*Excerpt from Mac News World – Read the entire article here: QuickBooks Courts the Mac World)

By Kathleen Orlando, CPA
Posted by AccountingWEB in CFO on 09/10/2009

Small business is built on personal relationships with our customers and the competition is fierce for almost any product or service. These tough economic times have been particularly hard for many small businesses and many of my best clients have seen their cash flow come down to a trickle. Here are a few strategies to use to keep on top of your cash flow. You don’t want your clients’ cash flow problems to result in your cash flow problems.

Read the whole article here: Cash Flow Strategies for Small Business

Pam from my office found this gem. This looks to be a promising event. Let me know what you think and are you going to make it? Tammy

San Francisco Bay Area Small Business Expo November 7, 2009

Do you have a business, product or service that would be of interest to people looking to increase their income, entrepreneurs and small business owners?

Then you may be interested in participating in the first Learning Annex Small Business Expo!

The Learning Annex Small Business Expo challenges & encourages attendees to begin a comprehensive game plan for launching or growing their own businesses.

This premiere event is transformational for aspiring entrepreneurs featuring a “Who’s Who” of celebrity presenters & topics in a fun, fast paced daylong experience.

The Learning Annex Small Business Expo is an intensive learning environment of workshops, seminars, interactive events, sampling & contests with fabulous prizes & opportunities to meet exhibitors and other like-minded individuals.”

Click here for MoneyFest Expo

2. Personal deductions. Clients can claim a deduction (whether they itemize or claim the standard deduction) for sales or excises taxes paid on the purchase of a new vehicle. The deduction (phased out at higher income levels) does not apply to purchases after December 31, 2009 [IRC Sec. 164(b)(6)(G)].

3. Personal deductions. Clients who claim the standard deduction can take an additional deduction for state and local property taxes, up to a maximum of $500 ($1,000 for joint return filers). The deduction is not available for tax years beginning after 2009 [IRC Sec. 63(c)(7)].

4. Personal deductions. A client can elect to take an itemized deduction for state and local general sales taxes instead of an itemized deduction for state and local income taxes, but the election is available only for tax years beginning before Jan. 1, 2010 [IRC Sec. 164(b)(5)(I)].

5. Personal deductions. A client may claim an above-the-line deduction for “qualified tuition and related expenses” paid for the enrollment or attendance of the client, the client’s spouse, or a dependent at an eligible institution of higher education. The deduction cannot exceed $4,000 (phased out at higher income levels) and applies only to tax years beginning before January 1, 2010 [IRC Sec. 222(e)].

6. Personal deductions. The maximum deduction allowed annually for charitable donations is increased in the case of “qualified conservation contributions.” The increased deduction is not available for donations after December 31, 2009 [IRC Sec. 170(b)(1)(E)].

7. Business deductions. For tax years beginning before 2010, teachers in grades K-12 and other eligible educators can claim an above-the-line deduction for up to $250 of their out-of-pocket expenses for books and supplies used in the classroom [IRC Sec. 62(d)(1)].

8. Business deductions. A client can claim an additional 50% depreciation allowance for qualifying business machinery and equipment placed in service before January 1, 2010 [IRC Sec. 168(k)(2)(A)].

9. Business deductions. A client can claim a Section 179 expensing deduction for the first $250,000 of qualifying equipment and machinery placed in service during the year, subject to a phase out if more than $800,000 of eligible property is placed in service during the year. For tax years beginning after December 31, 2009, the maximum Section 179 deduction drops to $125,000 (adjusted for inflation) with the phase-out starting at the $500,000 level [IRC Sec. 179(b)(7)].

10. Business deductions. The cost of qualified leasehold improvement property, restaurant property, and retail space improvement property can be written off over 15 years. The 15-year write-off period is not available for property placed in service after December 31, 2009 [IRC Sec. 168(e)(3)(E)].

11. Business deductions. Business clients may claim enhanced deductions for donations of food inventory to a charitable organization if the organization uses the property solely for the care of the ill, the needy, or infants. The enhanced deduction does not apply to donations after December 31, 2009 [IRC Sec. 170(e)(3)(C)].

12. Business deductions. The maximum first-year depreciation deduction for passenger automobiles used for business purposes is increased by $8,000 for automobiles placed in service before 2010 [IRC Sec. 68(e)(3)(B)].

13. Business deductions. Certain qualifying machinery and equipment used in a farming business may be written off over a five-year cost recovery period. The original use of the property must begin with the taxpayer and the property must be placed in service before January 1, 2010 [IRC Sec. 168(e)(3)(B)].

14. Personal tax credits. A client who hasn’t owned a home during the previous three years can claim a first-time homebuyer credit of up to $8,000 (phased out at higher income levels) for the purchase of a principal residence. The credit can be claimed only for homes purchased before December 1, 2009 [IRC Sec. 36].

15. Business credits. Employers may claim a 20% income tax credit for qualifying differential pay paid to employees on active military duty. The credit expires for payments made after December 31, 2009 [IRC Sec. 45P].

16. Business credits. An eligible contractor may claim a credit of up to $2,000 for each qualified new energy efficient home that the contractor constructs and that is acquired from the contractor for use as a residence. The credit does not apply to homes acquired after December 31, 2009 [IRC Sec. 45L].

17. Alternative minimum tax. Clients can offset nonrefundable personal tax credits, such as the child and dependent care credit and the Lifetime Learning credit, against their alternative minimum liability. The offset will not be available for tax years beginning after 2009 [IRC Sec. 26(a)(2)].

18. Alternative minimum tax. For tax years beginning in 2009, the exemption amounts used in calculating a client’s alternative minimum taxable income of $70,950 for married couples filing a joint return and $46,700 for singles and heads of households. For tax years beginning after 2009, these amounts are scheduled to drop to $45,000 and $33,750, respectively [IRC Sec. 55(d)(1)].

19. Estimated taxes. For small business owners with adjusted gross income of $500,000 or less, the “required annual payment” of 2009 estimated taxes is the lesser of (1) 90% of the current year’s tax or (2) 90% of the prior year’s tax. For 2010, the prior-year’s-tax threshold rises to 100% (or 110% for clients with adjusted gross income of $150,000 or more) [IRC Sec. 6654(d)(1)].

20. Retirement plans. The requirement that an IRA owner age 70 ½ or over must receive a minimum distribution annually is suspended for 2009, but is reinstated in 2010 [IRC Sec. 401(a)(9)(H)].

21. Retirement plans. An IRA may exclude from income distributions of up to $100,000 annually if paid directly by the IRA trustee to charitable organization. The exclusion expires in tax years beginning after 2009 [IRC Sec. 408(d)(8)].

22. Employee benefits. Clients who are covered by employer-sponsored health plans and are laid off before January 1, 2010 can qualify for subsidized plan continuation (COBRA) coverage for up to nine months. Employers can claim a credit against employment taxes for the subsidies provided to employees [IRC Sec. 6432

Wednesday, July 29, 2009: After submitting an essay of 400 words or less explaining her business concept and how she does it, Tammy Foley was one of eight entrepreneurs selected out of thousands to “pitch her business” to an audience of over 3,000 at the eWomen Network™ 9^th Annual International Conference and Business Expo next month.  The conference draws entrepreneurs from all over the world.

“This is an exciting opportunity because my clients are entrepreneurs”, said Tammy Foley, President of San Jose’s We Train U-2™.  “I understand their needs, as I have owned my own business for 26 years.  In these tough economic times, small business owners have the weight of the world on their shoulders.  With the Obama administration focusing on small business as the key to better economic health, more and more entrepreneurs are emerging without the knowledge of accounting, taxes or payroll.”

We Train U-2™ provides online QuickBooks^® training for business owners that want control over their small business finances.  In the comfort of their own home, the business owner can learn how to set up QuickBooks^® and enter their own business receipts.  By teaching the basic modules that every owner needs to know, there is no wasted time in learning software that doesn’t apply.

“What sets Tammy apart from the rest is she offers an easy-to-learn online method and 24/7 support” said Pam Bruins, one of the company’s Certified QuickBooks^® Pro Advisors.  “These are not pre-scheduled courses.  These are courses taken at the business owner’s convenience with a “Call Me” button that immediately connects you by phone to a Certified QuickBooks^® Pro Advisor if you have a question, whether it’s midnight in New York or 3:00 AM in California.  I think this unique concept and unheard of customer support is why Tammy and We Train U-2™ were selected to present at the conference.”

We Train U-2™ provides simple solutions to complicated accounting problems through training, consulting and excellent customer service, 24 hours a day 7 days a week!  Please visit www.WeTrainU2.com if you’d like more information, or contact Tammy Foley at (408) 287-4637 or via email at tammy@wetrainu2.com.