New CPA Blog, McKinney TX

By Peg Breeding • Posted in Tax Tips on December 16, 2009

Hi!  Welcome to the McKinney CPA Blog! The mission of our blog is to help you increase wealth and reduce taxes through tax tips and current tax credits and deductions. You are welcome to leave a comment back. Take Care, and Happy New Year!
Here’s a great tax tip! Most tax documents are mailed to you from January to mid- February. Keep a manilla folder or large envelope where you keep mail. In large letters write, “2009 Tax Documents” on the folder. As you go through your mail, immediately place tax documents in this folder. This is a great way to get ready for taxes and your McKinney CPA!

Hi! Welcome to the McKinney CPA Blog! The mission of our blog is to help you increase wealth and reduce taxes through tax tips and current tax credits and deductions. You are welcome to leave a comment back. Take Care, and Happy New Year!

Here’s a great tax tip! Most tax documents are mailed to you from January to mid- February. Keep a manilla folder or large envelope where you keep mail. In large letters write, “2009 Tax Documents” on the folder. As you go through your mail, immediately place tax documents in this folder. This is a great way to get ready for taxes and your McKinney CPA!

 

QuickBooks Training Classes

By Peg Breeding • Posted in QuickBooks on December 19, 2009

We offer hand-on training with laptops in a small group of 10 or less. If you have have QuickBooks loaded on your laptop and want to use in class, please indicate in text box. (promted during enrollment) We have 5 laptops available for training during the class if you don’t have one for use.
COST: each 2 hour training class is $150 per person
REFUND POLICY: Due to small class sizes there are no refunds once enrolled.
CLASS LOCATION: 6951 Virginia Pkwy, 2nd Floor Training Room • McKinney, TX 75071
SE Corner of Virginia Pkwy and Stonebridge Dr (Keller Williams Building)
Click here for class schedule and enrollment links.
http://www.mckinneytxcpa.com/quickbooks.html

We offer hands-on training with laptops in a small group of 10 or less. If you have have QuickBooks loaded on your laptop and want to use in class, please indicate in text box. (promted during enrollment) We have 5 laptops available for training during the class if you don’t have one for use.

  • COST: each 2 hour training class is $150 per person
  • REFUND POLICY: Due to small class sizes there are no refunds once enrolled.
  • CLASS LOCATION: 6951 Virginia Pkwy, 2nd Floor Training Room – McKinney, TX 75071
    SE Corner of Virginia Pkwy and Stonebridge Dr (Keller Williams Building)

Click here for class schedule and enrollment links.

 

Year end Tax Planning

By Peg Breeding • Posted in Tax Tips on December 19, 2009

Not much time left for year-end tax planning, but there are still some things you can do. Let’s get to it, because you don’t want to spend your time reading a blog! You’ve got work to do.
Tip #1: If you don’t have a business, start one. If you start one today, you can immediately take a deduction for business expenses. A business expense is anything that is ordinary and necessary to the production of income.
Some overnight biz ideas:
Clean out your garage and sell it on eBay. Make the commitment to continue to grow this business and demonstrate it by having a plan to regularly post items for sale on eBay.
Sell stuff on Craig’s List, your own website, or any of the other possible ‘other than eBay’ sellers. You might be surprised how quickly you can make some cash and how easy it is to turn it into a business.
Set up a blog with some affiliate links. We’ve talked about this one at length on the forum here. If you’ve got something you really like – talk about it! But make sure there is a business idea behind it. For example, if you love shoes, set up a blog about shoes. Put links on the blog so you can make some money and you just started a legitimate business.
Join an MLM, especially one that is set up in a way to get you quick cash. Some models are more front end loaded then others. If you want quick cash, look for those. If you’ve got a true business and you’re running it like a business, you’ve got deductions too.
Tip #2: If you’ve got a business, accelerate any needed expenses.
You don’t need to go buy a bunch of equipment that you really don’t need. You can simply prepay some of your regular expenses like rent, insurance, taxes and others. In general, you can prepay these expenses for up to 3 months and take the deduction, even if you’re a cash basis tax payer.

Not much time left for year-end tax planning, but there are still some things you can do. Let’s get to it, because you don’t want to spend your time reading a blog! You’ve got work to do.

Tip #1: If you don’t have a business, start one. If you start one today, you can immediately take a deduction for business expenses. A business expense is anything that is ordinary and necessary to the production of income.

Some overnight biz ideas:

  • Clean out your garage and sell it on eBay. Make the commitment to continue to grow this business and demonstrate it by having a plan to regularly post items for sale on eBay.
  • Sell stuff on Craig’s List, your own website, or any of the other possible ‘other than eBay’ sellers. You might be surprised how quickly you can make some cash and how easy it is to turn it into a business.
  • Set up a blog with some affiliate links. We’ve talked about this one at length on the forum here. If you’ve got something you really like – talk about it! But make sure there is a business idea behind it. For example, if you love shoes, set up a blog about shoes. Put links on the blog so you can make some money and you just started a legitimate business.
  • Join an MLM, especially one that is set up in a way to get you quick cash. Some models are more front end loaded then others. If you want quick cash, look for those. If you’ve got a true business and you’re running it like a business, you’ve got deductions too.

Tip #2: If you’ve got a business, accelerate any needed expenses.

You don’t need to go buy a bunch of equipment that you really don’t need. You can simply prepay some of your regular expenses like rent, insurance, taxes and others. In general, you can prepay these expenses for up to 3 months and take the deduction, even if you’re a cash basis tax payer.

Click here to learn more about how QuickBooks can help you in the new year!

 

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