Thursday, December 31, 2015

Easy QuickBooks Tips for Making Your Bookkeeping A Breeze

If you are a small business setting up accounting software for the very first time, you will love these five useful QuickBooks tips.

QuickBooks Tip #1: Convert to QuickBooks January 1

Converting to a new accounting system at the beginning of a new year, makes the whole process much easier if you plan on doing everything yourself. READ MORE

Saturday, December 26, 2015

65 Ways to Save Money in 2016


Looking to Save Money next year?

Here is our List of 65 Ways to Save Money:

1. Better banking
If you’re paying a monthly fee for your checking or savings account, you would benefit from researching some of newest banking offers out there. Not only do some banks offer sign-up bonuses simply for opening an account and setting up direct deposit, but some offer attractive interest rates to new customers as well. READ MORE

Wednesday, December 23, 2015

C Corporation: The Pros and Cons

Converting a company to a C Corporation can help you establish some legal and financial separation between you and your business. But the switch involves more paperwork and red tape, and you could face double taxation. Do the benefits of being a C Corp outweigh the risks? READ MORE

Friday, November 27, 2015

Starting a Business in Coeur d’Alene Idaho

If you are thinking about starting a business in Coeur d’Alene Idaho, then you will enjoy this helpful guide. Before taking on such an endeavor, it is very important that you cover all basis.

Let us start by diving right into the bread and butter of any successful business venture, its targeted customer/client. READ MORE

Saturday, November 7, 2015

Coeur d’Alene Facts: Interesting Information


Lets look at some interesting Coeur d’Alene facts:

How Coeur d’Alene Got Its Name
French fur traders allegedly named the local Indian tribe the Coeur d’Alene out of respect for their tough trading practices.[7] Translated from French Cœur d’Alène or Alêne literally means “heart of the awl” which might mean “sharp-hearted” or “shrewd”. READ MORE

Thursday, October 22, 2015

New Business Tax Deductions

There are so many unknowns when starting a new business or purchasing an existing one. You may be surprised to know that many new business owners have no idea that they can deduct their initial startup expenses. Having a solid tax plan could save you thousands of dollars, now and in the future. When you are spending your hard earned money on a lifelong dream, it is vital to surround yourself with a team of professionals who can provide priceless advice from an experience standpoint. Let’s look at some new business tax deductions. READ MORE

Friday, October 9, 2015

6 Payroll Tips For Spokane & Coeur d’Alene Small Businesses


Spokane Payroll & Coeur d’Alene Payroll Tips:

1. Make sure that you properly classify your workers. Just because a worker agrees to be paid as an independent contractor doesn’t mean it’s the legal way of paying that person. Be very careful of this scam because it will come back to bite you. READ MORE

Tuesday, September 15, 2015

6 Steps To Backup QuickBooks & Restore



Backup Quickbooks & Restore:

Financial data on your Quickbooks may be some of the most important information you own. It contains your payroll, expenses; payables, customer information, receivables and income, sales and state tax information. READ MORE

Wednesday, September 2, 2015

The 7 Most Common Tax Return Mistakes

Congress has passed numerous confusing new tax laws which go into effect this tax season! By changing everything around, Congress and the IRS, have made filing an accurate tax return virtually impossible for every taxpayer!

But that’s NOT the worst part! New complicated tax laws including the NEW EARNED INCOME CREDIT change could stop many people from receiving tax refunds from Uncle Sam which are supposed to be theirs! READ MORE

Friday, August 21, 2015

Idaho Contractor Taxes

Today we will examine rules and regulations regarding Idaho Contractor Taxes.
  • Who is considered a Contractor
  • Real property
  • Income tax withholding requirements
  • Contractors and sales/use tax
  • Exemptions from sales/use tax
  • Contractors who are also retailers
  • Billing examples for contractors
  • Sales/use tax for contractors in other situations
  • Forms/publications
  • Related information
  • Contractors working on federal projects
  • Laws and rules   READ MORE

Saturday, August 8, 2015

Payroll: Setting Up The System In 10 Steps

Whether you have one employee or 50, setting up a payroll system not only gives you the ability to stay on top of your legal and regulatory responsibilities, but it will also prevent you from being fined by costly (IRS) penalties. READ MORE

Thursday, July 23, 2015

Debt Collection Strategies For Unpaid Invoices

Avoiding The “Deadbeats”

It’s inevitable that any business owner, big or small, is going to encounter clients that are just not willing to pay. It is no surprise that many small businesses do not survive the first two years, and the inabilities to collect from nonpaying clients are likely a large contributor business failure. READ MORE

Saturday, July 18, 2015

Idaho Labor Law: Information

Today we will look at Idaho labor law information.

Idaho Labor Law

1. Minimum wage in Idaho
The current Idaho state minimum wage is $7.25 an hour, the same as the federal minimum wage. The minimum wage for a tipped employee is $3.35 per hour. A training minimum wage of $4.25 per hour can be paid to employees under 20 years old for the first 90 calendar days of employment. READ MORE

Friday, July 10, 2015

Idaho Sales Tax: Temporary Lodging

Here is an update for Idaho Sales Tax:

Beware! Homeowners Providing Temporary Lodging Must Charge Idaho Sales Tax

Air B&B and similar websites have made it easy for homeowners to rent a room, cabin or other temporary lodging to the public. However tax issues now arise especially regarding Idaho Sales Tax.
Homeowners are just opening their doors without first registering as a business with the Secretary of State's office, and securing required permits. READ MORE

Wednesday, June 24, 2015

Employee Versus Independent Contractor: The Pros & Cons

Let’s look at hiring an employee versus independent contractor including the pros and cons.
If you are wondering if you should hire full time employee or use independent contractor, don’t make the mistake of thinking they are basically the same thing. They aren’t. READ MORE

Tuesday, June 9, 2015

Business Closing Checklist

There are important actions that must be taken when closing a business. These filing need to be filed through an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return showing the name of the person keeping the payroll records and the address where those records will be kept. There are other items on the business closing checklist. READ MORE

Monday, May 25, 2015

Setting Up QuickBooks: Simple Tips

Today we will look at simple tips for setting up QuickBooks.


Setting Up QuickBooks Tips

1. Review the QuickBooks basics
Now, become familiar with the software. Even if you are comfortable with numbers, spend time in the “Getting Started” tab on the tutorials. QuickBooks classifies revenue as “Money In,” and expenses as “Money Out.” It then maps the flow of these funds through your business in a chart called “Getting Around.” Be sure to comb through the entire section before entering even one thing. If you get the basic set up wrong the entire system must then be corrected by a very experienced QuickBooks professional. READ MORE

Wednesday, May 20, 2015

QuickBooks Tips and Tricks: Fun Information

QuickBooks can be a place of confusion for those who are not an expert at this type of accounting software. But do not let this program fool you, there are many easy tricks that can be performed at a push of a button or click of a mouse. Today we will look and several QuickBooks tips and tricks.

Tuesday, May 5, 2015

IRS Problems: 10 Options for Taxpayers Who Owe Money to the IRS

Do not panic if you have found yourself owing money to the IRS that you cannot afford to pay in full. The IRS has a number of ways for people to pay their tax bill.


Solving IRS Problems

The IRS has announced an effort to help struggling taxpayers get a fresh start with their tax liabilities. The goal of this effort is to help individuals and small business meet their tax obligations, without adding unnecessary burden. READ MORE

Wednesday, April 22, 2015

How To Reconcile QuickBooks

Reconciling bank and other accounts in QuickBooks is something you’ll need and want to do. Such work improves the accuracy of your data. Also, the work may catch serious problems, such as employee fraud or theft. Today we will look at how to reconcile QuickBooks. READ MORE

Friday, April 3, 2015

New Business Checklist: So You Want To Start a Business…

Congratulations! Once you get over the initial excitement, it’s time to break down the process of launching your startup into manageable steps. You might get overwhelmed with the sheer number of items on your to-do list. But not to worry; I’ve broken down this new business checklist into the primary tasks you need to do now, and those that you can defer until later. READ MORE

Wednesday, April 1, 2015

Retiring In Coeur d’Alene Idaho

Coeur d’Alene is a fast growing lake/mountain town in northern Idaho’s panhandle and only 30 miles east of Spokane (WA). This beautiful town is chalk full of activities for retirees. If you enjoy the great outdoors, then this is your place. Here is some information about retiring in Coeur d’Alene.

For those of you who enjoy winter activities Coeur d’Alene is also located near two major ski resorts, Silver Mountain Resort and Schweitzer Mountain Ski Resort. READ MORE

Tuesday, March 24, 2015

9 Commonly-Missed Tax Deductions


Missed Tax Deductions

Here is a list of the 9 most commonly missed tax deductions:


1. Out-Of-Pocket Charitable Contributions

You can write off out-of-pocket costs incurred while volunteering or donating money for a charity. READ MORE

Tuesday, March 3, 2015

Military Service Member Taxes Information: Exclusions You May Be Paying For

There are many tax provisions, exclusions and deductions that military and their family members can take advantage of. Here are some top Military Service Member Taxes tips to consider before filing taxes. READ MORE

Thursday, February 26, 2015

Idaho Health Insurance: Choosing the Right Plan

Choosing the right plan means understanding your medical needs, including what healthcare providers and treatments you’ll use, and then figuring out your budget and if you are eligible for cost assistance.  That will narrow down which tier of metal plan to get, then you’ll compare benefits of those plans. READ MORE

Monday, February 2, 2015

File a Business Name (DBA): Legally


Correctly File a Business Name (Doing Business As – DBA)

Lets look at information about how to file a business name.

Name Search: Before registering a business name, a search can be performed to determine whether another business in Idaho is currently using the same name. Only sole proprietorships can register a name currently being used by another business. Corporations and LLCs must choose a unique business name not in use. READ MORE

Friday, January 23, 2015

Idaho Health Insurance Exchange: How To Enroll

The Idaho Health Insurance Exchange, Your Health Idaho, is the official Idaho State marketplace for health insurance under Obamacare. You can use Your Health Idaho to apply for cost-assistance, compare prices of plans, change plans, and enroll in a plan that best suits you, your family, or your small business. Below is an overview of how Idaho’s health insurance exchange works, and the ins and outs of each type of policy before shopping on your State’s Marketplace. READ MORE

Thursday, January 15, 2015

IRS Impersonation Telephone Scam

An aggressive and very savvy phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. These scammers are claiming to be agents of the IRS, but are not.

They are using fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling. READ MORE

Monday, January 5, 2015

SEP IRA: Simplified Employee Pension Plan

What is a SEP IRA?

A Sep-IRA is a Simplified Employee Pension Plan, which is a retirement plan specifically designed for anyone with self-employment income. A SEP retirement plan can help you contribute to your retirement savings while reducing your taxable income. A SEP-IRA will also be recognized as a contribution to the owner/owners “Reasonable” wages. READ MORE