It's the end of 2008...

The end of 2008 is upon us. It doesn't matter if it was a good or bad year now. What does matter is what are you going to do with the new year? Now is a prefect time to reflect on what worked and didn't work in 2008 and resolve to make a change for the better in 2009.

What are your goals? Do you want to start a new business venture or do you want to improve what you are already doing?

Where do you hope to be at the end of 2009?

Too much paperwork to store? - Digitize!

Do you have lots of papers, records from past years that you can't discard yet for IRS purposes? If you are like most people, the answer is "yes". You have boxes and boxes of past years returns, receipts, business records etc. that you don't dare destroy just in case you may need them for the IRS. The answer is simple - digitize your records.

The IRS will accept PDF records. This reduces the amount of physical storage that you need for your records. Your paperwork will not fade or deteriorate over time. They will be a permanent and lasting record that is acceptable to the IRS.

SD Virtual Assistant can scan important papers into a PDF format and save them on a CD or, if your prefer, a thumb drive, or I can zip them into a compressed file and email it to you for you to save unto the media of your choice.

For prior year Federal and State income tax returns - $10.00 per year.
For monthly receipts (which may include meal receipts, gas receipts, purchase receipts from stores, travel expenses such as airline etickets, hotel receipts, etc.) - $12.50 per month
For business cards - $12.50 per 25 cards. (These can also be sent to you in an Excel spreadsheet.)

SD Virtual Assistant is ready to help you with your clerical and bookkeeping needs. Give me a call at 501-205-4083 to discuss how I can be of service to you.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

Tax Tip - Year End Business write offs

Here are some tips you might consider to help reduce your 2008 tax liability if you are self employed or a freelancer.

• Purchase needed supplies now - such as paper, printer ink, office supplies, equipment and take the deduction on your 2008 taxes.
  
• If you are in the market for a new piece of equipment. Now may be a good time to purchase. You may be able to find it on sale as retailers rush to lighten their inventory. You can claim a 179 deduction on your depreciation schedule for the entire price of the piece of machinery.
• Consider charity donations - either to charitable organizations or your church. However, this deduction can only be taken if you itemize using Schedule A.

If you have specific questions, give me a call. I will be glad to help you find the answers that you need.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

Gentle Reminder

After the holidays, Tax Season will be here! Are you ready? Are you panicked? Don't be! I have prepared a Tax Organizer that you can download FREE. It is found here and is in pdf form. If you need a copy in Word, please email me at christie@sdvirtualassistant.com and let me know. I will be glad to send you a copy.

I look forward to speaking with you. Your information will remain confidential. I value your privacy.




Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

Quarterly Estimated Payments for IRS 1040

Estimated tax payments can be confusing. However, they need not be. Estimated tax is the method used to pay tax on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.). If you are self employed, you may need to make estimated payments to keep from having to pay an underpayment penalty when you file your income tax return.

You can download a 1040-ES form from the IRS website. Search for estimated tax and a list of available forms will come up. You can choose the correct year and download the form. It should include a worksheet that you can use to calculate your estimated tax payment. Or, you can use your last year's tax return if your income is approximately the same as last year.

The payment deadlines are:

1st payment - April 15
2nd payment - June 15
3rd payment - September 15
4th payment - January 15 (or you do not need to make the payment if you file your return by February 2nd)

If you have any questions, or if there is something that you would like for me to blog on, let me know. I will be glad to help.


If you would like help preparing your tax return, give me a call.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

Tax Tip - Home Office Deductions

Do you do most of your business out of your home? If so, you may be allowed to deduct for home office expenses on your federal income tax return. However, there are some limitations.

There are some basic requirements for you to be able to take the home office deduction. To be able to claim a deduction for the part of a home, you must use that part of the home:

• exclusively and regularly as your principal place of business
• on a regular basis of storage use for inventory or product samples
  

If these conditions apply, the amount of the deduction depends on the percentage of the home that is used for business. The deduction can not be more than the net income.

Common methods to calculate the business percentage are:

• Divide the area of the home used for business by the total are of the home, or
• Divide the number of rooms used for business by the total number of rooms in the home if ll rooms in the home are about the same size.

Expenses that you may be able to deduct for business use of the home may include the business portion of:

• real estate taxes
• mortgage interest
• rent
• insurance
• utilities
• insurance
• depreciation
• painting and repairs

You are not able to deduct expenses for any part of the year during which there is no business use of the home.

Personal expenses are not business expenses.

This is merely a general outline. For more information and to make sure that you qualify, you can download Publication 587, Business Use of Your Home from the IRS website.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

Hints for frugal record keeping

Do you have files already set up for keeping your receipts and tickets? Do you just throw them all in to one big box and then have to sort them out when it's time to prepare your tax return? I have two economical ideas to help you keep everything filed neatly and ready for your accountant or tax preparer.

System 1

You will need one 3 ring binder and 12 page protectors. With a magic marker, write the months of the year along with the year on the page protector or use index tabs with the month and year written on them. Each time you purchase something or receive payment for something during the month, put the receipt or ticket in the page protector. This will make it easier to total up your income and expenses for the month.

System 2

You will need 12 manilla folders. With a magic marker, write the months of the year along with the year. Each time you purchase something or receive payment for something during the month, put the receipt or ticket in the folder. This will make it easier to total up your income and expenses for the month.

I personally like the notebook and page protector system. It is easier to file the notebook. You can file it on a book shelf. It is neater than just throwing envelopes into a box. You can also file any spreadsheets that you work up in the binder along with the appropriate month.

If you have any questions on these systems, please let me know. I will be working on some excel spreadsheets that you can use to organize your expenses and income to go along with the receipts and tickets and will be uploading them to the website for you to download. Watch the blog for the notice that they are ready for you to download.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

Another Service for you - Price My Domain

PriceMyDomain.info - is open for business

Are you ready to buy a domain name? Or, do you have a domain name that you wish to sell? Use PriceMyDomin.info and have the domain name appraised. The cost is $5.00 per domain name and you receive your report within 72 hours or it is free.

Buyers:
If you want to buy a domain name, it is crucial that you get that name appraised first. You will be in a better bargaining position when you know the true value of the domain name you are purchasing. Never purchase domain names without first getting a professional appraisal!

Sellers:
How do you set the price on a domain name? If you ask for too much, your domain will never sell. If you don't ask for enough, you may regret it forever. Furthermore, a unbiased and professional domain name appraisal gives value to a domain name - appraisal almost always increases the sales price of a domain!

Every appraisal comes with a customized web page for the domain detailing the ranking criteria and certifying the value. Sellers find such pages extremely valuable since they can refer potential buyers to the page to substantiate their asking price.

Don't hesitate. Come to PriceMyDomain.info now and get your domain appraised.

Christie Pegoda
http://pricemydomain.info
christie@sdvirtualassistant.com

Do you need to register a domain name or purchase hosting? - SDVA Hosting - http://sdvahosting.com

Are you ready for Tax Season?

I am sure you haven't forgotten that Tax Season is just around the corner. If you need help in just getting your books together for the preparation of your federal and state (if that applies) taxes or have someone prepare the forms, I can help. I have over 12 years experience in preparing federal and state income tax forms and over 25 years experience in bookkeeping.

Give me a call today or send me an email and I will give you a quote for preparing your books and/or preparing your tax forms. Tell me how many transactions a month you usually have, and I can give you a quote for the bookkeeping. The tax preparation will depend on how many forms you need prepared.

I have prepared a Tax Organizer that you can download FREE. It is found here and is in pdf form. If you need a copy in Word, please email me at christie@sdvirtualassistant.com and let me know. I will be glad to send you a copy.

I look forward to speaking with you. Your information will remain confidential. I value your privacy.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

SDVA Newest Service!

SD Virtual Assistant is pleased to announce the newest service being offered: telephone answering service. Do you need to have your phone answered while you go to lunch or important meetings? Need to take a day off from the office? Have an important project that needs to get done, but you just can't seem to do it because the phone keeps ringing? SD Virtual Assistant can help.

Give me a call to discuss your needs.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865

SD Virtual Assistant - Why my services are valuable to you

Advantages to contracting my services to be your virtual assistant:

1. You don't have to provide a space for me to work or equipment for me to use. I have my own computer, printer, scanner, etc. and office space. And, I use my own supplies at no extra cost to you.
2. You don't have to contend with payroll and payroll taxes. I work on a contract basis.
3. I can prepare your sales invoices and keep you updated on your sales totals, Accounts Receivable, and, if applicable, Sales Tax Payable.
4. I can prepare an advertising campaign (postcard or letter) from printing to getting it in the mail. You supply the ad copy and mailing list and I will do the rest.
5. I can provide a reminder service of when bills or Accounts Payable are due and when events are going to happen.
6. I can create or set up any type of spreadsheet that you might need.
7. You can leave the mundane chores – letter writing, answering FAQ and/or FYI emails, telephone answering service, keeping your database updated - to me leaving you free to create, to sell, to grow your business.
8. If there are any other tasks that you need done, tell me, as this is not an all inclusive list.

I have over 25 years experience in administrative duties. I have worked as an accounting assistant and full charge bookkeeper. I am proficient in Word, Excel, Publisher, PowerPoint, QuickBooks, and many more programs.

Give me a call at 501-205-4083 or send me an email to christie@sdvirtualassistant.com to discuss your needs. My goal is to help you succeed in your business. My rates are reasonable and I will complete your project in a timely manner.

Christie Pegoda
info@sdvirtualassistant.com
SD Virtual Assistant
http://sdvirtualassistant.com
phone 501-205-4083
fax 888-243-0865