Texas QuickBooks Help

Nancy Froelich, CPA & Certified QuickBooks Consultant

Deferred Property Taxes

There is a price for the deferral so make sure you have all the facts before you decide if it is right for you.


Deferred Property Tax Payments
Texans who are age 65 or older or who are disabled as defined by law may
postpone paying current and delinquent property taxes on their homes by signing a tax deferral affidavit at the Bexar Appraisal District office.
Once the affidavit is on file, taxes are deferred - but not cancelled - as long as the owner continues to own and live in the home.

Taxes accumulate with 8 percent interest per year.

The law extends the tax deferral to the surviving spouse of the
person who deferred taxes on the homestead if the surviving spouse was at least 55 years old when the deceased spouse died.
A filed tax deferral affidavit keeps homeowners from losing their homesteads
because of delinquent property taxes. A pending sale to foreclose on the
homestead’s tax lien will also cease as a result of filing a tax deferral affidavit. In
addition, no taxing unit can start or continue a lawsuit to collect delinquent taxes once an affidavit is filed. There are no penalties on delinquent taxes during the deferral period; however, a tax deferral does not cancel penalties that were already due.
All deferred taxes and interest become due when the homeowner or surviving
spouse no longer own and live in the home. If the tax debt remains unpaid at that time, penalties may be imposed and taxing units may take legal action to collect the past due amount.

For further details about property tax deferral, contact us at:
Bexar Appraisal District
411 N Frio
P.O. Box 830248
San Antonio, Texas 78283-0248
Telephone: (210) 242-2432
Or contact:
Texas Comptroller Susan Combs
Property Tax Assistance Division
P.O. Box 13528 • Austin, Texas 78711-3528
Or call: 1-800-252-9121 and press “2” to access the menu
and then press “1” to contact the Information Service Team.
Or on the Web at:
www.window.state.tx.us/taxinfo/proptax

PROPERTY TAX HELP - DEFERRAL PROGRAMS FOR TEXAS RESIDENTS

How’s Your Accounts Receivable Looking These Days?

As you are starting a new year and nearing tax time, it’s time to take a closer look at your QuickBooks files and be sure that you have everything correct in order to provide accurate recording.

The accounts receivable area of your files can be one place where mistakes are commonly seen and can be frustrating to try to solve.

When you see your list of customers you likely know how much they owe, but for some reason their balance is incorrect. This can lead to hours of frustration trying to figure out just what has gone wrong. It is wise to have a professional look over your QuickBooks files with you to ensure that you are accurately recording and keeping exact records for your business.

If someone has paid their account in full, but it still shows a balance owed, this can alter their profit or loss number. The balance in your QuickBooks accounts receivable must be accurate to maintain correct financial statements. When a customer shows a negative balance in their Accounts Receivable, this means the customer has a credit balance and has overpaid their account. Your clients will not be to thrilled with overpaying, and your Quickbooks numbers won’t add up if you have this mistake in your file.

If your accounts receivable is incorrect, there could be a mistake in invoicing. If you did not record an invoice, but did record the payment, your records will not balance correctly. Each invoice and payment must be individually and accurately recorded. Also a payment may not be applied against the correct invoice or even the correct customer. It’s easy to get in a hurry and apply a payment to the wrong invoice or customer, so take the time to be sure it’s done right.

Spelling mistakes can wreak havoc in your QuickBooks file. Simply adding an “s” at the end of the client name can wreak havoc in your bookkeeping records. If you have the client name recorded without and “s” and then record it with an “s” at the end, it will be considered two separate accounts and will result in miscalculations.

Texas QuickBooks Help is here for you to help you discover these and other errors within your QuickBooks file. Don’t struggle alone, let us help you stay on track and keep the financial health of your business in check!

QuickBooks – Bookkeeping tip

Reconciling accounts

When reconciling your bank accounts don’t forget to research and clear out any old checks that have not cleared the bank account.  Even if the account is reconciled your expenses will still be overstated and your cash balance will be incorrect if you don’t void/delete any outstanding checks.

What To Do At The End Of The Student Loan Grace Period

forbes:

With November quickly approaching, many student loan borrowers are suddenly realizing that their grace periods are about to end. Soon, they’ll have to start making payments on the student loans that they took out over the last few years.

This article provides insights on how borrowers can take control of their student loans before payments even come due.

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San Antonio, Texas 78216
Phone (210) 525-1852
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