Start preparing your record keeping file box which may include:

                        1.         Bills

                        2.         Credit card statements

                        3.         Other deductible receipts

                        4.         Invoices

                        5.         Mileage logs

                        6.         Proof of payment check copies

                        7.         Bank statements

                        8.         Mortgage statements

                        9.         Business interest expense

                        10.       Business use of your home

                        11.       Employees pay

                        12.       Retirement plans

                        13.       Rent

                        14.       Utilities

                        15.       Cell phones

Avoid Tax Time Problems

                        1. Don’t procrastinate

                        2. Visit the IRS online

                        3. File your return electronically

                        4. Request an extension ahead of time if necessary

                        5. Get your Stimulus Payment early by filing electronically by April 15^th

Children will be out of school soon.  It’s never too late to start saving for travel expenses or vacation trips.  Starting now will ease the pressure later.  Open a separate no-fee checking account or low minimum savings account to yield some interest.

Be aware that as of July 24^th, the federal minimum wage will now be $6.55 per hour as opposed to the current rate of $5.85 per hour.  Employees under 20 years of age may be paid at least $4.25 per hour during the first 90 consecutive days of employment.  This is only ideal for seasonal and teen workers out for summer jobs. For more information, check with your human resources department or visit the U.S. Department of Labor at http://www.dol.gov 

Summertime fun is almost over.  Children will be heading back to school soon.  For your children entering high school, now may be a good time to start making weekly/monthly deposits into a college fund (if not started already).

This might be a great time to order items you may need for 2009, such as office furniture, equipment or marketing materials.  You can add them as a deduction for this year’s business expense. The more expense you have to report reduces your taxable income.

If your business is open on Halloween Day, please take extra precaution against those who lurk in the corners making this an unsafe holiday. Be safe and be good citizens by keeping a watchful eye on others. 

Organize your records and receipts for the end of year reporting.  Don’t forget to include any business holiday gifts as a business expense and MERRY CHRISTMAS!!