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What to do with your Tax Refund.

Posted on March 4, 2013 at 1:57 AM Comments comments ()
Wow, it’s March already, and I bet that many of us have started receiving those tax refunds in the mail. For some of us, it’s not that much,while for some of us, it’s a whole lot of Big Money. Whichever category, you are in; remember that you need a good plan for your money. The important thing is that many of us have started planning on how to spend it; but I have these tips for those of us that want to give the refund a PURPOSE, because if you don't do this, you will find out that you have nothing to show for your refund at the end of it all.
               Here are some tips about what to do with your Tax Refund Money:
  • Start (Add to) an emergency fund: It is always good to set some money aside for a rainy day. It is good to start off this fund with your Tax Refund, because if you decide to store that much, away from your regular paycheck or income, it will take you months or even years to make a significant deposit in your emergency fund.
  • Pay down a Debt: If you have a lot of debt like credit card debt, title loans, car notes, student loans, hospital bills, payday loans amongst others, this will be a great time to put your refund to work by paying off these debts and eliminating your debts. You will discover that you will have so much peace of mind when you do this, and peace of mind goes a long way in keeping up a good health.
  • Invest It: You can invest your Tax Refund in yourself, your business, your children or your family. Investing in yourself can be in form of getting an education, career training or personal improvement; you can also give your family a treat and splurge a little bit, but don't over indulge.
  • Refinance your Mortgage or Make Home Improvements: When you refinance your mortgage, you will still pay closing costs and fees, use your refund to pay for the closing costs, and you will save thousands of dollars per year on mortgage interest. If you are happy with your mortgage rate, take a look around your house, to see how you can improve your home with some energy saving appliances. Remember that it is good to spend money now to save for later.
  • Give to a Charitable Cause: Giving some of your Refund to a worthy charity is a great idea, more so when that donation is tax deductible, everybody wins. For some people, giving to charitable organizations is non-negotiable, but on a tight budget, donations can unfortunately go down to the bottom of a list, but you have to note that contributing to charity is an excellent use of capital and provides a huge spiritual and societal benefit.
  • Start your Own Business: Perhaps, you have been looking for seed money to start off your long desired Business or take it to the next level; you can use your refund to get you moving in the right direction. It is a great opportunity to turn your refund into income for years to come and get a few more small business tax deductions next year too.
  • Put it into an IRA or workplace retirement Account: Using your refund to get a head start on Roth IRA contributions is a great move, it can let your three-digit tax refund grow into a four digit addition over the course of the years, in addition, it is like using your refund to create a tax deduction.
  • Create your own food bank: We know that it is cheaper to cook your meals than eating out, but the problem, might be the need to stock up on Food Supplies, many people struggle to find money to build this up, when they are living from paycheck to paycheck, but this is the best time to change, and stock up your home with food (both perishable and non-perishable).You will be surprised at how much savings, you will make and for many months to come, you would not have to think of eating out or buying food stuffs.
  • Improve your Health: This is the best time to schedule that appointment to see your Doctor, Optometrist, Dentist or Physical Therapist, many people have been putting off these appointments during the past couple of years due to employment or insurance problems; perhaps you should use some of your refund to improve your health.
  • Fix Your Car/Buy a New One: This is the best time to take your car for a Car Service, if you have not done that in a while, or alternatively even get another car, if your previous one has been giving you problems, you will be glad you did, because every time, you drive in it, you will remember that you used your refund to get it or put your car in that great condition.
  • Pay up your Bills in Advance: There are so many bills, that we all pay from month to month, including our mortgages, insurances, child care expenses, utility bills and telephone bills; Instead of thinking of how we can scale through paying these bills as each month is approaching, we can pay up a couple of months ahead, so that we can relax and use the free funds from the following month for whatever we want to do. This sounds great right?
  • Establish a Financial Strategy: Do you realize that working with a financial adviser can help you manage your tax refund and show you areas, of investing it and how to get great returns from your investment, You can always call on us at ROSYAN BOOKKEEPING SERVICES to show you how to manage your refund and get your ultimate returns on investments.
Please feel free to let us know how you have spent your tax refund or how you intend to spend your tax refund, and we can also advise you on how to make the most from it. For those of us ,that are not getting refunds, how do you ensure that you are ready to write that check to IRS on tax day?
CALL US TODAY ON 202.422.4586.You will be glad you did.

Bookkeeping Tips to Save Time and Money.

Posted on February 1, 2013 at 2:13 AM Comments comments ()
Do you know that Inputting checks, managing bank accounts and creating reports doesn't have to be an intimidating process?  
Wow,we have entered the second month of the year 2013, and I know that so far, it has been a great and fantastic season for us. For most people in the States,this is a period of tax preparation and filings, for both individuals andorganizations.
We should know by now, that having a good bookkeeping system is essential to having a successful and smooth tax filing season. I know from experience, that some small-business owners view bookkeeping as a burdensome task that takes them away from running their business. It makes others nervous, and they may second-guess their knowledge and skills in fear of the Internal Revenue Service knocking on their door.
I want to let you know that, you don’t have to be intimidated or bored by accounting or Bookkeeping. Successful business owners don’t view bookkeeping negatively. They have adopted a few basic procedures to stay on top of the paperwork. By doing so, they save time, money and a lot of stress.
I have listed below the basic steps to gain control of your business bookkeeping tasks:
1.    Use accounting software such as QuickBooks: QuickBooks is a set of software solutions, designed to manage payroll, inventory, sales and other needs of a small business. Each package is developed according to different industries and their needs.
The great thing about QuickBooks is the fact that it combines a variety of accounting processes into one user-friendly system, and this is why it is highly recommended. You have to become at least generally familiar with theQuickBooks software, this includes basic knowledge like knowing how to input checks, enter vendors and customers, reconcile bank accounts, and create reports and other data. Once, you have this in place, you can choose one of these different ways to maintain it:
  • Do it yourself: You can take a class on the software or alternatively, CALL ON US for a one on one training at a great rate; We can also help you to set up your QuickBooks Chart of Accounts; once this is done, you can dedicate time each week to input information and reconcile bank statements. Please note that if you fall behind on inputting transactions, it can be difficult to catch up. This is when most people throw bank statements and receipts into a box and procrastinate. If this happens, don’t worry, you can still call on us to help you sort out your data, input your transactions and prepare your reports.
  • Train and hire a family member to maintain the books. From a supervisory role and internal control system standpoint, it’s still critical to have a basic working knowledge of the software and procedures. We can help train your family member and also provide regular support, when needed, so that you can relax and go on with your business.
  • Hire a local bookkeeper to provide the services you need, and turn the books over to your certified public accountant for planning and tax preparation at the end of the year. A bookkeeper will certainly be more skilled and knowledgeable than you or a family member, and you do not have to pay as much,as you will pay a CPA to do the Job. One smart strategy is to negotiate a fixed monthly fee so you can budget for the service.
  • Engage your Bookkeeper to provide all bookkeeping services, and transfer your tax preparation to your CPA, by doing this, you are putting in place a great check and balance between what your Bookkeeper and CPA are doing. This will also ensure that you are getting most of your tax deductions accurately.
2.   Scan your receipts, business cards and other important paperwork. Some software products import directly into QuickBooks. Utilizing this type of tool will help save time and paper, and help audit-proof your record.
3.  Separate personal accounts from business accounts. Don’t mix the two.Keeping personal and business bank accounts and credit cards separate will make bookkeeping much easier and help maintain your corporate veil if you have a formal entity.
4.  Avoid cash.Instead, use your debit or credit card religiously. When you use cash you lose track of potential write-offs. If you have to pull money out of an ATM, note on the receipt the purpose of the withdrawal.
5.  Go paperless.Storing tax documents for at least six years can be a hassle. Another option is to purchase a small fireproof safe to store important personal documents(passport, life insurance, etc.) along with a regular backup of your bookkeepingsoftware and tax returns saved on a flash drive. For extra data protection,consider off-site physical storage or online data storage for these records and scanned files.
6. Auto-track your mileage. Keeping a written record of all your business, charitable and medical auto mileage can be a pain. Look into a satellite-assisted service, phone application, or software program.
7. Meet with your CPA at least twice annually. Review your business plans, financials, tax deposit amounts, payroll procedures and tax strategies.The cost of taxes is too high to leave your plans to chance. Just a few minutes on a regular basis can save thousands of dollars. Also, remember that your CPA should be bringing you strategies and ideas in these meetings. If the meeting consists of you throwing out ideas and your CPA shooting them down, you have the wrong CPA. Find a planner who is reaching out to you with ideas and strategies on a regular basis.
We are available to help you out with your QuickBooks Bookkeeping Services and training,and we also offer other accounting/Bookkeeping services at great rates too. Why don’t you give us a call today and see how we can save you and your business tons of money.
Email us for more details on [email protected] ,we would love to hear from you.

Build up your Personal Balance Sheet

Posted on January 16, 2013 at 12:00 AM Comments comments ()
 Build up your Personal Balance Sheet

 Do you know that everyone has a personal Balance Sheet? Just a reminder,A Balance Sheet is a financial "snapshot" of a Business at any given point in time.It shows your assets and liabilities and tells you your business networth.
 It is a rule that every Businesss has a Balance Sheet,so also should every individual have a personal Balance Sheet,Our Personal Balance Sheet is defined as our ability to make a difference wherever we are,and this difference creates a value for our personal life. As we gain abilities,our personal Balance Sheet improves and ultimately helps us to reach our goals.

 For instance,when we find ourselves in a situation,we ought to assess it and jump into it, to make something happen,whether we get credit or not;our Personal Balance Sheet goes up and will make us much more valuable,this indicates that whenever we approach any situation,we should rather consider it as an opportunity for personal growth,and watch our personal balance sheet improve.

 Finally,as we build our personal abilities to make a difference,we will be rewarded,just as a business balance Sheet shows the value of a business.

 My Dear Friends,this is the first month of a new year,it is not too late to go out and make a difference in the world and watch your personal value grow.You will greatly be rewarded for this.


Posted on December 28, 2012 at 2:33 PM Comments comments ()
  REVISIT YOUR GOALS: New Year’s resolutions are nice but what’s wrong with getting a jump start on them? If you are self-employed, take a look at the specifics of your business aspirations. If you work for someone else, revisit the objectives of your position and find places for improvement. Weed out outdated responsibilities and add in any new ones. Decide where you want to be in six months, a year and two years, then brainstorm specific ways to attain those goals.

While you are at it, look ahead in your calendar and pick a date every three months (or less) to go through this process. Having affairs in order makes everything in your work life more streamlined and easy to manage. Take the time to get a jumpstart on organization before the rush of the holiday season.
This coming year,2013,it will do you good to think about your how you want your life to be,set your own agenda  and learn how to make your life better.
Think about what floats your boat, then take ACTION to make your dreams a reality.
My dear, you will be glad,you did.


Posted on December 19, 2012 at 4:00 AM Comments comments ()
Reasons why you need bookkeeping services
It is significant for a business to have transparent record keeping systems which would make the transaction clear and comprehensible. This article highlights seven factors why we need to keep an effective accounting book. Also you can understand the importance of bookkeeping services by going through this article. It also gives you quick tips about why you needbookkeeping services for your business.
1. Recording the business transaction would help you to monitor the financial success or failure of your business. You probably don’t know where you are going if you didn’t realize where you have been. Hence,understanding the existing scenario of your financial status is much important to achieve the heights and avoid the unexpected loses. An effective financial method provides you the answers to your entire questions about the growth scale.

2. Keeping a record would help you to make future business decisions. Every business decisions have to be finalized by considering the financial consequences happened earlier and the same can be done only if we retain the accounting books properly. Without the precise data and financial information,it is extremely difficult to predict the impact of any given action.

3. Maintaining account books would help you to file the income tax records accurately. Every business entity has to file income tax returns and pay incometaxes. With proper records, it is very easy to prepare the tax returns and filing also can be done on time without any hassles. You will be under/overpaying your taxes,if you fail to maintain proper records of your transactions.

4. Keeping the older transaction would help you to plan the budget for the forthcoming year. Preparing budget would keep you on the safer side and help you to avoid the unwanted expenditure.

5. Keeping good records would help you to prepare payroll tax returns and Sales tax without any hassles. If you are doing a partnership business, you can avoid unwanted issues in profit distribution by retaining your business transactions accurately.
6. You need Bookkeeping services, so that you do not have to burden yourself running your business and taking care of your Accounting Records, a bookkeeper will readily take your data in whatever form, it is (Receipts,Bank Statements, Files, Folders, Debit Notes, Credit Memos)and turn them intofinancial reports and present the information to you in the form, that will help you make great Business Decisions.

7. Finally, retaining bookkeeping services would help you to understand the transactions which are all profitable and the unwanted operating expenses. You can avoid those expenditures and prepare an effective budget to optimize your business financially. Hence, bookkeeping plays an essential role in every business. Outsourcing bookkeeping would really be worthwhile.
Why don’t you contact us today to help you with your Bookkeeping Needs? We will take your data and organize, analyze, reconcile and send it backto you in a clean, organized, structured and Accurate Report.
You will be glad you did.