- 6 Month Tax Extensions October 15, 2010. Final Deadline to file 2009 Individual Income Tax Returns (with extension)
- Sales Tax Liability October 31, 2010. Sales Tax Payments due for businesses.
- Employer Tax October 31, 2010. Payments are due October 31st
- Quarterly Estimated Tax Payments for 2010 Income Tax are due Apr 15, Jun 15, Sept 15, Jan 15
Tuesday, October 5, 2010
Tuesday, September 28, 2010
If your stuck down in a hole - quit digging.
Know your Numbers, Live Rich!
Are You Workin’ Hard or Hardly Workin’?
A colleague replied, "Workin’ very hard!" With a mix of pride, obligation and desperation like a cornered wolf.
A friend replied a different way, she said "yeah I’m workin’ my ass off and it never seems like I can catch up and my to do list is taller then me and I…" And then something clicked and she said, "And you know what, I am doing my best, and I love all that I am learning and I wouldn’t trade it for anything…"
Suddenly, she had a totally different view of her situation. She caught herself mid-sentence and changed her whole mood, attitude and outlook on life.
Without explaining herself or what happened. Or apologizing. And seemingly not even noticing, she transformed. I felt the difference like night and day. And it was stunning.
A third person, a co-worker of mine is this blatantly chipper, ridiculously bubbly go getter-day-after-day…and I love it! It’s contagious and I love those days working with her. I glimpse another world sometimes when mine is off kilter. She infects me with her joy virus and the rest of the day I am smiling and laughing for no reason. I don’t thank her, but I make sure I give her the same enthusiasm back.
The heaviness of work is a loaded question. How come different people respond to their work in different ways? And I ask myself does work really need to be hard?
For some reason I don’t quite understand why I love my work. I work hard in the traditional sense of working long hours: 40+, some weekends, some nights, whatever it takes to get everything done. But I like it and I’m good at it and as long as I take breaks and exercise and eat smart I feel good.
I noticed a shift out of working hard as a draining, ox-pulling-a-cart phenomenon when I resolved the question of always doubting and second guessing what my life purpose was… I realized that the answer was staring me in the face… “Follow your bliss” and suddenly it dawned on me I looked up from my laptop, smiling, totally immersed in my work and the challenge and discovery of the moment and there it was the clue and I was awake enough to recognize it shining through- I love what I am doing.
I see that this might not be forever but for right now it is golden and I don’t have to cast it away to find the perfect thing. I can just build on what I already know I love. In this moment I surrendered and everything opened up.
The chronic tension I’d been experiencing for years wasn’t from the work, the tension was from self doubt that I could bring value and raise my game and thinking I needing to please people. All kinds of mind spells I was casting on myself.
So I paid attention to this little intuitive voice from within and followed my bliss and committed and all I had to do was keep improving the quality of my work.
I love what I am doing
I love the mystery of numbers and moving them and grouping them and seeing patterns and finding answers in them
I love that I am seeing big growth spurts in every area of my company,
Most of all I love delivering impeccable, on time, vital info that often times has a huge impact on the day to day operations of the company.
When I am squarely in this place I am working hard and hardly working.
Know your Numbers, Live Rich!
Saturday, August 14, 2010
Thursday, August 12, 2010
You can go backwards,
You can go back and forth,
You can rest and come back later,
But don’t ever back down.
How do you find motivation? In life, in work, in attaining your dreams?
Are you right now highly Involved, fully Engaged in what you are putting your time, energy, and life blood? Are you ripping off the covers to get out of bed in the morning?
This is something that has been coming up a lot for me this week: (see video blog)
For the past 6 weeks and counting I have been uncharacteristically highly motivated… I wake up early invigorated, invested, cracklin’ to get started. I do my morning health and wellness routine, eat a lite breakfast and then I set out doing whatever building my business calls for: the work, the visioning, the marketing, the critiquing, the billing, the emailing, the strategizing and scheduling.
What is making this month different than in previous months over the last several years of inconsistently following through on my plans and goals to build my business and follow through on a number of creative projects? Does starting something with a lot of flurry and eventually falling flat after 3 weeks sound familiar to you?
I don’t know the answer, but I ask myself: if I did know the answer then… I would say it’s one main thing and a constellation of little impactful things that add up big over the long run.
The little dipper of impactful things is composed of a consistent daily practice of Deep Self care- Cutting out the bullshit- Getting help & -Clearing the decks.
Specifically, I accomplish this through doing & being: eating right, exercising right, replenishing spiritually, connecting authentically with people, doing what’s most scary, tracking my time, following intuition, taking breaks before i need them, acknowledging my wins & what I am grateful for, setting intentions to be of service, asking for help, being held accountable, honoring my commitments, cultivating a sense of compassion throughout the day, and creating work routines. These are little, everyday practices that have helped me transform my relationship with work, minimizing the stress and maximizing the joy I feel throughout my day regardless of the deadlines, breakthroughs or set backs.
This last week was a great example. Everyday I had done my yoga practice before work and come Friday, the day of a big deadline, I had to really focus in and innovate a whole new system for how the client would track expenses and more succinctly measure profitability. I flowed through the work with no body tension and received just enough creative bursts that the project came together just-in-time, practically on its own with no “hard work”. The client was delighted and I remained at ease, in service and in awe with the process and my new levels of creative output and quality of work.
The one main North Star thing that is different in my approach to work and building The Green Bookkeeper Co. is that I am determined to do new things everyday and to do old things in new ways. Said another way I am committed to bringing heightened awareness to what I am doing and discovering new and improved ways of getting my work done. My whole orientation to work has shifted as I notice myself feeling fascinated about my work. It’s a shake up. I am not just going thru the motions- everyday is new and on the brink of another innovative creative explosion.
Ultimately, I notice I am living in the question, instead of living like I already know it all, asking myself: How could this be better? What else is needed to improve the quality and volume of my product and services?
It is exciting going through life curious with passion to learn more and at greater depth about what I am doing. This is a subtle distinction but the effect on my everyday life experience and work experience is astounding.
As a self-employed man with my own company I don’t have the luxury of a boss to keep me in line and light a firecracker under my ass everytime I show up late to my desk & sluff off in my duties. Its up to me and I am choosing to step up to the challenge and head out into new territory, everyday discovering a new piece to the puzzle called The Green Bookkeeeper Co. & the bigger Puzzle called Life.
Saturday, August 7, 2010
I ask you for the same level of commitment I ask of myself: “Choose nothing less than to create a masterpiece.”
Know your Numbers, Live Rich!
Friday, July 9, 2010
Wouldn't it be nice to pay your income taxes on time with the ease and grace of the King Archetype? Here's how...
Everyone is required to pay income tax as they earn the income, either as withholdings as an employee or from self employment tax.
Do you know what Estimated Tax Payments are?
Estimated tax payments are just that. They are pay-as-you-go tax payments based on what you estimate to earn for the year, usually paid on a quarterly basis. And ultimately, the payments have a hidden benefit as they keep you from falling behind on your and help you avoid the pain and suffering of a tax crunch come April 15th..
You may be charged late fees and penalties for not making at least 4 payments throughout the year by each deadline AND if you underpaid your tax (ie your estimated payments were below what you actually made during the tax period).
So who needs to pay?
Estimated Tax Payments are not just for people who own their own business. They are also for people with passive income. If you have any income that is received without income tax withholdings then you must pay Estimated Tax Payments. Examples of non employee income come from: earnings from your small business, side work as an independent contractor, other income from interest, dividends, rental properties, alimony, etc.
How do you pay?
The Estimated Tax Form, Calculations, Payment Stubs, Mailing Address & Instructions are available at:
Saving vs. Paying Quarterly?
Some people prefer to save their tax payments in a high yield interest bearing account, instead of paying quarterly to the government. Officially, this is not inline with IRS regulations. As stated above, you are required to pay your income as you go, but if at least part of your income has withholdings and you don’t have any past or present red flags you may slip under the IRS radar. Saving is beneficial if you are responsible to save the correct amount and trust yourself to not spend it when crisis calls. If you don’t trust yourself yet, it may be smarter to pay it quarterly to the IRS.
Avoid late fees and penalties and all the unnecessary stress and anxiety of needing to scramble at the end of the year to pay your taxes. Be smart, pay your taxes throughout the year.
If you have questions post them here as comments. If you want assistance setting up a system to take back your life from crisis choices and the anxiety and dread of woes-me thinking or you want coaching to make better choices that feel good and empower yourself to live the life you dream of, then contact me. Today is the best day to start- you are worth it!
Be financially free AND financially responsible-- Save before you get stuck.
Know your Numbers, Live Rich!
Wednesday, June 30, 2010
There are vital financial details to consider if you have already negotiated a deal on your credit card debt or are considering it.
Last year, a client of mine decided to contact his credit card company and negotiate to have part of his debt cancelled. Then when he filed his taxes, he was dismayed to learn that, unbeknownst to him, he owed a huge tax on this debt.
The IRS designates the cancellation of debt as income and so in most cases it is liable for income tax. Just when it seems like it can't get any worse, people struggling to get out of debt are hit with another tax, but as the IRS sees it there are no free rides. You either pay off the debt that you incurred or you pay taxes on this “gift” from the creditors.
For example, if you owe $50,000 on credit cards and negotiate a deal to have 30,000 forgiven, leaving you with 20,000 to repay. Then this $30,000 is considered income on which you pay Income Tax.
What is the 1099-C Form?
The 1099-C is an important form that must not be ignored or discarded as there are major tax implications. If you have negotiated a deal to cancel a portion of your debt, then you are responsible to report this amount on your taxes. The creditor will send you a 1099-C, which is your copy of what the creditor has sent to the IRS and which you must include with your tax filings.
The 1099-C, Cancellation of Debt Form, reports the amount of debt canceled by the credit card company or the debt buyer. One copy is sent to the IRS and one copy is sent to you the recipient. When you negotiate the debt cancellation this amount is reported to the IRS and you are responsible for paying taxes on it.
What to do next? First, contact your tax advisor. Second, be prepared: start budgeting and saving for this additional tax burden immediately.
There are a few exceptions for debt forgiveness, such as if you have filed for bankruptcy, declared insolvency, or the debt forgiveness is related to the mortgage of your primary home, so check with a trusted tax advisor.
Check the Accuracy of the Amount of the Debt Reported
Make sure that the amount on the 1099-C matches with the actual amount of debt that was forgiven. There have been cases where the creditors or debt buyers add in administration fees and interest on top of the actual debt. If there are errors request that corrected forms be sent to you and the IRS.
Consult your tax accountant or for more information, click on this IRS Link, which includes detailed examples on Canceled Debts, Foreclosures, Repossessions, and Abandonments, found in Publication 4681. Also see IRS news release IR-2008-17.
IRS Statistics show the number of people filing for debt forgiveness has more than doubled since 2003 and is expected to continue to rise for at least another 2 years.
With the rise in debt and the curtailing of federal unemployment benefits, the time is now to get your numbers in alignment with your mission in life and start building for your dreams. Know your Numbers, Live Rich!
Friday, February 12, 2010
Tip #5 City Taxes
Are you operating a home business, sole proprietorship, corporation, et al.? Have you filed all the correct paperwork?
The yearly City Business License Renewals and City Tax are due for the City of Los Angeles and Culver City March 1st. Check your local area if you live or engage in business outside Los Angeles County.
Is your home business or independent contractor work registered?
How do you know if you may be subject to the Business Tax?
LAMC Section 21.00(i) states, “If you are conducting, operating, managing or carrying on of a business within the City you would be considered as ‘engaging in business’ and subject to business tax. You must register, and file your taxes annually with the Office of Finance. Individuals, Independent Contractors and home-based businesses are also subject to this provision.”
Depending on where you live and operate your business, you may be subject to business tax in other cities within Los Angeles County as well. Other cities have their own business offices, such as Santa Monica (310) 458-8745, Beverly Hills (310) 285-2424, and Culver City (310) 253-5870 require a separate business license to conduct business within their city. You are required to pay their City Business Tax as well.
You can go online to learn more and register for the City of Los Angeles at: http://www.ci.la.ca.us/finance/
The City of LA Office of Finance shares data with the State Franchise Tax Board and penalties and late fees can be pretty pricey so make sure you are in compliance.
*Note this is a general discussion of several tax & license issues which need to be considered according to your specific situation. There are other issues to consider and Tip #5 does not purport to address all issues.
For other ways to get in the know & receive support in transforming your business and money habits contact:
Know your Numbers, Live Rich!
This quote matches with what i am doing in the world. Instead of fighting against the system, lets build it in-line with our dreams, hearts, talents and gifts. We have so much talent within just waiting to be harnessed and expressed. Its possible i see it happening all around me everyday. Let's Go!
Sunday, January 31, 2010
Tip #4 Rate Plans Lowered from $99 to $69 for AT&T & iPhone Users
Attention: AT&T, Verizon & iPhone Users
I want to notify you about the new rate changes for AT&T (and Verizon). If you are with AT&T this could save you A LOT of money.
The changes for AT&T went into effect on Monday, January 18, 2010. I know for the unlimited rate plan the price dropped from $99 to $69.
Be aware, they will only lower your rate if you call them.
Call their customer service to see if you qualify and have them lower their rates. For other ways to save money & receive support in transforming your business and money habits contact:
Know your Numbers, Live Rich!
Wednesday, January 27, 2010
I find this quote to be so true. I found the quote in my Harbrace College Grammar Handbook as i was doing my daily grammar practice, which sometimes i think is not helping, but i will prevail.
I have noticed that as I clear out what is inessential in my life, my energy, motivation, clarity and creativity has expanded.
I clear out old energy thru completing old projects, goals, task, and commitments on which i had been dragging my feet. I focus my attention on the work that is most important and get it done and off my mind. I do the scariest or most dreaded tasks of the day first. I put daily time and energy into the things that i love and bring me joy- this is such a gift to my soul! I remind myself that to get better at something takes practice and persistence- (read Mastery: The keys to success and long-term fulfillment by Aikido Master George Leonard) And if i love it,it is worth doing and doing well.
The Green Bookkeeper Tip #3 January 2010:
Tip#3 January- Deadline for issuing 1099s & W-2s is 01/31/10
Attention: Business Owners
The deadline for issuing 1099s & W-2s is January 31st
Quickbooks has a feature that enables you to print 1099s for all your independent contractors. I can work with you remotely, if need be, to set up this up.
Begin now to make sure you have included everyone in your list of professional consultants and independent contractors, so you will properly report everyone and ensure you receive the maximum deductions you have coming to you. If you haven’t done it already have your independent contractors fill out a W-9 Form, you will need this info to send them a 1099.
For more tips refer to my website at: www.thegreenbookkeeper.com
Love and prosperity in the New Year,