Phone: 845-566-0391
Email: info@petromccrum.com
P.O. Box 563, Plattekill, NY 12568
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Tips of the Month - August, 2008
QuickBooks:
Undeposited Funds
Undeposited Funds is an account that holds your received payments until you are ready to deposit them. This allows you to accumulate a number of checks on one bank deposit.
There is a preference in QuickBooks that allows you to automatically use this account in the receive payments window. But the important thing to remember is, that if you receive a payment to this account, you then have to make the deposit in the Make Deposits screen (Banking Menu) to your bank account.
Tax:
Anticipated tax changes for 2008 include:
50% Bonus depreciation on purchase of new SUV’s.
Change of rules when converting a 401K to a Roth IRA.
Claiming cell phones as a tax free fringe benefit will become easier.
Numerous changes to benefit plansIRS will continue to enforce rules regarding the classification of workers, i.e.
Employee or independent contractorIRS will begin to target abuses of 529 plans.
