QuickBooks: Use Closing Date to Protect Prior Year Data

Brian SingletonBlog, Old Site, Watch Your Wallet

You’ll likely be closing the books on 2008 soon and your records will become the basis for your tax return. It’s critical that your QuickBooks records for a given year match the corresponding tax return, so consider setting a closing date in QuickBooks so that no one inadvertently changes the supporting documents for your tax return: Choose Edit, and then Preferences. Choose Accounting, and then click on the Company Preferences tab. As shown in Figure 1, you can use this … Read More

Mutual Fund Buyers: Beware of a Potential Tax Surprise!

Brian SingletonBlog, Old Site, Watch Your Wallet

The stock market has made headlines this year with record volatility, record drops, and even record gains. And while many investors are still sitting on the sidelines, you may already be looking for bargains amidst the wreckage. So, we’re writing to alert you to a possible problem with acting now. Are you considering buying mutual funds in a taxable account (as opposed to an IRA or 401K)? Then you should be aware that most funds distribute capital gains this time … Read More

Tax Facts About Capital Gains and Losses

Brian SingletonBlog, Old Site, Watch Your Wallet

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only capital losses on investment property, not personal property. Here are a few tax facts about capital gains and losses: … Read More

Living Trust 101

Brian SingletonBlog, Old Site, Watch Your Wallet

A trust, like a corporation, is an entity that exists only on paper but is legally capable of owning property. A flesh and blood person, however, must actually be in charge of the property; that person is called the trustee. You can be the trustee of your own living trust, keeping full control over all property legally owned by the trust. There are many kinds of trusts. A “living trust” (also called an “inter vivos” trust) is simply a trust … Read More

Tips for Recently Married or Divorced Taxpayers

Brian SingletonBlog, Old Site, Watch Your Wallet

Newlyweds and the recently divorced should ensure the name on their tax return matches the name registered with the Social Security Administration. A mismatch could unexpectedly increase a tax bill or reduce the size of any refund. For recently married taxpayers, the tax scenario begins when the bride says “I do.” If she takes her husband’s last name, but doesn’t tell the SSA about the name change, a complication may result. If the couple files a joint tax return with … Read More

10 Overlooked QuickBooks Reports That You Should Use

Brian SingletonBlog, Old Site, Watch Your Wallet

Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article we’ll go off the beaten path and explore ten reports that many users overlook. Even if you are using some of these reports, we’re sure you’ll find a few more to add to your repertoire. 1. Profit & Loss Summary Prev Year Comparison To access this … Read More

QuickBooks Helps You Navigate Tricky Waters

Brian SingletonBlog, Old Site, Watch Your Wallet

The price of gasoline is just one of many factors putting pressure on our economy as a whole. Now it’s more important than ever to keep a close eye on your company’s performance. Many business owners compare financial results to an annual budget. If you don’t have your budget in place yet, we’ll show you how to get started. Even if you have, we’ll show you how to use last year’s results as a measuring stick with comparative financial reports. … Read More

16 Bank Reconciliation Tips and Tricks for Quickbooks

Brian SingletonBlog, Old Site, Watch Your Wallet

Although it may seem like drudgery, reconciling your bank account is a critical accounting task that you should carry out each month. Doing so helps ensure the integrity of your financial reports, since most of your accounting transactions ultimately affect cash in some fashion. Further, QuickBooks is a much more powerful tool for your business if you use it to its fullest extent. Most likely you’ve been reconciling your bank account all along, so in this article we’ll discuss the … Read More

IRS Warns Taxpayers of New E-mail Scams

Brian SingletonBlog, Old Site, Watch Your Wallet

The IRS continues to issue warnings on new e-mail scams. New e-mail scams appear almost monthly and the IRS wants taxpayers to know that these e-mails are scams and what taxpayers should do (and not do) if they receive a questionable IRS e-mail. First, taxpayers should know that the IRS does not send out unsolicited e-mails or ask for detailed personal and financial information. Further, the IRS never asks people for the PIN numbers, passwords or similar secret access information … Read More