Vicki L. Helmick, CPA, PLLC

01/10/2015

http://www.vickilhelmickcpa.com/newsletter.php?date=012015 #4 January 2015 Newsletter

Take a look at our Newsletter page. Vicki L. Helmick, CPA PLLC is a full CPA firm located in Casselberry, FL.

01/10/2015

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are:

57.5 cents per mile for business miles driven, up from 56 cents in 2014
23 cents per mile driven for medical or moving purposes, down half a cent from 2014
14 cents per mile driven in service of charitable organizations

01/10/2015

More than 40 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2015. Contact us now to plan for the year!

10/04/2014

09/04/2014

Not all credit card processing services are equal - the service you choose makes a difference in determining how much you'll pay, how fast you'll be able to receive funds from credit card transactions, and how charges to the account will be processed. Ultimately, the credit card processing service you choose will be able to offer options that are convenient for your business. Whether you choose to use a magnetic terminal or enter transactions remotely, use a wireless machine or process transactions using a phone connection, a vendor should be able to offer you solutions that meet your business needs. Compare no-obligation price quotes from several qualified vendors so you can find the right match for your company.

06/11/2014

Starting a Business? Five Things You Must Know

Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That's where we can help.

Employer Identification Number (EIN)
Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is the first thing that needs to be done, since many other forms require it. EINs are issued by the IRS to employers, sole proprietors, corporations, partnerships, nonprofit associations, trusts, estates, government agencies, certain individuals, and other business entities for tax filing and reporting purposes.

The fastest way to apply for an EIN is online through the IRS website or by telephone. Applying by fax and mail generally takes one to two weeks. Please note that as of May 21, 2012 you can only apply for one EIN per day. The previous limit was 5.

State Withholding, Unemployment, and Sales Tax
Once you have your EIN, you need to fill out forms to establish an account with the State for payroll tax withholding, Unemployment Insurance Registration, and sales tax collections (if applicable).

Payroll Record Keeping
Payroll reporting and record keeping can be very time consuming and costly, especially if it isn't handled correctly. Also keep in mind, that almost all employers are required to transmit federal payroll tax deposits electronically. Personnel files should be kept for each employee and include an employee's employment application as well as the following:

Form W-4 is completed by the employee and used to calculate their federal income tax withholding. This form also includes necessary information such as address and social security number.

Form I-9 must be completed by you, the employer, to verify that employees are legally permitted to work in the U.S.

If you need help setting up the paperwork for your business, give us a call. Letting our experts handle this part of your business will allow you to concentrate on running your business.

04/19/2014

8 accounts receivable financing facts you need to know:

1 No debt created. Unlike traditional ABLs (Asset Based Lending),
factoring does not create debt because it is not a loan. Since
a factoring company is purchasing your invoices and paying you
on those, it creates a more attractive balance sheet and
strengthens your financial circumstances.

2 Start-ups qualify. You have to jump through a lot of large and
difficult hoops to qualify for a bank loan as a start-up company.
Some banks won’t even lend to start-ups. Since factoring is based
on invoices, start-ups can easily qualify, allowing you to get to
business quickly and easily.

3 Save money and time on invoice processing. Once you begin
factoring your invoices, your factoring company starts handling
most of the invoicing work, which saves your company money
and helps increase productivity.

4 Factoring is flexible. When you factor, you control which
customers you want to factor, allowing you to secure operating
cash that is flexible and meets your business needs.

5 Industry knowledge and savings programs. Factoring companies
generally have specific industry knowledge and understand the
needs and challenges of your business. They can also provide
helpful services and programs that help you save money on
business expenses.

6 Quick, painless account setup. It generally takes a few days
and minimal paperwork to set up a factoring account. You’re not
going to have to wait weeks for an underwriting process to see
your money!

7 Professional collection services. Factoring companies understand
the importance of professionalism in business relationships. They
treat all your debtors as if they are your biggest and best
customers, ensuring your business relationship remains secure.

8 Improve your credit. With factoring, the increased working
capital provides you the means to pay your bills and vendors on
time, which positively affects your credit score.

04/18/2014

If you missed the deadline Call NOW!!! It is never too late.

03/29/2014

The Importance of Fixed Asset Inventories

Many companies are not aware of the importance of maintaining an accurate asset inventory and have not established regular procedures for managing this process. Unfortunately, when it comes to the fixed asset inventory of your organization, what you do not know could cost untold amounts of money, reduce efficiencies, and could even lead to the end of operations. Too often, entities do not pay
attention to their fixed asset inventory, do not stop to think how much they are paying in insurance or property taxes on the items the organization does or does not have, and are ill prepared in the event of a disaster.

To manage a profitable business, the management must have information regarding the current location, use, state of repair, and usefulness of its productive assets. The chief financial officer has a duty to ensure a system is in place to provide this information. The only way an organization can accomplish this is to implement a best practices inventory process, document, and continuously monitor any changes.

03/16/2014

Proven alternatives for raises:

If your firm’s pay is likely to remain frozen, you’ll probably want to look into what else you can offer. A recent study by Glassdoor gives a good idea of what workers are looking for.

The study highlighted employees’ top work-related resolutions for 2013. While it’s no surprise a salary raise topped the list (32% of workers cited it), employees would also like to:

Develop leadership skills (24%).
Improve their performance (21%).
Attend work-related training (16%).

03/16/2014

Small Business Tax Misconceptions #1:

1. All Start-Up Costs Are Immediately Deductible

Business start-up costs refer to expenses incurred before you actually begin operating your business. Business start-up costs include both start up and organizational costs and vary depending on the type of business. Examples of these types of costs include advertising, travel, surveys, and training. These start up and organizational costs are generally called capital expenditures.

Costs for a particular asset (such as machinery or office equipment) are recovered through depreciation or Section 179 expensing. When you start a business, you can elect to deduct or amortize certain business start-up costs.

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced (but not below zero) by the amount your total start-up or organizational costs exceed $50,000. Any remaining costs must be amortized.