IntraScope Accounting Solutions, LLC

 

 

November 2001 Edition

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Accounting Information

 

In January of each year, you are required to file 1099’s to vendors that are not incorporated and to whom you have paid more than $600 during the year.  The one exception is attorneys; you are required to send them a 1099 if you paid them more than $10. This is a good time of year to make sure you have the social security or federal identification numbers for these vendors.  The easiest way to get the numbers is to send the vendor form W-9 to complete.  (You can download this form by going to my website and clicking on the IRS link).  Or you can simply call and request the identification number. 

 

 

Tax Tip

 

Now is the time for us to impact your taxable income before the end of the year!  The IRS allows a special depreciation deduction called “section 179” that allows you to deduct the first $24,000 of equipment purchases in the year the equipment was acquired.  If you are considering equipment purchases in the next few months, it may make sense for you to accelerate the purchase into this year.  Please give me a call if you are wondering if this will help reduce your tax liability.

 

 

QuickBooks Tip

 

Did you know QuickBooks 2002 is now available?  Many of my clients wonder if it is time to upgrade. It looks like 2002 has a few new bells and whistles for e-mail options. If your QuickBooks version is 99 or older, I recommend you upgrade at the first of the year.  Most likely, QuickBooks will no longer support (or have limited support) 99 in the next few months.    If you are using QuickBooks 2000, you may want to upgrade because the 2001 and newer versions have a spell check feature.

 

Did you Know???

 

The newest management trend for 2002 will be “back to basics”.  Companies will be focusing on things that directly improve cost and performance.   Businesses are placing renewed emphasis on strategic planning, mission and vision statements, and benchmarking.  The most important piece of the back to basics will be to ensure you have the right people for the right jobs.  “Stuff doesn’t bubble up from the bottom and get oxygen unless you have the right people at the top”.