It’s been another great year for Fast Easy Accounting. For those of you who have been with us through all these years, we appreciate your support; without our contractor clients, subscribers, podcast listeners, blog readers, and guest bloggers, we wouldn’t get to where we are today.
As we look back on our 2018, I hope your fondest memories will include the time you’ve spent with all the things you love and are passionate about. And because we love what we do and we are passionate about serving our contractor friends - for us, this year was all about empowering your contracting business by continually providing you with outstanding products, high-quality services, and dependable resources for your bookkeeping and accounting needs.
Year-In-Review
We believe that knowledge is power and having access to the best available information is an important aspect for us to serve you better. Our team attended in-person seminars and conventions, and took in-person and online classes, to keep up with technology and enrich our profession. As the website administrator, I attended a Google Cloud event (I won’t bore you with the details) and marketing classes which I think would truly benefit you as well (watch out for my blog post of recommendations for 2019 in case you’re interested).
We’ve done quite a few exciting changes to our main site and over at the store. You can now easily navigate our Menu with all the helpful links still in place and the orange buttons at the top to quickly access the pages. We’ve also included a Search Bar and a Help section. Our blog has grown tremendously and to deliver more content, articles are also posted on Tuesdays written by our reliable and excellent guest bloggers. Our online store continues to evolve as we make way for more products and services.
What better way to cap off this year than to get better insight and deeper understanding of your construction company? We don't want you to miss out on these best selling products and services in our Fast Easy Accounting store.
Contractor Bookkeeping Review- A 36-Point list of the current issues with your bookkeeping file for $29.95 only. PDF with 30-Minute, 1-Hour, or 2-Hour consultation packages are available.
Contractor Business Performance Report- Assess your business data and make better decisions for your company. Get a PDF report for $29.95 or choose from 30-Minute, 1-Hour, or 2-Hour consultation with Randal DeHart.
Contractor Payment Application- Keep track of your current project's information, invoices, change orders, and payment details the fast and easy way - all built in Excel. Starts with $97 for 1 Application. Available in 2, 3, 5, 10, and 15 Applications.
Early this year, we launched our mobile app. This App was designed to provide every service you could ask from us. We’ve put your favorite business systems, invaluable tools and features such as calculators, tax tables, logbooks, receipt and income management, instant access to the latest financial news and information and valuable company info, directly from us. With all this on one App, our App will likely be your go-to tool in the future.
It’s available for iPhone, iPad and Android Devices completely free of charge right now! Enjoy our App with our compliments!
Helpful Reminders From Sharie:
Payroll – Did you take any personal payroll (S-Corp) If not, it may impact your personal deductions.
IRA - 401K - Making those final payments before midnight on December 31. (Do not wait until 11:59 PM) Some plans allow you to make payments until April 15th (double check the dates– do not assume)
Income – Getting one last customer invoice and receiving the payment - last minute purchases to count on 2018 taxes (expenses or larger item which qualifies for depreciation)
Visit https://www.irs.gov/ for the official 2019 Filing Season Start Date.
W-2’s and 1099’s have a deadline of January 31st to be mailed out to your employees and 1099 contractors. Be proactive and send out W-9’s now; thereby asking for Federal Tax ID or Social Security Number now.
I recommend changing from a Sole Prop to an S-Corp. Setting up an S-Corp is done with the Secretary of State in your state. Note, a few states only accept forms from a third party service. If you are currently an LLC - my recommendation is still to become an S-Corp. If not, change your tax filing status to be treated as an S-Corp. The form needed from the IRS is a Form 2553. https://www.irs.gov/pub/irs-pdf/f2553.pdf Unlike many State Agencies, the IRS does not charge to file their forms. You are asking the IRS to change how your company is treated. Why is this important? Because the IRS will only accept the form for the current year in January – February (pushing the deadline to March 15th is risky) otherwise the approval will be for the next year (meaning starting in January 2020) instead of January 2019.
Quick Tip: Late Penalties to State and Federal Government Agencies are increasing, and they are looking back at filing dates of past returns for additional fees. It’s very expensive to borrow money from the government. In case you need it, it never hurts to ask for a payment plan. Rule of Thumb When Asking: Be Nice, Be Polite. Ask for a payment plan to be extended for as long as possible and with payments as low as possible. Sometimes no matter how you ask – the person you are talking to is not helpful, but usually, if it is within the rules they will help you out. Cash Flow - Every little bit helps!
Again, we are here to help you and we are always ready to help you, whether you need a little or a lot. Thank you for being with us. May the challenges and opportunities we have come to face this year contributed to our overall growth and groomed us for tomorrow and the coming years.
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