Stop by and see us!

Small businesses can claim the credit for 2010 through 2013 and for any two years after that. For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small businesses and 25 percent of premiums paid by eligible tax-exempt organizations. Beginning in 2014, the maximum tax credit will increase to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible tax-exempt organizations.

The maximum credit goes to smaller employers –– those with 10 or fewer full-time equivalent (FTE) employees –– paying annual average wages of $25,000 or less. The credit is completely phased out for employers that have 25 or more FTEs or that pay average wages of $50,000 or more per year. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, employers that use part-time workers may qualify even if they employ more than 25 individuals.

Eligible small businesses will first use Form 8941 to figure the credit and then include the amount of the credit as part of the general business credit on its income tax return.

To learn more go to www.irs.gov

Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

The new law also maintains the income-tax rates that have been in effect in recent years.

Employers should start using the new withholding tables and reducing the amount of Social Security tax withheld as soon as possible in 2011 but not later than Jan. 31, 2011. Notice 1036, released today, contains the percentage method income tax withholding tables, the lower Social Security withholding rate, and related information that most employers need to implement these changes. Publication 15, (Circular E), Employer’s Tax Guide, containing the extensive wage bracket tables that some employers use, will be available on IRS.gov in a few days.

The IRS recognizes that the late enactment of these changes makes it difficult for many employers to quickly update their withholding systems. For that reason, the agency asks employers to adjust their payroll systems as soon as possible, but not later than Jan. 31, 2011.

For any Social Security tax over withheld during January, employers should make an offsetting adjustment in workers’ pay as soon as possible but not later than March 31, 2011.

Employers and payroll companies will handle the withholding changes, so workers typically won’t need to take any additional action, such as filling out a new W-4 withholding form.

http://finance.yahoo.com/taxes/article/108757/avoid-an-audit-6-red-flags-you-should-Know?mod=taxes-advice_strategy

Time to Review Your Taxes — Before It’s Too Late

Year-end tax planning always makes sense, but this year it’s especially vital.

Convulsions in the markets and the economy have shifted the ground beneath many taxpayers, and next year may bring major tax changes as lawmakers confront the record deficit.

Bottom line: review your taxes before it’s too late. “Too often, I can’t do anything for people who come to me in February,” says Douglas Stives, an accountant with Curchin Group in Red Bank, N.J.

Here are areas especially relevant now. (For more details, go to www.irs.gov.)

Retirement Savings -  You can still put in an entire year’s 401(k) contribution, which is $16,500 ($22,000 if you’re over 50). “Some workers who begin a job in the last quarter arrange to have an entire paycheck or two go into the plan,” says Melissa Labant, an attorney with the American Institute of CPAs.

http://finance.yahoo.com/taxes/article/108130/smart-year-end-tax-moves?mod=taxes-advice_strategy

The trade show was a  success for Violets Office as we attracted new customers  and learned what customers were looking for in small business accounting. We realize customers have CPA representation how ever what we are finding is that the small business owner is looking for options. We feel we have quality services that will help every customer with their bookkeeping and accounting needs.

Lori Coruccini of Predix, an Arizona based success story, came to teach us, mentor us on how to run a trade show,  her ability to communicate with clients and stir up excitement was measuarable. Thx Lori. We were approached by new clients, vendors who also needed our services and several new possible Violets Office staff members.

This show was a good indication of what is  in store for Violets Office, happy customers and growth.

Thank you to all of you who helped us get here. This is a very good thing.

Violet

Winning the confidence of our customers is based on trust and expertise. We learn something everyday regarding the needs of small business within the small business accounting space. Just recently, I enrolled into the QuickBooks ProAdvisior Program which is the highest level of certification within QuickBooks. Along with my LearnKey Quickbooks Certification, our customers will know that the education of our staff is one of the highest priorities we require of each of our members, including myself.

Going through this process seems expensive, but we feel education in technology and accounting practices is a requirement for the benefit of our customers. As we build our regional markets for VioletsOffice.com each member is required to stay on top of certifications and continue with an understanding that our culture is based on the value of personal growth and education.

Whew ! Let me just say . . . there is nothing “easy” about certifications and or having the “expert” role. I am very fortunate to have a team of advisors and Certified Pubic Accounts that surround my operation. They help our credibility position and the accuracy of our services.

Thank you to all of you who inspire me.

Violet

   Check out the link on the BLOG ROLL   “Design Everything”