Author Archives: Chip Majors

Fiscal Cliff Tax Act

Summarized from an AICPA article by Paul Bonner and Alistair M. Nevius With some modifications targeting the wealthiest Americans with higher taxes, the American Taxpayer Relief Act  permanently extends provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), and Jobs … Continue reading

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12 Tasks to Finish Before Noon

Summarized from an article by Jada A. Graves, U.S. News and World Report. A recent study published in an American Psychological Association journal, Emotion, suggests that early birds are generally happier than night owls. Self-professed “morning people” reported feeling happier and … Continue reading

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Reconcile Your Credit Card Statements

Properly accounting for and reconciling credit card statements are good accounting practices and part of a fraud prevention and detection program. QuickBooks will keep track of your credit card purchases much the same way that it keeps track of activity for your … Continue reading

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Excel Custom Lists

Using lists in Excel can be very efficient.  Just type the the first item in the list in a cell, such as “Jan” and then grab the fill handle and drag to the right to complete the rest of the months.  These built-in … Continue reading

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Congress Votes to Repeal New 1099 Requirement

The Senate and House have approved a measure that would repeal the expanded Form 1099 reporting requirements that were part of last year’s health care law. The move has broad support because the Form 1099 rules, which are set to require businesses … Continue reading

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Section 199 Manufacturing Deduction

If your business didn’t meet the requirements in the past to claim a manufacturing deduction or you determined that it wasn’t worth the time, maybe you should reconsider it.  One of the most compelling reasons is because the 9% deduction is … Continue reading

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QuickBooks 2008 and Payroll Tax Expiration

After May 31, 2011, QuickBooks (QB) will stop providing payroll tax table updates for any users on QuickBooks 2008.  This means that tax withholding and match computations with go to zero on 06/01/11 if you don’t upgrade to QB 2011. … Continue reading

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Medicare Part B Now Deductible as SE Health Ins.

According to page 29 of the 2010 Form 1040 Instructions, “Medicare Part B premiums can be used to figure the [Self-Employed Health Insurance] deduction” That’s a change from 2009 Form 1040 instruction where on page 39, it stated “Medicare premiums cannot … Continue reading

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IRS Agents Requesting QuickBooks Data File

During a recent examination…, the agent requested a copy of the QB file and told me they will be specifically reviewing the QB audit trail. He said they want to see if there were any significant changes to the transaction coding in the days leading up to the audit appointment. Continue reading

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Excel Quick Tip: =sum() Short Cut

If you ever work in Excel, you might occasionally need to use the =sum() formula to sum a column or row of numbers-without your 10-Key 😉  If so, you’ll love adding this shortcut to your repertoire. Highlight a cell where … Continue reading

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