Professional Bookkeeper and QuickBooks Certified Consultant

Copyright 2006 Bookkeeping R Us All Rights Reserved

A document issued to your company applying funds being returned from your vendor. Used for return of merchandise, correcting of pricing, warranty adjustments, etc.

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Accountants are people.

Robert Townsend (1920 - )

U.S. business executive

Up the Organization, 1970.

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Copyright 2006 Bookkeeping R Us All Rights Reserved

A document issued by your company to applying funds being returned to your customer. Used for return of merchandise, pricing adjustments, warranty adjustments, etc.

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Copyright 2006 Bookkeeping R Us All Rights Reserved

QuickBooks has a tool that allows you to easily track fixed assets. Using the Fixed Asset List you can add new items, track disposed fixed assets and produce fixed asset reports by entering asset names, serial numbers, acquisition and disposal dates. Choose the Fixed Asset Item list from the Lists menu in all QuickBooks Pro and higher versions.

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With creative accountancy, who needs cheating?

Katharine Whitehorn (1926 - )

British journalist and writer

Observer (London), 1987.

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Copyright 2006 Bookkeeping R Us All Rights Reserved

This article is without a doubt outside of my usual postings, but certainly not outside of my personal beliefs and this particular subject is one in which I need to reach out to a wider audience then just those I converse with among my local community.

Early this week the news announced the finding of two boys, one missing for a few days and one missing for four years. And while this is certainly news which we are happy to hear, that the boys were found in relatively good condition and the man holding them was arrested, do we really need to expose these boys to the daily scrutiny of the press? What did or did not happen to them while they were held in captivity should not be the fodder for talk shows and news reports. I can’t believe that these boys are being paraded around the talk show circuit - shame on you Oprah the one person who I would think would know better and whom professes to stand up for children and their needs. Shawn and his family need their privacy. Have you even gone beyond the immediate to think what his life will be once all of you have gone home? Just think of the ramifications of this boy’s life after all that happened or did not happen have been aired on every television screen and by every news reporter. Can you imagine how you would feel? And for what – some cheap shot at increasing your ratings, increasing your ad monies? Isn’t there enough news that we need to know about out there? News we actually should be told like what’s going on in Washington, or our local governments. Or here’s a stretch of the imagination, how about reporting on some of the good things being done, or the accomplishments of everyday people. It might actually encourage others to step up to help out.

And to the news media in general, we do not need to know every little nuance of someone’s personal tragedy. Sticking mikes in their faces at times they are most vulnerable is not just bad taste, is it reprehensible. We do not need to see pictures of every gruesome accident or hear about every mugging, killing or rape within this country. We do need to know whether we should stay away from an area that first responders are working in so we don’t interfere with their crucial work. And we do need to know if there is something specific we can do to help out, but that is all we need to know. Do you realize that every time you report a story about an accident or other tragedy there are people watching who are wondering “is that someone I know?” You report the incident and location, but no names, so every person who knows someone who lives, works or travels in the area is left with unanswered concerns. And of course, you never, but never finish the story, because you are on to the next “breaking news”.

For the parents of these boys, rejoice in their safe return and turn your backs on the media. They won’t be there for you when things start getting tough and they are making the healing of your boy all the more difficult.

Freedom of press does not equate invasion of privacy. And people’s personal lives are not news!

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Copyright 2006 Bookkeeping R Us All Rights Reserved

You can’t go anywhere without seeing or hearing advertisements for the easiest, most cost effective and secure way to file your Federal Income Tax return. But how do you make the decision what way is best for you? Should you use a local CPA or tax preparer? Buy that software you are assured will do everything for you including being there when or if an audit rears its ugly head sometime in the future? Or pop into one of those kiosks that can be found at the mall, on your neighborhood main street, or even in your local big box store?

The answer is yes and no to all the above options. If you a filing a very simple 1040, 1040A or 1040EZ form then yes pick up that software. It’s inexpensive, easy to use and will lead you through the entire process. I happen to be most familiar with Intuit’s Turbo Tax and would have no hesitation recommending it. However, if you own a business, have sold business or investment assets, are involved in a trust or any other of the many more complicated tax issues, than buying the software may not be the right solution for you. While the most popular do-it-yourself tax software programs will try to help you with these issues, you might not have the information you need to get the most benefit from the deductions you are allowed. Or even report your income properly. This is where a CPA or professional tax preparer can shine.

So what about those tax preparers who work under the label of a brand name? Like all chain operations, some are excellent, some are good and some are, well not so good. Often the persons preparing your taxes have taken a quick course in the basics of tax preparation and are depending on software and the information you come in with to prepare your return. Don’t expect to get suggestions beyond the obvious and realize you are working with someone that is doing what you could do with an off the shelf tax preparation software in your own home. Of course, you might be lucky enough to run into someone who has been preparing returns for many years. But every year these companies start advertising in the fall for new tax trainees, so just how many are out there with more than a few months training?

And now we come to CPAs and professional tax preparers. These are the people who have studied the tax laws, kept up on all the newest issues and will take the time to deal with your individual issues and needs. A good tax preparer will anticipate the questions and suggest solutions to get you to the point of paying the least amount of taxes you are legally liable for while making sure you have not under reported income or over reported deductions. Do you need a CPA to prepare your taxes? Not always. You do need a CPA to prepare certified financial statements, perform audits and other functions that certify that the financial records you are presenting to an outside entity are correct and complete. There are many excellent non CPA accountants and tax preparers that have the knowledge and experience to prepare your tax return.

And remember, no matter what method you use, in the end, it is you the taxpayer and signer of the return who is responsible for the correctness of the return. If there is an error of any type, it comes back to you. A good tax preparer should stand behind their work, however. They should be willing and able to represent you before the Internal Revenue Service if the need arises. (Where do you think that brand name, trained for a few weeks, and onto another job will be if the IRS comes calling?). A tax preparer may not do this without charging a fee, especially if the audit was called because the information you provided to the tax preparer was incorrect or incomplete, but I would expect them to take responsibility for any error they made due to a mistake in their understanding of the law. Some tax preparers will go as far as reimbursing their clients for any penalties they may incur because of a mistake the preparer had made. Of course this would not include any additional taxes or interest on the unpaid taxes owed by the client.

So to sum it up – if you are just reporting wages, interest, etc and your deductions are simple in nature, than get your self right off to your favorite store and pick up Turbo Tax or to the mall kiosk to sit with a brand name affiliated preparer. If your return involves more complicated issues then do contact your local tax preparer. And remember you get what you pay for, and this is certainly one place where quality and experience can save you a lot of money and grief.

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