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."
Friday, September 26, 2014
☼ 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!
Subscribe to:
Posts (Atom)