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Caesar's Brook Babblings
QuickBooks News You Can Use 
December 2010 - Vol 3, Issue 12
In This Issue
E-file 1099s with QuickBooks
Employee Bonuses are Taxable Income
IRS Announces 2011 Mileage Rates
Date Warnings
QuickBooks Year End Resources
RSD Bookkeeping Solutions
QuickBooks Workshop
Caesar's Brook

Greetings! 

Welcome to the December issue of Caesar's Brook Babblings.


Yule Be MerryDecember is a very busy month.  So in keeping with the short winter days, this month I'm offering you a handful of short year-end topics and reminders, including the 2011 IRS mileage rates, information on e-filing 1099s, some links to some previously published articles on QuickBooks at year-end, and a reminder to turn on those QuickBooks date warnings.

 

Also included: new bookkeeping services available through our sister company, RSD Bookkeeping Solutions, Inc. and details of the January offering of  "Getting Started with QuickBooks", an introductory workshop I'll be presenting in conjunction with SCORE.

 

Best wishes for a warm and wonderful holiday season from all of us at Caesar's Brook.

Susan, Tom, & Patty   


 

E-File 1099s with QuickBooks
 

For some time, QuickBooks Online Payroll has offered the option of signing up for a stand-alone 1099 account and e-filing your 1099s.  It's a nice alternative to using the QuickBooks 1099/1096 wizard since you can print the forms you mail to your vendors on plain paper; you don't have to buy forms and you don't have to file a 1096.  But, you have to manually enter all the data that is already sitting in your QuickBooks file.

QuickBooks Premier 2011New with QuickBooks 2011 is the ability to e-file 1099s from within QuickBooks.  I missed this one on my 2011 new features review, but I definitely give it a big thumbs up. It uses the Intuit Sync Manager to upload the data from your QuickBooks file.  The service will be available starting on January 1st.  The cost is $25 for an unlimited number of forms submitted on or before January 23rd.  After the 23rd, it goes up to $39.

Note: You access this feature from the Vendor pull-down menu.  If you are running QuickBooks 2011 and you do not see the option to E-file in Step 4 of the Wizard, you may not be running the latest release.  This feature was included in R4.  As of this writing, R4 is still a manual download, but is expected to be released for Automatic Update shortly.  To check what release you are running, press the F2 key from anywhere in QuickBooks to verify the release number.  You'll find it at the top of the window. 

Here's a pointer to an article on the Intuit website that provides more details on e-filing 1099s with or without QuickBooks 2011: http://payroll.intuit.com/support/kb/2000864.html

Reminder: Employee Bonuses are Taxable Income
 

Turkey DinnerDon't forget that employee bonuses including gift certificates and gift cards are treated as wages subject to all employment taxes.  This is true even for a de minimus item. For example, a gift certificate for a turkey is taxable income, even though the gift of a turkey is not.

IRS Announces 2011 Mileage Rates
 

Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • Mileage Rates51 cents per mile for business miles driven
  • 19 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study.

Date Warnings
 

Turning 2010 to 2011If you enter a transaction date as 12/15 or as 1/5, by default, QuickBooks will post the transaction to the current year.  Most of the time, this speeds up data entry, but this time of year it can be dangerous.  It makes it too easy to unintentionally back date transactions to January 2010 or future date them to December 2011.

  

To help prevent these kinds of errors, be sure that the QuickBooks date warning are turned on.  Logged in with Admin privileges, select Preferences from the Edit pull down menu.  Select Accounting, Company Preferences and check the boxes to warn if transactions are more than x days in the future or past.  By default, the warnings are set at 90 days in the past and 30 days in the future.  In general, this range will keep you out of trouble, but if you are doing a lot of catch up work or your business frequently posts items outside these limits adjust them as required.  You want the warning to actually alert you to a problem rather than simply being another annoyance you click right through.

 

QuickBooks Year End Resources
 

Here are some handy links directly to past articles with year end advice that's still relevant:

2010 Year's EndAnd don't forget - QuickBooks has a built-in Year End Guide and Checklist.  It's located on the Help pull down menu.  Double-clicking on any topic will open a help window giving you more how to information.

 

Introducing RSD Bookkeeping Solutions

 

RSD Bookkeeping SolutionsLong-time QuickBooks Consultant Robin Shea, of Get Organized!, and I have teamed up to form a new company focused on offering affordable bookkeeping services to small businesses who are not interested in doing it themselves.  Our website is up and we are open for business.  Check us out at www.rsdbookkeeping.com. 

 

If you know of anyone who could benefit from our services, please refer them to our website or have them contact us directly at 603-546-7809 for a free estimate.  We are offering a referral fee for every referral you send us that becomes an RSD Bookkeeping Solutions client.

 

Getting Started with QuickBooks Workshop
 
SCOREI'll be presenting an introductory QuickBooks workshop for SCORE at the Bedford Public Library on January 27th starting at 5:30 PM.  I'll be covering how to decide if QuickBooks is right for your business as well as the important setup decisions that will help make the software more effective.  If you know anyone who is thinking about implementing QuickBooks in the New Year, pass the word.  More details and registration information can be found at www.score-manchester.org.

banner 2I hope you found these babblings useful.  Your feedback is important to me.  Please drop me a line and let me know what you think.

Sincerely,

Susan Dugdale
Caesar's Brook Business Solutions, LLC
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