How Understanding Assets vs. Expenses Can Make You Rich

Posted on 29. Jan, 2016 by in Bookkeeping Articles, QuickBooks, Small Business Tips

Assets and expenses both have a “debit” balance on the financial statements, but that’s where their similarities end.  Spending on one can make you rich and spending too much on the other can leave you broke. An expense is money you may need to spend, but after a year, there is nothing lasting to show […]

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Annual Credit Check More Important Than Ever

Posted on 28. Jan, 2016 by in Bookkeeping Articles, Services, Small Business Tips

An Annual Credit Check is more important than ever. Last year, the IRS admitted to a major breach into taxpayer records. This breach was not a hacking operation. The thieves had valid names, addresses, Social Security Numbers and more. They used this information to get by the security measures in place on the IRS website. […]

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Retirement Contribution & Social Security Limits for 2016

Posted on 27. Jan, 2016 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates, VirtualConnections Newsletter

Retirement Contribution & Social Security Limits for 2016 Retirement Contribution planning is upon us.  If you haven’t already done so, now is a good time to plan for your 2016 retirement account contributions. As you determine your various funding levels for next year, remember to account for any matching programs offered by your employer.

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Apps to Track Your Mileage

Posted on 30. Dec, 2015 by in iOS Tips, MAC Tip, Services, VirtualConnections Newsletter

If you take business mileage deduction, then you know the IRS requires you to track your mileage. There are a couple of apps that make this process easier and no fumbling around for that mileage log. MileBug – This app costs $3 and is available for Android, IOS and Windows smartphones. MileBug allows you to […]

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Breaking News: 2016 Mileage Rates

Posted on 29. Dec, 2015 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates, VirtualConnections Newsletter

The IRS has just released the standard mileage rates for 2016. For business use of an automobile, the rate will decrease to .54 cents per mile. For medical and moving expenses, it is decreased to .19 cents per mile. For services to charitable organizations, the rate stays at .14 cents per mile. You can read the […]

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Social Security Wage Rates for 2016

Posted on 27. Dec, 2015 by in QuickBooks, Small Business Tips, Tax Updates, VirtualConnections Newsletter

The Social Security wage base remains unchanged for 2016.  Maximum taxable earnings will stay at $118,500, and the tax rate will stay at 6.20% for both employees and employers. The Medicare tax on all wages and self-employment income also remains the same at 1.45%. (Note:  Despite the reallocation of Social Security retirement and survivor’s trust fund money to […]

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Be a Better Charitable Giver

Posted on 17. Dec, 2015 by in Bookkeeping Articles, Marketing Tips, My Favorite Things, QuickBooks, Services, Small Business Tips, VirtualConnections Newsletter

Simple moves to make your giving go further These days, we all want our money to go further and charitable donations are no exception. Yet sometimes, even well-intentioned gifts may end up going to a poorly run charity or the charity does not receive the full benefit of your gift. Here are some tips to […]

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Tis the Season…for Review

Posted on 10. Dec, 2015 by in Bookkeeping Articles, QuickBooks, Services, Small Business Tips, VirtualConnections Newsletter

As 2015 winds to a close, there are a number of tasks that should be reviewed. To help you plan accordingly, here are some things to consider. Employee benefits. Most employer benefit plans have enrollment periods that coincide with the calendar. Please review your benefit options with your employer and make any necessary changes. Common […]

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Do You Have a Revenue Plan for 2016?

Posted on 08. Dec, 2015 by in Bookkeeping Articles, CEO Tips, Marketing Tips, Small Business Tips, VirtualConnections Newsletter

A great way to start the New Year is to get clear on exactly how you can make your revenue goal number.  A revenue plan is the perfect tool.  You’ll need to be proficient in Excel, and if not, you can work with your accountant on this very important and enlightening spreadsheet. Start by listing […]

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Get Finance-Savvy with 10 Accounting Terms

Posted on 01. Dec, 2015 by in Bookkeeping Articles, My Favorite Things, QuickBooks, Small Business Tips, Tax Updates, VirtualConnections Newsletter

It’s good to know some basic accounting terms, and here are ten terms with friendly definitions for your review.  Asset:  Essentially, assets are what you own.   These include your bank accounts, business equipment, and even the amounts that customers owe you. Revenue:  Revenue is what you make.  Another word for it is Sales.  You generate […]

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