Double Entry Bookkeeping, LLC.

Eight Things to Know about Medical and Dental Expenses and Your Taxes

2012-02-14T07:27:00.000-08:00

If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits.

1. You must itemize You deduct qualifying medical and dental expenses if you itemize on Form 1040, Schedule A.

2. Deduction is limited You can deduct total medical care expenses that exceed 7.5 percent of your adjusted gross income for the year. You figure this on Form 1040, Schedule A.

3. Expenses must have been paid in 2011 You can include the medical and dental expenses you paid during the year, regardless of when the services were provided. You’ll need to have good receipts or records to substantiate your expenses.

4. You can’t deduct reimbursed expenses Your total medical expenses for the year must be reduced by any reimbursement. Normally, it makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital.

5. Whose expenses qualify You may include qualified medical expenses you pay for yourself, your spouse and your dependents. Some exceptions and special rules apply to divorced or separated parents, taxpayers with a multiple support agreement or those with a qualifying relative who is not your child.

6. Types of expenses that qualify You can deduct expenses primarily paid for the diagnosis, cure, mitigation, treatment or prevention of disease, or treatment affecting any structure or function of the body. For drugs, you can only deduct prescription medication and insulin. You can also include premiums for medical, dental and some long-term care insurance in your expenses. Starting in 2011, you can also include lactation supplies.

7. Transportation costs may qualify You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. You can deduct the actual fare for a taxi, bus, train, plane or ambulance as well as tolls and parking fees. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses, which is 19 cents per mile for 2011.

8. Tax-favored saving for medical expenses Distributions from Health Savings Accounts and withdrawals from Flexible Spending Arrangements may be tax free if used to pay qualified medical expenses including prescription medication and insulin.

For additional information, see Publication 502, Medical and Dental Expenses or Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Child Tax Credit - 11 Key Points

2012-02-14T07:17:00.000-08:00

The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17.

1. Amount With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under age 17.

2. Qualification A qualifying child for this credit is someone who meets the qualifying criteria of seven tests: age, relationship, support, dependent, joint return, citizenship and residence.

3. Age test To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2011.

4. Relationship test To claim a child for purposes of the Child Tax Credit, the child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.

5. Support test In order to claim a child for this credit, the child must not have provided more than half of his/her own support.

6. Dependent test You must claim the child as a dependent on your federal tax return.

7. Joint return test The qualifying child can not file a joint return for the year (or files it only as a claim for refund).

8. Citizenship test To meet the citizenship test, the child must be a U.S. citizen, U.S. national or U.S. resident alien.

9. Residence test The child must have lived with you for more than half of 2011. There are some exceptions to the residence test, found in IRS Publication 972, Child Tax Credit.

10. Limitations The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies by filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax and any alternative minimum tax you owe.

11. Additional Child Tax Credit If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.

For more information, see IRS Publication 972, available at www.IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Tax Tips for Parents

2012-01-24T07:24:00.000-08:00

Your kids can be helpful at tax time. That doesn't mean they'll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things to consider when filing taxes this year.

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.

2. Child Tax Credit You may be able to take this credit for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit.

3. Child and Dependent Care Credit You may be able to claim this credit if you pay someone to care for your child or children under age 13 so that you can work or look for work. See IRS Publication 503, Child and Dependent Care Expenses.

4. Earned Income Tax Credit The EITC is a tax benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. IRS Publication 596, Earned Income Credit, has more details.

5. Adoption Credit You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. If you claim the adoption credit, you must file a paper tax return with required adoption-related documents. For details, see the instructions for IRS Form 8839, Qualified Adoption Expenses.

6. Children with earned income If your child has income earned from working, they may be required to file a tax return. For more information, see IRS Publication 501.

7. Children with investment income Under certain circumstances a child’s investment income may be taxed at their parent’s tax rate. For more information, see IRS Publication 929, Tax Rules for Children and Dependents.

8. Higher education credits Education tax credits can help offset the costs of higher education. The American Opportunity and the Lifetime Learning Credits are education credits that can reduce your federal income tax dollar-for-dollar. See IRS Publication 970, Tax Benefits for Education, for details.

9. Student loan interest You may be able to deduct interest paid on a qualified student loan, even if you do not itemize your deductions. For more information, see IRS Publication 970.

10. Self-employed health insurance deduction If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage for any child of yours who was under age 27 at the end of the year, even if the child was not your dependent

Cutting Through the Social Media Clutter

2012-01-15T07:53:00.000-08:00

Leveraging the Power Without Losing Your Sanity

Presented by Lisa Wood, Sprout New Media

With the explosion of social media in the digital marketplace, we're faced with the overwhelming task of choosing the right tools to promote our businesses online. How are we supposed to keep up? How do we find the time? Join us for an interactive discussion designed to help you cut through the clutter and focus on what's important for you and your business.

We'll discuss the basics of today's popular tools and brainstorm ways you can use them to drive traffic to your website. You'll learn how to identify the tools that work for you so you can focus on those and ignore the rest.

Lisa Wood is a local small business owner with over 15 years experience marketing on the web. She started Sprout New Media (formerly Performance Web Solutions) in 2008 so she could help small businesses and entrepreneurs grow their businesses online. Services include web design & development, general web marketing consulting, social media coaching and WordPress training. Lisa lives in Stowe with her family, and you can find her at SproutNewMedia.com and on twitter as @lisawood.

Lamoille County Business Network, LLC
Tegu Hall, Morrisville
Friday, February 24, 2012 at 8am
To register: www.lamoillecountybusinessnetwork.com

Make Marketing A Habit

2012-01-15T06:40:00.000-08:00

Do you believe you don't have time for marketing? Feeling overwhelmed by all the different tools and things you "have to do"? Amy will share her method for adding new marketing techniques into her calendar on a regular basis. Find out how to spend less than an hour a day and make the most impact with the resources you have. By the end of a year, you will have a marketing habit that is part of your daily routine.

Amy Shollenberger has more than 13 years of grassroots organizing, policy, and political issue campaign experience, including work as a press secretary for a member of the U.S. House of Representatives and as a senior policy analyst for Public Citizen’s Critical Mass Energy and Environment Program. As Rural Vermont’s executive director, she worked to help members successfully lobby for several bills. In 2010, she was the campaign manager for a gubernatorial primary candidate in Vermont. She currently serves multiple clients through her Action Circles firm, offering help with political strategy, organizational capacity building, and meeting facilitation.

Amy is a member of Vermont Businesses for Social Responsibility, Women’s Business Owners Network, and the Vermont Consultants Network, and she serves on the board of Salvation Farms. More information about Amy and Action Circles can be found at www.action-circles.com.

Lamoille County Business Network, LLC
Friday, March 30, 2012 at 8:00am
Tegu Hall, Morrisville
Www.lamoillecountybusinessnetwork.com

Six Important Facts About Dependents and Exemptions

2012-01-14T06:37:00.000-08:00

Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.

Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.

Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.

Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the Social Security number of any dependent for whom you claim an exemption.

If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status and any special taxes you owe.

If you are a dependent, you may not claim an exemption. If someone else – such as your parent – claims you as a dependent, you may not claim your personal exemption on your own tax return.

Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent.

For more information on exemptions, dependents and whether you or your dependent needs to file a tax return, see IRS Publication 501. The publication is available at www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant at www.irs.gov to determine who you can claim as a dependent and how much you can deduct for each exemption you claim. The ITA tool is a tax law resource on the IRS website that takes you through a series of questions and provides you with responses to tax law questions.

Bookkeeping Basics for the Small Business Owner

2011-12-04T06:29:00.000-08:00

Presented by Diana Sheltra of Double Entry Bookkeeping, LLC.

Can you prepare your financial statements?

Do you know the bottom line?

Are you making a profit?

Do you know the difference between your bank balance and how much money you are making?

Can you prepare a cash flow report and why is it different from your Profit and Loss Statement.

Are you wondering what is tax deductible?

You will learn that and more.

Diana Sheltra is owner and operator of Double Entry Bookkeeping, LLC. She has been in business for over nine years in Essex Junction. She opened a second office recently in Morrisville. Diana has worked in the field for over twenty years.

Diana has been a member of WBON for nine years, has served as board president for four years. She is currently Vice President of the National Association of Tax Professionals Vermont Chapter, as well as on the executive committee. She is also the founder of Lamoille County Business Network, LLC.

Diana is from the NYC area and moved to Vermont in 1995. She lives in Wolcott with her husband, Tom. She has a bachelor's degree in management from St. John's University and an associate degree in accounting from Champlain College.

Where:Tegu Hall, Morrisville, VT

When:Friday January 27, 2012 from 8:00 AM to 9:30 AM EST

To Register: www.lamoillecountybusinessnetwork.com

Diana Sheltra
Lamoille County Business Network, LLC
diana@lamoillecountybusinessnetwork.com
802-851-8015

Lamoille: The Bounty of the County: Oh Honey...Really?

2011-11-27T15:24:00.000-08:00

Lamoille: The Bounty of the County: Oh Honey...Really?: My husband was asking me the other day about why the honey we buy is called “raw.” What’s the big deal? What’s the difference between this ...

New Business - Lamoille County Business Network, LLC

2011-11-20T07:43:00.000-08:00

Lamoille County Business Network, LLC provides networking and educational opportunities to Lamoille County and surrounding areas.

Getting ahead in business involves relationship building and support from other professionals. LCBN will assist you in reaching your personal and professional goals.

LCBN will host at least two networking events a month. No membership fees! A nominal entrance fee is charged for each event.

Visit our website to view upcoming events www.lamoillecountybusinessnetwork.com

We are seeking speakers on various business topics. Please email Diana at diana@lamoillecountybusinessnetwork.com to apply.

The first mixer is December 9th at 5:30 to 7:30pm at River Arts. The first educational meeting will start January 27th at 8 to 9:30am at Tegu Hall. Diana will kick off the first educational meeting by presenting Bookkeeping Basics for the Small Business Owner.

Diana Sheltra is owner and operator of Double Entry Bookkeeping, LLC and Lamoille County Business Network, LLC. Double Entry Bookkeeping, LLC has been in business for over nine years in Essex Junction. She opened a second office recently in Morrisville. Diana has worked in the field for over twenty years.

Diana has been a member of WBON for nine years, has served as board president for four years. She is currently Vice President of the National Association of Tax Professionals Vermont Chapter, as well as on the executive committee.

Diana is from the NYC area and moved to Vermont in 1995. She lives in Wolcott with her husband, Tom. She has a bachelor’s degree in management from St. John’s University and an associate degree in accounting from Champlain College.

Lamoille County Business Network

2011-11-03T09:16:00.000-07:00

I am proud to introduce my new business venture - Lamoille County Business Network. The mission of this company is to provide networking and educational opportunities to businesses in Lamoille County and people who do business here.

There will be monthly mixers as well as monthly networking/educational meetings. The first mixer is scheduled December 9th at 5:30 - 7:30pm. Working on a location for our mixers. The first education meeting is January 27th, Tegu Hall in Morrisville 8am - 9:30am. The first speaker will be announced by mid-December.

Please find my page on Facebook - Lamoille County Business Network - and my group on LinkedIn (same name).

You can help by just spreading the word.

I am also looking for volunteers to help me get this off the ground and to help at the meetings. Let me know if you are interested!

WBON October Morrisville Chapter Meeting

2011-10-04T08:47:00.000-07:00

At October's WBON meeting, Connie will be leading a workshop, “Women and Wealth”, inspired by several published authors and the work of Dr. Christiane Northrup who said “You are truly prosperous to the extent that you’re experiencing health, freedom, happiness and plenty in your life.” Based on a holistic perspective on wealth and abundance, women will:

• Learn the truth about money and cash flow
• Discover three proven ways to increase your wealth
• Uncover the most common myths about women and money
• Delve into today’s financial reality and discover how you can be the
exception to the statistics
• Find out how to create optimal wealth and health simultaneously

Connie Livingston is a consultant, coach, facilitator, and strategist with a background in financial services and Community Economic Development. She has worked with individuals and groups for 19 years toward achieving their goals. She started her practice two years ago because she believes that as she helps clients improve their financial, personal, and economic lives, healthy, stable communities are created.

One of her specialties is helping people navigate successfully through transition. Change can be scary; she knows because she has been through so many transitions in her own life. She has started several businesses, left a career in order to raise children, re-entered the world of paid employment, and experienced a number of career changes. She did this using a positive, systematic approach and landed on her feet successfully through the changes as well as in the financial realm. She loves to show her clients how she did this.

Date: October 21, 2011
Time: 8:00am - 9:30am
Location: Union Bank Conference Room – 20 Lower Main Street, Morrisville
RSVP: Rhonda Bennett – Rbennett@unionbankvt.com

A Payroll Service You Can Trust

2011-09-25T05:52:00.000-07:00

We can provide you with a full-service payroll experience at cost effective rates. We can guarantee that your payroll will be accurate, timely and hassle free. Our high-quality payroll service is customized for you and your business. There is nothing better than personal attention.

We complete your federal and state payroll filings for you, including quarterlies, year end forms and W-2's

State new hire and employer registration forms

On payday, paychecks can be handed out, or they can be electronically deposited into employee bank accounts with our Direct Deposit service

Your employees will love Direct Deposit. No more trips to the bank!

We provide professional pay stubs detailing the current as well as year-to-date amounts

All common pay types such as hourly wages, tips and commissions are supported

Voluntary deductions are also handled, such as insurance, retirement plans and many others

Double Entry Bookkeeping Services, LLC is a full service bookkeeping firm owned by Diana Sheltra. Ms. Sheltra is a Certified QuickBooks Pro Advisor.

Double Entry Bookkeeping, LLC is in its ninth year of business with offices in Essex Junction and Morrisville.

For more information about our services and products visit our website:
http://www.doubleentrybookkeeping.net/

Remote Data Backup

2011-09-24T09:04:00.000-07:00

No time to back up?Why not set it & forget it!

Still manually backing up your important data to tape, CD, DVD or Zip? If so...

How often do you actually back up?

Do you really take your backup media offsite?

How much time does it take you every week?

Have you done a practice restore to make sure you can quickly and easily recover all your files?

Face it, manual backups are time-consuming, tedious and unrewarding, but you know backups need to be done.

That's why you need an easy, automatic and affordable offsite backup solution, so all you need to do is "set it and forget it".

With Remote Data Backups, your data is always safe.
Deleted files, viruses, hard drive crash, corruption, fire, flood or theft? No problem. Files restores are fast and easy.

Take a FREE 30-Day Trial (http://www.RDBUP.com?id=DoubleBook) and eliminate one annoying task in your busy work day.

You've got better things to do than worry about backups, like taking care of clients and growing your business.

Diana Sheltra
Double Entry Bookkeeping, LLC.
802-878-0990
diana@doubleentrybookkeeping.net
http://www.RDBUP.com?id=DoubleBook

Updates – Vermont Department of Taxes

2011-08-28T06:14:00.001-07:00

Homeowners received the Notice of 2011 Property Tax Adjustment calculation letters the week of July 5.

NOTE: It is very important for homeowners to review the information used to calculate their adjustment. While household income can be amended, changes to values for housesite and property taxes, and ownership interest is available only until September 1.

Last week the Department mailed 12,000+ notices to homeowners who filed a 2010 property tax adjustment claim but have not filed a 2011 claim. The law changed where the homestead declaration is no longer required to be filed annually. Filing trends for the claims raised concerns that some homeowners may believe the property tax adjustment claim also did not need to be filed each year. Homeowners who filed a 2010 property tax adjustment claim last year that generated an adjustment but had not yet filed a 2011 claim received the letter. Some of you may have received a letter where their household income is too high this year.

The IRS warns that tax scams are on the increase. The scams include phishing for taxpayer information as well as promoters of filing schemes that charge taxpayers to file returns with the promise of easy refunds. The IRS describes the most prevalent scams in their

And a new scam aimed at tax practitioners - The IRS says it is now finding phishing schemes that preys on tax practitioners who want to attend one of the summer IRS forums. The email supposedly comes from IRS Tax Forums and requests that recipients register for an event for tax professionals by using an attached registration form. IRS makes registration forms available only through the web, not through emails.

Yet another new scam reported. Scammers are sending out emails to employers that report a payment has been rejected by the Electronic Federal Tax Payment System (EFTPS). Clicking on a link downloads malicious software that takes personal and financial information from the computer. IRS never initiates email communications, whether on EFTPS or tax account matters.

It is correct that the extension for the income tax return does not apply to the claim and the last time to file an original 2011 property tax adjustment claim is September 1, 2011. However, household income can be amended for up to three years. Preparers have taken two approaches to determine household income for extended income returns – 1] file the claim with estimated household income using the best information available, or 2] file the claim showing the $97,000 maximum household income.

Remember, that the procedure to file amended household income changed for the 2011 claim. Complete Form HS-145 and check the box on Line 11 to show you are amending the household income. Then complete Schedule HI-144 with the correct information. This can be efiled or filed by paper.

If you mail the original 2011 property tax adjustment claims or amended household income claim, it must be received by the Department within three business days of the deadline. The goal is to get these filings processed so the adjustment amount can be transmitted to the town by September 15. For claims processed after the September 15 transmission, the homeowners receive the check for the adjustment amount.

The Legislature eliminated the requirement to file a homestead declaration each year. The new procedure allows the 2010 homestead declaration to remain on record until the property is sold, or the business or rental use of the property changes from the declaration on record. The following are questions that have been asked about this new process:

If you sell your home and purchase a new home, can you withdraw the declaration on the sold home and declare the new home on the Department's online filing?

YES. Withdraw the homestead sold first. At the end of the withdrawal screen you will be asked if you want to file a declaration for your new homestead. NOTE: You still need to fill in the SSN and Span and name.

Have lawyers, banks and real estate agents been notified of the homestead withdrawal requirement?

YES. The Department sent notification of the change to the Vermont Bar Association and Vermont Association of Realtors in 2010. In May 2011, the Department mailed the guide for property transactions and homestead declarations to Vermont banks, credit unions and licensed realtors. The guide is also located on our website.

Is there delayed processing if a homestead withdrawal was not filed?

The property tax adjustment claim may experience delayed processing as the same SPAN may not be declared by a homeowner with different Social Security number (the Social Security numbers of a joint filing are considered one identification unit). When a withdrawal is not filed, the examiner must research the status of the property through our property transfer return records and/or with the town.

Do multiple or unneeded filings of the homestead declaration cause problems for the Department?

It causes additional work. Declarations filed after the original filings do not automatically post and must be reviewed by an examiner.

What is the process for contiguous land that is part of the homestead (whether in the same or different town) to be classified as homestead?

There is no change to this process. A homestead declaration must be filed for each SPAN in the appropriate town.

If the owner changes from the 2010 declaration, how do you change the owner?

When the home is sold, the seller filed a withdrawal and the buyer files a declaration.
If there is an additional owner being added to the existing owners or an existing owner is removed, file a new declaration.

Do I file a new homestead declaration if the use of my homestead changed after April 1, 2011?
YES. File a new homestead declaration and indicate the date of the change in the section provided on the form. Declarations with use changes after April 1, 2011 will be held and transmitted to the town for the 2012 grand list.
What is the due date for filing a homestead declaration?
The due date remains the same as in the past. A declaration for a new homestead is timely if filed by April 15^th and a late-but-can-still-declare is filed by September 1^st. A declaration to report the change in business or rental use of the property can be filed on the April 15^th/September 1^st schedule. NOTE:
The declaration can be filed earlier at the time of closing or the date of the use change. The Department will hold the declaration and transmit the information to the town for the appropriate grand list.

Double Entry Bookkeeping, LLC. is seeking a Full Charge Bookkeeper

2011-07-22T10:34:00.000-07:00

We are a busy office located in Essex Junction. We are seeking a part-time client oriented team player. Minimum of 5 year's experience required with emphasis in AP/AR, payroll, adjusting entries, and financial statements.

Intermediate level skills in QuickBooks and Excel required.

If you are a professional who is accurate and flexible, please email your resume with salary requirements to:

diana@doubleentrybookkeeping.net

WBON July Morrisville Meeting

2011-06-28T08:09:00.000-07:00

Topic: Turning Your Business Ideas into a Reality

Starting your own business can sometimes feel overwhelming. "My goal has always been to help the business owner breakdown the steps and putting them in touch with the resources to help achieve their goals.” This session will provide an overview of how to take that idea and/or plan and turn it into a “bankable” solution.

Rhonda is a commercial lender with Union Bank. She specializes in working with the Small Business Administration and other organizations to provide financing alternatives for her clients. Rhonda has 30 years of banking experience. She began her career as a teller and eventually became a member of the Senior Management Team of Union Bank. During her professional career she attended Johnson State College through the External Degree Program, received several certifications through the Center for Financial Training and later became an instructor for CFT.

Date: July 15, 2011, 8am - 9:30am
Location: Union Bank 20 Lower Main Street
Cost: $12.00 Members, $14.00 Guests
RSVP: steph@honeybeesoaps.com
or online at http://www.wbon.org/

Chapter Coordinators:
Rhonda Bennett - Union Bank
Stephanie Craig - Honey Bee Soaps
Diana Sheltra - Double Entry Bookkeeping, LLC.

WBON May Morrisville Chapter Meeting

2011-04-19T04:56:00.001-07:00

Blogging and Facebook and YouTube, Oh My!

Presented by Lisa Wood
Sprout New Media

With the explosion of social media in the digital marketplace, we're faced with a dizzying array of tools we can use to promote our businesses online. How are we supposed to keep up? Join us for an interactive discussion designed to help you cut through the clutter and focus on what's important for you and your business.

We'll discuss today's popular tools and brainstorm ways to drive traffic to your website. You'll learn how to identify the tools that work for you so you can focus on those and ignore the rest.

Lisa Wood is a WBON member and small business owner with over 15 years experience marketing on the web. She started Sprout New Media (formerly Performance Web Solutions) in 2008 so she could help small businesses and entrepreneurs grow their businesses online. Prior to that, Lisa worked in the hospitality & tourism industry for over 25 years. Lisa lives in Stowe with her husband, two teenage children, two dogs, and a cat. She enjoys snowboarding, cycling, and vacationing with her family at the beach. Lisa provides digital marketing services to small businesses and entrepreneurs. Her services include web design & development, social media coaching, and web marketing consulting. You can find her at SproutNewMedia.com and on twitter as @lisawood.

Lunch will be catered by J.D. Delicious - Applecheek Farm of Hyde Park.
Cost: $16.00 Members, $18.00 Guests
RSVP: diana@doubleentrybookkeeping.net or online at http://www.wbon.org/

WBON April Morrisville Chapter Meeting

2011-03-24T08:55:00.000-07:00

Our speaker for the April Morrisville Chapter Meeting will be Suzanne Johnson former owner of Tilley's Cafe.

Life Challenges with a smile

So you don't think that you can handle yet ANOTHER challenge in your life?! Join the crowd! Just HOW do you decide HOW you are going to react?

Join me as I describe my journey over the past ten years and enjoy how I try to make the most out of life in spite of the unexpected left hand turns. Life is about juggling or family and our careers along with our unexpected challenges in love, health and in our businesses. Come listen to what makes me continue to move forward with a never ending love of life, family and friends. You will walk away with thoughts and goals that could change your life! It has mine!

RSVP to Diana Sheltra diana@doubleentrybookkeeping.net or online at http://www.wbon.org/

Fee is $16.00 for WBON members and $18 for guests.

Meeting will be catered by JD Delicious - Applecheek Farm - of Hyde Park. Applecheek Farm is a certified organic, diversified and sustainable family-owned farm. Their farm produces organic dairy, grass-fed beef, humanely raised veal, pasture-raised poultry, raw milk and emu oil

QuickBooks Training

2011-03-09T09:19:00.001-08:00

Double Entry Bookkeeping, LLC offers individual or group training classes at our Essex Junction office on Mondays and Fridays. Call Audry at 802-878-0990 for more information.

Women Business Owners Network: WBON March Morrisville Chapter Meeting

2011-02-15T06:56:00.000-08:00

Women Business Owners Network: WBON March Morrisville Chapter Meeting: "Our speaker for the March Morrisville Chapter Meeting will be Joe Hicks, Tangible Assets Coordinator of the Central Vermont Community Action..."

Full-time Bookkeeping Position

2011-02-11T07:11:00.000-08:00

Small, busy Essex office is seeking a FT client oriented team player for on-site work with local area businesses. Minimum five years experience bookkeeping required with emphasis in AP/AR, payroll, adjusting entries, and financial statements.

Position will also include client QuickBooks training. Intermediate level skills in QuickBooks and Excel required. If you are a professional who is accurate and flexible, please send your resume with salary requirements to Diana@doubleentrybookkeeping,net, or fax to 802-316-3890

Winter Business Fair

2011-01-13T03:01:00.000-08:00

CEDO is pleased to join with the Champlain Valley Office of Economic Opportunity Micro Business Development Program and the U.S. Small Business Administration to announce the 3rd

Winter Business Fair
Wednesday February 9, 2011
10 am to 3 pm
Contois Auditorium
City Hall
Burlington, Vermont

In addition to exhibitors we are also offering workshops for business owners on several topics including the basics of borrowing money for your business, listening to your business and the benefits of being a green business. The event is open to the public and free to attend. Due to popular demand, the Zero to 60 business open mic, brought to you by the Radiator, and the O-Zone networking space, presented by Office Squared, will be back. Building on these the success of the 2010 Winter Business Fair, brand new this year will be the offering Legal Corner and the Accounting Corner. Sign up at either for a brief, free consultation with a tax or legal professional

Please register your organization and join us as an exhibitor. This year we will be charging a nominal exhibitor fee of $75.00. This money will be used to videotape all of the workshops and some of the main event and edit this content which will be available on DVD. Register and pay by January 19 and pay only $50. Please contact Jon Adams-Kollitz at CEDO to register: jadamskollitz@ci.burlington.vt.us or(802) 865.7187

Set up for vendors starts at 8:30am and some limited vehicle access to Church St. in front of City Hall will be available. Please keep in mind this Church St. access is only available in the morning and you will be on your own for takedown in the afternoon.

This year’s featured workshop is the two hour Greening Your Business featuring Peter Crawford of the Small Business Development Center . Other workshop topics include: business lending, venture capital/angel investing/grants, and Listening to Your Business with the SBDC’s Steve Densham, Dream to Reality with Jodi Whalen of August First (and others)

Please register your organization and join us as an exhibitor. Remember, register and pay by January 19 and pay only $50.

Save the Date!
the Winter Business Fair
Wednesday, February 9th, 201110 AM - 3 PM Burlington City Hall

WBON New Chapter Announcement

2010-12-24T08:38:00.000-08:00

WBON is announcing a new chapter in Morrisville!

Diana Sheltra is the coordinator of our newest chapter. The first meeting will be on February 18th from 11:30am to 1:30pm. We will have a networking meeting to discuss goals of the chapter and speaker topics.

The chapter will meet every third Friday from 11:30am-1:30pm. The chapter meetings will be held in the Tegu Building in the center of Morrisville. There will be a catered lunch. Price to be determined upon finalization of the caterer and the menu.

Diana is searching for a WBON member to co-coordinate the chapter. Please contact Diana at diana@doubleentrybookkeeping.net if you are interested.

You are invited to a home made authentic Italian dinner

2010-12-13T13:14:00.001-08:00

The Vermont Italian Club presents a homemade authentic pasta dinner!

Make your own dish with your choice of four sauces, salad bar, antipasto plate, homemade cannoli and cookies, raffle, music. Fun for all ages!

Sunday, January 9th from 5-7pm
The Elks Club, 925 North Ave,Burlington

For reservations contact: vermontitalianclub@gmail.com or Audry 922-5005.

For information and tickets via paypal: http://www.vermontitalianclub.org/
$20 Adults
$12 Children ages 5-12
For children under age 5 admission is free
Club members $18 and $10

IRS to Hold Open House

2010-09-17T04:49:00.000-07:00

The IRS will host a special nationwide open house from 9:00 a.m. to 2:00 p.m. local time in 100 offices across the country on Saturday, September 25, to help taxpayers, especially veterans and people with disabilities, solve tax problems and respond to IRS notices.

IRS staff will be available on site or by telephone to help taxpayers work through issues and leave with solutions.

At the September 25 open house, anyone who has a tax question or has received a notice can speak with an IRS employee to get an answer to their question or a clear explanation of what is necessary to satisfy the request. A taxpayer who cannot pay a balance due can find out whether an installment agreement is appropriate and, if so, fill out the paperwork right there. Assistance with offers-in-compromise will also be available. Likewise, a taxpayer struggling to complete a certain IRS form or schedule can work directly with IRS staff.

A listing of the open house locations is available on the IRS website.

Mom fights for a cure to her sons' rare disease in Pepsi Refresh project competition

2010-08-30T07:13:00.000-07:00

Mom fights for a cure to her sons' rare disease in Pepsi Refresh project competition

2010-08-28T10:44:00.000-07:00

Six Facts about the American Opportunity Tax Credit

There is still time left to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment Act of 2009 and is available through December 31, 2010. It can be claimed by eligible taxpayers for college expenses paid in 2009 and 2010.

Here are six important facts the IRS wants you to know about the American Opportunity Tax Credit:

This credit, which expands and renames the existing Hope Credit, can be claimed for qualified tuition and related expenses that you pay for higher education in 2009 and 2010. Qualified tuition and related expenses include tuition, related fees, books and other required course materials.

The credit is equal to 100 percent of the first $2,000 spent per student each year and 25 percent of the next $2,000. Therefore, the full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualifying expenses for an eligible student.

The full credit is generally available to eligible taxpayers who make less than $80,000 or $160,000 for married couples filing a joint return. The credit is gradually reduced, however, for taxpayers with incomes above these levels.

Forty percent of the credit is refundable, so even those who owe no tax can get up to $1,000 of the credit for each eligible student as cash back.

The credit can be claimed for qualified expenses paid for any of the first four years of post-secondary education.

You cannot claim the tuition and fees tax deduction in the same year that you claim the American Opportunity Tax Credit or the Lifetime Learning Credit. You must choose to either take the credit or the deduction and should consider which is more beneficial for you.

Employee vs.Independent Contractor Tips for Business Owners

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from your workers paychecks and what tax documents you need to file.

Here are seven things every business owner should know about hiring people as independent contractors versus hiring them as employees.

The IRS uses three characteristics to determine the relationship between businesses and workers: Behavioral Control covers facts that show whether the business has a right to direct or control how the work is done through instructions, training or other means. Financial Control covers facts that show whether the business has a right to direct or control the financial and business aspects of the worker's job.

Type of Relationship factor relates to how the workers and the business owner perceive their relationship.

If you have the right to control or direct not only what is to be done, but also how it is to be done, then your workers are most likely employees.

If you can direct or control only the result of the work done -- and not the means and methods of accomplishing the result -- then your workers are probably independent contractors.

Employers who misclassify workers as independent contractors can end up with substantial tax bills. Additionally, they can face penalties for failing to pay employment taxes and for failing to file required tax forms.

Workers can avoid higher tax bills and lost benefits if they know their proper status.

Both employers and workers can ask the IRS to make a determination on whether a specific individual is an independent contractor or an employee by filing a Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding, with the IRS.

Please contact us at Double Entry Bookkeeping, LLC. for further information.

Vermont Department of Labor - UI Reform - 2010

2010-07-13T10:08:00.001-07:00

Vermont's 2010 legislative session passed several changes:

Increased taxable wage base to $13,000 effective January 1, 2011.
The taxable wage base will increase again January 1, 2012 to $16,000.
Increased penalties for late reports effective July 1, 2010 such as separation and wage requests; quarterly reports.
New penalties for misclassification of workers: up to $5,000 per unreported worker, per report.
Effective July 1st, employers will be required to report all new hires within 10 days of the worker's start date. The start date is the first day services are performed for compensation.

Please contact us at Double Entry Bookkeeping, LLC. for further information.

Wonderful Wedding Day!

2010-06-12T13:08:00.000-07:00

Thomas Sheltra of County Plumbing and Heating in Morrisville and Diana Jones of Double Entry Bookkeeping, LLC in Essex Junction Vermont tied the knot on June 12, 2010. They had a beautiful ceremony at Inn Victoria in Chester Vermont.

Health Insurance Credit

2010-05-01T04:50:00.000-07:00

New for 2010: Tax Credit Helps Small Employers Provide Health Insurance Coverage

Many small businesses and tax-exempt organizations that provide health insurance coverage to their employees now qualify for a special tax credit, according to the Internal Revenue Service.

Included in the health care reform legislation, the Patient Protection and Affordable Care Act, approved by Congress and signed by President Obama on March 23, the credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees.

“This credit provides a real boost to eligible small businesses by helping them afford health coverage for their employees,” said IRS Commissioner Doug Shulman. “We urge small businesses and tax-exempt employers to look closely at this important tax break — which is already effective — to see if they qualify.”

The maximum credit is 35 percent of premiums paid in 2010 by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. In 2014, this maximum credit increases to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible employers that are tax-exempt organizations.

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ low and moderate income workers. It is generally available to employers that have fewer than 25 full-time equivalent (FTE) employees paying wages averaging less than $50,000 per employee per year. Because the eligibility formula is based in part on the number of FTEs, not the number of employees, many businesses will qualify even if they employ more than 25 individual workers.

The maximum credit goes to smaller employers — those with 10 or fewer FTEs — paying annual average wages of $25,000 or less.

Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011. For tax-exempt employers, the IRS will provide further information on how to claim the credit.

The IRS will use postcards to reach out to millions of small businesses that may qualify for the credit. The postcards will encourage small business owners to take advantage of the credit if they qualify.

HIRE ACT

2010-04-27T06:15:00.000-07:00

On March 18, 2010, the President signed the Hiring Incentives to Restore Employment (HIRE) Act. This new jobs bill is intended to encourage employers to hire the unemployed. The HIRE Act creates two new incentives for hiring and retaining unemployed workers:

1. The employer gets a holiday from paying the business’s share of the OASDI (Social Security) tax on the new employee for the rest of 2010, and

2. The employer gets up to a $1,000 tax credit for keeping the new hire on the payroll for at least one year.

Some additional details about the incentives in the new hiring act include:

The 6.2% payroll tax holiday is immediate and increases your business cash flow. While the business is not required to pay its ½ of the OASDI on the new hire’s wages, it must still pay the Medicare tax on the wages paid to the new employees and all FICA taxes for old employees.

The relief from OASDI matching for the first quarter of 2010 is only available for qualified employee wages paid between March 19 and March 31, 2010. In addition, this relief provision
will only reduce payroll deposits beginning in April, 2010.

To encourage businesses to retain the new hires for at least 52 consecutive weeks, the HIRE Act also provides a credit up to the lesser of $1,000 or 6.2% of the first $16,129.03 of wages paid.
This credit will be claimed on the 2011 return.

There is no minimum weekly number of hours of work required of the new employee.

The maximum payroll tax credit that may be forgiven per employee is $6,622. The business saves 6.2% on both a $40,000 worker and a $90,000 worker. There is no maximum dollar amount of forgiveness per business; if you hire 5 qualified employees, your credit could be over $33,000!

If a worker is eligible for both the HIRE credit and the “Work Opportunity Tax Credit,” the business can choose one benefit or the other for 2010—no double dipping.

There are no HIRE tax breaks if the business hires family members (except spouses).

The business can’t simply replace another employee and qualify for the credit unless the replaced employee separated from employment voluntarily or for cause.

The new qualified employee must sign an affidavit stating “Under penalty of perjury, I certify I have not been employed for more than 40 hours in the 60-day period prior to beginning
employment on ______________, 2010."

I hope you find this information helpful. If you would like more details about these provisions, please call us at your convenience.

QuickBooks Seminars

2010-03-30T05:54:00.000-07:00

Master the Fundamentals with our Mastering QuickBooks® Hands-On Training Course
Valuable Seminar on QuickBooks® Financial Software
What Every Business Owner Should Know
Double Entry Bookkeeping, LLC.
137 Iroquois Avenue
Essex Junction, VT 05452
Call 802-878-0990 to register
Cost: $175, including materials

QuickBooks ProAdvisor Certification Exam

2009-12-05T13:37:00.000-08:00

Diana J. Jones, Double Entry Bookkeeping, LLC. has passed the QuickBooks 2010 ProAdvisor Certification Exam. This certification demonstrates expert knowledge of QuickBooks.

Diana has several years experience in setting up client QuickBooks files as well as helping her clients improve their accounting systems.

Double Entry Bookkeeping offers hands-on individual and classroom training. Double Entry Bookkeeping, LLC. also offers clients full-charge bookkeeping, payroll and tax preparation services.

First-Time Homebuyer Credit

2009-11-24T12:47:00.000-08:00

A taxpayer who is a first-time homebuyer of a principal residence may claim a refundable credit equal to 10 percent of the purchase price of the residence (with a maximum credit of $8,000 ($4,000 for married couples filing separately)). The Worker, Homeownership and Business Assistance Act of 2009, signed into law on November 6, extends the credit for qualified taxpayers purchasing principal residences on or before April 30, 2010. If a taxpayer enters into a binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010, the new law treats the credit as not expiring until July 1, 2010.
The new law also expands the credit to 'long-time homeowners' who are buying replacement property but at a reduced amount of the credit. Individuals who have owned and used the same residence as their principal residence for any five consecutive year period during the eight year period ending on the date of the purchase of a subsequent principal residence may be eligible for a reduced credit of $6,500 ($3,250 for married couples filing separately).
Congress has also made the credit available to more individuals by increasing the modified adjusted gross income (MAGI) phaseouts for the credit. For purchases made after November 6, 2009, the credit begins to phase out for individuals with MAGI between $125,000 and $145,000, and for married couples filing joint returns with MAGI between $225,000 and $245,000."

Diana J. Jones

Why Would A Business Hire Double Entry Bookkeeping?

2009-11-24T10:58:00.000-08:00

1. Allows the business owner to concentrate on their career area of expertise -- doing the things they do best. Leave the books to someone with accounting/bookkeeping expertise.

2. It’s critical to have checks & balances within the office financial procedures. This enables errors to be found more quickly so that necessary corrections can be made; reduces the opportunity for fraudulent activity.

3. Accounts Payable -- bills to be paid are entered into their accounting program with their respective due dates and categorized to proper accounts. This is coupled with check preparation. We select the bills that will come due before our next visit and either print computer generated checks or hand write checks - for owners’ signatures. For many clients, we also prepare an ‘open payables report’ so owners can determine their future cash needs for upcoming expenses.

4. For some clients, we utilize the Accounts Receivable functions in our accounting software to set up their business’s clients so that they can be invoiced for services or sales provided to them. We can then post customer payments and track any amounts owed to the business. We can prepare customer statements and uses a variety of reports to assist with debt collection.

5. Organization and filing of supporting paper records (invoices, receipts, statements, contracts, etc.) it very important especially when there is a need to look back at the source documents -- for example during income tax preparation or during the course of an audit. This is a service that we provide to our clients.

6. It’s very important to properly categorize financial transactions in the accounting software so that accurate financial statements can be produced. Each business has a “Chart of Accounts” that lists all the appropriate accounts.

7. We perform bookkeeping services as frequently or infrequently as needed by the client. Keeping the books current allows for the production of timely financial statements -- critical for making sound financial decisions.

8. Bank Statement Reconciliations -- are a critical task performed by all accountants. Not only does this process identify potential errors made in the data entry into QB, but there can be errors on the bank end as well. Reconciling the bank statements on a regular basis makes identifies any errors so they can be corrected immediately. Generally, accounting duties should be split up within a business -- going back to that checks and balances concept. A bookkeeper is independent of the business and typically not a signer on the bank account. As such, is the perfect person to handle the bank reconciliation.

9. Credit Card Statement Reconciliations -- should be reconciled for the same reasons as regular bank statements - and particularly if personnel, in addition to the owner, have access to the company credit cards.

Taxes ~ this is a critical area for all businesses ~ and there are many types of taxes that need to be paid during the course of a year.

10. For business owners preferring to handle their payroll in-house; timely filing of payroll tax forms and payments can be a challenge unless you have the knowledge and expertise. Combined, our staff has more than 75 years of bookkeeping experience - including payroll.

11. We also handle the filing of other business taxes such as Meals & Rooms Taxes; Sales & Use Taxes, Property Taxes. We monitor their respective due dates to be sure these are paid on time, avoiding costly penalties. When needed, we communicate with the IRS, Vermont Department of Taxes and Vermont Department of Labor on behalf of our clients.

12. One of the primary goals of our services is to prepare our client for year end income tax filings. Double Entry Bookkeeping offers tax preparation services to businesses and individuals ~ a great service to smaller businesses as all their financial needs can be met by one company.

13. In addition to everyday bookkeeping activities, we also assist owners in areas of business development ~ these include:

· Budgeting -- we can assist with budget preparation and/or financial statements that compare the actual figures for a given period - to the budget

· Cash Flow Projections -- A useful tool for many businesses; we can assist with the set up of a cash flow analysis worksheet

· Financial Analysis -- Our accounting software contains numerous reports enabling us to analyze businesses in a variety of ways; in addition, most reports can easily be exported into Excel allowing for custom studies on anything the owner might need pertinent to their business

· Custom studies might include assistance with costing/pricing of a company’s product or services -- a very important tool to determine a company’s profitability.

14. QuickBooks Training - is a service we provide for the do-it-yourself business owners as they should be properly trained on the software and have adequate accounting background if they are handling their own finances. Diana Jones & I are certified QuickBooks Pro-advisors -- we not only have on the job experience, but we stay updated with the newest advancements in QuickBooks by taking the annual training programs.

15. Lastly, and most importantly, each time we complete a work session, whether in our office or at the clients’, we backup the client’s work -- either on their system or on a portable device. We recommend that our “on-site” clients use the “Remote Data Backup” program just as we do in our office.

Paulette Bergeron