The Small Business Tax Help Blog

Posts Tagged ‘accounting’

Question: I need help choosing the best accounting software.?

Hello! I am a small business owner, married, and have a full-time job out of the home. I want to get accounting and invoicing software for my businesses. I have a freelance writing and editing business and a jewelry and accessories business. I would like the software to allow me to create customized invoices and quotes, track payments, show where money is going and coming from, organize charges for tax purposes, allow me to print and email the invoices and quotes, organize my clients and customers’ information, easy to use, and not too expensive. I would prefer one software package rather than two to do both the accounting and invoicing. It can be any brand as long as I can download it. I would like only software(s) with a free trial to see if it is for me.

Any input, suggestions, etc. would be greatly appreciated.

THANKS!

Answer: It’s not exactly what you are asking for, but Quickbooks is the way to go. Yes, it’s a little expensive and takes some time to learn. But it’s full-featured. It can handle anything you are doing now or wish to do in the future. It has all the features you want.

You basically can’t get full-featured software that is ‘easy to use’ and inexpensive.
I know – I’ve tried many different accounting programs. Eventually, you will want to enter a transaction and the cheap software won’t have the required feature. As an aside, tax laws and tax tables change every year, so whatever you buy if you are planning to use it for tax purposes will need to be upgraded to the new tables each year. And yes, you have to pay for such updates.

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Question: Small Business Owner – Tax Filing?

I started a business at the end of 2006 in which I purchased a few thousand dollars of equipment and supplies. I didn’t provide any services or collect any money until 07′….can I write off some of my business expenses on my return for 06′ even though I didn’t actually provide any services until 07′?

Answer: You have to capitalize those costs.

Capitalize means you combine those costs into an asset called “Organization Costs” and you amortize those costs over fifteen years (180 months). You capitalize because you have no revenue to take these expenses against in full this year.

If your startup costs are under $50,000, the law does allow you to write off $5,000 and then amortize the rest over 180 months, or 15 years.

The H&R Block guys are not necessarily the best. I audited many returns and assessed a lot of tax on H&R Block returns. . .

Minimize Taxes by Maximizing Expenses- Business Tax Reduction Tips

Question: Business Math Software?

Business Math software?
Hello,
Is there a good software out there to help figure out stuff like:
interest rates on mortgages, credit on home equity loans, estimates, inventory turnover, excis and property tax and income taxes, stocks, bonds…etc.

Webmath.com only has interest calculations..
I need something good I could buy that will do most of the stuff above.

Thanks

Answer: sure theres heaps of business maths software http://download.com rated by users and cnet staff

Cognizant, Visma in outsourcing pact with Norway Post

Cognizant Technology Solutions, the US-based leading provider of information technology, consulting, and business process outsourcing services, and the Norway-based Visma, provider of business software and services for accounting and administration, have entered into an outsourcing arrangement with Norway Post to deliver finance and accounting (F&A) services.

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Question: How do I find tax information for an Australian Business buying and selling online in France?

I am an Australian Resident, currently living in France with my french husband. I am developing an online store, sourcing and selling within france. I need the business to be registered at my Australian address
as my Temporary Spouse Visa does not allow me to start a business in France, and it also appears to be more beneficial tax-wise.
The business will have a permanent premises in France, a post redistribution centre. I believe this means I will be taxed in france and Australia, but that ATO offers relief on double tax paid?
I need advice on exactly how much tax I should be budgeting for and even if I am even able to start a business under these conditions. How will Securite Sociale be calculated? TVA? (I am having trouble finding a small business accountant who is proficient in Australian and French business accounting.) Any suggestions appreciated.

Thank you in advance

Answer: Hi, Anita.

I work for a Chartered accountant. As far as i am aware you do not need an accountant who is proficient in French business accounting. You just need an accountant who is proficient in Australian business accounting.

The issue to be noted in your scenario is:

1) While living in France, are you earning any income from Australia?

If the above is true then you would have to do your tax returns, which will include your income from france as well as Australia too. By doing this we would be able to ascertain what your annual income is and what portion of it is taxable. Thereafter the income you received from France is again deducted in the deductions colums once your tax liability has been decided.

On the other hand if you have not had any income from australia, you would just need to lodge your returns, with income from france and then again deducting it after your taxable income has been ascertained which means you will not be paying any tax extra tax than what you should be paying in that given scenario.

This system is in place since Tax calculations in france may be diferent to tax calculations in Australia. So say for example the tax free threshold in france is 4000EUR and here in AUS is 6000 then we would calculate it according to 6000AUD and not 4000EUR.

I hope it explains.

Thank you

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Question: Cost of a Business Tax return – Sydney Australia.?

I’m in full time employment but an a consultant on the side, having my own pty ltd company. I’ve been having my personal and Business Tax returns done by a ‘city firm’ for years. Last financial year I was thinking of finishing my company, so perhaps had 2 sales, in any event, not much work was required by the accountant. I complete my own BAS statements.

For doing my personal tax and Business Tax, the firm hit me with a $2850 (ex gst) bill. The only thing they did during that year outside my visit to get my tax done was check 2 BAS statements, each would have taken minutes to do.

Have I been charged too much? How much is a reasonable amount for a city firm?

Thank you in advance.

Answer: A little high, usually 1800-2000 is more in line, but really depends upon your unique situation

Business Digest for March 10

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