How to Protect Yourself and Your Business

I have worked in the Payroll field for 20 years and the two biggest problems I see are:

Time Theft and Being Sued for Underpayment

Have you ever had an employee get paid for more hours than they have worked?  Have you ever terminated an employee and within a week you received a letter from the State Employment Board or a Labor Attorney claiming you underpaid?

 I have a solution for your dilemma by using time clock systems from T-Sheets.  It is automatic, time stamped and holds up in a court of law.

Having no time cards leaves you open for “Time theft” as well as the employee’s word against yours.  Remember this saying “If it isn’t written down, it didn’t happen”. 

Over the last 8 years I have been looking for the perfect system to help, not only for the small business owners, but also for big corporations with having employees and contractors in a building or out in the field.  I have found the perfect software: T-Sheets

Not only can employees clock in on a computer, they can also clock in using a phone call, text messaging, Twitter, and is compatible with an Android or Apple device.  T-Sheets is not only just a time clock, but you can also log into projects or jobs. T-Sheets can also track GPS locations for those out in the field.   

In California, starting July 2015, every employer is required to pay sick time to every employee that has worked 30 hours or more in a year.  They are require to pay up to 24 hours or 3 sick days per year.  What does this have to do with T-Sheets?   T-Sheets can also track your vacation and sick time for your employees.    

T-Sheets will not only protect you and your company, it will also save you money on “Time theft” and overhead cost. 

T-Sheets can integrate with over a dozen different payroll and accounting software. 

What are you waiting for?  Go and try T-Sheets Free for a 14 day Trail  

As a T-Sheet Pro, I can help you get started as well as give you an added discount. 

Why I'm Not Doing a New Year's Resolution

Every year in December, I look at the business and personally was I am.  And about mid-February all my New Year's Resolution have gone by the wayside.

This year, I have created a Digital Vision Board.  I have a total of 8 slides that I created using PowerPoint, each slide has a subject (Personal, Business, Financial, Health, Spiritual, etc.) with images of the goals that I want to achieve this year.

I went out to Best Buy and purchased a $20 Digital Picture Frame.  I saved the PowerPoint as a jpg and loaded the slides on a SD Card.  The goal is whenever I achieve a goal; I will take a picture and add it to the SD Card.  So, now I have all the Goals that I want to achieve, and the Goals that I have achieved. 

Here are a couple of images of my Digital Vision Board:

 

Here is one that I have already completed this year with the date of completion: QuickBooks On-line ProAdvisor Certification:

Here is one that I am in the process of:  Incorporating Piña Business Services:

Having the Digital Vision Board next to my computer monitor gives me a visual of all my goals and accomplishments every day.   

Thank you for checking out our blog, feel free to share or comment on the post.  We would love to connect with you on Facebook, Twitter, YouTube, and/or LinkedIn. 

Check out this video to see who Piña Business Service is: Welcome To Pina Business Services

If you would like to make an appointment for a FREE consultations about Bookkeeping, Budgeting or Taxes, give us a call at 619-726-1158 or fill out the information to the right "Sign Up Today" and we will get to you ASAP.

Have a great 2014!!!!! 

Budgeting for 2014

Do you want to grow your business next year?  Do you want to add new products or services to your business next year?  Are you tired in making the same every year?

Last week I was listening to a webinar from Eric Lofholm and was challenged to create a Sales and Marketing Plan for 2014.  As I was going through the plan and seeing how I want to grow the business, what project/goals I want to accomplish in the up and coming year, I was creating a budget right along with the Sales and Marketing Plan.

It is important to create your budget if you are looking at growing your business.  It is important to create your budget if you want to add a new product or service.

Why is it important?  You need to know the cost of growing, the cost of adding new product or services.  And if you are not prepared to spend and know the real cost, then you will not be able to grow your business or add those new products or services.  You want to prepare for success!!!

Preparing your budget is just another piece of the puzzle.

The first 5 people to schedule an appointment, will get a free 1 hour session to work on your budget.  All you have to do is enter your e-mail address to the right.  Once I get your e-mail I will send you an e-mail to schedule your free 1 hour session.

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Health Insurance Penalty

With the press conference this morning from President Obama about the millions who received cancellation notices, President Obama has given the authority to the State Insurance Commissioners to extend coverage for another year.  Now, my family was one that got such letter, and I am hoping that they do extend our insurance, if not we will go uninsured and face the penalty.

So, I thought I would write about the Penalty that is supposed to be in effect on your 2014 Tax Return.

As a Tax Preparer I get a lot of question about the new "Obama Care" penalty and how it is going to effect them.

Here are two of the questions that I have gotten:

1.  What will be my penalty if I don't get Insurance?

2.  I have a child that is 23 and they don't live with me, do I have to provide Insurance for them?

After researching these two questions here are my interpretation of what I read:

1.  According to the Affordable Care Act Chapter 48 "Sec. 5000A. the penalty is $95 per person that does not have insurance over the age of 18.  If you have a dependent under the age of 18 the penalty is one-half of the penalty.  Now the fun part: The other part of the penalty is OR 1% of  the "Household Income" "Modified Gross Income".  Which ever is larger.

Household Income - This is the income of You and your spouse, plus the income of any dependent that is required to file a tax return.

Modified Gross Income - You take the your Adjusted Gross Income (which is the last number on page 1 of your tax return) subtract your Standard or Itemized Deduction add any tax exempt interest.

Adjusted Gross Income - Standard/Itemized Deduction + Tax Exempt Interest = Modified Gross Income

Still with me?

2.  According to "Section 2714 Extension of dependent coverage" -  Group health plan and a health insurance company has to allow you to continue to coverage your adult child (who is not married) until the child turns 26 years of age.

Going back to Chapter 48 "Sec. 5000A. - Family Size is equal to the allowed personal exemptions for that calendar year.

So, the way that I read the Act - if you can't claim them on your Tax Return there is no requirement for you to put them on your plan.

We will see what happens between now and January 2015 if this will change or stay the same.

Sincerely,

Gabe The Taxguy

Payroll and Sales Taxes

If you have employees or sell tangible products i.e.: clothing, food, books, internet sales and many other items. As a business owner you may be required to file tax reports with the IRS, Franchise Tax Board (FTB), and/or the Board of Equalization (BOE).

If you have employees you need to make

sure that your payroll provider (Like Myself) is filing your quarter Tax reports to the IRS and the FTB. 

If you buy materials & supplies that helps produce the product that you sell, you can get a re-sellers permit so you do not have to pay sales tax to that vendor.

If you are selling a tangible product, then you are required to report your sales tax
to the Board of Equalization (BOE) and pay sales tax to them.

Do you sell in the city of El Cajon, La Mesa, Vista or National City in San Diego County? If so, there is an additional form you need to fill out to adjust the extra sales tax.

Give us a call 619 -726-1158 for a quote on your payroll services. We can help you get set up with the IRS, Franchise Tax Board and/or the Board of Equalization (BOE).

Keeping you connected and on top of your business is another piece to the puzzle. We can help you see the bigger picture. 

Importance of staying on top of your Bookkeeping

Are you Self Employed or are you an Independent Contractor?

First, let's answer what an Independent Contractor is....this is anyone who gets paid and their employer doesn't take any taxes out of their check.  Someone who will receive a 1099 at the end of the year.  

If you answered yes to either one, you need to stay on top of your bookkeeping. You may be saying, “What bookkeeping?”  You may be saying, “I don’t have a lot of invoices or bills” or “I am just a small business owner not a large corporation”.  "I'm not a business owner!!"  

You have no idea how often I have heard these words. Well, if you are self employed or get paid without taxes being taken out, then I suggest you do something, so you don't have a big tax liability when it is time to do your tax return. 

By meeting with me on a regular basis, this can help you save money and stay on top of your business. This will allow me to look at your information and see what kind of self employment taxes you may owe, or see how to reinvest back into your business, or yourself to lower that self employment tax. 

Give us a call 619-726-1158 for a free consultation on how we can give you some peace of mind.

Having Peace of Mind is an important piece to your puzzle. Come and talk with me and I can help you find that piece.  

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Deductions and Credits that you may qualify for.

There are different deductions and credits that are out there that not everyone knows about. If you qualify for these deductions or credits, this could help you get more of a tax refund or it could help cut down your tax liability.

One thing that I enjoy doing during tax season:  Sitting down with my clients talking with my them and hearing about their life.  As we all know, life events happen. 

I listen to key words like: I now have a college student, I finally retired, we sold our house, we bought a house, we have a new rental, or we have a new baby. This helps me to hear key words to match up different deductions and credits that you qualify for.   This will also help me to give you advise to prepare for next year.  My goal is to get you all the deductions and credits you qualify for.

Finding the right puzzle pieces can sometimes be difficult. I am here to listen and am able to help find the right piece for you. 

Do you think you paid too much in 2012?  Do you feel that there was something missing?  Give us a call 619-726-1158 and we can look over last year's taxes and see if there was anything that was overlooked.

We appreciate your feedback, let us know what you want to read about, or what your favorite blog as been so far.