IRS Standard Mileage Rates for 2010
January 8, 2010
The IRS has published their new standard mileage rates for 2010. They have dropped with the exception of the charitable mileage rate, which stayed the same.
Business Mileage Rate * – $0.50/mile
Relocation Mileage Rate – $0.165/mile
Medical Mileage Rate – $0.165/mile
Charitable Mileage Rate – $0.14/mile
I was a bit disappointed to see the rate drop, but it’s to be expected. Happy Driving!
* Can be used only if taxpayer owns/leases a passenger auto, van, pickup, or panel truck not for hire (e.g, as a taxi) that was not depreciated under ACRS, MACRS or Sec. 179 in earlier years.
Yes, you can restore that deleted QuickBooks transaction!
August 12, 2009
Your buzzing along in QuickBooks with a nice rhythm going as you work through your data entries. But the phone rings and when you get back to business, you duplicate a transaction. No worries … just delete it. Oops! You’ve accidentally deleted the wrong entry — now what?
Well, it’s time to discover a great feature in QuickBooks called the Audit Trail. I’m not saying it will save you every time, but it’s a safe bet you’ll find this feature comes in handy, once you know it’s there. QuickBooks automatically tracks all your additions, deletions and modifications made to transactions in your data file. The Audit Trail is arranged in order of the user who last affected a transaction, then by transaction type.
Select Reports from the navigation bar. Go to Accountants & Taxes, then select Audit Trail. Change the Date Entered/Last Modified drop-down box to adjust the date range currently displayed. Once the deleted entry is located, make note of the account and memo details to reenter the transaction. Voila! You are back where you started.
It’s Official…I’m Master Cart Certified!
July 17, 2009
As a Virtual Assistant, I have learned that the growth of my business truly relies on my ability to continue my education. When I review my goals and budget throughout the year, I incorporate training that reflects those goals for growth or expansion into complimentary areas.
Last year, several of my clients requested shopping cart and affiliate management assistance for their online businesses, as a companion to their bookkeeping tasks. I decided to educate myself beyond my self-starter adaptability and enrolled in several cart courses. I am proud to note that I have now completed Practice Pay Solution’s Cart Strategist and Cart Technician training to become Master Cart Certified in the 1ShoppingCart brand system. I am happily displaying their logo!
And very shortly, I will be even prouder to display another cart certification … but I’ll leave that a surprise. Go ahead … toot your own horn, and let me know what you have in the works.
Intuit Small Business Town Hall on Using Social Media
June 23, 2009
I am happy to say Intuit, makers of QuickBooks software, is continuing to improve. They are building their Small Business Community with town hall events, webinars, training, conferences, Ask the Expert events and more. This Thursday, June 25 at 9am PT (12pm ET), the Town Hall topic will be Using Social Media to Grow Your Business. Join Michelle Long, CPA and the following guests as they discuss how to use social media such as Twitter, Facebook and LinkedIn, for effective marketing.
- Scott Wilder – Small Business Group at Intuit
- Chris Kim – Senior Marketing Manager with Intuit
- Dante Layton – Owner of Dante Layton, Inc.
- Ruth Perryman – Owner of the QB Specialists
Cost is free and there will be a Q&A session following the discussion. Hope you can make it!
Remember to Send Your Second Quarter Tax Payments
June 12, 2009
If you are required to send in quarterly estimated tax payments, June 15 is the due date.
- Individuals - Pay your 2nd quarter estimated tax for 2009
- Corporations – Deposit the 2nd installment of estimated tax for 2009
Home Based Tax Savings Courses
June 8, 2009
Last month I finished Dr. Ron Mueller’s Tax Savings Basic Essentials Course with the hopeful goal of saving a few thousand dollars on my taxes this year. I was not disappointed in his thorough review of tax deductions and simple record keeping requirements. I was able to read through his book “Home Business Tax Savings Made Easy!” in 2 days. Dr. Mueller arms you with the knowledge and confidence to take those known tax deductions without fear of the IRS. I’ve never written off my home office but now that I understand the IRS tax code requirements better, I will realize more tax savings this year.
Ron explains better than I can, so here is his message to all of us! The BIG bonus is that I am now armed with the IRS tax code to share with my clients 
This course will seriously pay for itself by the time you have finished it. Let me know what you save.
The Importance of My Network
April 7, 2009
After several years of owning and operating my small bookkeeping business from home, I have to say the most important key to my success has been the value of my networks. Being connected with various virtual assistant organizations such as IVAA, VANetworking, and A Clayton’s Secretary, has given me the amazing opportunity to interact with seasoned industry veterans and fellow newbies, alike. The discussion forums are full of advice, resources, and answers to any question I can imagine. As a work at home professional, I realize how important it is to cultivate relationships bigger than myself. In reflection, if I had started my business today I would’ve been much smarter in my organization because of what I have learned. I still believe I am better off with the knowledge I’ve gained in trying different phone/fax services or online collaboration sites, for example. But the difference today is that I have confidence in the tools I use daily, and the benefit is that I am increasing my productivity.
When reaching out to a network, it’s important to remember local organizations that can also provide support and knowledge on a more personal level. Our southern California VA group has monthly lunch meetings and the camaraderie that has been built is truly unmatched. Relationships will blossom and trust is developed. I am so thankful that our founder, Paula Farthing of Admin at Your Service, has stayed committed to this non-profit group. Just this week, I sought her advice about purchasing a new computer system. Her input is invaluable to me as is her willingness to stop what she is doing and offer assistance. Remember that you are not an island! Feel free to leave a note about what you are doing to combat this in your daily work life.
[tags]social networking, ivaa, vanetworking, a clayton’s secretary, bookkeeping, kellywilliamsva, kelly williams, resources, virtual assistant, web & technology, admin at your service, paula farthing[/tags]
Using the Same Name in QuickBooks
March 22, 2009
Did you know it is possible to have a vendor and a customer with the same name in QuickBooks? OK, well not quite the same name, but a wise bookkeeper colleague of mine explained how this can be done. Say for example, XYZ Company provides computer services so you setup them up as a vendor named XYZ Company. Now they also pay you rent to share your space, so they are also a customer and here is how to name them: XYZ Company {Customer}. The key is using the brackets. This naming method can also be used for corporate owner distributions who also receive employee paychecks. QuickBooks essentially sees the bracketed text as invisible and the bonus is that the text does not print out on your paychecks or forms. Try it out and be sure to stop back to let us know how it worked for you!
[tags]quickbooks, resources, bookkeeping, kellywilliamsva, kelly williams, virtual assistant, training[/tags]
My New Twitter Hashtag
February 10, 2009
I created my first hashtag on Twitter today. Of course I know this means nothing to those around me, but I felt like an innovator and was very excited nonetheless. I decided to tweet a tip about the QuickBooks software I use and thought it would be nice to have a place to search for tips by other users as well. The Twitter hashtag allows you to basically mark the tweet with a hashmark and quick tag that becomes searchable, for example #QBTip. I was amazed that no one had created this particular tag yet considering all the tweets about various accounting software options.
What makes this tagging so great? It is actually possible to search the tweets using Twitter’s own search feature, and subsequently through the search engines. This is a great way to create real-time conversations about a particular topic and follow them through RSS. I also use the popular hashtag #TCOT which stands for Top Conservatives on Twitter. Users can tweet about an event they are attending, too, and this is a wonderful way to connect with those you wouldn’t otherwise meet. I’ve seen chats about the Super Bowl, the Inauguration, and even Girls Night Out #GNO which is extremely popular . There are a few male Tweeters that crash those chats, if you can believe it.
We’ll see where my new hashtag leads. The cool news is that it was immediately noticed by Tweeters at Intuit. I can now look forward to their tips on how to better use my QuickBooks software. What Twitter conversations are you following?
My LLC is Formed!
December 29, 2008
It is with great excitement that I announce I have taken my bookkeeping service to the next level and have formed an LLC. Woo Hoo! This is part of my many plans brewing for 2009 as I welcome 2 more new clients in to the new year. We are poised and ready for what this year may bring. Oh, and not to mention my husband is relieved to have that personal asset protection of the LLC.
The coolest news of all is that I was able to process my LLC at MyCorporation by Intuit. Of course as a bookkeeper, I am a huge QuickBooks fan, so I was thrilled to hear that their maker, Intuit, is currently offering Incorporation and LLC processing free of their $149 fee. I feel relieved to have some help preparing and processing those required documents; and free makes me want to share their promotion with everyone. What plans do YOU have for the new year? If your changing your business structure, checkout MyCorporation before their F*R*E*E promotion ends on December 31!
