Monday, April 2, 2012

#Tax Deductions for Meals/Incidentals on #Business #Travel ... Simplified!

The IRS allows you to claim tax deductions for meals & incidental expenses on overnight business travel.  To qualify you will be required to keep records that show:

  • That your trip required "substantial sleep" (usually overnight) before returning.
  • The trip's business purpose.
  • That over half of the working time of a majority of the days of the trip was used for business.
Please continue reading to get a quick summary of your options to calculate the amount of the deduction you can claim for 2011-12 if your travel meets these requirements ...

Thursday, March 29, 2012

#HealthCare #Tax Credit for #SmallBusiness and Non-Profits

The IRS is asking,
 "Are you a Small employer? Get the credit you deserve.
      If you are a small employer. . .

              With fewer than 25 full-time equivalent employees?

              That pays an average wage of less than $50,000 a year?

               And pays at least half of employee health insurance premiums?

                               . . .then there is a tax credit that may put money in your pocket."

More information is available at:,,id=223666,00.html 

It is useful to note that even if the lingering slow economy still has your business operating at a loss, this credit can be
 carried back 1 year or forward up to 20 years.  Go ahead and file Forms 8941 and 3800 to establish your claim to
this credit now so that it will be available when you need it in the future.

Also, if you have more than 25 employees, but some work part-time, you may still qualify for this credit.

In general, this credit is available for health insurance the business pays for employees who are not an owner of the business.
There are exceptions, so read the instructions for Form 8941 carefully.

Saturday, March 24, 2012

What Donald Duck and a 2% Income #Tax Have in Common

Tuesday, March 13, 2012

Join Doug Beecher,MBA,CPA for Live #QuickBooks #Training 'Setting Up #Inventory' Mar 15 @4 pm in Hurricane

Topics for this training include:

  • Setting preferences so your QuickBooks file can handle inventory
  • How to enter your individual products into inventory in QuickBooks
  • Using purchase orders in QuickBooks to monitor inventory
  • How to record inventory when it is received, whether or not you have been billed for it yet
  • Making manual inventory adjustments for shrinkage, damage, obsolescence, etc.
  • Choices for using QuickBooks to track finished goods you produce ... comparing the use of group items with inventory assemblies, and much more

Wednesday, February 22, 2012

Potential Trap If You're Deciding Between Working With A Company As An Independent Contractor Or An Employee

Photo credit:
Many people are faced with an important decision when contemplating an opportunity to do services for a company.  Should I accept the company's request to work as an independent contractor or should I insist on being an employee ... at the risk of losing the opportunity.

Monday, February 20, 2012

Something I Like About #Tax Reform In President Obama's 2013 Budget Proposal

Here is a good summary from The Journal of Accountancy on the 256 pages in President Obama's 2013 budget proposal devoted to tax reform: There are some good ideas here, especially the elimination of the alternative minimum tax, which has gotten way out of hand since it was first introduced. And I could live with dividends being taxed as ordinary income if corporations were given the same tax treatment for paying them as they are for paying interest - thus eliminating double taxation and also the need for S corporations. But a lot of what is here is just another round of making things even more complicated than they already are. Seems like we could save a lot of tax dollars on administration and enforcement if tax reform included real tax simplification.  Just sayin'!

Tuesday, February 7, 2012

Live #QuickBooks Training in Hurricane and St. George, UT, plus Mesquite, NV

Doug Beecher, MBA, CPA, teaches one hour QuickBooks lessons on demand for small groups of 1 to 8.  The discussion is personalized to your specific questions and needs.  The fee is only $29.95 to schedule a lesson, or you can join a class that is already scheduled for just $14.95.  The one hour format helps you retain more of what you learn. Doug has been a Certified QuickBooks Pro Advisor for over 12 years, and we have a lot of fun in these classes, so come join us!

Here's are some of the topics you can request for a lesson ...

Friday, January 27, 2012

Balancing Protecting Consumers While Avoiding Strong Disincentives To Job Creation

Today I received an e-mailed letter from a friend detailing his concerns about how new EPA regulations will severly impact his business and many others like his.  They include potential penalties of up to $37,500 per day.  To say they will be a serious disincentive to job creation is a huge understatement. Ironically, his business focuses on finding green energy strategies in construction projects that will also economically benefit his clients.  

What he has to say is important enough that I asked for and received his permission to share it with you here:

 From: Jeff Bay []
Sent: Friday, January 27, 2012 11:11 AM
To: Jeff (MSD) Bay
Subject: Our Federal EPA hard at work - A new rule which effects us all....


Jeffrey Bay
Morning Star Development, Inc.
Construction Management and General Building Contractors
--- On Fri, 1/27/12, Jeffrey Bay <> wrote:

From: Jeffrey Bay <>
Subject: Our Federal EPA hard at work - A new rule which effects us all....
To: "Jeffrey Bay" <>,
Date: Friday, January 27, 2012, 9:40 AM
Dear Colleagues and Friends,

I received a letter last week from a contractor's "License Instruction School" offering to train contractors and building owners on the new Lead paint "RRP" requirements & laws.   This new law effects any building originally constructed before 1978, and those who do not comply are subject to a fine of up to $37,500 per day by the Federal EPA.  

Upon reading this, and after falling off my chair, I realized that our administration is truly standing true to their commitment to create massive new bureaucracies to manage and "protect" us, while causing massive cost increases for all work.   I then made some calls to the EPA, and after 4 transfers (nobody knew anything about this, of course), I was finally referred to a supervision who I left a message for, as she is out for the day.   In any event, I was able to locate the website which pertains to these new regulations, and which has numerous links to it's hundreds of pages of bureaucratic documents to back it up:

As you explore this you will quickly find out that, in addition to any private training which a contractor wishes to engage for his crew, that the initial certification fees will cost every contractor between $300 to $600 (I assume this is an annual fee).   Next, the documentation process will surely become at least a part time effort for an administrator within that contracting company, as one mistake can qualify us for this ridiculous fine,  that administration effort which most of us "contractors" cannot sustain in this building economy.    

I have left a message for the EPA in order to get the answer to one simple question, that answer which I will request in writing.   That question is this:   Does this requirement apply to abatement, demolition, and painting contractors ONLY, or must ANY G.C. or building Owner comply whenever work is performed on any building built prior to 1978?    The latter seems to be the implication, which is why I want to get clarification.  If the latter applies, then I am sure that many contractors (like myself) will NOT engage contracts on any building which was originally constructed prior to 1978.   However, that does not help those of us who will, nor does it help the owners of those buildings who need to have work done, as they will all be subject to fines and penalties if they do not engage a RRP certified contractor who meticulously follows all of their rules.   

I realize that this is yet one more example of how our government is "helping us" by dictating how we are to protect  the public and our environment, but this example of expansion of bureaucracy seems to be the agenda of this administration, as they have created many new government jobs in the process.   However, if you disagree with this and other similar new bureaucracies which have  been recently formed or enhanced over the past few years, then I STRONGLY suggest that you join me by remembering this when you go to the poles in November, so we can bring the "Change" which this country needs in order to survive.   

Thanks for your ear, and God bless America.


Jeffrey P. Bay
President / CEO
Green Bay Group, LLC.

1230 Madera Rd. suite #5-109
Simi Valley, CA 93065
805-584-3060 ext. #100
fax: 805-584-0984

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