You asked and we listened: introducing bank rules in QuickBooks Online!
Today, QuickBooks categorizes transactions based on businesses like yours or on similar transactions you’ve already categorized.
Rules go beyond that automatic categorizing to give you a finer level of control, letting you further customize and automate the bank transactions you accept into QuickBooks. This helps save you time and minimizes errors!
How to create a rule

• From the left navbar, select Transactions > Banking.
• In the upper right corner, click the ▼ to the right of Update and select  Manage rules.
• Click New rule.
•  Name the rule and select the accounts it should apply to,  select the transaction criteria, and then  set the actions that should be taken. You can assign specific payees, categories, classes1, and locations2.
• You can even  split items between categories and classes1.
• Click Save.

Examples of rules

• Categorize expenses at A Rental more than $1000 as Equipment Rental (shown above)
• Categorize expenses from Office Manor more than $500 as Capital Expenditure
• If the description is Gardening at Bob’s, assign Bob Waldron as the payee
• Split income from Lakeside Law Firm as 30% Services and 70% Products
• Split expenses from Hillside Cellular as $45 Telephone and the remainder as Internet
• If the description is Amazon or AMZN, set the payee to Amazon and category to Office Expenses
• If the description is Burger King or McDonalds or Taco Bell, set the payee to Fast Food Vendor and category to Meals and Entertainment
• If the description is Shell or Chevron, set the payee to Gas Vendors and category to Automobile:Fuel
• If the description is USPS or FedEx, set category to Shipping

Mike McVay, Certified QuickBooks ProAdvisor 850-725-5696
www.PensacolaFLTax.com

Notes

1. To turn on classes (QuickBooks Plus only): Gear > Company Settings > Company > Track classes. (If you don’t see that, try Gear > Company Settings > Categories > Class tracking.)
2. To turn on locations (QuickBooks Plus only): Gear > Company Settings > Company > Track locations. (If you don’t see that, try Gear > Company Settings > Categories > Location tracking.)
3. Want to try bank rules using sample data? Check out the QuickBooks test drive.

Where's your refund? You can get your tax refund instantly by signing up for a tax refund advance.

IRS Refund CycleThe IRS website states that “The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2017.” This means that you will probably receive your federal tax refund within three weeks of e-filing your tax return.

With McVay's Income Tax Advance you can pick up a check for a portion of your tax return the same day. Call is at 850-725-5696 or email for an appointment at Mike@MikeMcVay.com

If you file a paper tax return by postal mail, however, the IRS will likely issue your tax refund within six to eight weeks after receiving your return. If you file your tax return electronically online (also known as “e-file”), it will be processed faster in the IRS system, which means you can expect to receive your tax refund faster as well — usually within three weeks.

Expect delays if you filed your tax return late or if the IRS finds mistakes on your tax forms. But keep in mind that the IRS has millions of tax returns to process, therefore some delays may just be a result of high volume.

With A Tax Refund Advance You can receive an immediate tax refund by getting a tax refund advance. This is also sometimes referred to as an "instant refund". A tax refund advance is essentially a loan that you get from the tax preparation service you use to file your income tax return. Many taxpayers like to request a tax refund advance because it's fast — you can receive the money as soon as your tax return is accepted by the IRS. Afterwards, you don't really have to do any work in repaying the loan because the IRS will send your actual tax refund check to the tax preparation service that gave you the tax refund advance.

Mike McVay, Tax Accountant - 1720 W Fairfield Dr Ste 506 Pensacola, FL 32507
Mike@MikeMcVay.com - 850-725-5696

There are many factors to consider when choosing the Health Insurance Marketplace plan for you and your family such as your annual deductible, the premium, and services that are offered. Of these considerations, your annual deductible is one of the most critical factors to understand.
​
​What is a Deductible?
A deductible is the amount you owe for your health coverage services before your health insurance plan starts to pay. Below are the 5 things you should know about your annual deductible. 

1. Preventative services like cancer screening, immunizations, and well-child visits will always be covered without any costs to you.
2. Without a deductible, services such as specialist visits, mental health outpatient services, and brand name drugs are often covered, however you’ll still be responsible for copayment or coinsurance.
3. When you purchase a health coverage plan in the Marketplace, be sure that you’re familiar with what it covers. You can see a detailed explanation under a plan’s "Summary of Benefits and Coverage".
4. Consider your plan’s total out-of-pocket costs, including deductibles and copayments, to help make the correct decision on your health insurance services for you and your family. Review the Marketplace plans for 2016 and be sure you understand all of the details before choosing.
5. Check to see if you qualify for cost sharing reductions. Most individuals that purchase through the Marketplace usually save more if they choose the Silver plan. If you qualify, your yearly out-of-pocket costs and your deductible could be lowered. Check to see if you qualify for these savings.

Those who have filed business tax returns before will notice what’s been causing a bit of a buzz in the CPA universe. Starting in 2017, partnerships, who used to submit tax returns by mid- April (at the same time as individuals filed their returns), will now file in mid-March with other businesses. Conversely, C corporations who used to submit tax returns by mid- March will now file in mid- April.
January 31, 2017

• All businesses must file payroll forms: Mail in payroll forms for all employees (W-2s, W-3s, 940, 941) and any contractors who you paid $600.00 or more (1099-MISC).

February 28 or 29, 2017

• All businesses must submit an annual returns summary to the IRS using Form 1096.
• Companies incorporated in California with locations/employees in San Francisco county file San Francisco Payroll Tax Report

March 1, 2017

• Companies incorporated in Delaware file annual Delaware report and pay the franchise tax.

March 15, 2017

• Partnerships and S Corporation pay and file their federal and state tax returns using Form 1065 and 1120S, respectively, or pay and file for the extension.
• Last day to pay employee bonuses for 2016 performance (for business who use the accrual method of accounting).

April 17, 2017

• C Corporation and Sole Proprietorships pay and file their federal and state tax returns using Form 1120 or Schedule C of Form 1040, respectively, or pay and file for the extension.

• Last day to make a 2016 contribution to a traditional or Roth IRA.

May 17, 2017

• Tax-exempt organizations file an informational tax return using Form 990, or file for the extension.
• Companies incorporated in Texas file annual report and pay the franchise tax.

June 15, 2017

• Companies, partnerships, and individuals that have a foreign financial account with more than $10,000 must file an FBAR (Foreign Bank Account Report) report.

September 15, 2017

• The final deadline for extended Partnership, C Corporation and S corporation to file tax returns.

October 16, 2017

• The final deadline for extended individual returns.

These dates are based on the use of the calendar year (starting January 1 and ending December 31) as a business’s fiscal year. If your business does not use the calendar year, consult this article to learn which ways an alternative fiscal year can affect your business taxes, and how you can adjust your tax return calendar.
Why did they switch the partnership and C Corporation due dates? And why does this help?This change to the partnership tax return deadline ultimate helps the partners of that company the most. Because partnerships must take care of their filing responsibilities in March, there’s a whole extra month left for them to distribute information their partners may need for their individual returns in April. In a partnership, every partner must receive a Schedule K-1 disclosing their earnings for the year—similar to a W-2 for an employee. In turn, the partner must claim those earnings as income or lack thereof as losses on their tax return.
There’s still time to save time and money on business taxes, with the right strategy It’s probably not shocking that most of the questions we get from small business owners revolve around saving money on taxes. And fortunately for them there are many ways small businesses can lower their income tax liability.

Mike McVay, Tax Accountant 850-725-5696 - www.PensacolaFLTax.com

Attention drivers, the 2017 standard mileage rates have been released. The IRS announced the rates today, which are used for determining the deduction for the costs of operating a vehicle for various business, charitable, moving, or medical reasons.
What are the changes for 2017?
Starting January 1st 2017, the standard mileage rates (for use of a car, van, pickup or panel truck) are:

• 53.5 cents for business miles driven (down from 54 cents per mile in 2016)
• 17 cents per mile driven for medical or moving purposes (down from 19 cents per mile in 2016)
• 14 cents per mile driven in service of charitable organizations (no change from 2016)

How are the rates calculated?
There are various factors that influence the standard mileage rates, including:

• Gas and oil prices (declining as of late)
• Insurance costs (rising as of late)
• The state of the economy
• The expected cost of typical wear and tear on a vehicle

Hence the rates are purposed to go over and above the amounts a consumer pays solely for gas.
How can I reduce my fuel consumption?
Looking for ways to save money and reduce fuel consumption? There are a few things you can do to make the most out of a tank of gas:

• Make a concerted effort to maintain a constant speed, as speeding up and slowing down frequently can severely lower your gas mileage. Cruise control can help!
• Stop speeding. For every 5 miles you drive over 60 miles per hour, you are reducing your fuel economy by potentially 7%.
• Though tempting, letting your car warm up for 10 minutes during the heart of winter can cost you $0.04 per minute ($2.80 per week of wasted gas).
• Consider a tune up—it can increase your mileage by 4%.
• Consider cleaning your car and removing extra cargo from both the vehicle and the roof rack. Extra weight can reduce your fuel economy as well.

Is the standard mileage rate the only way to gauge deductions?
No, taxpayers always have the option to claim deductions based on the actual costs of using a vehicle, as an alternative to using the standard mileage rates.

Call Mike McVay you have any questions about the 2017 standard mileage rate in Pensacola,FL at 850-725-5696

1720 W Fairfield Dr, Ste 506 Pensacola, FL 32501