Refreshments will be provided as well as a chance to win a giftcard to the Cheesecake Factory or 4 tickets to the Casino Del Sol All Star Game on January 16th!

If you are not already a client, this is the perfect opportunity to come meet Gabby and her staff and pick up a 2011 income tax organizer to help organize your information and make the tax season as pain and stress free as possible.  If you are not familiar with Gabrielle M. Luoma, CPA, PLLC please check out the “About Us” page and see why hundreds of people a year are switching their businesses and individual accounting, tax, and consulting needs over to to Gabby and her team.

American healthcare is poised for some pretty radical changes over the next several years – changes that are relevant to everyone from the youngest child to the oldest retiree. If you’re a small business owner or an employee of a small business, you’re probably wondering whether the new laws and regulations will impact you. Read on to learn about potential changes to your insurance and healthcare premiums.

Changes Starting in 2010

The upcoming healthcare changes will be phased in over the next few years. Although the bulk of the new regulations are slated for 2011, 2013, and 2014, there are two significant changes taking place in 2010.

During the period of 2010-2013, as the new regulations are gradually introduced, qualified small business owners are eligible for a tax credit of 35% on their contributions to health insurance premiums for their employees. Known as the Small Business Health Care Tax Credit, this perk is available only to small business with fewer than 25 employees and average wages of less than $50,000 annually.

In addition, parents will now be permitted to include adult children (up to age 26) on the coverage offered by tax-qualified, employer-provided health plans.

Changes starting in 2011

From 2011-2015, small business employers will be eligible to receive federal funding if they provide their staff with wellness programs.

Small businesses will also be permitted to form collectives or alliances in order to purchase employee health insurance policies at better rates. The online programs that will make this possible, known as SHOP or Small Business Health Options Programs, will receive state-level funding from federal sources.

You can also expect to see some more specific changes to permissible medical expenses. The definition of qualified medical expenses will be altered to exclude over-the-counter medications. This affects all Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs), as well as reimbursements through Health Flexible Spending Arrangements (Health FSAs) and Health Reimbursement Arrangements (HRAs). The annual limit on allowable medical expenses from flexible spending accounts will be capped at $2,500.

Finally, a “cafeteria plan,” which allows employees to pick and choose benefits as needed, will be introduced for small business staff and the self-employed beginning in 2011.

We’ll explore some more details on the upcoming healthcare changes in our next post.

IF YOU ANSWERED YES TO THREE OR MORE OF THE ABOVE QUESTIONS, DON’T WAIT, TAKE ACTION TODAY! It will be the best thing you’ll do for yourself for 2010. Contact Gabrielle today and receive a free initial consultation, with free tax advice on how to save more money on your taxes specific to you. Good until May 15th. This consultation will change the way you see CPA’s and will help you stay on the right track for 2010. A $150 Value.

• Budgets and Business Planning: Whether you’ve just launched a new business or own an existing corporation, seeking the advice of an experienced CPA can be very helpful in establishing realistic budgets and benchmarks for your business. A strategic plan can make the difference between success and failure in today’s marketplace; a CPA can help you set business goals, establish checkpoints to measure progress, and take measures to encourage growth within your company.
• Assistance with Bonding: Bonding and taxes have different objectives, and a CPA can help you navigate the two areas to achieve the consistency that is favored by bonding agents, increasing your chances of a money-saving tax return.
• Profit and Cost Assessment: In order to understand and improve upon your current business structure, it’s necessary to monitor your systems and consider the costs and benefits of various types of work. A CPA can be helpful in analyzing the profits and costs of various contracts, products, and services you offer, and can give advice on which of these services are most lucrative and which are costing more labor and overhead than they’re worth. This kind of assessment can help you streamline your work to focus on your most productive areas.
• Internal Controls: These can encompass anything from elaborate checks and balances to discourage fraud, to a simple streamlining of your company’s paperwork to make you more efficient. A CPA with experience in your industry can advise you on the best internal controls for your business.
• Technology and Software Support: Your CPA can be an important resource in advising you on any changes you need to make to the technology or software you need to run your business. He or she can suggest software that can improve your financial outlook, and may be able to tell you about compatible technology in other areas.

A CPA is an invaluable team member for any business. Tap into their diverse range of skills to support your company’s growth, stability, and success.

If you’re a small business owner tasked with budgeting your resources for next year, keep the following tips in mind:

• Budget conservatively: It can be difficult to accurately predict income or expenses, so err on the side of caution. Assume that costs will be higher than anticipated and that income may be lower, and then craft a budget tailored to those pessimistic figures. You’ll be prepared for the worst, and if business in 2010 is as good as (or better than) you hope, it will come as a happy surprise.
• Be flexible: A budget is a plan, but it’s never set in stone. You may need to adapt or even rewrite your budget after the first quarter or half of the year. It’s important to factor in safety margins on spending. Set aside some money in an emergency fund, and try to assess each unexpected cost on an individual basis.
• Consider projected cash flow: Cash flow is the focus of your budget, and can usually be broken down into three categories:
  • Projected sales: How much income you expect to see this year
  • Direct cost of sales: The cost of each sale in terms of shipping, customer service, materials, and/or labor in production.
  • Fixed costs or overhead: These are costs that exist regardless of your sales, ranging from administrative expenses to office supplies and utilities.
• Use last year’s numbers as a basis: Last year’s figures can provide a rough scale for your 2010 budget estimates. Don’t get too attached to them, however, since costs and sales can vary widely from year to year.
• Involve the right people: Depending on the size of your company, it may be necessary to create or request budgets from each department. Even if you’re creating only one budget for the entire business, ask essential team members to contribute their thoughts and expertise. Getting the advice of a CPA or other financial expert can also help make your budget more realistic and viable.
• Be realistic: As you consider the advice of your department heads and your CPA, as well as last year’s figures, do your best to be realistic. It might be nice to assume that sales will rise by 50% next year, but it’s prudent to assume that’s not going to happen. If the unexpected occurs, either good or bad, will your business be prepared to sell more product or spend a little more than you had anticipated? Plan for as many contingencies as possible and do your best to use all the expertise and information available to you.

QuickBooks is by far the most popular accounting software among small- to medium-sized businesses, sole proprietors, work-at-home moms, and anyone who wants to keep track of their own billing, invoicing, and finances. Although there are plenty of competitors out there, none come close to rivaling the stability and features of QuickBooks. It hooks in seamlessly to other applications, is compatible with virtually all computer systems, and has a simple, user-friendly interface.

Although it’s easy to get up and running with QuickBooks, you could just be scratching the surface of what it has to offer. Some basic training will help you uncover hidden features and capabilities, taking you beyond the basics to get the most out of your software.

QuickBooks training can serve as a significant benefit for administrative assistants, office managers, secretaries, virtual assistants, financial services professionals, independent entrepreneurs, and anyone who works with budgets. Training from a qualified CPA can help you use the software to:

• Increase productivity and efficiency when creating quotes and estimates, sending invoices, and performing other finance-related tasks
• Upload bank account information into your software
• Reduce overhead costs
• Train your accounting department to work more efficiently
• Improve your career prospects by enhancing your resume and demonstrating your commitment to learning new technologies
• Troubleshoot common issues and resolve them faster
• Find task shortcuts to streamline daily operations
• Create detailed reports of revenue and expenses, along with graphs and charts to track trends
• Keep all of your important tax and finance information current and in one centralized place, greatly reducing headache and hassle during the next tax season

At the office of Gabrielle Luoma, CPA, we offer in-depth QuickBooks training courses for all levels of users. Whether you’re just getting started and want to get familiar with the basics or you’re an intermediate user ready to master more advanced functions, we’ll provide you with customized curriculum to meet your needs. We know you’re busy, so we tailor our courses to meet your schedule and lifestyle. QuickBooks education is an affordable way to streamline daily operations, expand your client base, and boost your profits.