What is the difference between having a bookkeeping service, such as Elite, take over your billing for you verses paying and organizing them yourself?

Well, here are some of the differences:

When you pay the bills

you must:

• Be sure you are there to receive the mail
• Keep the paperwork organized - both the paid
• and unpaid bills.
• Have time to sit and write out checks, stamp and mail.

It is not uncommon for business owners to get behind on their bills - not because they can't afford to pay them, but because they are too busy to attend to them on a regular basis. The end

result can be late fees, higher finance charges, and lowered credit scores.

When we pay your bills

we:

Have your billing address changed so your bills come directly to our office, eliminating the chance you might misplace a bill.

Alternatively, you can place the bills you receive in a courier pouch provided by Elite Bookkeeping Service as they arrive and our office will pick up the pouch at pre-arranged intervals.

Our staff then:

• Enters them into QuickBooks as bills to be paid.
• Pays them as they come due, in cooperation with your direction and cash flow, using your checking account, bank account bill-pay service, or electronic funds transfers.

In addition, we stay in close contact via email or phone so you can dictate activity as needed.

For more information on our bookkeeping, payroll, accounting, and QuickBooks services, call (775) 884-6188. FREE CONSULTATIONS!

Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Tax Planning

There are many different strategies that you should be aware of when creating your plan for wealth. Among those options should be a strategy that helps you minimize taxes on your income. Everyone has different income scenarios and no two tax strategies are exactly alike. Customizing the right tax plan begins with answering questions like: "What current tax laws exist?", "Which ones affect me?", and "How can I customize a plan to reduce the taxes that I may owe?"

Both individuals and businesses can benefit from a tax reduction strategy. Individuals benefit because they are able to reduce taxes on wages and other forms of taxable income. From a business perspective, the more after-tax income savings, the greater the profits a company will have to reinvest into operations. There will also be more profits available to distribute to owners and shareholders.

A tax plan is needed the moment there is income subject to tax. For many years, tax advisors have customized strategies to help wealthy taxpayers reduce their tax liability. However, there is a greater need for taxpayer literacy to show low-to-moderate income individuals how to benefit from tax saving options and how to apply these moves throughout the year for greater savings.

As with any plan there are certain results that it is designed to achieve. The major goals of a tax plan are to reduce taxes and keep more of the money that you earn as an employee, self-employed person, or investor. By having a road map to guide you, you can learn how to stop loaning money to tax authorities interest free. Consider the money you pay out in income taxes that is returned to you as a refund. Then take into account how much more effective it would be to have that same money available to you throughout the year. By using strategies to reduce taxes on income you can free up cash flow and have more money available for savings, investing, paying down debt, and to spend on things you enjoy throughout the year.

To get assistance with developing a tax plan seek the advice of a qualified professional. Some great places to start are with a tax advisor, accountant, or financial advisor that specializes in income tax. These experts will have the background necessary to look at your current income and customize a plan that fits your financial goals using various income and tax scenarios.

You should work with professionals who have a background in helping clients to create tax plans. This will ensure that you are getting the right counsel to help you achieve the results you desire.


For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Why Executive Suites and Virtual Suites Help Your Business!

As a web developer and designer, I often come across many different requests from my clients to provide slide shows, information via the web that will help showcase the main points a business has to offer. I created this virtual tour to show how an executive suite or virtual suite may benefit you in either getting started with your LLC or Corporation or in venturing out from your home office to develop a more sophisticated office presence. I hope you find this tour of Pinnacle Executive Suites useful! Here is the link: Click here

by Site Noticed, Inc. June 25, 2010

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Sienna Hotel Responds to Tax Story via Facebook

Of Interest:

After KRNV News 4 aired a story about the Siena Hotel Spa Casino's failure to pay room taxes, the Reno property posted a comment on the social networking sites Facebook and Twitter saying it was working to resolve the matter. Click here to Read the Full Article.

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Nevada tax tidbits: Trade Show Taxes

Here is an interesting article about Nevada taxes and trade shows.

http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2010/04/nevada-tax-tidbits-trade-show-taxes.html

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

What is Cash Basis Accounting?

Most small businesses use the cash basis method of accounting, which is based on real-time cash flow. In cash method, you report an expense when it is paid, and record income when it is received. So, the day you receive a check, it becomes a cash receipt. And you record your expenses when you pay your bills, not when the bill is received.

By the way, the word "cash" is not meant literally -- it also covers payments by check, credit card, barter, etc.

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Tax Tips: Tax audits going international

By Jeff Quinn
Special to the Sun

INCLINE VILLAGE, Nev. — Seems IRS Commish Shulman is looking toward a “one world” philosophy when it comes to the next era of tax audits. In a recent speech before the Organization for Economic Cooperation and Development, Shulman said plans are being made for joint country audits of multinational corporations. And with all of the recent attention to individuals' foreign investments, can joint audits of we and thee be far off?

Shulman says IRS is now working out the details on developing a protocol for joint audits with other countries, noting that a joint audit wouldn't be a “simultaneous exam,” but instead a process of two or more countries joining forces to carry out a single audit of a company with cross-border business dealings — a process that “will be more sensible and efficient for the participating business.”

And with regard to individuals, Shulman is singing the praises of the Foreign Accounts Tax Compliance Act (FATCA), enacted as part of the HIRE Act, as the most important development in international information reporting in a generation, allowing the Revenooers to get after Americans (in particular) prone to hiding assets overseas, by:

1. Increasing information reporting by U.S. taxpayers holding financial assets outside the U.S. and imposing severe penalties for failure to comply;

2. Expanding due diligence standards, so that IRS has better and easier access to U.S. beneficial owners of accounts; and

3. Getting tougher with foreign financial institutions that will “have to agree to disclose U.S. investors to IRS or feel the pain of a substantial new withholding tax on U.S. income and gains.”

Meanwhile, the House of Representatives has been busy passing tax measures — such as the “American Jobs, Closing Tax Loopholes and Preventing Outsourcing Act of 2010” just last month. Among many other things, the House bill would retroactively reinstate and extend for one year (through the end of 2010) the following:

1. The election to claim an itemized deduction for state and local general sales taxes in lieu of the itemized deduction allowed for state and local income taxes;

2. The additional standard deduction for state and local real estate taxes; and

3. The availability to taxpayers 70-1/2 and older to make tax-free distributions to charity from their IRA, in the amount of up to $100,000 annually.

And how to pay for all of these goodies? One nasty idea, for tax years beginning after Dec. 31, 2010, would prevent individuals engaged in a professional service business from “avoiding” employment taxes by channeling their earnings through a limited liability company or limited partnership. This provision would apply to an “S” corporation engaged in a professional service business that is mainly based on the reputation and skill of three or fewer individuals, or an “S” corporation which is a partner in a partnership engaged in a professional service business if substantially all of the activities of the “S” corporation are performed in connection with the partnership.

We can hardly wait for the Senate to weigh in on this one.

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Department of Taxation Press Release - March 2010

TAXATION REVENUE STATISTICS – March 2010

Taxable Sales Summary – March 2010

Statewide taxable sales for March 2010 of $3,329,192,855 represents a 7.4% decrease over March 2009, and a 13.3% decrease for the nine months of fiscal year 2010. The largest increases in statewide taxable sales were realized by Accommodation, up 26.6%; Clothing and Clothing Accessories Stores, up 15.6%; Motor Vehicle and Parts Dealers, up 10.7%; Food Services and Drinking Places up 5.1%; and General Merchandise Stores up 2.6%. The following major sales indicators represent changes in Nevada’s economic activity for March 2010 compared to March 2009:

Statewide Sales
Down
7.4
%

Clark County Sales
Down
9.4

Washoe County Sales
Up
1.9

Construction Industry Classification
Down
57.6

Merchant Wholesalers – Durable Goods
Down
56.9

Motor Vehicle and Parts Dealers
Up
10.7

General Merchandise Stores
Up
2.6

Clothing & Accessories Stores
Up
15.6

Food & Beverage Stores
Up
0.1

Home Furniture and Furnishings
Up
11.6

Accommodations
Up
26.6

Food Services & Drinking Places
Up
5.1


Nine of Nevada’s seventeen counties recorded an increase in taxable sales for March 2010 compared to March 2009: Douglas, Esmeralda, Eureka, Humboldt, Lincoln, Mineral, Pershing, Storey and Washoe Counties.

Revenue Collections from Sales and Use Taxes – March 2010

Gross revenue collections from sales and use taxes amounted to $261,873,908 for March 2010 which represents a 2.10% decrease compared to March 2009, and a 7.90% decrease for the nine months of fiscal year 2010. The General Fund portion of the sales and use taxes collected amounted to $66,467,441, which represents an 8.58% decrease compared to March 2009.

Compared to the January 2010 Economic Forum projections, the General Fund portion of the sales and use taxes is 1.9% or $10.3 million above their forecast for the nine months of fiscal year 2010.

Modified Business Tax and Business License Fees – March 2010

The Department reports $92,220,705 was collected and distributed to the State general fund for the quarter ending March 2010 for Modified Business Tax from General Businesses and Financial Institutions. This represents a 35.3% increase compared to the same quarter prior year. SB 429 of the 2009 Nevada Legislature implemented a tiered tax rate system for Modified Tax – General Business filers effective July 1, 2009 which had an increase in the amount of revenue collected and distributed.

Businesses reported $9.07 billion in gross wages and took $748.4 million in allowable health care deductions for the March quarter, which represents 8.25% of the gross wages.

Excise Tax Revenue Collections – March 2010

The Department reports excise tax collections of $107,022,056 for the month of March 2010, is an increase of 7.35% compared to the same month prior year. Initiative Petition 1 of the 2009 Legislative session imposed a 3% tax on the gross receipts of transient lodging in any county whose population is 300,000 or more to be distributed to the General Fund effective July 1, 2009. The portion of Lodging Tax collected for the General Fund in the month of March 2010 amounted to approximately $8.9 million. Adjusting for this amount, March 2010 excise tax collections would have stood at an estimated 1.5% decrease compared to the same month last year.

Compared to the Economic Forum’s January 2010 projections, fiscal year to date cigarette taxes are 0.6% or $489 thousand below projections. The liquor tax is 6.8% or $2.6 million above projections. March 2010 collections for Live Entertainment Tax were $1,186,210, 12.3% above projections for fiscal year to date. March 2010 quarter filings for Insurance Premium Tax were up 0.4%; for the Short Term Car Lease, down 7.2%; and for the Real Property Transfer Tax, up 8.14% compared to the projections.

Governor Jim Gibbons’ Comments

“After 14 consecutive months of double digit percentage declines, taxable sales in March 2010 continued a fourth consecutive month of single digit declines, at 7.4% in March 2010 over March 2009 sales. Taxable sales in 9 of 17 counties increased in March over prior year sales. Additionally, ten of twelve major sales indicators of change in Nevada economic activity in 2010 improved in March over the indicators in March of the prior year. While these are encouraging signs, other indicators continue to cast a shadow on Nevada’s economic recovery. Unemployment continues above 13%. Construction industry and durable goods sales declined 57.6% and 56.9% in March over prior year sales.

This administration is working diligently to gain footing on the road to recovery. This includes obligating 100% of American Recovery and Reinvestment Act monies for road construction projects that could create or sustain as many as 5,600 jobs for Nevadans.”


___________________________________________
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Nevada Department of Taxation - About Taxes and FAQ'S

As a local business in Carson City, Nevada, Elite Bookkeeping and Tax Services likes to provide useful links to interesting articles and websites. Here is one worth reading provided by the Nevada Department of Taxation which gives advice about taxes here in Nevada:

Department of Taxation
About Taxes and FAQ'S


The Nevada Department of Taxation currently administers Sales & Use Tax, Modified Business Tax, Business Licensing, Cigarette Tax, Other Tobacco Products Tax, Liquor Tax, Real Property Transfer Tax, Bank Branch Excise Tax, Lodging Tax, Insurance Premium Tax, Tire Tax, Live Entertainment Tax, Short Term Lessor (Passenger Car), Live Entertainment, & Exhibition Facilities Fees.

This page is intended to provide general information on each tax that we administer as well as commonly asked questions and answers. CLICK HERE to read FAQs page!



For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Elite Bookkeeping & Tax Services is Quickbooks Certified

We are 'QuickBooks Certified Users' here at Elite Bookkeeping & Tax Services.

We are also AIPB Certified. Click here for more information!

What is a Certified Bookkeeper or CB?

Well, in 1998, the American Institute of Professional
Bookkeepers (AIPB) set the first and only
national standard in advanced bookkeeping:
The Certified Bookkeeper Program.
A Certified Bookkeeper has the proven ability
to handle the books for a company of up
to 100 employees.
To become certified, a bookkeeper must:
1 know basic bookkeeping, including
double-entry accounting, before
undertaking certification;
2 pass a national exam in advanced
bookkeeping at Prometric Test Centers;
3 have at least 3,000 hours (2 years) of
on-the-job experience in bookkeeping;
4 sign a Code of Ethics that assures
commitment to integrity;
5 constantly update skills by earning
20 Continuing Education Credits
every year. Click here for more information.

Dependents and Exemptions

Question: Is there an age limit on claiming my children as dependents?

Answer: Age is a factor in the qualifying child test, but a qualifying relative can be any age.

As long as the following dependency exemption tests are met, you may claim him or her:

1. Qualifying child or qualifying relative test
2. Dependent taxpayer test
3. Citizenship or resident test
4. Joint return test


Additional Information:

* Publication 501, Exemptions, Standard Deduction, and Filing Information

Category: Filing Requirements/Status/Dependents/Exemptions

Subcategory: Dependents & Exemptions

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Nevada Use Tax - Are You At Risk?

Nevada Use Tax may be an area of exposure for individuals and businesses that purchase goods from out of state.

Nevada Use Tax is imposed upon property purchased for storage, use or consumption within Nevada. As a corollary to Nevada Sales Tax, Nevada Use Tax is imposed upon purchases from non-resident vendors and is intended to remove any incentive to avoid Nevada Sales Tax. Businesses and individuals risk exposure when the transaction meets the following criteria:

1. Tangible property is purchased from a non-resident vendor;
2. The non-resident vendor does not assess Nevada Use Tax upon the purchase;
3. The purchaser would have paid Nevada Sales tax had the transaction occurred within state borders.

Consider this example: Your Nevada business purchased a computer from a non-resident vendor in Pennsylvania. The vendor ships the computer to you, billing only for the computer and shipping cost. The non-resident vendor does not charge Nevada Use Tax. In this example, the purchaser becomes and remains liable for Use Tax remittance to Nevada.

Individuals who purchase goods from non-resident vendors are required to remit Nevada Use Tax. Consider your holiday shopping on the Internet. If you purchased from a non-resident vendor, it is likely you were not charged any tax. Legally, any purchase from a non-resident vendor that would be subject to Nevada Sales tax had the item been purchased in Nevada is subject to Nevada Use Tax.

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

The Seven Keys to Successful Corporate Tax Preparation

Many individuals look to April 15 every year with dread. For small and large corporations, it's not any different. No matter what type of taxes you're filing, there are many ways to make the process easier. Here are seven keys to success with corporate tax preparation.

Know Your Deductions

Businesses can deduct all "ordinary and necessary" business expenses. In order to take advantage of these write-offs, make sure to keep track of all your business expenses. These expenses can include business travel, equipment purchase, salaries, and rent. When considering travel expenses, remember mileage expenses as well.

Pay Quarterly Estimate Taxes

For new or small businesses, forgetting to pay quarterly estimated taxes can really trip you up. It can cause cash flow problems and sometimes result in fines or penalties from the IRS. Use your accountant or the information on the IRS website to help estimate your taxes, and make payments every quarter.

Remember Other Tax Deadlines

For individuals, April 15 is the big day. You may choose to file an extension if you feel you're going to be later than April 15. For businesses and corporations, there are other deadlines to keep in mind.

* Most annual returns are due April 15 for S corporations.
* For C corporations, annual corporate returns must be filed within 2.5 months after the close of their fiscal year.
* Estimated taxes are due quarterly every year on April 15, June 15, September 15 and January 15.
* Depending on the size of your payroll, employee taxes are due weekly, monthly or quarterly.

Keeping these deadlines on a calendar and allowing plenty of time to prepare will make preparing annual taxes much easier. Ask your accountant to recommend software or other ideas that will make preparation simpler.

Remember Charitable Contributions

Many businesses make charitable contributions in their own name, or in the name of their employees. To receive the maximum tax benefits, make sure you follow all rules set forth by the IRS closely. The organizations you contribute to must be listed by the IRS as deductible. Remember that any contribution of over $250 requires a letter of receipt from the receiving organization.

Ensure Employee Taxes are Correct

Many corporations will have employees other than the person running the business. With every paycheck, a variety of taxes must be withheld from employees. Each payday, look closely to ensure that amounts for Social Security
(FICA), Medicare, and state and federal income taxes are correct. Make sure that the amount you match for FICA and Medicare taxes is correct. Also remember to keep up to date with federal and state unemployment taxes. By checking amounts and payments on a regular basis, you'll ensure that no problems arise come time to file quarterly and annual taxes.

Know Sales Tax Guidelines

If your corporation is selling a taxable product, it's important to stay up to date with sales taxes. Know the guidelines for each individual state in which you do business. If you do not have a physical presence in another state, but sell merchandise by internet or catalog, you may be subject to that state's "use tax."

Know the guidelines for each state whether you have a presence there or not. Making sure that registrations in each state are up to date and that state tax returns are filed online is important. By doing this, you'll avoid any penalties and make sure things run smoothly when filing annual taxes with the IRS.

The key to successful income tax preparation for your business is planning ahead. Remember that even though "tax time" only comes once a year, businesses need to keep on top of deductions and recording throughout the year.

Article by Eugene Cohen, CPA and Martin Kucher, CPA

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

Small Business Advice: Improve Your Accounts Receivable Collection Cycle Now

Almost any small business can use advice on how to improve its collection cycle. The first line of defense against late payments is a complete invoice. Your bills should be accurate, detailed and easy to understand. If difficult to understand, then your client will need to call for additional information. That translates into "you have been added to their to-do list," which increases the time of your collection cycle. Include on each invoice:

- Your company's contact information: name, address, tax id number, phone and contact person
- The date the invoice was prepared
- The customer's name and address
- A description of the goods or services sold to the customer - itemize, if possible (An itemized bill is harder to contest.)
- The amount due, with sales tax amount broken out
- When the invoice is due

Once prepared, send invoices promptly. Another piece of small business advice is the longer you take to bill a customer the less likely you are to receive payment for the goods and services provided.

This simple calculation gives you a powerful tracking tool that helps you adjust your cash in-flow on an as-needed basis:

Step 1: Calculate your average collection period by dividing your total sales for the previous year by 365. This gives you your average daily sales volume.
(Total Sales / 365 Days = Average Daily Sales Volume)

Step 2: Then divide your average daily sales volume into your current accounts receivable balance to get the number of days it takes to collect a bill.
(Average Accounts Receivable Collection Period = Average Daily Sales Volume / Current Accounts Receivable Balance)

Now that you know your average accounts receivable collection period, you then need to interpret that number as it relates to your business by asking four important questions.

Question #1: Is your average accounts receivable collection period in line with the company's credit policy? If your credit terms provide your customers with 30 days to pay their bills, then you should expect that your average collection period will be somewhere around 30 days - maybe a little longer. If your average collection period is 60 days then you need to examine other factors that affect billing.

Question #2: Are you billing your customers consistently? Look at your Accounts Receivable Aging Report, the report that summarizes all of your outstanding invoices by client and number of days outstanding. Are the outstanding invoices on that report related to products and services sold within the last 45 days, or are they related to products and services you provided three months ago and just got around to billing? Create a procedure to bill customers once a week or each time you have a completed sale.

Question #3: Are you billing your customers effectively? Are your customers
calling you with questions about your invoice? Perhaps you didn't have that important upfront conversation with your client about how you charge for your products and services. By having this conversation, confusion and anxiety over wondering if the customer is going to pay you can be eliminated.

Question #4: Are you tracking overdue accounts and taking consistent action to collect past due accounts? Do you have an effective tool in place to track when an account comes due, and knowing who has paid their bills and who has not? When a customer's invoice goes past its due date, is there a procedure in place to follow-up with that customer? Sometimes sending customer statements and making friendly reminder calls is all it takes.

By answering these four basic questions, you'll soon be running a fine-tuned collection machine.

For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz