Confused by Quickbooks and other accounting programs? Feeling overwhelmed with receipts, bills and invoices? Need some help adding it all up?

Well, you’ve come to the right place!

We’re a bookkeeping company, based in the Longmont, Colorado area. Who's focus is on nurturing the needs of a small business and getting it to run like a well oiled machine. We offer a variety of services to help you make sense of the numbers behind your business and tighten up any lose ends that may have you in arrears.

If you add up our experience in adding it up over the years, we’ve helped out a wide range of businesses with payroll processing, payroll tax preparation and reporting, sales tax preparation and reporting, accounts payable, accounts receivable, monthly account reconciliations, monthly financial statements, human resource management, all in addition to the general administrative duties related to bookkeeping. Please see the Services link for a more detailed description of our long list of specialties.


IRS Q&A of the month:
How do I know if I have to file quarterly individual estimated tax payments?

Answer:
Who Must Pay Estimated Tax

If you owed additional tax for 2006, you may have to pay estimated tax for 2007.

General Rule

You Must Pay estimated tax for 2007 if both of the following apply.

You expect to owe at least $1,000 in tax for 2007, after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of:

-------a. 90% of the tax to be shown on your 2007 tax return, or

-------b. 100% of the tax shown on your 2006 tax return. *Your 2006 tax return must cover all 12 months.

--------* Certain taxpayers with higher adjusted gross income must substitute 110% for 100%. Refer to Chapter 2 of Publication 505, Tax Withholding and Estimated Tax, for the income amounts that the higher percentage applies to.


References:

Publication 505, Tax Withholding and Estimated Tax
Form 1040-ES (PDF), Estimated Tax for Individuals

Do self-employment taxes need to be paid quarterly or yearly?

If you are required to make estimated tax payments, self-employment tax is paid by making quarterly estimated tax payments which include both income tax and social security tax.


References:

Publication 334, Tax Guide for Small Business
Publication 505, Tax Withholding and Estimated Tax

When are the quarterly estimated tax returns due?

Your first estimated tax payment is usually due the 15th of April. You may pay the entire year's estimated tax at that time, or you may pay your estimated tax in four payments. The four payments are due April 15th, June 15th, September 15, and January 15th of the following year.

If the due date for making an estimated tax payment falls on a Saturday, Sunday, or legal holiday, the payment will be on time if you make it on the next day that is not a Saturday, Sunday, or legal holiday.


References:

Publication 505, Tax Withholding and Estimated Tax, Chapter 2.