IntraScope Accounting Solutions, LLC
March 2002 Edition
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There are several new tax law changes that will go into
effect this year. Here is a highlight
of the items affecting individuals:
· IRA contribution limit has been raised from
$2000 to $3000
· The limits for payins to 401(k) plans
increased to $11,000; SIMPLE plans to $7000
· Educational IRA contribution limit has been
raised from $500 to $2000
· A new deduction for college costs of up to
$3000 has been implemented (phase out starts at $130,000 AGI)
· Personal exemptions are $3000 this year.
How many accounts should I use when keeping track of my
expenses? I generally recommend you set
up enough accounts to give you the information you need to manage your
business. For instance, some business
owners combine telephone, cell phone and internet usage into one account. They just want the big picture. While others like to know exactly how much a
particular expense item is so they set up separate accounts for each item,
which allows them the opportunity to easily manage this expense item. It really depends on what information you
need and want. I also recommend staying
away from the “miscellaneous” account.
This is the first place the IRS looks when auditing. You would be surprised at the weird expenses
I see in miscellaneous.
Did you know QuickBooks allows you to change the color of
your desktop or the background for your checks? From the View menu, choose Customize Desktop. On the screen, choose a color scheme for
your checks or your desktop. This is
really helpful if you have more than one checking account. You can change the backdrop color to match
your checks to reduce the number of times you bring up the wrong account when
writing checks.
On a personal note….
I have the honor to be the next President of the Colorado Society of
CPAs starting May 1st.
While this is a professional achievement for me, it is also a serious
time commitment. I will be out of the
office for full day meetings one or two days a month. I know it may be frustrating for you that I won’t be able to
return phone calls the same day you call, but I really do appreciate your
support. I know I will be able to
apply some of my experiences in this position to
The Colorado
Anti-telemarketer bill was signed by Governor Bill Owens in June of 2001. If
you want to put your phone number on the "No Call" list, you can do
it only via the internet. If you would like to be placed on the “No Call” list,
please click on the link below: http://www.coloradonocall.org
