Tips of the Month - March, 2009

QuickBooks:

After May 31, 2009 QuickBooks will no longer offer support on Versions prior to 2006. For those companies using QuickBooks payroll you must upgrade before May 31, 2009.

QuickBooks software should be upgraded at least every three years. An upgrade over longer periods of time creates many hardware & software problems resulting in increased expenses and loss of productivity.

Tax:

How The American Recovery and Reinvestment Act of 2009 affects your company:

1. There is a refundable credit of up to $400.00 for working individuals, $800.00 for families. You must begin using new withholding taxes for employee’s wages by April 1, 2009.
2. 50% bonus depreciation in extended through 2009
3. Small businesses can write off up to $250,000.00 in capital expenditure for the year.
4. The net operating loss carryback is extended from 2 to 5 taxable years before the loss arose.
5. Some small businesses can have their estimated tax payments reduced for 2009.
6. Unemployed veteran and disconnected youth are now eligible for the work opportunity tax credit.

Federal Government COBRA subsidy.