Greenleaf Accounting

How Small is Too Small?

admin — Fri, 03 Feb 2012 20:42:06 +0000

A lot of my clients don’t know that I actually received my Bachelor’s degree in Economics. While my passion, and my livelihood, has been in Accounting for years, my inner Economics geek peeks out every now and then! One of my favorite topics from Economics class was the idea of opportunity cost, which states that [...]

Five Tips to Speed Up Cash Collections

admin — Tue, 06 Dec 2011 17:29:26 +0000

If your accounts receivable balances are edging up and getting older and older each month, then it might be a good time to bring out the aging reports. But what if we looked earlier in the cycle to see what we could do to collect the sales even sooner? Let’s take a look at five [...]

It’s audit time! Are your mileage records ready?

admin — Mon, 28 Nov 2011 18:09:24 +0000

I’ve been experimenting with an expense-tracking app for my iPhone that might just make my paper mileage log obsolete. While it’s slick as anything and almost makes mileage tracking painless, it’s got me wondering. The mileage that I’m tracking in 2011 will be open to audit until April 15, 2015, assuming I don’t file for [...]

Estimated Tax Payments Due September 15th

admin — Fri, 02 Sep 2011 07:00:42 +0000

It’s that time again … time to send your estimated taxes in to Uncle Sam. So what are estimated taxes and why would you have to pay them? When you bring home a paycheck, your employer has withheld income taxes from your paycheck. But when you’re self-employed, a landlord, or even an investor, you are [...]

Five Summer Projects to Heat Up Your Business

admin — Wed, 03 Aug 2011 14:46:39 +0000

Summer is a great time for new projects to revitalize your business. One of these projects could be just the thing to spice up your business and help you rejuvenate yourself and your team. Here are five ideas to help you heat things up at work and reap the rewards that result: Move from reactive [...]

Uncle Sam Wants your QB File!

admin — Sat, 25 Jun 2011 20:22:22 +0000

Did you know that the IRS can now require you to produce your QuickBooks file if your business is being audited? Yikes! This started happening in late 2010 and the practice is only going to grow. How to protect yourself in the event of an audit? Review your own books! It only makes sense to [...]

Big Boost in IRS Mileage Rate

admin — Sat, 25 Jun 2011 20:11:21 +0000

Starting July 1st, 2011, your business miles are going to be a lot more valuable. For every mile you drive, the IRS will let you write off 55.5 cents, up from 51 cents for January 1st through June 30th. What does this mean for you? Capture every deductible mile! Yes, that means keeping a mileage [...]

Your biz could use a bookkeeper if:

admin — Wed, 27 Apr 2011 20:02:14 +0000

Could your small biz use a bookkeeper? It sure could, if : You are frequently paying late fees for missing the due dates on your credit cards. You have independent contractors and aren’t sure how to track their payments for 1099 reporting at year-end. You have to check with the bank to see how much [...]

New 1099 Requirements Repealed!

admin — Mon, 18 Apr 2011 18:35:16 +0000

On April 14, 2011, President Obama signed the long-awaited repeal of the new 1099 reporting requirements. A minor provision in the new healthcare law, the new requirements would have included corporations and vendors of both services and tangible goods in the 1099 reporting net. While it was intended to be a major revenue-raiser for Washington, [...]

1099 Changes: Are They Repealed Yet?

admin — Sun, 13 Mar 2011 22:58:08 +0000

UPDATE: New 1099 Requirements Repealed! Have those silly new 1099 reporting requirements been changed yet?!?!? In a word, no. The House of Representatives voted 314 to 112 to repeal the expanded 1099 reporting, paying for the changes by requiring repayment of tax credits by people who had received tax credits to pay for health insurance [...]