I am pleased to announce that I have earned the elite designation of IRS Enrolled Agent.
What this means to you is that I have proven I have the knowledge and skills necessary to properly prepare your tax returns and to help you deal with any tax issues that arise.
I am authorized by the IRS to represent you on all tax matters, including any audits.
Please keep me in mind for all of your tax needs, including preparing and filing your tax returns.
Kelli Hegsted, MBA, EA
Owner - KDH Business Services LLC
You can check out my website at: www.KdhBusinessServices.com
Saturday, February 9, 2013
Preparing for your tax appointment
Happy Tax Season
Now is the time to start preparing for your tax appointment.
The more prepared you are at this appointment the less stress and anxiety you will have as you preparer works through your return.
The following is a list of items you may need to take with you to your appointment. (this is not meant as an all inclusive list, as you may have other items that need to be reviewed as well)
- Last year's tax return
- Original W-2 Forms
- Schedule(s) K-1 from any partnerships, S-Corps, estates or trusts
- Copies of other compensation documents, such as any 1099's
- Any retirement or pension documents, such as any 1099-R's
- Brokerage Statements
- Any 1098's including those for Mortgage interest
- Personal Property Taxes Paid
- Sales Tax paid for large items, such as boats, vehicles, etc
- Copies of closing statements regarding the purchase or sale of real property
- Daycare expenses
- Higher Education expenses, including student loan interest
- Medical and Dental Expenses
- Charitable Contributions
You may have additional items that will be required to finalize you return, in which case your preparer will let you know what those are.
If you require further information or have questions please contact me.
If you are in need of a tax preparer give me a call and we'll set up an appointment to review your records and get your taxes prepared and filed.
Kelli Hegsted, MBA, EA
IRS Enrolled Agent / Tax Preparer
Labels:
accounting,
bookkeeping,
filing,
KDH Business Services,
small business,
tax preparation,
taxes,
W-2,
year end
Sunday, February 12, 2012
Preparing for your tax appointment
Happy Tax Season
Now is the time to start preparing for your appointment with your tax preparer.
The more prepared you are at this first appointment the less stress and anxiety you will have as you preparer works through your return.
The following is a list of items you may need to take with you to your appointment. (this is not meant as an all inclusive list, as you may have other items that need to be reviewed as well)
- Last year's tax return
- Original W-2 Forms
- Schedule(s) K-1 from any partnerships, S-Corps, estates or trusts
- Copies of other compensation documents, such as any 1099's
- Any retirement or pension documents, such as any 1099-R's
- Brokerage Statements
- Any 1098's including those for Mortgage interest
- Personal Property Taxes Paid
- Sales Tax paid for large items, such as boats, vehicles, etc
- Copies of closing statements regarding the purchase or sale of real property
- Daycare expenses
- Higher Education expenses, including student loan interest
- Medical and Dental Expenses
- Charitable Contributions
You may have additional items that will be required to finalize you return, in which case your preparer will let you know what those are.
If you require further information or have questions please contact me.
If you are in need of a tax preparer give me a call and we'll set up an appointment to review your records and get your taxes prepared and filed.
Kelli Hegsted, MBA
Tax Return Preparer/Accountant
www.kdhbookkeeping.com
Labels:
accounting,
KDH Business Services,
tax preparation,
taxes
Monday, August 22, 2011
Paying Cash for Business Expenses
This is not necessarily a good idea, unless you have a Petty Cash account set up.
As a small business owner, if you withdraw cash from your bank through the ATM, or inside the bank with a check and then pay for business expenses with the cash it may be impossible to prove that the money you withdrew was not a draw.
I definitely have to advise against paying for anything major with cash. Paying for improvements, equipment, rent, etc with cash is a good way for the person you paid to either come back and say that you didn't pay them (since there is no paper trail), or for you to claim it on your taxes as a business expense (since you most likely do not have a W-9 from them and cannot file a 1099).
Just a few things to think about before paying for your purchase with cash.
You can check out my website for more information or to contact me for additional topics.
www.kdhbookkeeping.com
Labels:
1099,
accouting,
bookkeeping,
KDH Business Services,
Olympia,
small business,
W-9
Thursday, August 11, 2011
How long should I keep my records?
This is a question each business owner eventually asks themselves. Usually when their storage area is overflowing and they are not sure what they can shred and what they have to keep.
I've put together this list of the most common records and when/if they can be destroyed.
If you have questions or require additional information please feel free to contact me at info@kdhbookkeeping.com
Document | How long to Keep | |
Accounts Payable ledgers and schedules | 7 years | |
Accounts Receivable ledgers and schedules | 7 years | |
Articles of Incorporation | Permanently | |
Audit Reports | Permanently | |
Bank Deposit Slips | 3 years | |
Bank Reconciliations | 1 year | |
Bank Statements | Permanently | |
Bills from Vendors | 8 years | |
Bills of Lading | 6 years | |
Brokerage Statements (Annual) | Permanently | |
Budgets | 2 years | |
Cancelled Checks | Permanently | |
Cancelled Checks for important payments (taxes, purchase of property, special contracts) | Permanently | |
Capital Stock and Bond Records | Permanently | |
Cash Books | Permanently | |
Cash Projections | 2 years | |
Contracts, mortgages, notes and leases (expired) | 7 years | |
Copyright Registration | Permanently | |
Correspondence (General) | 3 years | |
Correspondence (Legal and important matters) | Permanently | |
Correspondence with customers or vendors | 1 year | |
Credit Memos | 3 years | |
Deeds, Mortgages and bills of Sale | Permanently | |
Depreciation Schedules | Permanently | |
Duplicate Deposit Slips | 2 years | |
Employee Expense Reports | 3 years | |
Employee Payroll Records (w-2, w-4, etc) | 6 years | |
Employee Personnel Records (After termination) | 6 years | |
Employment Applications | 3 years | |
End of the Year Trial Balance | Permanently | |
Expense Analysis and expense distribution schedules | 7 years | |
Expired Insurance Policies | 6 years | |
Financial statements (end of year) | Permanently | |
Freight Bills | 4 years | |
Garnishments | 7 years | |
Insurance Records | Permanently | |
Internal Audit Reports | 3 years | |
Internal Reports | 3 years | |
Internal Work Orders | 3 years | |
Inventory Records | 7 years | |
Invoices to Customers | 8 years | |
Journals | Permanently | |
Minutes of Board of Directors Meetings | Permanently | |
Notes Receivables | 7 years | |
Option Records (expired) | 7 years | |
Patents and Related Papers | Permanently | |
Payroll Records | 8 years | |
Petty Cash Vouchers | 3 years | |
Physical Inventory Tags | 3 years | |
Productions and sales reports | 7 years | |
Property appraisals by outside appraisers | Permanently | |
Property Records (depreciation schedules, blueprints and plans) | Permanently | |
Purchase Journals | Permanently | |
Purchase Orders (all others) | 1 year | |
Purchase Orders (purchasing dept copy) | 7 years | |
Receiving Sheets | 1 year | |
Requisitions | 1 year | |
Retirement and Pension Records | Permanently | |
Sales Commission Reports | 3 years | |
Sales Records | 7 years | |
Scrap and Salvage Records | 7 years | |
Subsidiary Ledgers | 7 years | |
Tax Returns and worksheets | Permanently | |
Telephone logs/message books | 7 years | |
Timecards | 7 years | |
Trade mark Registrations | Permanently | |
Training Manuals | Permanently | |
Voucher for payments to vendors, employees, etc | 7 years | |
Voucher Register and Schedules | 7 years | |
Withholding Tax Statements | 7 years |
Monday, January 24, 2011
Year End Craziness
Happy January 24th, 2010
Less than one week left to file all of your year end reports. All of the following must be mailed no later than January 31st!
If you have employees you should be filing or have filed the following reports/forms:
W-2's
Employment Security (Unemployment)
Labor and Industries (L&I)
941 (Federal Withholding, Social Security and Medicare)
940 (FUTA)
If you had contracted help that you paid over $600 to, any payments to an attorney, or any of the other payments that would require you to file:
You need to file 1099 forms
Annual B&O filers must have 2010's B&O Report filed by the 31st of January as well.
If you do not know what all of these are, or just need help getting them filled out and filed give me a call. I can help and make it as painless as possible for you.
I can e-file your W-2's and W-3 - one less thing for you to do.
Whew - that's a lot of stuff for one little company to have to deal with. That is why KDH Business Services is in business. It is my job, and my passion, to help YOU succeed in your Business!
Call Kelli @ 360.480.3284 and get on the schedule before it's too late. You shouldn't have to pay penalties and interest to the IRS or the State.
Less than one week left to file all of your year end reports. All of the following must be mailed no later than January 31st!
If you have employees you should be filing or have filed the following reports/forms:
W-2's
Employment Security (Unemployment)
Labor and Industries (L&I)
941 (Federal Withholding, Social Security and Medicare)
940 (FUTA)
If you had contracted help that you paid over $600 to, any payments to an attorney, or any of the other payments that would require you to file:
You need to file 1099 forms
Annual B&O filers must have 2010's B&O Report filed by the 31st of January as well.
If you do not know what all of these are, or just need help getting them filled out and filed give me a call. I can help and make it as painless as possible for you.
I can e-file your W-2's and W-3 - one less thing for you to do.
Whew - that's a lot of stuff for one little company to have to deal with. That is why KDH Business Services is in business. It is my job, and my passion, to help YOU succeed in your Business!
Call Kelli @ 360.480.3284 and get on the schedule before it's too late. You shouldn't have to pay penalties and interest to the IRS or the State.
Sunday, January 9, 2011
Sunday Evening Insights
Happy Sunday. Monday morning is just around the corner. Another work week to get ready for. This week is a good time to work on staying optimistic and believing in you. If you are a small business owner it is even more important to believe in yourself. As we all know, but sometimes decide to forget, is that our attitudes steer our direction. A bad attitude and you're off to the start of a bad day. It's not always easy, but when those tough moments hit I hope you take a moment and think about how the attitude and actions will affect your day.
On another note - do you have your 1099 and W-2 Forms? You have until the end of the month to get these to your employees and contractor/contract workers.
If you need help, or just need someone to take care of this for you We can help.
Just remember, KDH is YOUR accounting solutions company. We come to you and take care of your needs.
Make it a Great Week!
Keep smiling - it makes people wonder what you've been up to. ~Author Unknown
On another note - do you have your 1099 and W-2 Forms? You have until the end of the month to get these to your employees and contractor/contract workers.
If you need help, or just need someone to take care of this for you We can help.
Just remember, KDH is YOUR accounting solutions company. We come to you and take care of your needs.
Make it a Great Week!
Keep smiling - it makes people wonder what you've been up to. ~Author Unknown
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