General ways to spend your flexible spending money

If you have a flexible spending account through your employeer... here are some ways to spend your money. MAKE SURE YOU SPEND IT BEFORE DECEMBER 31st, OTHERWISE YOU LOOSE IT!

* Acupuncture
* Doctor’s visits – Routine checkup, have a full physical performed (including bloodwork)
* Dentist – Maybe you have a case of yuck mouth… Schedule a cleaning ASAP so you can go back a second time to get any cavities filled before years end
* Optometrist – Get that eye exam you’ve been putting off, get some new glasses, get your frames fixed, renew your stock of contact lenses, put it toward LASIK surgery, or even eye drops and contact solution
* Fill prescriptions
* Immunizations
* Dermatologist – Uhhh, maybe you have an embarrassing rash?
* Audiologist
* Therapy – Physical therapy, learning therapy, or psychiatric therapy
* Physical impairments – Wheelchairs, crutches, walker, custom made ortho shoes.
* Special needs – Smoking cessation programs, transportation to/from medical appointments Over-the-counter (OTC) drugs – Allergy meds, antacids, band-aids, cold and flu medicine, cough drops, fiber supplements, first aid supplies, incontinence supplies, hemorrhoid cream, laxatives, nasal spray, pain reliever, rubbing alcohol, sinus medication, and wart remover are all covered.

Expenses that require a letter of medical necessity:
* Health club fees
* Visits to a chiropractor
* Natural supplements/vitamins – Yes, that’s right… You can get birth control, hemorrhoid cream, laxatives, and wart remover, but… In order to get some vitamins, you have to show medical necessity.
* Massage therapy
* Acne medication
* Sunscreen
* Weight loss program

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Avoid common mistakes when filing taxes

File electronically.
If you e-file, tax software will do the calculations, flag common errors and prompt you for missing information.

Remember Making Work Pay.
The Making Work Pay Tax Credit –– available in 2009 and 2010 –– is worth up to $400 for individuals and $800 for married couples. Most people got it as a reduction to their paycheck withholding. Form 1040 filers must complete Schedule M, attach it to their returns, and claim the credit to benefit from it. (Tax software handles these calculations automatically for e-filers.) Also, if you received the one-time Economic Recovery Payment, you need to reduce your Making Work Pay credit by that amount.

Claiming the Homebuyer Credit?
If you claim the first-time homebuyer credit, complete Form 5405, and include it along with the settlement document, such as a HUD-1. More information is available on the homebuyer page.

Check only one filing status.
Also, check the appropriate exemption boxes. When you enter Social Security numbers, make sure they are correct.

Double check all figures.
While software catches and prevents many errors on e-file returns, math errors remain common on paper returns.

Get the Right Routing and Account Numbers.
Make sure the financial institution routing and account numbers you have entered on the return for direct deposit of your refund are accurate.

Sign and date the return.
If you are filing a joint return, both you and your spouse must sign and date the return. E-filers can sign using a self-selected personal identification number (PIN).

Attach Forms To the Front of the Return.
Paper filers need to attach W-2s and other forms that reflect tax withholding, as well as other necessary forms and schedules, to the front of their returns.

Do you owe tax?
E-payment options are available or send a check or money order payable to the "United States Treasury."

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Read the full article here http://www.taxact.com/reference/2010/nw-avoid-common-mistakes.asp

Flexible spending accounts

How Much Should I Put in my Flexible Spending Account? The calculator below (see link) will estimate your 2010 tax savings if you use your employer’s flexible spending plan to pay for medical and/or dependent care expenses. What is a flex plan? "Flex plans" let you set aside a portion of your salary before taxes to pay for dependent care costs and medical expenses not covered by insurance.

http://www.kiplinger.com/tools/flex/

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Behind on your invoices?

Sales tax clothing exemption

From October 1, 2010, through March 31, 2011, New York State sales tax applies to clothing and footwear that costs under $110. Recent legislation eliminated the exemption. Starting October 1, 2010, clothing and footwear costing less than $110 will be subject to:

* 4% New York State sales and use tax

* ⅜% tax in the Metropolitan Commuter Transportation District, if applicable

QUICKBOOKS Point of Sale: QBPOS

More information found here: http://www.tax.state.ny.us/sbc/sales_tax_clothing_exemption.htm

If you would like to talk to someone about this, contact us today

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Essential Quickbooks data ON-THE-GO

Millions of small business owners now work away from the office at least part time. QuickBooks 2011 provides these remote workers access to essential data anywhere, from the airplane to the jobsite, giving them the flexibility they need to meet business demands.

Offered as an add-on service to QuickBooks 2011 and sold separately, QuickBooks Connect provides access to essential QuickBooks customer and transaction data online or on a mobile phone. Users can create and manage invoices, pull customer information, check the status of a payment, and get real-time answers to questions on the go. Secure data automatically syncs with QuickBooks, so users will always have the most up-to-date information at their fingertips.

Learn more with Woodard Accounting today http://woodardaccounting.com/

Quotes from quickbooks users

"The new QuickBooks search enabled me to find three annual charges that had not been renewed on invoices and thus earned our company $300 that might have been missed all together. It is a very robust tool and I am very pleased with its performance."

said Kathy Zaroczynski of Zaroczynski and Associates in Rochester, NY

"Every month I dread having to apply late charges to several hundred tenants in my storage units that haven't paid on time. It is a long, laborious task that requires hundreds of mouse clicks creating invoices. Today, I used the batch invoice feature and in just two minutes I had every invoice completed and applied!"

said Douglas Brockhouse of Bender Commercial Real Estate in Sioux Falls, SD

Want to hear more great reviews or learn more about Quickbooks

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