find the depreciable amount which is $15,000 ($20,000 cost minus $5,000 residual value). Then we divide the depreciable amount by the 4 which is the useful life of the vehicle. This will give a figure of $3,750 for the yearly depreciation.
Or by using the formula:
Depreciation = ($20,000 − $5,000) / 4 = $3,750
Here's another example:
Occasionally, we may need to charge depreciation for a period less than full financial year.
For example, if the vehicle was purchased on July 1, the depreciation should be charged only for a portion of the financial year.
In such situation we multiply the full year straight line depreciation formula by the fraction the asset has been used in the current accounting period.
This is illustrated below.
Depreciation Expense = (6months/12months) × [ ($20,000 − $5,000) / 4 ] = $1,875
We first subtract residual value of the asset from its cost to obtain the depreciable amount.
The depreciable amount is then divided by the useful life of the asset in number of accounting periods to obtain depreciation expense per accounting period.
Due to the simplicity of the straight line method of depreciation, it is the most commonly used depreciation method.
The formula to calculate the straight-line depreciation of an asset for a full accounting period is:
| Depreciation = | Cost − Salvage Value |
| Life in Number of Periods |
Here's an example:
On Jan 1, 2014 Company A purchased a vehicle costing $20,000. It is expected to have a value of $5,000 at the end of 4 years. Calculate depreciation expense on the vehicle for the year ended Dec 31, 2014.
We will first find the depreciable amount which is $15,000 ($20,000 cost minus $5,000 residual value). Then we divide the depreciable amount by the 4 which is the useful life of the vehicle. This will give a figure of $3,750 for the yearly depreciation.
Or by using the formula:
Depreciation = ($20,000 − $5,000) / 4 = $3,750
Here's another example:
Occasionally, we may need to charge depreciation for a period less than full financial year.
For example, if the vehicle was purchased on July 1, the depreciation should be charged only for a portion of the financial year.
In such situation we multiply the full year straight line depreciation formula by the fraction the asset has been used in the current accounting period.
This is illustrated below.
Depreciation Expense = (6months/12months) × [ ($20,000 − $5,000) / 4 ] = $1,875
Saturday, November 8, 2014
New Jersey Bookkeeper
Kathryn C. Tiffany, LLC - Bonded, Insured and Licensed professional bookkeeping solutions' inception was born out of the need for quality, low-cost accounting for our clients.
How is your valuable time spent?
Are you spending more time on your company's record-keeping than on your company's growth?
Outsourcing your bookkeeping is an inexpensive and effective way to free your time for focusing on the business matters that need your attention.
What we can do for you
Bill Pay/Accounts Payable
Enter bills and purchase orders
Enter credit card transactions
Record payments
Print checks for client to sign
Invoicing/Accounts Receivable
Enter invoices and sales orders
Post receipts
Print invoices and statements
Reconciliations
Bank
Debt
Credit Card
Adjusting journal entries
Depreciation
Accruals
Prepaids
Transfers
Payroll
Enter payroll information
Make tax deposit
Secure online access for processing data with your payroll services
QuickBooks (all versions)
Intuit QuickBooks installation, implementation and training.
Our core focus is to ensure that our clients, regardless of size and business sector, are given the opportunity to experience first class bookkeeping and computer services from knowledgeable, qualified, certified QuickBooks ProAdvisor professionals.
Quick, Accurate, Affordable Rates
CALL US TODAY FOR YOUR FREE CONSULTATION! 856-803-4651
Kathryn C. Tiffany, LLC
Certified Professional Bookkeeper and Certified QuickBooks ProAdvisor
Voorhees, NJ
856-803-4651
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Website: http://www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
How is your valuable time spent?
Are you spending more time on your company's record-keeping than on your company's growth?
Outsourcing your bookkeeping is an inexpensive and effective way to free your time for focusing on the business matters that need your attention.
What we can do for you
Bill Pay/Accounts Payable
Enter bills and purchase orders
Enter credit card transactions
Record payments
Print checks for client to sign
Invoicing/Accounts Receivable
Enter invoices and sales orders
Post receipts
Print invoices and statements
Reconciliations
Bank
Debt
Credit Card
Adjusting journal entries
Depreciation
Accruals
Prepaids
Transfers
Payroll
Enter payroll information
Make tax deposit
Secure online access for processing data with your payroll services
QuickBooks (all versions)
Intuit QuickBooks installation, implementation and training.
Our core focus is to ensure that our clients, regardless of size and business sector, are given the opportunity to experience first class bookkeeping and computer services from knowledgeable, qualified, certified QuickBooks ProAdvisor professionals.
Quick, Accurate, Affordable Rates
CALL US TODAY FOR YOUR FREE CONSULTATION! 856-803-4651
Kathryn C. Tiffany, LLC
Certified Professional Bookkeeper and Certified QuickBooks ProAdvisor
Voorhees, NJ
856-803-4651
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Website: http://www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
Dual control system: Why it's important to establish an internal control system to prevent embezzlement
Woman allegedly stole $30K from company
A former bookkeeper for an Oak Harbor property management company is accused of embezzling about $30,000 from the business, according to documents on file in Island County Superior Court.
Prosecutors charged Theresa M. Gonsalves, 54, of Oak Harbor, with first-degree theft Nov. 3 in Island County Superior Court.
The co-owner of the company contacted police earlier this year and reported his suspicion that Gonsalves embezzled money from the company, according to the officer’s report.
The man reported that he discovered a $1,500 discrepancy in the company’s accounting in March and approached Gonsalves about it; she allegedly admitted to taking the money because “she had fallen on hard times,” the report said.
The man said he told the bookkeeper that she should have come to him if she needed money.
“He had helped other employees who were in similar circumstances and they had come to an agreement on paying him back,” the officer said in his report.
Gonsalves became very emotional and started crying when the owner told her that she was fired.
The man became suspicious and realized that the situation might be worse than the missing $1,500, the report said.
The owner said he reviewed the business’ financial records and discovered alleged shortages totaling more than $30,000 from the period of March 2011 to March 2014, according to the officer’s report.
Story and Comments: http://www.whidbeynewstimes.com
Dual control system requires the authorization or approval of two individuals to complete a transaction. It’s that simple. One individual should not be responsible for an entire financial transaction from beginning to finish. Many small companies fall into the trap of having one bookkeeper handle all accounts payable and accounts receivable and write, sign, and deliver the checks. The dual control system puts a second set of eyes on transactions, greatly lessening the risk of embezzlement.
A former bookkeeper for an Oak Harbor property management company is accused of embezzling about $30,000 from the business, according to documents on file in Island County Superior Court.
Prosecutors charged Theresa M. Gonsalves, 54, of Oak Harbor, with first-degree theft Nov. 3 in Island County Superior Court.
The co-owner of the company contacted police earlier this year and reported his suspicion that Gonsalves embezzled money from the company, according to the officer’s report.
The man reported that he discovered a $1,500 discrepancy in the company’s accounting in March and approached Gonsalves about it; she allegedly admitted to taking the money because “she had fallen on hard times,” the report said.
The man said he told the bookkeeper that she should have come to him if she needed money.
“He had helped other employees who were in similar circumstances and they had come to an agreement on paying him back,” the officer said in his report.
Gonsalves became very emotional and started crying when the owner told her that she was fired.
The man became suspicious and realized that the situation might be worse than the missing $1,500, the report said.
The owner said he reviewed the business’ financial records and discovered alleged shortages totaling more than $30,000 from the period of March 2011 to March 2014, according to the officer’s report.
Story and Comments: http://www.whidbeynewstimes.com
Dual control system requires the authorization or approval of two individuals to complete a transaction. It’s that simple. One individual should not be responsible for an entire financial transaction from beginning to finish. Many small companies fall into the trap of having one bookkeeper handle all accounts payable and accounts receivable and write, sign, and deliver the checks. The dual control system puts a second set of eyes on transactions, greatly lessening the risk of embezzlement.
Monday, October 27, 2014
Saturday, October 25, 2014
◢◢ QuickBooks, Bookkeeping and Business Services ◣◣
Add balance to your world with Kathryn C. Tiffany, LLC Bookkeeping Services!
~
Our Mission is to keep track of revenues and expenses - the key to a successful business.
Of course personal and family time is important however the demands of your business can leave you wishing there were 35 hours in the day / Don't Waste It Working. As a small business owner you have more things to do than bookkeeping. Kathryn C. Tiffany, LLC Bookkeeping Services, provides trustworthy, experienced and dependable bookkeeping services at affordable prices. We add value to your business by saving you time and money so that you can focus on your business.Our bookkeeping services are suitable for business of all industries. We offer daily, weekly, and monthly services based on your needs.
Bookkeeping Services:
Small Business Accounting
Outsourced Bookkeeping
Bank Reconciliation
Accounts Payable
Accounts Receivable
Payroll
Bookkeeping Clean Up
Income Statements, Balance Sheet, General Ledger
Custom Reports
Forensics Bookkeeping
General Data Entry
Business Office Management
Daily Money Management Services Include:
Personal bill pay for busy individuals
Bookkeeping services to meet your needs
Work done on-site or remote/online
QuickBooks Support:
QuickBooks Set-up
QuickBooks Tune-up
QuickBooks Clean-up
In addition, we offer daily money management services to small businesses in the South Jersey area. We will also work with your CPA or tax preparer to help you save tax return preparation fees. Put our 27 plus years of accounting and bookkeeping experience to work for your small business. We make sure that every client is serviced the way we would want to be served!
Contact Kathryn C. Tiffany, LLC Bookkeeping Services today!
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Wednesday, October 22, 2014
Intuit Reimagines QuickBooks ProAdvisor Program for Accountants
MOUNTAIN VIEW, Calif., Oct 22, 2014 (BUSINESS WIRE) -- Intuit Inc. announced yesterday the launch of the all new QuickBooks ProAdvisor Program to benefit the more than 100,000 ProAdvisor members around the world. The reimagined QuickBooks ProAdvisor Program will make it even easier for accounting professionals to grow their business and meet the needs of the more than 705,000 QuickBooks Online users around the world. The new program, built into the new QuickBooks Online Accountant, taps into the largest set of benefits ever available: it allows ProAdvisors to unlock additional benefits by passing certification exams or working with QuickBooks Online clients; includes the newly-launched QuickBooks Online Advanced Certification and free access to a Bill.com corporate account.
One Global Program with More Benefits
Beginning in December 2014, the current QuickBooks ProAdvisor and Cloud ProAdvisor programs will combine to become one new QuickBooks ProAdvisor Program. In addition, the new QuickBooks ProAdvisor Program will also help ProAdvisors and their firms reap more online benefits than ever before, including free online products, training, certifications, support and discounts - everything accounting professionals need to support the clients that rely on them. One new benefit, exclusively for ProAdvisors, provides free access to a Bill.com corporate account with up to three users – a $1,700 annual value. ProAdvisors will also be able to earn points by using Bill.com and making referrals to their clients, points they can redeem for cash, gift cards or charitable donations from Intuit.
“The online benefits of the reimagined QuickBooks ProAdvisor Program are massive for accounting professionals,” said Luis Sanchez, director of the Worldwide QuickBooks ProAdvisor Program at Intuit. “We listened to member feedback and looked at accounting industry trends globally. The result is the creation of a program that provides benefits most requested by members while also fulfilling the mission of the program itself: to help ProAdvisors grow their practices and meet the needs of their clients.”
Two Ways to Unlock Benefits: Certifications and Clients
The new QuickBooks ProAdvisor Program has the same three membership levels that exist today, Silver, Gold and Diamond, but members now have new ways to enjoy greater benefits by graduating to higher membership levels. In addition to ProAdvisors being able to move up member levels by passing QuickBooks certification exams, they can now also do so based on the number of QuickBooks Online clients their firm serves. Only Certified ProAdvisors, however, can be listed on the Find-a-ProAdvisor website, an online directory that receives more than 600,000 visits a year by small businesses looking for help from a QuickBooks expert.
The qualifying criteria for the member levels are:
New QuickBooks Online Advanced Certification and New Badges
Education continues to be at the core of the QuickBooks ProAdvisor Program. In Fiscal Year 2014, QuickBooks Online certifications grew by 250 percent worldwide. As a result, the ProAdvisor Program now offers QuickBooks Online Advanced Certification, a brand new certification that helps accounting professionals further distinguish themselves from their peers and attract new QuickBooks Online clients. For the first time ever, ProAdvisors interested in serving their growing number of online clients can reach the Diamond membership level and enjoy all its benefits, including premium technical support. The new QuickBooks Online Advanced Certification will help ProAdvisors better serve online clients and gain access to more program benefits.
Additionally, a new set of ProAdvisor certification badges will be available for Certified ProAdvisors to use in marketing materials, including business cards, websites and brochures starting in early December.
Built Into the New QuickBooks Online Accountant
Starting in December 2014, the QuickBooks ProAdvisor Program can be accessed directly from the new QuickBooks Online Accountant, doing away with the need for a different username and password to access ProAdvisor member information and benefits. Key elements of the ProAdvisor Program experience within the new QuickBooks Online Accountant include:
ProAdvisor Dashboard: View ProAdvisor information including member level, number of QuickBooks Online Clients and certification status to quickly understand necessary actions to move to the next level.
Training and Certification: Improve expertise through a comprehensive QuickBooks training program. ProAdvisors are able to choose from more than 70 optional QuickBooks training courses to expand their knowledge and to prepare and take certification exams.
Online Directory Profile: Sign up for, view, edit and publish their Find-a-ProAdvisor directory profile.
Resources: Leverage marketing documents, templates and other resources to help accountants grow their practice.
Pricing and Availability
The new QuickBooks ProAdvisor Program is free for all accounting professionals to join starting in December 2014. For accounting professionals serving QuickBooks desktop clients, they will be able to purchase QuickBooks desktop software, desktop certifications and desktop support for an additional fee of $549.
Resources
QuickBooks Online Accountant Press Release
New ProAdvisor Program Blog Post
About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken® and TurboTax®, which make it easier to manage small businesses and payroll processing, personal finance, and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money, while Demandforce® offers marketing and communication tools for small businesses. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its fiscal year 2014. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
SOURCE: Intuit Inc.
Sunday, October 19, 2014
Maximizing Home Office Deductions
Many small firms - and freelance bookkeeping practices - are run through home offices. The general rule for deducting any expenses associated with that home office is that a deduction is allowed only if you use the home office regularly and exclusively for business purposes. The home office must be a principal place of business or a place to meet or do work for clients or customers in the normal course of doing business. For employees, the home office must be used for the employer's - not the employee's - convenience.
Assuming that you qualify for the home office deduction, you may deduct:
Please note: If you sell the home at some point, the amount deducted for depreciation expense over the years is subject to recapture as ordinary income.
Example: For the last 10 years, you have been taking $5,000 a year in depreciation expense for the portion of your home devoted regularly and exclusively to your consulting firm, for the total accumulated depreciation to date of $50,000. In 2015, you must report an added $50,000 in ordinary income on your tax return.
Tip: Before taking depreciation on a home office, consider how long you plan to own the home and if the possibility of recognizing ordinary income in acceptable. Consult your tax advisor.
Assuming that you qualify for the home office deduction, you may deduct:
- expenses directly related to the home office (e.g., the cost of painting a room that is used exclusively for business);
- a relative share of some expenses, e.g. real estate taxes, mortgage interest, utilities, insurance, repairs; and
- depreciation of the portion of the home used for business.
Please note: If you sell the home at some point, the amount deducted for depreciation expense over the years is subject to recapture as ordinary income.
Example: For the last 10 years, you have been taking $5,000 a year in depreciation expense for the portion of your home devoted regularly and exclusively to your consulting firm, for the total accumulated depreciation to date of $50,000. In 2015, you must report an added $50,000 in ordinary income on your tax return.
Tip: Before taking depreciation on a home office, consider how long you plan to own the home and if the possibility of recognizing ordinary income in acceptable. Consult your tax advisor.
📌 QuickBooks, Bookkeeping, Accounting, Business Services
The business of growing your small business.
Whether you are a start-up business, a growing business or a mature corporation, Kathryn C. Tiffany, LLC has the expertise to help you. Through prompt and timely service, along with an intimate knowledge of the rules and regulations, we can keep you ahead of government deadlines, maintain order in your internal financial systems, and reduce the headaches that come with owning a business. We can handle it all, from your payroll needs to banking and check writing. If you're having issues preparing your financial statements, we can tackle them for you. You name it. . .we can do it!
We can provide you with:
Monthly/quarterly processing of financial information
Payroll processing, tax reporting, and recordkeeping
Bookkeeping assistance/training and overload services
Start-up assistance and accounting systems development
Business plan development
Monthly/quarterly tasks and reports
Reconcile bank account(s)
Generate Income Statement
Generate Balance Sheet
Generate Statement of Cash Flow
Maintain General Ledger
Why hire staff? Let Kathryn C. Tiffany, LLC do your monthly bookkeeping at a fraction of the cost of a full-time employee.
Our talented team is experienced with all the major accounting software programs, including QuickBooks. We perform vital accounting functions, such as accounts payable/receivable, payroll, general ledger accounting, bank reconciliations, financial statement preparation and financial analysis.
When you retain our services, we make it a priority to learn your goals and operations quickly so we can hit the ground running. Based on experience, we can easily identify opportunities for more effective tax planning, improved internal controls, and other areas that will make your business more profitable.
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Email: Kathryn@TiffanyAccounting.com
Phone: 856-803-4651
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Web: http://www.TiffanyAccounting.com
Affiliations:
- QuickBooks Certified ProAdvisor
- National Association of Certified Public Bookkeepers»Member
- American Institute of Professional Bookkeepers » Member
- Voorhees Business Association» Member
- Chamber of Commerce» Member
- Association of Certified Fraud Examiners» Member
South Jersey Bookkeeping Services: 856-803-4651
Kathryn C. Tiffany, LLC is seeking new QuickBooks clients for bookkeeping in your office, our office or remotely. More than 25 years of experience as bookkeeper and CFO/business office manager.
We provide QuickBooks accounting services from small to large companies and individuals from accounts payable to payroll, give us a call!
QuickBooks sales and setup services available.
Call or email us TODAY!
(856) 803-4651
Kathryn@TiffanyAccounting.com
We provide QuickBooks accounting services from small to large companies and individuals from accounts payable to payroll, give us a call!
QuickBooks sales and setup services available.
Call or email us TODAY!
(856) 803-4651
Kathryn@TiffanyAccounting.com
Friday, October 17, 2014
•► STARTING A BUSINESS? Worried About Profits? CALL US! (NJ: Certified QuickBooks ProAdvisor)
* Are there financial reports you should be getting regularly to run your business but aren't?
* Are you losing revenue due to delinquency in billing for services provided?
* Are valuable business tax deductions slipping through your fingers?
* Is the lack of timely financial information and alarm bells hurting your business? If so, We Can Help You. With our services you can:
* Maintain all relevant financial reports in one place and at your fingertips.
* Stop unbilled fees from slipping through the cracks.
* Know you're getting all available tax deductions.
* Regularly monitor your business's Key Performance Indicators.
* Rest assured, knowing you're in control of your company's finances.
And since we charge significantly less than your CPA, you'll save hundreds of dollars a year in accounting fees.
We have A Proven Track Record of helping many organizations, including:
* A catering company. We set them up on QuickBooks and customized it to track sales by customer type and marketing costs by sales channel.
We trained their staff person in bookkeeping, payroll, sales tax and cash flow management.
In addition, we helped the owners set up a system for tracking food costs and other Key Performance Indicators.
* A family day care provider. We set them up on QuickBooks and customized it for their business, allowing them to track revenue from services,
special events, and governmental subsidies. They were also now able to generate information useful to support tax deductions and tax forms.
We created procedures to capture and record fully- and partially-deductible business expenses,
including automobile and household expenses, resulting in hundreds of dollars in tax savings that might otherwise have slipped through the cracks.
* A beauty salon, that provided a range of services, sold hair products, and produced their own line of designer clothing. We set up a QuickBooks
general ledger and point of sale system to track revenue and expenses by services, product lines, station rentals, and by individual stylists,
including supplies used by each stylist and commissions paid to employees. The owner was thus able to draw upon detailed profitability reports
to identify slow moving inventory items, to set and change prices as needed, and to create employee incentive bonuses.
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Track. Measure. Improve.
Business Performance Management
Business Process Management
Website: www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
Telephone: (856) 803-4651
Why not let a Certified QuickBooks ProAdvisor help you get the most out of QuickBooks, at reasonable rates?
We're QuickBooks specialists, with over 25 years experience in accounting, business and nonprofit consulting.
We understand your needs.
Among the service we provide are:
* Setup and customization of QuickBooks-based accounting systems,
* Training on all aspects of QuickBooks,
* Development of QuickBooks-related accounting procedures,
* QuickBooks data file analysis and repair,
* Pre-employment screening for prospective accounting staff,
* Staff testing --in the areas of QuickBooks, accounting and computer usage,
* QuickBooks integration with 3rd party applications, and
* QuickBooks technical support and consultation.
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Track. Measure. Improve.
Business Performance Management
Business Process Management
www.TiffanyAccounting.com
(856) 803-4651
accountant, accounting, audit, bookkeeping, books, business, finances, financial, Intuit, IRS, nonprofit, nonprofits, paperwork, profits, profitable, profitability, QuickBooks, tax, taxes
* Are you losing revenue due to delinquency in billing for services provided?
* Are valuable business tax deductions slipping through your fingers?
* Is the lack of timely financial information and alarm bells hurting your business? If so, We Can Help You. With our services you can:
* Maintain all relevant financial reports in one place and at your fingertips.
* Stop unbilled fees from slipping through the cracks.
* Know you're getting all available tax deductions.
* Regularly monitor your business's Key Performance Indicators.
* Rest assured, knowing you're in control of your company's finances.
And since we charge significantly less than your CPA, you'll save hundreds of dollars a year in accounting fees.
We have A Proven Track Record of helping many organizations, including:
* A catering company. We set them up on QuickBooks and customized it to track sales by customer type and marketing costs by sales channel.
We trained their staff person in bookkeeping, payroll, sales tax and cash flow management.
In addition, we helped the owners set up a system for tracking food costs and other Key Performance Indicators.
* A family day care provider. We set them up on QuickBooks and customized it for their business, allowing them to track revenue from services,
special events, and governmental subsidies. They were also now able to generate information useful to support tax deductions and tax forms.
We created procedures to capture and record fully- and partially-deductible business expenses,
including automobile and household expenses, resulting in hundreds of dollars in tax savings that might otherwise have slipped through the cracks.
* A beauty salon, that provided a range of services, sold hair products, and produced their own line of designer clothing. We set up a QuickBooks
general ledger and point of sale system to track revenue and expenses by services, product lines, station rentals, and by individual stylists,
including supplies used by each stylist and commissions paid to employees. The owner was thus able to draw upon detailed profitability reports
to identify slow moving inventory items, to set and change prices as needed, and to create employee incentive bonuses.
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Track. Measure. Improve.
Business Performance Management
Business Process Management
Website: www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
Telephone: (856) 803-4651
Why not let a Certified QuickBooks ProAdvisor help you get the most out of QuickBooks, at reasonable rates?
We're QuickBooks specialists, with over 25 years experience in accounting, business and nonprofit consulting.
We understand your needs.
Among the service we provide are:
* Setup and customization of QuickBooks-based accounting systems,
* Training on all aspects of QuickBooks,
* Development of QuickBooks-related accounting procedures,
* QuickBooks data file analysis and repair,
* Pre-employment screening for prospective accounting staff,
* Staff testing --in the areas of QuickBooks, accounting and computer usage,
* QuickBooks integration with 3rd party applications, and
* QuickBooks technical support and consultation.
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Track. Measure. Improve.
Business Performance Management
Business Process Management
www.TiffanyAccounting.com
(856) 803-4651
accountant, accounting, audit, bookkeeping, books, business, finances, financial, Intuit, IRS, nonprofit, nonprofits, paperwork, profits, profitable, profitability, QuickBooks, tax, taxes
State News
NEW JERSEY:
For 2015, the taxable wage base for UI, temporary disability and family leave insurance is $32,000 (Dept. of Labor and Workforce Development, Div of Employer Accounts, 2015).
Wednesday, October 8, 2014
Our Services
You need and want accurate, timely accounting information. With Kathryn C. Tiffany, LLC experienced staff handling your bookkeeping needs, you can get back to the business you do best, your business!
Bookkeeping
We charge only for the tasks you need performed, saving you valuable time and money. End the hassle of internal bookkeeper turn over and re-training.
Payroll
We make paydays easy – just send your hours and pay amounts and we take care of the rest!
QuickBooks Training & Support
Schedule one on one training, have us set up your company file, or trouble shoot it!
Kathryn@TiffanyAccounting.com
www.TiffanyAccounting.com
Call Today! 856-803-4651
Bookkeeping
We charge only for the tasks you need performed, saving you valuable time and money. End the hassle of internal bookkeeper turn over and re-training.
Payroll
We make paydays easy – just send your hours and pay amounts and we take care of the rest!
QuickBooks Training & Support
Schedule one on one training, have us set up your company file, or trouble shoot it!
Kathryn@TiffanyAccounting.com
www.TiffanyAccounting.com
Call Today! 856-803-4651
Common Forms
Form W4
http://www.irs.gov/Form W4
Employes Withholding Allowance Certificate.
IRS Form I-9
Employment Verification.
Form 1040-ES
Estimated Tax Payments for Individuals.
Form W9
Request for Taxpayer ID Number and Certification
Circular E
NJ Resale Certificate
http://www.state.nj.us
http://www.irs.gov/Form W4
Employes Withholding Allowance Certificate.
Employment Verification.
Estimated Tax Payments for Individuals.
Request for Taxpayer ID Number and Certification
NJ Resale Certificate
http://www.state.nj.us
Friday, September 26, 2014
New York state sends out tax rebate checks
ALBANY, N.Y. (AP) - Thousands of middle-class families in New York will soon receive a $350 check from the state.
The state mailed out the tax rebate checks this week to New York residents who claimed at least one child under age 17 on their 2012 tax return and whose adjusted gross income was between $40,000 and $300,000.
Next month the state will send out property tax rebate checks to homeowners in communities whose school districts stayed below the state's new tax cap.
Eligible taxpayers will receive the checks automatically.
The two rebate programs were approved by lawmakers and Gov. Andrew Cuomo in the past two years, part of an effort to address New York's reputation as a high-tax state.
"This much-needed relief for families is one of many steps taken by Gov. Cuomo to control and reduce taxes," said Richard Azzopardi, a spokesman for the Democratic governor. "As the governor has repeatedly said, New York has no future as the high tax capital of the world."
The state mailed out the tax rebate checks this week to New York residents who claimed at least one child under age 17 on their 2012 tax return and whose adjusted gross income was between $40,000 and $300,000.
Next month the state will send out property tax rebate checks to homeowners in communities whose school districts stayed below the state's new tax cap.
Eligible taxpayers will receive the checks automatically.
The two rebate programs were approved by lawmakers and Gov. Andrew Cuomo in the past two years, part of an effort to address New York's reputation as a high-tax state.
"This much-needed relief for families is one of many steps taken by Gov. Cuomo to control and reduce taxes," said Richard Azzopardi, a spokesman for the Democratic governor. "As the governor has repeatedly said, New York has no future as the high tax capital of the world."
☼ Bookkeeping services for small businesses
STREAMLINE BOOKKEEPING - SMALL BUSINESS BOOKKEEPING SERVICES
We've created systems to make sure you get all the information you need so you can spend your time on what you do best. On a monthly basis we reconcile bank statements, credit card statements, and prepare your financial statements. Whether you are a sole proprietor, partnership, corporation, or non-profit, we help to keep your business running smoothly.
Accurate and timely financial statements help you:
-increase the value of your company
-improve access to financing
-control costs: ensure that all expenses are confirmed, and reduce tax return preparation expense
-minimize stress at year-end: your financial statements will be ready for your tax preparer
-make informed decisions
-see your business trends clearly and easily
Call us for a free phone consultation!
Thank you,
Kathryn C. Tiffany, LLC
Certified Professional Bookkeeper and Certified QuickBooks ProAdvisor
Voorhees, NJ
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Website: http://www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Association of Certified Fraud Examiners, Intuit QuickBooks Advisor Program, Voorhees Business Association, and Chamber of Commerce.
We've created systems to make sure you get all the information you need so you can spend your time on what you do best. On a monthly basis we reconcile bank statements, credit card statements, and prepare your financial statements. Whether you are a sole proprietor, partnership, corporation, or non-profit, we help to keep your business running smoothly.
Accurate and timely financial statements help you:
-increase the value of your company
-improve access to financing
-control costs: ensure that all expenses are confirmed, and reduce tax return preparation expense
-minimize stress at year-end: your financial statements will be ready for your tax preparer
-make informed decisions
-see your business trends clearly and easily
Call us for a free phone consultation!
Thank you,
Kathryn C. Tiffany, LLC
Certified Professional Bookkeeper and Certified QuickBooks ProAdvisor
Voorhees, NJ
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Website: http://www.TiffanyAccounting.com
Email: Kathryn@TiffanyAccounting.com
Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Association of Certified Fraud Examiners, Intuit QuickBooks Advisor Program, Voorhees Business Association, and Chamber of Commerce.
QuickBooks: Error codes
When software crashes, the best thing to do is to:
It's best to close out other windows when you install software to avoid ending up with corrupt files during the installation.
- Reboot your computer
- And if that doesn't solve the problem
- Reinstall the software, which usually will fix the problem.
It's best to close out other windows when you install software to avoid ending up with corrupt files during the installation.
QuickBooks: How to set up a Clearing Account
To set up a Clearing Account
Add a new account to your Chart of Accounts.
While you can choose several types of account, the best is a bank account:
To set up a Clearing Account:
In the menu bar, select Lists and then Chart of Accounts.
Right click in the Chart of Accounts and select New.
In the Add New Account window, click the Bank button.
Click Continue
In the Account Name field, enter Clearing Account, Wash Account or Barter Account.
DO NOT enter an opening balance.
Click the Save and Close button.
A typical transaction:
Create a journal entry
Add the A/R or A/P from which you are moving money.
Add the Clearing Account.
Save the Journal Entry.
Create a second Journal Entry.
Add the Clearing Account.
Add the A/R or A/P account to which you moving money.
In either Pay Bills or Receive Payments, link the Journal Entries together.
The most common reason that we need a Clearing Account in QuickBooks is that the program will not let you record transactions that contain: Two Accounts Receivable accounts. Two Accounts Payable accounts. One Accounts Receivable account and one Accounts Payable account.
Add a new account to your Chart of Accounts.
While you can choose several types of account, the best is a bank account:
To set up a Clearing Account:
In the menu bar, select Lists and then Chart of Accounts.
Right click in the Chart of Accounts and select New.
In the Add New Account window, click the Bank button.
Click Continue
In the Account Name field, enter Clearing Account, Wash Account or Barter Account.
DO NOT enter an opening balance.
Click the Save and Close button.
A typical transaction:
Create a journal entry
Add the A/R or A/P from which you are moving money.
Add the Clearing Account.
Save the Journal Entry.
Create a second Journal Entry.
Add the Clearing Account.
Add the A/R or A/P account to which you moving money.
In either Pay Bills or Receive Payments, link the Journal Entries together.
The most common reason that we need a Clearing Account in QuickBooks is that the program will not let you record transactions that contain: Two Accounts Receivable accounts. Two Accounts Payable accounts. One Accounts Receivable account and one Accounts Payable account.
QuickBooks: How to merge (combine) two vendor names
Follow these simple steps to merge two vendor names.
Click the Vendor Center.
Click the Vendors tab.
Right-click the vendor name you DON'T want to use, and then Edit Vendor.
In the Edit Vendor window, change the vendor name to the same name as the vendor you're combining it with.
Click OK.
Click YES to confirm that you want to merge the two vendor names under the same name.
Click the Vendor Center.
Click the Vendors tab.
Right-click the vendor name you DON'T want to use, and then Edit Vendor.
In the Edit Vendor window, change the vendor name to the same name as the vendor you're combining it with.
Click OK.
Click YES to confirm that you want to merge the two vendor names under the same name.
Tuesday, September 23, 2014
Dual control system: Why it's important to establish an internal control system to prevent embezzlement
Trusted bookkeeper steals $433k + from local business
By Brenton Awa
UPDATED 10:52 PM HST Sep 22, 2014
HONOLULU —A trusted bookkeeper at a family owned business systematically swindled the business out of about $433,000. Now she's about to be kept behind bars.
Rhona Pizarro walked out of federal court today after the judge made that ruling.
In court, Pizarro stood up, looked at the people she ripped off and said she truly apologizes. She said what she did was terribly wrong and there's no way she can make it right.
Pizaro worked for the Filter Queen of Hawaii, a local vacuum shop, for nearly 30 years. She did the bookkeeping, but used the company's credit cards and business checks to pay for her personal items. That included car repairs and electric bills.
The son of the man who started the vacuum business says the company went through extreme hardships during that time and wants this case to be a lesson for others.
"We're thankful for the justice, that justice has been served. This happened for years. We put this in God's hands and that's what I have to say today," said Barry Schneider of Filter Queen of Hawaii. "Just remember that this is the land of aloha and people need to respect each other and do the right thing."
In a deal with the government Pizarro pleaded guilty to fraud and using an unauthorized access device to get the money.
Pizarro was sentenced to 24 months in prison and she'll have to pay back that money she stole.
- Source: http://www.kitv.com
Dual control system requires the authorization or approval of two individuals to complete a transaction. It’s that simple. One individual should not be responsible for an entire financial transaction from beginning to finish. Many small companies fall into the trap of having one bookkeeper handle all accounts payable and accounts receivable and write, sign, and deliver the checks. The dual control system puts a second set of eyes on transactions, greatly lessening the risk of embezzlement.
By Brenton Awa
UPDATED 10:52 PM HST Sep 22, 2014
HONOLULU —A trusted bookkeeper at a family owned business systematically swindled the business out of about $433,000. Now she's about to be kept behind bars.
Rhona Pizarro walked out of federal court today after the judge made that ruling.
In court, Pizarro stood up, looked at the people she ripped off and said she truly apologizes. She said what she did was terribly wrong and there's no way she can make it right.
Pizaro worked for the Filter Queen of Hawaii, a local vacuum shop, for nearly 30 years. She did the bookkeeping, but used the company's credit cards and business checks to pay for her personal items. That included car repairs and electric bills.
The son of the man who started the vacuum business says the company went through extreme hardships during that time and wants this case to be a lesson for others.
"We're thankful for the justice, that justice has been served. This happened for years. We put this in God's hands and that's what I have to say today," said Barry Schneider of Filter Queen of Hawaii. "Just remember that this is the land of aloha and people need to respect each other and do the right thing."
In a deal with the government Pizarro pleaded guilty to fraud and using an unauthorized access device to get the money.
Pizarro was sentenced to 24 months in prison and she'll have to pay back that money she stole.
- Source: http://www.kitv.com
Dual control system requires the authorization or approval of two individuals to complete a transaction. It’s that simple. One individual should not be responsible for an entire financial transaction from beginning to finish. Many small companies fall into the trap of having one bookkeeper handle all accounts payable and accounts receivable and write, sign, and deliver the checks. The dual control system puts a second set of eyes on transactions, greatly lessening the risk of embezzlement.
QUICKBOOKS DESKTOP 2015: OVERVIEW
Designed To Improve Efficiency, Gain Better Insights and Simplify Communication Between the Accountant and The Client.
Businesses that use QuickBooks love to work with software that is easy to use and reduces manual entry.
With QuickBooks 2015, small businesses can complete their financial and accounting responsibilities with a minimum amount of effort so they can focus on growing their business.
With the improved communication tools, staying connected with the company’s accountant just became a whole lot easier!
Businesses that use QuickBooks love to work with software that is easy to use and reduces manual entry.
With QuickBooks 2015, small businesses can complete their financial and accounting responsibilities with a minimum amount of effort so they can focus on growing their business.
With the improved communication tools, staying connected with the company’s accountant just became a whole lot easier!
Payroll service and QuickBooks
Make sure Gross Wages match your payroll reports provided at year-end.
Sunday, September 21, 2014
Calculators: Will you have enough to retire?
Sources: Social Security Administration; Federal Reserve of Philadelphia; Department of Labor.
Methodology
This calculator estimates how much you'll need to save for retirement. To make sure you're thinking about the long haul, we assume you'll live to age 92. But you could live to be 100 or incur large medical bills early on in retirement that may raise your costs even further. Social Security is factored into these calculations, but other sources of income, such as pensions and annuities, are not. All calculations are pre-tax.
The results offer a general idea of how much you'll need and are not intended to be investment advice. The results are presented in both future dollars (at retirement) and today's dollars, which is calculated using an inflation rate of 2.3%.
How we calculate your savings goal
First, we determine what your income will be at the time you retire by growing your current income at an annual rate of 3.8% (the inflation rate of 2.3%, plus the salary growth rate of 1.5%). We then assume you can live comfortably off of 85% of your pre-retirement income. So if you earn $100,000 the year you retire, we estimate you will need $85,000 during the first year of retirement. For each subsequent year, we increase your income need by 2.3% to keep up with inflation. We then factor in Social Security by subtracting your estimated benefits (more on that below) since that income will reduce the amount you will need to save.
The second step is to calculate the total savings you will need at the time you retire, in order to generate enough income for each year of retirement. To do this, we determine what it would cost to purchase a fixed income annuity, with inflation-adjusted payments, using a discount rate (or rate of return) of 6%. The cost to purchase this hypothetical annuity is your target savings goal.
How we calculate the amount you will save
To figure out how much you will save by the time you retire, we first estimate your future income by growing your current income at a rate of 3.8% (the inflation rate of 2.3%, plus the salary growth rate of 1.5%). Then, we determine what the sum of your annual contributions will be between now and retirement. We assume your current savings and future contributions are invested and will earn an average annual rate of return of 6%.
How we estimate Social Security benefits
We estimate your Social Security benefits based on the assumption that you will have worked at least 35 years and will start collecting benefits at age 67. For most people who are working today, that's considered full retirement age. If you plan on retiring after age 67, we assumed the benefits are invested (along with your savings) and grown at the same average rate of return of 6%. We use your estimated pre-retirement income to calculate your estimated annual Social Security benefits, based on current benefit formulas and accounting for inflation. To better understand your actual Social Security benefits, please visit www.ssa.gov.
Calculator: http://money.cnn.com
Methodology
This calculator estimates how much you'll need to save for retirement. To make sure you're thinking about the long haul, we assume you'll live to age 92. But you could live to be 100 or incur large medical bills early on in retirement that may raise your costs even further. Social Security is factored into these calculations, but other sources of income, such as pensions and annuities, are not. All calculations are pre-tax.
The results offer a general idea of how much you'll need and are not intended to be investment advice. The results are presented in both future dollars (at retirement) and today's dollars, which is calculated using an inflation rate of 2.3%.
How we calculate your savings goal
First, we determine what your income will be at the time you retire by growing your current income at an annual rate of 3.8% (the inflation rate of 2.3%, plus the salary growth rate of 1.5%). We then assume you can live comfortably off of 85% of your pre-retirement income. So if you earn $100,000 the year you retire, we estimate you will need $85,000 during the first year of retirement. For each subsequent year, we increase your income need by 2.3% to keep up with inflation. We then factor in Social Security by subtracting your estimated benefits (more on that below) since that income will reduce the amount you will need to save.
The second step is to calculate the total savings you will need at the time you retire, in order to generate enough income for each year of retirement. To do this, we determine what it would cost to purchase a fixed income annuity, with inflation-adjusted payments, using a discount rate (or rate of return) of 6%. The cost to purchase this hypothetical annuity is your target savings goal.
How we calculate the amount you will save
To figure out how much you will save by the time you retire, we first estimate your future income by growing your current income at a rate of 3.8% (the inflation rate of 2.3%, plus the salary growth rate of 1.5%). Then, we determine what the sum of your annual contributions will be between now and retirement. We assume your current savings and future contributions are invested and will earn an average annual rate of return of 6%.
How we estimate Social Security benefits
We estimate your Social Security benefits based on the assumption that you will have worked at least 35 years and will start collecting benefits at age 67. For most people who are working today, that's considered full retirement age. If you plan on retiring after age 67, we assumed the benefits are invested (along with your savings) and grown at the same average rate of return of 6%. We use your estimated pre-retirement income to calculate your estimated annual Social Security benefits, based on current benefit formulas and accounting for inflation. To better understand your actual Social Security benefits, please visit www.ssa.gov.
Calculator: http://money.cnn.com
Saturday, September 20, 2014
Emergency landing offers lessons in business, life
By Andy Bailey
Last month, I was flying back from Texas with my oldest daughter when a woman in the seat in front of us had a medical issue. The passenger beside her noticed that something was wrong and alerted the flight attendants. After a few hurried minutes of activity and help from a nurse who just happened to be on the plane, the situation escalated.
Several passengers — myself included — stepped in to help lay her flat in the aisle, provide her with oxygen, take her blood pressure and attempt to communicate with her. These three passengers (who had never met and did not have much expertise), the nurse and the crew were able to get her situated so we could continue care and make a decision about what needed to happen next. Do we land or keep going?
Here are four key lessons I learned from that flight.
1.Sometimes you just have to stop and think. In business and in life, moments of urgency are all around us. We, being human, tend to react rather than respond to situations.
On that flight, for example, we initially reacted and then, once we had to, we stopped to think, “What now?” We had a critical choice to make and even without knowing all of the details about the woman’s condition, we made it. We decided to land and get her professional care.
Sometimes in life we should take a step back, stop reacting and think about what must happen next to ensure, as best we can, the greatest positive outcome.
2.Decide to change your path. Once we decided that the woman needed professional care, the next step became clear: descend quickly and get on the ground as soon as possible.
Changing a path you have set out on is never an easy thing to do. John Mullins, Professor of Entrepreneurship at The London Business School, talks about the fact that most businesses end up being something much different than they were originally intended to be. This success in Plan B is often attributed to the willingness to attempt, fail and learn in a repeated manner with the eventuality of a change in direction.
3. Grab a friend and a professional. On our flight, the small team of caregivers became friends to the woman. I am not sure if any of us thought much about it, but when the need arose, we just, well, helped.
In life, either professionally or personally, you will need a friend or two to just help sometimes. Find yourself a few true friends that will be there when the times get tough, because they will, and be vulnerable with those people. Talk with them about your fears and shortcomings. Being vulnerable builds trust faster than anything else.
On our flight, the woman was likely at the most vulnerable point in her life, traveling alone and 30,000 feet in the air. She needed friends.
Also, it helps to have a professional on your team of friends. Whatever you are doing or wanting to do, there are people who have done it and have done it well. They know the answers to most of the questions. Seek these people out and ask for help and they will likely give it freely. Remember, someone did it for them, too.
4. You are not alone — ever. This was something that surprised me on that flight. No matter where you are in life. No matter how tough it gets. No matter the circumstances. We are never completely alone. There will always be someone that will help us. We just need to ask and be open to it.
The flight story ends with a landing in Little Rock and the EMTs boarding the plane to take over the care. I don’t know what happened after my new friend left the plane, but I do know that through the experience, I learned a little more about myself and the grace of others.
Andy Bailey is lead entrepreneur coach with business coaching firm Petra and serves as the entrepreneur organization’s global membership director. Visit his blog at www.petracoach.com for more business and leadership insight.
- Source: http://www.tennessean.com
Last month, I was flying back from Texas with my oldest daughter when a woman in the seat in front of us had a medical issue. The passenger beside her noticed that something was wrong and alerted the flight attendants. After a few hurried minutes of activity and help from a nurse who just happened to be on the plane, the situation escalated.
Several passengers — myself included — stepped in to help lay her flat in the aisle, provide her with oxygen, take her blood pressure and attempt to communicate with her. These three passengers (who had never met and did not have much expertise), the nurse and the crew were able to get her situated so we could continue care and make a decision about what needed to happen next. Do we land or keep going?
Here are four key lessons I learned from that flight.
1.Sometimes you just have to stop and think. In business and in life, moments of urgency are all around us. We, being human, tend to react rather than respond to situations.
On that flight, for example, we initially reacted and then, once we had to, we stopped to think, “What now?” We had a critical choice to make and even without knowing all of the details about the woman’s condition, we made it. We decided to land and get her professional care.
Sometimes in life we should take a step back, stop reacting and think about what must happen next to ensure, as best we can, the greatest positive outcome.
2.Decide to change your path. Once we decided that the woman needed professional care, the next step became clear: descend quickly and get on the ground as soon as possible.
Changing a path you have set out on is never an easy thing to do. John Mullins, Professor of Entrepreneurship at The London Business School, talks about the fact that most businesses end up being something much different than they were originally intended to be. This success in Plan B is often attributed to the willingness to attempt, fail and learn in a repeated manner with the eventuality of a change in direction.
3. Grab a friend and a professional. On our flight, the small team of caregivers became friends to the woman. I am not sure if any of us thought much about it, but when the need arose, we just, well, helped.
In life, either professionally or personally, you will need a friend or two to just help sometimes. Find yourself a few true friends that will be there when the times get tough, because they will, and be vulnerable with those people. Talk with them about your fears and shortcomings. Being vulnerable builds trust faster than anything else.
On our flight, the woman was likely at the most vulnerable point in her life, traveling alone and 30,000 feet in the air. She needed friends.
Also, it helps to have a professional on your team of friends. Whatever you are doing or wanting to do, there are people who have done it and have done it well. They know the answers to most of the questions. Seek these people out and ask for help and they will likely give it freely. Remember, someone did it for them, too.
4. You are not alone — ever. This was something that surprised me on that flight. No matter where you are in life. No matter how tough it gets. No matter the circumstances. We are never completely alone. There will always be someone that will help us. We just need to ask and be open to it.
The flight story ends with a landing in Little Rock and the EMTs boarding the plane to take over the care. I don’t know what happened after my new friend left the plane, but I do know that through the experience, I learned a little more about myself and the grace of others.
Andy Bailey is lead entrepreneur coach with business coaching firm Petra and serves as the entrepreneur organization’s global membership director. Visit his blog at www.petracoach.com for more business and leadership insight.
- Source: http://www.tennessean.com
Saturday, September 13, 2014
Small Business Bookkeeping
If you own a small business, then you know all the financial issues that you have to work through – cash flow, loans, profitability, payroll, goal setting, team management, etc….
And if you are like most Small Business Owners, you don’t have many people to talk to about these things either.
At Kathryn C. Tiffany, LLC, we know about all these things. Not only do we the see the inside of 100′s of successful Small Business Owners and can tell you what successful Small Business Owners do, but we can also help you avoid the common counter-intuitive pitfalls that most Small Businesses encounter.
No matter what you use for, you’re going to end up making more money!
And if you are like most Small Business Owners, you don’t have many people to talk to about these things either.
At Kathryn C. Tiffany, LLC, we know about all these things. Not only do we the see the inside of 100′s of successful Small Business Owners and can tell you what successful Small Business Owners do, but we can also help you avoid the common counter-intuitive pitfalls that most Small Businesses encounter.
No matter what you use for, you’re going to end up making more money!
Friday, August 22, 2014
Looking for a Bookkeeper in New Jersey? Here’s What to Look For
Here are a few questions to ask when you are interviewing candidates to fulfill bookkeeping duties for your business:
Past experience matters.
Ask about their prior bookkeeping experience. Are they familiar with your industry? Have they previously worked for a company your size?
What else can you do?
Find out what services they are willing to offer beyond QuickBooks. Advising, cash flow reports, budgeting, audit support, accounting, payroll, and forensic bookkeeping are just a few other services you may need along the way.
Who’s my contact? Who does the work?
Determine whom you will work with. Smaller firms may have you working directly with one of the firm’s owners, while bigger firms will likely hand you off to a junior accountant. Both situations could have pros and cons, but knowing the flexibility and response times you should expect is essential.
Do I trust this person?
Ask yourself if you are comfortable chatting with him or her. Is this a person with whom you can work closely, share privileged information, network, and call with questions or emergencies?
Kathryn C. Tiffany, LLC is a trusted bookkeeping service for scores of small businesses in NJ area. Our bookkeepers have the training, knowledge, and expertise to help you take your company to the next level. We have been working with South Jersey area businesses for over 25 years, and have experience in a wide range of industries.
Learn more about how our complete line of bookkeeping services can help your NJ business, and maximize your use of QuickBooks.
Call today! 856-803-4651
Monday, August 18, 2014
QuickBooks: Need Bookkeeping Services for Your Growing Business?
Are you ready to find someone who can simply handle all of your bookkeeping needs so you don’t have to?
Are you looking to get your books under control, once and for all?
Is your bookkeeping taking up more and more of your time, but not enough to hire someone full time?
If so, then you’re in the perfect place to find out more about our bookkeeping services. We can help you with any or all aspects of your bookkeeping needs.
Are you looking to get your books under control, once and for all?
Is your bookkeeping taking up more and more of your time, but not enough to hire someone full time?
If so, then you’re in the perfect place to find out more about our bookkeeping services. We can help you with any or all aspects of your bookkeeping needs.
Saturday, August 9, 2014
Tax Due Dates
August 11, 2014
Employees - who work for tips. If you received $20 or more in tips during July, report them to your employer. You can use Form 4070. September 10 Employees - who work for tips. If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2014. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.
September 15 Individuals - Make a payment of your 2014 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2014.
Corporations - File a 2013 calendar year income tax return (Form 1120) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17.
S Corporations - File a 2013 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
Partnerships - File a 2013 calendar year return (Form 1065). This due date applies only if you were given an additional 5-month extension. Otherwise see April 15. Provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1.
Corporations - Deposit the third installment of estimated income tax for 2014. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.
October 2014
October 10 Employees - who work for tips. If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.
October 15 Individuals - If you have an automatic 6-month extension to file your income tax return for 2013, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.
Electing Large Partnerships - File a 2013 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 17 for the due date for furnishing or substituting the Schedules K-1 to the partners.
November 2014
November 10 Employees - who work for tips. If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.
Employees - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2014. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.
December 2014
December 10 Employees - who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
December 15 Corporations - Deposit the fourth installment of estimated income tax for 2014. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employees - who work for tips. If you received $20 or more in tips during July, report them to your employer. You can use Form 4070. September 10 Employees - who work for tips. If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2014. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.
September 15 Individuals - Make a payment of your 2014 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2014.
Corporations - File a 2013 calendar year income tax return (Form 1120) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17.
S Corporations - File a 2013 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 17. Provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1.
Partnerships - File a 2013 calendar year return (Form 1065). This due date applies only if you were given an additional 5-month extension. Otherwise see April 15. Provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1.
Corporations - Deposit the third installment of estimated income tax for 2014. A worksheet, Form 1120-W, is available to help you make an estimate of your tax for the year.
October 2014
October 10 Employees - who work for tips. If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.
October 15 Individuals - If you have an automatic 6-month extension to file your income tax return for 2013, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due.
Electing Large Partnerships - File a 2013 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension. See March 17 for the due date for furnishing or substituting the Schedules K-1 to the partners.
November 2014
November 10 Employees - who work for tips. If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.
Employees - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2014. This due date only applies if you deposited the tax for the quarter timely, properly, and in full.
December 2014
December 10 Employees - who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
December 15 Corporations - Deposit the fourth installment of estimated income tax for 2014. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Saturday, July 19, 2014
How do you feel about math and numbers? Business owners should get comfortable with the numbers . . . .
Math and numbers:
If you're like a lot of business owners you either don't like them, don't understand them, or don't pay attention as closely as you should. You know you should have a handle on all of this but can't find the motivation to get any further.
Lots of business owners have some form of math anxiety. Couple that with an aversion to accounting and you've got a real problem on your hands.
But here's the raw truth: your business runs by numbers and if you don't know how to read them you are flying blind. It's time for you to step up and make the decision to get the training and knowledge you need to make that happen. You need to understand what the numbers mean and what the relationships between them. You don't need to love it, you just need to be competent. And you need to do it now!
You already know that numbers will tell you if you're making a profit or not. But numbers will also tell you whether you can afford to buy a new piece of equipment or hire someone. They'll tell you how your marketing campaign is contributing (or not) to your bottom line. How good your sales are. Whether your costs are increasing, etc.
You can't sit around and wait for your bookkeeper or your accountant to bring you up to speed on these things. It's your responsibility. You need to dive into your financial statements and bring these things to light yourself. So how do you do that?
First, decide that it's worth your time and attention and that it's a priority. Really, isn't it more than time for you to know this stuff? Consider all the decisions you're making now based on guesses and hunches, and then imagine making those same decisions based on hard facts. What might you do differently? I'll bet probably plenty.
Second, look around for educational opportunities. Community colleges have accounting, bookkeeping, and other types of financial courses. There are free online sources like educational websites. Hit your public library and check out one of their books on any of these subject areas. They have lots of titles; find one that's written so you can understand it. Google a term like "cash flow" and then go to a site that looks to have lots of definitions. Look up the concept on Wikipedia. Ask people you know who are good at this and see if you can't get a little tutoring.
Keep working on this a little at a time. You'll be amazed at how even a small increase in your understanding in this area will transform your thinking as a business owner. Your business will thank you.
http://www.statesmanjournal.com
Lots of business owners have some form of math anxiety. Couple that with an aversion to accounting and you've got a real problem on your hands.
But here's the raw truth: your business runs by numbers and if you don't know how to read them you are flying blind. It's time for you to step up and make the decision to get the training and knowledge you need to make that happen. You need to understand what the numbers mean and what the relationships between them. You don't need to love it, you just need to be competent. And you need to do it now!
You already know that numbers will tell you if you're making a profit or not. But numbers will also tell you whether you can afford to buy a new piece of equipment or hire someone. They'll tell you how your marketing campaign is contributing (or not) to your bottom line. How good your sales are. Whether your costs are increasing, etc.
You can't sit around and wait for your bookkeeper or your accountant to bring you up to speed on these things. It's your responsibility. You need to dive into your financial statements and bring these things to light yourself. So how do you do that?
First, decide that it's worth your time and attention and that it's a priority. Really, isn't it more than time for you to know this stuff? Consider all the decisions you're making now based on guesses and hunches, and then imagine making those same decisions based on hard facts. What might you do differently? I'll bet probably plenty.
Second, look around for educational opportunities. Community colleges have accounting, bookkeeping, and other types of financial courses. There are free online sources like educational websites. Hit your public library and check out one of their books on any of these subject areas. They have lots of titles; find one that's written so you can understand it. Google a term like "cash flow" and then go to a site that looks to have lots of definitions. Look up the concept on Wikipedia. Ask people you know who are good at this and see if you can't get a little tutoring.
Keep working on this a little at a time. You'll be amazed at how even a small increase in your understanding in this area will transform your thinking as a business owner. Your business will thank you.
http://www.statesmanjournal.com
Bookkeeper | QuickBooks Certified | Catch Up | Short Term | Long Term
We're a bookkeeping firm out of Voorhees, NJ - not your average bookkeeper service -- we serve all businesses and industries. Regarding your books, no business is too small - no mess is too big. We've been in business for over 27 years, our primary service being Bookkeeping.
We offer the following bookkeeping services: QuickBooks, Bookkeeping Clean up, Write Up Bookkeeping, Bank Reconciliations, Accounts Payable, Accounts Receivable, Budgeting, Cash Flow Management, Conversions from Manual to Automated Systems, Income Statement and Balance Sheet Preparation, General Ledger Preparation, 1099 Preparation, Payroll Services & much more.
With these services, you will receive valuable information to improve your cash flow and control your operations. It will be prepared accurately, based on proper accounting rules and procedures. Plus, you will understand what the numbers mean, and how you can use them to manage your business more profitably.
You will uncover a goldmine of profit-building information as you determine your financial standing, and when used properly, this information can help you better plan for the success of your business.
Call today for a free consultation. There is absolutely no obligation. It will be well worth your time!
As illustrated on our website, here are a few reasons why our clients choose us:
- We are cost effective.
- We proudly serve clients throughout the entire state of NJ and parts of DE and PA.
- We always work around your needs.
- We maintain your books on a schedule that works best for you - weekly, monthly, or quarterly.
- We can maintain your books on your computer or on ours. (we offer off-site service through a 'virtual' login so we can access your computer from our office)
- You do not need an office for our services. Get rid of that overhead and we will work from our offices.
- You can mail or drop off work for us. We can even pick it up for you.
- We pride ourselves on making your business hassle and worry free; we work in a timely and efficient manner.
- We are licensed, insured and bonded.
We offer FREE no-obligation consultations with every new potential client so you are assured of our services, results and costs before you commit. We have hourly, daily, monthly and by-the-job pricing to meet any budget for any client. We serve startups and multi-million dollar businesses alike. Call us for more information and to schedule a consultation: (856) 803-4651
Kathryn C. Tiffany, LLC Bookkeeping Services can be reached at (856) 803-4651 or visit us on the web www.TiffanyAccounting.com
Kathryn C. Tiffany, LLC (Licensed, Insured and Bonded)
Certified QuickBooks ProAdvisor
Located in Voorhees, New Jersey
Email:Kathryn@TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Web: http://www.TiffanyAccounting.com
Keywords: QuickBooks, Bookkeeping, bookkeeper, book keeping, book keeper, reconciliation, accounts payable, payroll, accounts receivable, tax prep, tax preparation, year end, accounting, cpa, accountant, W2, 1099, 1099's, accounting, financial services
We offer the following bookkeeping services: QuickBooks, Bookkeeping Clean up, Write Up Bookkeeping, Bank Reconciliations, Accounts Payable, Accounts Receivable, Budgeting, Cash Flow Management, Conversions from Manual to Automated Systems, Income Statement and Balance Sheet Preparation, General Ledger Preparation, 1099 Preparation, Payroll Services & much more.
With these services, you will receive valuable information to improve your cash flow and control your operations. It will be prepared accurately, based on proper accounting rules and procedures. Plus, you will understand what the numbers mean, and how you can use them to manage your business more profitably.
You will uncover a goldmine of profit-building information as you determine your financial standing, and when used properly, this information can help you better plan for the success of your business.
Call today for a free consultation. There is absolutely no obligation. It will be well worth your time!
As illustrated on our website, here are a few reasons why our clients choose us:
- We are cost effective.
- We proudly serve clients throughout the entire state of NJ and parts of DE and PA.
- We always work around your needs.
- We maintain your books on a schedule that works best for you - weekly, monthly, or quarterly.
- We can maintain your books on your computer or on ours. (we offer off-site service through a 'virtual' login so we can access your computer from our office)
- You do not need an office for our services. Get rid of that overhead and we will work from our offices.
- You can mail or drop off work for us. We can even pick it up for you.
- We pride ourselves on making your business hassle and worry free; we work in a timely and efficient manner.
- We are licensed, insured and bonded.
We offer FREE no-obligation consultations with every new potential client so you are assured of our services, results and costs before you commit. We have hourly, daily, monthly and by-the-job pricing to meet any budget for any client. We serve startups and multi-million dollar businesses alike. Call us for more information and to schedule a consultation: (856) 803-4651
Kathryn C. Tiffany, LLC Bookkeeping Services can be reached at (856) 803-4651 or visit us on the web www.TiffanyAccounting.com
Kathryn C. Tiffany, LLC (Licensed, Insured and Bonded)
Certified QuickBooks ProAdvisor
Located in Voorhees, New Jersey
Email:Kathryn@TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Web: http://www.TiffanyAccounting.com
Keywords: QuickBooks, Bookkeeping, bookkeeper, book keeping, book keeper, reconciliation, accounts payable, payroll, accounts receivable, tax prep, tax preparation, year end, accounting, cpa, accountant, W2, 1099, 1099's, accounting, financial services
Friday, July 18, 2014
Fake Yellow Page Scams Took Small Business Owners for Millions of Dollars
It doesn’t take a lot to fool a hurried small business
owner. Case in point: The Federal Trade Commission just announced a
series of legal actions
against three Montreal operations accused of talking U.S. small
business owners into paying millions of dollars for local yellow page
listings the merchants neither bought nor received.
A common version of the scam went like this: The crooks called small businesses (some nonprofits, churches, and local government agencies also fell victim) and asked to confirm the shop’s name, address, and telephone number. Then the fraudsters call again to tell the business that they owed amounts as high as $1,800. When the business owners protested, the crooks played back recordings of the earlier phone calls, doctoring recordings to make it sound like the merchant had agreed to pay.
It sounds crude, but plenty of business owners coughed up the cash. One group of scammers tricked thousands of victims out of at least $4.9 million, according to a complaint filed by the FTC in U.S. District Court in Florida.
Directory listing scams aren’t new. In 2012, an Illinois court ordered a group of companies operating out of Palma de Mallorca, Spain, to repay $10 million to small businesses shaken down for payments for listings the merchants never agreed to buy. In that version of the scheme, crooks sent faxes bearing the “walking fingers” logo associated with local yellow pages. Merchants who returned the faxes were billed for $1,000 and threatened with aggressive collection tactics.
By trading fax machines for tape recorders and audio editing, the scammers may have climbed up a rung on the ladder of low-tech schemers who prey on Main Street. They’re not as sophisticated as the tin-foil bandits who clamber on the rooftops of convenience stores with rolls of aluminum wrap in an elaborate ploy to buy cigarettes with stolen credit cards. But they’re way ahead of the crude criminals who simply call small business owners and ask for cash.
http://www.businessweek.com
A common version of the scam went like this: The crooks called small businesses (some nonprofits, churches, and local government agencies also fell victim) and asked to confirm the shop’s name, address, and telephone number. Then the fraudsters call again to tell the business that they owed amounts as high as $1,800. When the business owners protested, the crooks played back recordings of the earlier phone calls, doctoring recordings to make it sound like the merchant had agreed to pay.
It sounds crude, but plenty of business owners coughed up the cash. One group of scammers tricked thousands of victims out of at least $4.9 million, according to a complaint filed by the FTC in U.S. District Court in Florida.
Directory listing scams aren’t new. In 2012, an Illinois court ordered a group of companies operating out of Palma de Mallorca, Spain, to repay $10 million to small businesses shaken down for payments for listings the merchants never agreed to buy. In that version of the scheme, crooks sent faxes bearing the “walking fingers” logo associated with local yellow pages. Merchants who returned the faxes were billed for $1,000 and threatened with aggressive collection tactics.
By trading fax machines for tape recorders and audio editing, the scammers may have climbed up a rung on the ladder of low-tech schemers who prey on Main Street. They’re not as sophisticated as the tin-foil bandits who clamber on the rooftops of convenience stores with rolls of aluminum wrap in an elaborate ploy to buy cigarettes with stolen credit cards. But they’re way ahead of the crude criminals who simply call small business owners and ask for cash.
http://www.businessweek.com
Wednesday, July 16, 2014
Voorhees, NewJersey: Kathryn C. Tiffany, LLC - Bookkeeper Service CALL TODAY: 856-803-4651
Our Services
Kathryn C. Tiffany, LLC offers unsurpassed levels of service, execution and insight. Every service we provide – be it bookkeeping, QuickBooks, payroll or small business consulting - is solution specific. We help our clients develop and execute strategies that make a critical difference in their operational and financial well-being. So whether you are trying to increase efficiency, attain business growth goals, achieve greater profitability or build and maintain wealth, our team is ready to get you there.
Services we provide:
Small business consulting
Outsourced Bookkeeping Solutions
QuickBooks
If you would like to discuss your specific situation, please contact us directly and we would be happy to discuss your needs.
Outsourced Bookkeeping Solutions
Bookkeeping, QuickBooks and back-office expertise with cutting-edge technology that saves you time so you can concentrate more on serving your customers and less on routine bookkeeping tasks. Fewer headaches. Improved profitability. Quality, back-office services you can count on. These are just a few of the reasons Kathryn C. Tiffany, LLC small business clients use our QuickBooks solutions.
Cost-Effectively Outsource These Recurring Tasks:
• Customer invoicing
• Bill paying
• Bank reconciliations
• Accounts receivable
• Accounts payable
• Cash reconciliations
• Monthly financial reporting
• Timely posting of payroll data
• Cash management
• Budget preparation
• Budget reporting
• Management reporting
• Basic checkbook data entry
• QuickBooks set up, training, clean up and support
Additionally, Kathryn C. Tiffany, LLC bookkeeping service helps you grow your bottom line and reduce the operational expenses associated with in-house accounting and bookkeeping, employee turnover, benefits, training and equipment. Allow us to act as your controller by offering you a complete set of financial statements, market trend analyses, budgets and projections and to present results to management on a monthly, quarterly or annual basis.
We are Certified QuickBooks ProAdvisors
CALL TODAY: 856-803-4651
Kathryn C. Tiffany, LLC offers unsurpassed levels of service, execution and insight. Every service we provide – be it bookkeeping, QuickBooks, payroll or small business consulting - is solution specific. We help our clients develop and execute strategies that make a critical difference in their operational and financial well-being. So whether you are trying to increase efficiency, attain business growth goals, achieve greater profitability or build and maintain wealth, our team is ready to get you there.
Services we provide:
Small business consulting
Outsourced Bookkeeping Solutions
QuickBooks
If you would like to discuss your specific situation, please contact us directly and we would be happy to discuss your needs.
Outsourced Bookkeeping Solutions
Bookkeeping, QuickBooks and back-office expertise with cutting-edge technology that saves you time so you can concentrate more on serving your customers and less on routine bookkeeping tasks. Fewer headaches. Improved profitability. Quality, back-office services you can count on. These are just a few of the reasons Kathryn C. Tiffany, LLC small business clients use our QuickBooks solutions.
Cost-Effectively Outsource These Recurring Tasks:
• Customer invoicing
• Bill paying
• Bank reconciliations
• Accounts receivable
• Accounts payable
• Cash reconciliations
• Monthly financial reporting
• Timely posting of payroll data
• Cash management
• Budget preparation
• Budget reporting
• Management reporting
• Basic checkbook data entry
• QuickBooks set up, training, clean up and support
Additionally, Kathryn C. Tiffany, LLC bookkeeping service helps you grow your bottom line and reduce the operational expenses associated with in-house accounting and bookkeeping, employee turnover, benefits, training and equipment. Allow us to act as your controller by offering you a complete set of financial statements, market trend analyses, budgets and projections and to present results to management on a monthly, quarterly or annual basis.
We are Certified QuickBooks ProAdvisors
CALL TODAY: 856-803-4651
Marlboro Township, New Jersey: Important Information from the Tax Collector's Office
Please note that the 2014 Final/2015 Preliminary Tax Bills will be mailed out on Tuesday July 15, 2014.
Just a reminder that 3rd Quarter Taxes must be received no later than August 11, 2014.
For your convenience the Tax Collector’s Office will have extended hours as follows:
August 1st -11th on Monday through Thursday 8:30 AM- 8:00 PM
Payments can be made the following ways:
Just a reminder that 3rd Quarter Taxes must be received no later than August 11, 2014.
For your convenience the Tax Collector’s Office will have extended hours as follows:
August 1st -11th on Monday through Thursday 8:30 AM- 8:00 PM
Payments can be made the following ways:
- At Township Offices – 1979 Township Drive, Marlboro, NJ.
- Mail a check using your return payment stub to the Township of Marlboro Tax Collector – 1979 Township Drive, Marlboro, NJ 07746.
- On line through a third party payment processing company using an electronic check or credit card. Select the link at www.marlboro-nj.gov/tax_collector_division_main.html (“Tax Collector is now Collecting Payments Online”), and using your tax bill, enter your tax account number and the amount of your quarterly tax. Please note that these services involve the imposition of fees and charges (currently Credit Card transactions are assessed a fee of 2.69% of the payment amount & E- check transactions are $2.00 per check) by the third party providers. No fees are assessed by Marlboro Township.
Thursday, June 26, 2014
Intuit QuickBooks Payroll Pricing Changes
Intuit QuickBooks Payroll Pricing Changes
Payroll
Service
|
Annual
Subscription
|
Monthly
Subscription
|
Standard Payroll(effective 8/1/14)
|
$509 per year
|
N/A
|
Enhanced Payroll, 4 or more employees
|
$479 per year (effective
8/1/14)
|
$47.90 per month (effective
9/9/14)
|
Enhanced Payroll, Variable employee Fee* (effective 9/9/14)
|
$390per year, plus $2 per employee per payroll
|
$39 per month, plus $2 per employee per payroll
|
*starting in 2013, the pricing for new QuickBooks Payroll customers
changed to a base fee plus per-employee fee. Direct deposit for W-2
employees is included in this fee.
QuickBooks Enhanced Payroll for Accountants, effective 9/9/14
Annual subscribers will receive notification prior to their renewal
date and will be charged the new price at the time of their renewal.
Payroll
Service
|
Annual
Subscription
|
Monthly
Subscription
|
Enhanced Payroll For Accountants
|
$479 per year
|
$47.90 per month
|
Enhanced Payroll for Accountants (with QuickBooks ProAdvisor
Membership)
|
$250 per year
|
$25 per month
|
Direct Deposit, effective 9/9/14
Payroll
Service
|
Per-Deposit
fee
|
Direct Deposit and Direct Deposit for 1099 Venders
|
$1.60 per deposit
|
Assisted Payroll, effective 10/7/2014
Payroll
Service
|
Monthly
Subscription
|
Assisted Payroll
|
$99 per month
|
Have any questions or concerns? Call Kathryn: 856-803-4651
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