TAXES, IT’S YOUR MONEY!
Kelly Locklear started the session off with the new rules and regulations for both state and federal tax returns.
- Deadlines will be enforced this year!
- For S-Corporations, starting with year 2008, your deadline will be March 15th and September 15th is the last day to get your return.
- There will be an $89.00 a month fee per shareholder for 12 months for those who do not meet deadlines.
Next, we discussed getting your QuickBooks information ready for submission to SBS.
- The deadline for partnerships and LLCs to submit their QuickBooks to SBS is March 18th.
- The deadline for S-Corps is by the end of this week, 2/15/10.
- It’s important to reconcile your bank accounts and credit cards before submitting your QuickBooks files. This saves us time and saves you money!
- Inputting your financial data into QuickBooks can help you find more deductions than using an excel spreadsheet.
- Use the “Ask My Accountant” feature that QuickBooks provides if you’re not sure about something.
- Make sure you sign both your state and federal E-file authorizations so that we can release your returns.
Deductions you might miss…
- Meal expenses for business related meetings
- Auto expenses – actual expenses or mileage reimbursement
- Bank charges
- Interest and fees on business debt
- Taxes: Sales tax on purchases, real estate, tax on business property (Any business related tax you pay is deductable, no matter how small)
- Overhead costs – utilities, shipping, office supplies, advertising, marketing, telephone and internet charges, software licenses, travel expenses, janitorial expenses, computer services and repairs, landscaping, office/building repairs, equipment repairs
- Depreciation
- Office equipment, furniture, business vehicles – certain percentages, sometimes up to 100% can be expensed in the year of purchase
- Business insurance premiums
- Business gifts
- Professional fees: accounting, legal, architectural, consulting
- Business related continuing education
- Trade-show exhibition or attendance
- Trade-related subscriptions, books, journals
- Retirement contributions
- Fees paid to credit bureaus, better business bureaus, chambers of commerce, and trade associations
- Employee health insurance premiums. Shareholder-owner premiums are deductible on the owner’s individual return.
- Moving expenses.
- Charitable contributions are deductible on the shareholder-owner’s individual return
- Casualty/theft losses not covered by insurance
Audits have been increasing, so make sure you are prepared!
- Keep track of all your receipts
- Paying cash for business related expenses can be difficult to keep up with.
- Use a business card for all of your purchases. That way, you will have an easily accessible electronic database with every transaction detail.
Next Roundtable Meeting: Wednesday, March 10th, 2010
Topic: Social Networking
Facilitators: Rick Howington (TechAdvocate Solutions Inc.) and Bill Smith (SIR Facilitator)
