Tuesday, November 30, 2010

Small Biz vs. Form 1099's

I was under the impression that I would have more details regarding the proposed repeal of the Form 1099 reporting requirements today, but did not know it would be bad news.

Yes folks the Senate failed to repeal the 1099 requirements that many small business owners were hoping they would finish before the year end.

This means in 2012 small businesses will have the burden of providing a 1099 for any purchases that total $600 or more. Additionally very little information had been provided regarding the increased 1099 reporting requirements for landlords (in another bill this year) that starts in 2011.

Get ready for increased workloads small businesses for the score right now is Form 1099 (1), Taxpayers (0).

The Tech Accountant

Monday, November 22, 2010

The New Smart Vault

Cloud vendor SmartVault has come out with some great new features in their update release that are sure to be on the holiday list for small biz owners. Be sure to view the video below to see the new features in action.

I will be testing the new feature this week (since this will be a slow week) and will be sure to post some feedback regarding them. I will say that I am glad to see the product expanding more into other markets and not just the QuickBooks market. Smart....very SmartVault.

The Tech Accountant

Wednesday, November 17, 2010

Cloud Accounting for Small Biz's

Just in time to get small business owners ready for the new year and tax season, cloud accounting vendor Outright has partnered with Google and Shoeboxed.com to offer small business owners an easier way to integrate back office admin functions with their accounting product. Be sure to watch the video below and see how using cloud products can save you money, increase productivity, and focus on growing your business.


The Outright product is mainly geared toward sole proprietors (Schedule C)....sorry for everyone else, but there are cloud options available for you too.

The Tech Accountant

Tuesday, November 16, 2010

Share your Biz Story...Win an iPad

Here's a cool contest for all the small biz owners and entrepreneurs out there. Be sure to watch the video and then post your own story.

The Tech Accountant

Friday, November 12, 2010

1099 Reporting for Rentals

Rental property owners will have a little more work to do next year thanks to a new law that requires them to file Form 1099-MISC forms for purchases over $600. Hear all the details below.

We will keep you posted on the updates since the IRS is supposed to provide additional guidance.

The Tech Accountant

Tuesday, November 09, 2010

You Deserve a Cool Credit

In these cooler weather months it's good to know that the IRS is offering us a cool credit that may warm our wallets and our homes. Check out all the details in this quick video.

The Tech Accountant

Thursday, November 04, 2010

A Lame Duck still Quacks

All the votes have been tallied and all the precincts have reported…some people are happy with the outcome and some are not. Whether your Congress person won or not is not the issue at this point, the issue lies in what is going to happen in the lame duck session of Congress for the rest of the year and will you as a taxpayer be prepared. Here’s a quick rundown of what is on the table for taxpayers before the year ends:

• Bush Tax Cuts extended?

• Estate Tax?

• AMT?

• Health Care Reform?

I am not a betting man but would have to think that more than likely some taxes are going to go up. What taxpayers do before this year ends is important but you may need to call the psychic hotline or a crystal ball to assist you. When I looked into my crystal ball this is what I have come up with.

Be sure to speak to your tax professional (psychic) to ensure that all of your ducks are in a row for the upcoming tax season.

The Tech Accountant

Monday, November 01, 2010

Using Logic and Love in Your Small Business

While going thru my e-mails recently, I came across one of those chain e-mails that everyone sends…you know the one’s that always ends with send this to….and instead of simply deleting this one I figured what the heck let’s see what this one is all about.

Well the e-mail was initially sent to provide the reader with a new outlook on living their lives knowing when to use logic or love. It described in detail what logic and love were and how they are used in our interactions and relationships every day. Logic was described as being aggressive, argumentative, detailed oriented and sparking debate. Love was described as being compassionate, empathetic, building relationships and communion.

The descriptions got me to thinking “How can one use logic and love in their small business operations” since many of the terms used to describe logic and love are needed by entrepreneurs to run their own business. I came up with two major areas where an entrepreneur can use logic and love to effectively manage and grow their business.

Business Operations – Logic Rules the Day

Entrepreneurs need to use logic when they are focusing on business operations. Since logic sparks debate and is argumentative, those skills will come in handy say when dealing with bill disputes or improving daily operational procedures that may need reviewing. Logic is also detailed oriented and attention to detail is always great for productivity and efficiency. Logic will also assist an entrepreneur with ethical issues since when one is using logic there is typically no grey area.

Start-Up/Marketing – Love What you Do

Entrepreneurs must initially use love when they start their business. One of the most important aspects of starting a business is finding something you love to do and offer that product or service to the public. I love to help people save money, time and grow their business that’s why I’m in accounting. An entrepreneur should find what they are passionate about before starting a business. The passion will then carry over in your dealings with clients/customers. Marketing is simply about building relationships, and being compassionate about your clients needs. By using love to build relationships, a small business owner has a better chance of growing their business.

These are just a few of the ways I see that an entrepreneur can use logic and love to assist them in growing their business and becoming great at what they do. Feel free to post your comments below.

The Tech Accountant