The Tax Goddess Blog

E-Filing! The Time is Near!

E-File,

The way of the future. 

If you didn't already know the e-file systems from both the Arizona Department of Revenue and the IRS are wonderful!  If you are going to get a refund your refunds are returned in as little as 5 business days (of course, it is still the government - I have seen upwards of 4 months!).

Even better, if you owe - you can set it up so that the $ does not get drawn out of your account until april 15th! 

Gotta love new technologies!  :)

The Tax Goddess - going into season!

Feel like avoiding Taxes? Singapore Style

Now, if only we could get away with this in the U.S.!

Imagine arguing that you should not have to pay tax on the sale of your property because the home had bad Feng Shui!  That is exactly what happened in Singapore!  Now, if only we could convince the U.S. Tax Court of the same thing!  (Although I am really appreciating our 250k exclusion per person rule right about now!  I am not sure I want to rely on bad Feng Shui for my tax fate!)

Urbane Spaces Living Blog - Singapore Feng Shui Article

Finding your Transactions!

I wanted to get this out there for all the people beginning to record their 2008 information.

Memos are IMPORTANT!

It is not nice to try and find a piece of information that you knew you had somewhere and now you just can't find it!  Being able to sort by simple information, like a memo, is a good thing!

If you are using quickbooks, please remember to put your memo as a duplicate in both the memo section on any specific transaction (Like a check or credit card transaction) AND in the memo section that quickbooks can search (next to the account category drop down list)

Just a helpful reminder from you Tax Goddess!

IRS Service Centers

Got an issue with the IRS?  Need to call the IRS? 

I suggest that you wait until approximately 6pm Arizona time.  That would get you routed into the service center in Memphis.  They are the sweetest agents to talk to and are very helpful!

Just a little suggestion to make your day easier

Financial Planning Importance,...

Today I spoke with one of my financial planner referrals (Michael if you want to email him).  He is such a wealth of knowledge.  We were talking about how scary it is that no one seems to understand that if you don't start saving young, when you want to retire you will be working at Walmart.  No one seems to get it that social security won't be there anymore and that people are left out on their own!

It is so important to save, if even only a dollar a month if that's what you can afford.  If you don't put away for yourself, no one else will!

Remember, that is you own a business, you can even pay your own retirement and take it as a tax deduction!  What else can you say about that then the fact that the government agrees there will not be any social security.

PLEASE teach your children to save and put away into retirement, and please do it for yourself.  You are all you've got in this world! 

(Sorry for the soap box, I've seen too many lives ruined by being forced to work when you were supposed to be playing golf!)

But, to end on a happy note - if you do put away a dollar a day for 10 years when you are 20 years old, and stop at 30, you will be a millionaire by 50!

Asking questions (internal, external, and personal marketing!)

Marketing.  Now, why would a CPA talk about marketing, especially in the busiest time of the year for a CPA.

I enjoy it.  I love meeting new people, going to Chamber events, talking about the new trends, upcoming ideas (like blogging), and just in general getting out there.  Don't forget, these are great places to meet new prospects, or even people that can get you new prospects (BNI call these people bunny farmers).

Have you ever asked your clients what they want?  What they are looking for?  Have you even thought about it?  Why are you in business other than to give clients what they want!

Just a quick posting to remind you, ask what your customers want, your employees want, and what you want!  It's just as important as getting that new client thru the door.

H&R block offering beer,....

RE: H&R Block

OK - This is the best post I've seen in a while, not only are the H&R block people, shall we say, mostly "incorrect" in the bulk of their tax return filings, but now they are drinking on the job!  That makes me even more "Confident" in their skill level! 

Praise H&R block as they give the rest of us (CPA's, etc.) more amendments to handle each year!

This commentary is based on my personal experience, as a CPA, in Arizona dealing with many complications created by H&R Block prepared returns.

Article as posted here

Employee Theft - by your bookkeeper?

Hi Everyone,

Well, today I got some really upsetting news.  A client had been "ripped off" by their trusted bookkeeper of 2 years.  Almost $100,000 later the client is now completely cash poor, in a really bad credit situation with their vendors, and may not be able to keep their business afloat.

I wanted to get it out there some of the signs that something is going wrong in your business (things to watch out for):

- Your bookkeeper will not show you the quickbooks file
- Your bookkeeper will not explain to you what they are doing
- Your bookkeeper has full control over writing and signing checks with no one supervising them
- Your bookkeeper handles the receipt of mail and the writing of checks
- Your bookkeeper looks at the bank statements
- The audit trail in Quickbooks is not turned on
- The bookkeeper starts buying new toys, going on trips, eating out a lot, etc.

Some of the easy ways for you to prevent this type of theft:
- Get all your own mail (you don't have to sort it, etc. but at least pick it up from the post office or request your mail man ONLY release it to you, the owner) This way you can at least see what is coming in the mail.
- ALWAYS review your monthly banking and credit card statements (do not accept online printouts)
- ALWAYS ask the bank for copies of your cleared checks
- Turn the audit trail in quickbooks on
- Do NOT have a signature stamp available for anything

It is always a tough issue for employers to not be able to trust their employees, but think about it this way: would you rather put in to place some basic rules or would you like to be $100,000 in a cash hole?  Unfortunately insurance does not always cover these types of problems, so please also make sure that you talk to your insurance person to double check what is on your policy!

If you think you might be having these issues CALL YOUR CPA right away!  They can help you determine what is happening with your business.

It's all about the consistency!

Hi Everyone,

On the topic of consistency -

Mike Leeds, one of the sales trainers here in Arizona, spoke about consistency for the point of sales people and their efforts to obtain clients / sales (see here).  I want to talk about consistency in a different point of view - both his and mine getting you successful results.

Consistency counts when you are talking about your tax returns, about your bookkeeping, and about how you manage and organize your receipts.

If you ever get audited by the IRS or state government it helps your case if you can instantly pull out a receipt or find a check that the auditor is looking for.  If you can't find them and make an auditor wait, it normally 'seems' to an auditor more likely that you will not find the backup that they are asking for.  It is similar to when on one year of a tax return you report an expense one way and then change that method for the next year.  The auditor will ask questions.  (And, by the way, so will any good CPA!  We notice things like that so you won't get audited!)

It is important that you have good professionals on your side helping your keep things in an organized manner.  This may mean hiring a bookkeeper, a professional organizer, a good CPA or even just an assistant to help you.

Remember, saving money may be good in the short term, but if it costs you an audit, or worse (penalties and interest and more in tax!) it will be worth the cost.

How to make $ using a Blog!

Hi Everyone,

Dave Barnhardt is the Blogging Guru.  His Blog Business Blogging Pros had a post the other day that speaks to the benefits of blogging versus just a normal wesbite (see here)

I agree wholeheartedly with Dave!  Plus, I think Blogging is a great way to bring clients to a new business.  Imagine, by posting your daily thoughts, how your business is operating, tips and tricks, techniques of how you run your business, and even personal issues and questions other people in the blogosphere will find you and respond!  Hopefully, even find a need for your business product (now that you've built a budding relationship with that reader!)

Once again, remember that making money also means that you can deduct additional expenses - there goes your internet as a business expense, maybe even a home office!  Ah the joys of marketing with a bit of your time.  Not only does it bring you new clients, it allows you to write off more!

Dave, keep rocking it and helping business owners setup their Blog's and new methods to greater earning power for their businesses!