Saturday November 21, 2009

smSmallBiz.com - SmartMoney's Small Business Site

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Quick Tips: Small Biz Tax Prep
Got a shoe box of receipts? It's time to get organized.
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Michael T. Hanley, CPA Posted: 11:35 AM On July 6, 2009
Great article for the small business owners out there!

As a CPA, here are a few tips to help keep your accounting fees as low as possible:

1) Opt for QuickBooks over Quicken/Peachtree/industry-specific accounting programs/lesser-known accounting programs

2) When filing your expense receipts, keep them in two separate envelopes:

Envelope #1 - Anything you paid for with a personal check/debit card/credit card or cash

Envelope #2 - Anything you paid for with a business check/debit card/credit card

3) If your business is inventory-intensive, do not rely on the QuickBooks inventory module

To see my full explanations of the above tips, visit my blog:
http://mhanleycpa.blogspot.com/2009/07/quick-tips-small-biz-tax-prep-and.html

Michael T. Hanley, CPA is the Managing Partner of the Smithtown, NY CPA Firm, Merl & Hanley, LLP and the author of Effective Tax Planning for the MicroBusiness (available at bookstores nationwide or online at www.30minutebooks.com).
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