Dear Friends:
I would like to thank all of those that took part in our first two Lunch & Learn programs on May 20th and June 24th at the North Point Executive Suites – Alpharetta with our first featured speaker Ben Loggins, CPA and our second speaker Meredith Moore of Moore & Associates (Financial Planning). We received nothing but excellent reviews on both presentations as well as the lunches provided by Holway Catering in Sandy Springs and Jersey Mikes – Alpharetta. We also had door prizes provided by Edible Arrangements in Alpharetta and Gallery Spa in Roswell.
Our next program at North Point Executive Suites on Wednesday, July 22nd from 11:30 to 1:00 (please RSVP to info@BlazejAccounting.com) will feature Attorney Kathryn Rookes and she will discuss Contracts and Contract Administration (i.e., client, vendor, general and specific contracts) – Bring Your Questions…..
In this issue I will take the opportunity to introduce you to our new team member, Tips for Taxpayers Starting a New Business, Employee Payroll Taxes, client introduction and our Penny-Pinching Tip of the month.
Blazej & Associates has added Carol Miller Ward, CPA to our staff. She will be reviewing client files at month end, setting up QuickBooks for new clients and various special projects. We are very pleased to have her as part of our team!
TIPS FOR TAXPAYERS STARTING A NEW BUSINESS:
The IRS has listed a few tips for those that are starting a business:
1. Decide on your business entity – this will determine which tax forms you have to file. The most common are the sole proprietorship, partnership, corporation and S corporation.
2. The type of business you operate determines what taxes you must pay & how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
3. An Employer Identification Number is used to identify a business entity. You can apply for an EIN online at IRS.gov.
4. Good records will help you ensure successful operation of your new business. You can choose the best method to keep track of your revenue and expenses – Blazej & Associates normally recommend QuickBooks for small and medium sized businesses (few exceptions).
5. Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and fiscal year are the most common tax years used.
6. Each taxpayer must determine which type of accounting method will be used, either cash basis or accural method.
The IRS.gov site has many good FREE small business resources that may be of value to you.
INFO FROM ARTICLE ON PAYROLL TAXES:
I recently read an article on payroll taxes that most company owners know, but may just need a reminder. If you operate a business that collects payroll taxes from employees, regardless of what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when it’s due, Uncle Sam will crack down hard! The IRS will take action against the responsible parties and the penalty’s can be big, up to a 100% penalty and if they see a pattern of repeated violations they can launch a criminal investigation. I normally have my clients use a third party payroll service, like Paychex to ensure the taxes are paid on time. Of course you want to make sure the tax deposits are being made, but honestly I have not had a problem with tax delay penalties, etc.
PENNY-PINCHING TIP:
Ordering your checks from a printing company often costs less than getting them from a bank. I shop around between Vista Print, NEBS and Intuit. Lately Vista Print has been the best deal and I’ve ordered for a number of my clients, my business as well as my personal accounts.
CLIENT PROFILE: MORENO AGUIARI – TRANSLATE & LOCALIZE
Blazej & Associates client, Moreno Aguiari came to the United States from Italy in 1999 to obtain his pilot license and after five years of flying he changed his line of business to work in sales. Working with the web, he started providing consulting services for Italian companies that wanted to do business in the U.S. In 2005 he started PCI Translations which is a translation company providing website and document translations in 25 languages and since this time he has also established new business ventures that focus on web development and marketing. If you need documents translated you can reach Moreno at 678.395.5922 or his e-mail address is mo@ambroworks.com. His website: www.TranslateandLocalize.com.
Please feel free to share this newsletter with your friends and colleagues.
The Blazej & Associates Crew
Your Outsourced “In-House” Accounting, Bookkeeping & Office Concierge
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