Admin Books Newsletter
Running a small business is fraught with challenges. Admin Books partners with business owners to provide financial and bookkeeping services through our team approach. Our goal is to free you to focus on growing and managing your company. The purpose of this e-zine is to provide our clients, associates and friends with valuable tools to manage their business. Enjoy! Renee
Plan Your Travel To Maximize Deductions: 
The next few months are common for people to take vacations and travel. A good business strategy is planning business travel and maximize your deductions. Here are a few tips you need to know about business travel.
- If the trip is all business, all expenses are deductible
- If the trip is mostly business, expenses to and from (transportation) and all business related activities are deductible
- If the trip is mostly personal, expenses to and from (transportation) are not deductible, but all business activity is deductible.
Typical travel deductions are: flights, train, bus, car, lodging, meals (50%), tips, and laundry/dry cleaning. (Get your suit dry cleaned while traveling because when you get home, it is not deductible!)
The definition of travel is: away from home, overnight and for the purpose of business.
When proving your travel deductions, it is a good idea to show your activity in your day planner. The IRS requires receipts for travel deductions over $75 or more. To get a deduction, you need to show intent. Keeping a copy of the seminar agenda is always a good idea. Put your IRS hat on and ask yourself if the deductions you are claiming make sense. Don't loose your travel deductions because you don't keep good records!
American Recovery Act: What Does This Mean To You?
In March, Obama signed the American Recovery and Reinvestment Act. Here are a few highlights:
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Business owners can claim a credit for hiring returning veterans and youth (ages 16-25). The credit is called Work Opportunity Tax Credit.
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The Making Work Pay Credit allows W-2 wage earners to take home more pay in their paycheck. The withholding tax table was adjusted. The $400 credit is good in 2009 and 2010. Caution: the tax table has not be adjusted.
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Business owners can deduct up to $250,000 in a 179 expense election on assets. Instead of depreciating assets over a period of years, business owners can expense the asset to maximize their deductions.
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First time Homebuyers who purchase a house in 2009 can get up to a $8000 credit. A first time home buyer is anyone who has not owned a principal residence for 3 years before buying a house. Must hold the property for 3 years.
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If you collected unemployment, the first $2400 received is not taxable!
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Small businesses can offset losses by getting refunds on taxes paid up to five (5) years ago, instead of the previous 2 year carryback.
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If you purchase a new car after February 17, 2009, you can deduct the sales tax paid up to $49,500 on your tax return on the Schedule A.
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The Hope Educational Credit has increased to $2500. It does have an income phase out (meaning if you make more than $80k, there are limitations.)
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Small business estimated tax relief bill reduces the required estimated tax payments in 2009. Unfortunately, no more information is available at this time.
Your Financial Flight Plan Business Consult Session:
Is the sluggish economy affecting your business? Do you want to be PROACTIVE instead of just reacting to your financial situation?
During the month of May, Admin Books is offering a 30 minute FREE consultation to get your business back on track. This breakthrough session will identify your goals, uncover challenges and find solutions.
During the call, you will:
- Uncover the hidden challenges that may be sabotaging your success
- Receive a crystal clear vision for increasing your profits
- Leave the session renewed, inspired and ready to take action in your business
Ready to take control of your financial house? Register here: Your Financial Flight Plan Session
After you register, we will contact you to set up your planning session.
Invest in your business by sending us your financial statements so we can best guide you and provide the support you need.
Take the necessary steps to build your confidence about your financial situation. Experience peace of mind TODAY...register NOW!
Here are a few upcoming opportunities:
Free Business Plan Writing Workshop: Monday nights starting June 22nd from 6pm -9pm in Moutain View. Contact Donielle Buie at donielle@gutsypartners.com to get more information.
Jubilee CEO Meeting: Saturday, June 20th from 9:30-11:30am in San Jose. Cost $12. Topic: Business Law/Contracts & Legal Entities. RSVP to 408-262-0900 ext. 317.
Free Networking Event: July 22nd at 6pm - 8pm at Graniterock: 1505 DeAnza Blvd, Cupertino. For more information contact Karen Black at 408-921-3174.
San Jose Business Journal Networking Event: Tuesday, August 18. More information to come.
Managing Your Properties With QuickBooks:
Renee has just finished publishing a QuickBooks manual specifically for real estate investors and property managers. This step-by-step guide is packed with practical information with easy to read explanations and screen shots. Set up your own QB file by restoring the included sample file customized for real estate investors.
Topics Include: setting up tenant lists, dividing income and expenses by property, security deposits, customized Chart of Accounts, maintaining correct mortgage balances, earnest money, 1031 exchange funds, PITI, negative amortization loans, capital improvements, purchasing property entries, year end procedures, customized reports for investors and much more!
To preview the book: http://www.adminbooks.com/
Order Your Copy Today!
Quotable Quote:
"Sometimes the best helping hand you can get is a good, firm push."
Joann Thomas
Free Stuff: I want to make sure you are aware of several items of value that you can take advantage of compliments of Admin Books.
- Receive our Monthly newsletter for free, but also be able to access past articles on our website to review later.
- If your business is struggling or you are seeking confirmation that your bookkeeping is in order, take our FREE quiz. Answer 10 easy questions and get a diagnostic report that will let you know how your company is doing.
- If you would like to hear a 45 minute audio on how to manage your personal finances, click on the link Personal Finances
- If you would like to listen to an MP3 recording of how to run your business more efficiently, go to our website and click on the Compass Interview on the front page.
- Check out our blog. Post your comments or questions too!
- You've invested time, effort and money in your business. Now invest a few minutes to find out how you can find peace of mind in running your business with Admin Books. We'll make an investment in your success with a FREE 1/2 hour initial consultation for prospective clients. This gives you a chance to explain what is driving you crazy and we can confirm our services match your bookkeeping needs. Fill out the following Questionnaire.
- Not sure how long you need to keep your documents? Request a "Records Retention Guide." This brochure will let you know if you need to hold on to paperwork permanently, for 7 years, for 5 years, and 3 years. This free report will provide you peace of mind knowing it is fine to shred your documents. Contact us at 408-782-9640 to get your copy!
Upcoming QuickBooks Classes:
Beginner Class - Friday, November 13th from 8:45am - 5pm at the Holiday Inn in Morgan Hill. Check out our website for content and cost.
To register: Adminbooks Quick Books Class
As a business owner, you're the pilot who ensures the business takes off and lands successfully. Are you flying by the seat of your pants or do you have a flight plan? Read my book, "Your Financial Flight Plan: Pilot Your Business To Profitability. Check out your copy at: YourFinancialFlightPlan.com
The book is also available at Amazon.com, Barnes & Noble and BookSmart in Morgan Hill!
Are Your Books In Order?
What is the status of your bookkeeping??
Are you current??
Are your books accurate??
Admin Books can assist you with:
- Data Entry
- Reconciliation
- Payroll Processing
- Sales Tax Reports
- Workers Comp Reports
- Job Costing
- Private Consultations
- Financial Coaching
- QB File Clean Up
Call our office to confirm our services match your business needs!
Best Regards,
Renee Daggett
408-782-9640
