QuickBooks Tip of the Day - the Find Feature

The majority (87%) of small to mid-size businesses use QuickBooks, but most don't use it to its full potential. While we recommend one on one training for our clients, we also gladly give helpful tips. Today's QuickBooks tip of the day is a very handy tool called the "find" feature.

If you are looking for a certain item, whether it be a check, invoice, estimate, or bill, simply put in the amount and hit find. All items with that amount will be pulled up on the screen. Find is found under the Edit menu. The "find" feature can also be used for a name, check, or invoice number.

Should You Convert to a Roth IRA?

Time is running out for teh 2010 elimination of the $100,000 income limitation on conversions to Roth IRA's. For the remainder of this year, you can elect to pay the tax over the tax years 2011 and 2012.

The Roth Advantages are:
Tax free growth
No required minimum distribution
Beneficiaries do not pay tax when inherited
Beneficiaries may continue to grow tax free

Things to consider before converting:
Will your tax brackets be considerably lower during retirement years?
Do you ahe ample liquid assets available to pay the tax on conversion?
Is leaving the wealth to the next generation part of your long range plan?
Should you pay all the tax in 2010?

These are questions that should be answered before you decide whether a conversion is right for you. Please call us for help with that analysis.

Are you taking Advantage of the HIRE Act?

The Hiring Incentives to Restore Employment (HIRE) Act offers employers tax incentives for hiring unemployed workers.

Under this act, an employer is exempt from paying the employer portion of 2010 Social Security taxes on wages paid to qualified employees between March 19 and December 31, 2010. (For more information about the HIRE Act exemption, check this IRS website.

Who Quailifies for the HIRE Act exemption?

An employee is qualified under the HIRE Act exemption if he or she:

• Started working for you after February 3, 2010, and before January 1, 2011
• Is not employed by you to replace another employee, unless the other employee left voluntarily or for cause.
• Is not a family member or relative.
• Has signed IRS Form W-11 (or similar statement) certifying, under penalties of perjury, that he or she has not been employed for more than 40 hours during the 60-day period before starting to work for you.

If you are uncertain whether your business or employee qualifies for the HIRE Act exemption, check this IRS website.

Any employer other than the United States, a state, or a local government or a household employer qualifies for the HIRE Act exemption. Qualified employers include tax-exempt organizations and public institutions of higher education.


To make sure you are getting all of the available tax credits and that the appropriate adjustments are being made to your payroll, please contact us.