Texas QuickBooks Help

Nancy Froelich, CPA & Certified QuickBooks Consultant

TAX DEDUCTIBLE CHARITABLE CONTRIBUTIONS

When making year-end gifts to charity keep these items in mind.

REQUIREMENTS TO BE TAX DEDUCTIBLE:
MUST BE A QUALIFIED CHARITY
501 ©3 organization:  Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations
     Not deductible:  Political organization or candidate, Dues to any organization, donation to an individual
YOU MUST HAVE PROPER SUBSTANTIATION/DOCUMENTATION FOR THE DEDUCTION
CONTRIBUTIONS UNDER $250 (money)
1. Must have a bank record-check OR
2. A receipt/written document from the charity showing name of the organization, date, and amount of contribution.
CONTRIBUTIONS UNDER $250-(property)
1. Must have receipt with name of organization, date & location of contribution, and description of property (FMV of property need not be stated on the receipt)
2. If you deposit clothes, etc. in a drop box/site, you must maintain reliable written records with respect to the donated property to substantiate the contribution.
CONTRIBUTIONS OF MONEY OR PROPERTY OF $250 OR MORE
Cash donations must have cancelled check or receipt.
Property donations must have receipt that includes name of donee, date & location of contribution & description of property in detail reasonably sufficient under the circumstances.
All donations must have a contemporaneous written acknowledgement from organization including:
1. Amount of cash or description of property
2. Statement of whether or not the organization provided any goods or services in consideration for the donation given
3. If goods or services were provided, then a description and good faith estimate of the value of those items

The acknowledgement is contemporaneous if it is received by the taxpayer before he files his tax return.

CONTRIBUTIONS OF PROPERTY $501-$5000
Same as above PLUS taxpayer must maintain written records that include how he acquired property, date, and original cost or other basis. This information is included on Form 8283 included in the tax return.
CONTRIBUTIONS OF PROPERTY OVER $5000
Need qualified appraisal, also attach a fully completed appraisal summary to the tax return; and maintain all information required for the written records.  Also the taxpayer must have a contemporaneous written acknowledgement from the donee organization.  
Exception:  The deduction taken cannot be more than what the organization sold the item for i.e. ring, or car even if the appraisal was more

QuickBooks Makes Accounting Even More Efficient

If your business finances are a mess then join the thousands of satisfied QuickBooks users and jump into a new lease on life with all of the user friendly features they have to offer. To make things even more convenient, Intuit, the owner of QuickBooks has added a free app to some smartphones.
This application simplifies your work day by giving you all of your customer’s information, including invoices receipts and estimates right at the palm of your hand and will sync with your existing account information. Even if your smartphone does not allow you a free app, you can always access using QuickBooks Connect on your mobile browser.
Thanks to Intuit, QuickBooks will organize and simplify your accounting with ease! Call Nancy Froelich, CPA today and find out how she can give your accounting data the makeover that it needs.

Five Reasons You Need QuickBooks Help before Tax Season

Are you keeping good bookkeeping records within your QuickBooks file? If you are just not sure, it might be time to have an expert review your QuickBooks file to be sure you are getting maximum deductions and not overpaying come tax time. Here are just a few ways you may have made small errors in your file that could be making a big difference come tax time.

1. Misclassification of Owner Contributions
If you have donated your own money to your business this year to cover a business expense and simply recorded it as money coming in, QuickBooks will read that as income and it will be taxed as income. You do not need to pay taxes on owner contributions, so be sure to correctly classify this deposit as a contribution from business owner, not simply as income to the business.

2. Misclassification of Owner Loans to Business
Just like when you give your own money to your business, loaning money to your business can also be recorded incorrectly. When you loan money to your business this money is going to be returned to your personal account at some point. If it is just shown as a deposit to your business it will be taxed as income. Specify that this is an owner loan to the business and you will avoid paying taxes unnecessarily.

3. Incorrectly Recording Credit Card Charges
When you use a credit card to buy things for your company, is it crucial to record every charge as exactly what it is, so that it is classified appropriately within your QuickBooks file. For example, if you use your credit card at an office supply store for paper, pens, and printer ink it should be recorded as an office supply purchase. If you simply record the payment to the credit card, QuickBooks will not itemize the list of charges as specific deductions.

4. Incorrectly Recording Sales Tax
QuickBooks is a helpful tool when it comes time to pay sales taxes to the Texas comptroller. If sales tax paid by customers is recorded incorrectly, you will overpay sales taxes to the state. The amount you pay to the state comptroller needs to be recorded correctly through the ‘Pay Sales Tax Liability’ window. Without specifying which part of a customer’s purchase is sales tax, QuickBooks will not give an accurate recording of what you owe.

5. Incorrectly Recording ATM or Debit Card Transactions
One last mistake people make both in their business and in personal finance is incorrect recording of debit card purchases or ATM withdrawals. It’s easy to swipe your card, make a quick transaction and be on your way. It is important to record each debit correctly. Think of it as each time you use your debit/ATM card, it’s the same as writing a check and must be recorded just like a check would be

How a QuickBooks Account Can Help Easily Help your Business

As a business owner, finances and daily bookkeeping are a tedious chore and meeting up with all of their demands is a challenge and often times a mess. By making one simple phone call to a certified QuickBooks accountant you can streamline your accounting and give yourself the freedom and flexibility to do aspects of your job that you may not have had time to deal with before.

A QuickBooks accountant will provide one on one attention when training you and/or your employees on how to use the program. Your accounting can be customized to fit all of your business needs. QuickBooks software is design for large and small companies and has the ability to organize your accounting data with ease.

Your QuickBooks accountant can also share some time saving tips and will be there should you run into questions in the future. They can also explain the different versions of the program, so that you choose the right one for your unique business accounting needs.Your QuickBooks accounting specialist can also provide customized services for you on a daily, monthly or yearly basis depending on your particular accounting demands. QuickBooks accounting services offer convenience, organization and peace of mind to the business owner.

If immediate help is needed your accountant is able to remote access into your computer safely and help in a matter of minutes. Even if you do not live locally, or you travel with work, your accountant can assist no matter where you are. This is a huge advantage.If you still want to do the accounting work yourself or you want an employee trained on how to use the software, the QuickBooks accountant can show you how to organize and customize your accountant data, how to make detailed and clear reports, how to utilize payroll capabilities and many other efficient functions that allow your business to run efficiently day in and day out.


Regardless of the type of business you own or its size your daily accounting accuracy is critical. A QuickBooks accountant is ready to show you why the program is the most popular accounting software on the market.

Credit Cards & QuickBooks…Ready, Set, Charge!

If you use QuickBooks and credit cards to manage your business finances take note. There are a few steps that if skipped can cause major bumps in the road of your finances. If you want your QuickBooks accounting to be right on the money, it’s important to be sure you are handling credit card transactions carefully.

Small business owners who have business credit cards have to record in their QuickBooks the actual individual charges made to their credit card. It is not enough to just record the payment. But why not, you ask? The reason is that each individual credit card charge has to be classified to one of your expense accounts to show up correctly on your Profit & Loss statement.

Recording the individual charges is also necessary for your tax return to be prepared correctly. Many times the credit card payment is only recorded in QuickBooks as a lump sum paying off the credit card, but that leaves out a very important step in recording the company’s transactions correctly. For a company’s taxes to reflect all the expenses correctly, all credit card charges must be recorded individually and classified to the appropriate expense account in QuickBooks.

Texas QuickBooks Help is designed to work with you one on one to ensure your business finances are in order. No one wants to be surprised at tax time and having an expert look over your files is the best way to be sure that all is well in your business finance world.

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11302 Sir Winston, Ste. 3
San Antonio, Texas 78216
Phone (210) 525-1852
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