After the Fiscal Cliff

by Phoebe Frankeberger-Vausher, CPA, MST

When President Barack Obama signs the Taxpayer Relief Act of 2012, passed by Congress Jan. 1, it will bring an end to the “fiscal cliff” tax negotiations in Washington. The bill makes significant changes to individual taxation and estate and gift taxes and extends some business tax provisions. Highlights of the new law include the following:  

Individual Income Tax Changes for 2013

• The highest rate will increase from 35 percent to 39.6 percent on income in excess of $450,000 for married taxpayers ($400,000 for individuals). The rates for all other individual taxpayers will remain unchanged and have been made permanent.
• The rate on capital gains and qualified dividends will increase from 15 percent to 20 percent for individuals subject to the 39.6 percent tax rates.
• Phase‐outs of personal exemptions and itemized deductions will apply to married individuals with adjusted gross income in excess of $300,000 ($250,000 for individuals).
• The election to deduct state and local sales taxes in lieu of state and local income taxes expired after the 2011 tax year. The legislation makes the election available for the 2012 and 2013 tax years. This is a significant item for taxpayers residing in states such as Florida, Tennessee, and Texas, which do not impose individual income taxes.
• The bill provides a permanent increase in the alternative minimum tax exemption. This change applies retroactively to the 2012 tax year. 
• The 2 percent payroll tax cut expired on Dec. 31, 2012, and was not renewed.

Business Tax Provisions

• The research credit expired on Dec. 31, 2011. The bill extends the credit from Jan. 1, 2012, through Dec. 31, 2013. The extension also modifies certain computational elements of the credit calculation.

• The $500,000 limitation on Section 179 expense expired after the 2011 tax year. The $500,000 threshold is retained retroactively for the 2012 tax year and extended to the 2013 tax year.
• A bonus depreciation of 50 percent is retained through 2013. The bill also retains favorable depreciation methods for qualifying leasehold improvements, retail improvements, and restaurant buildings.
• The new markets tax credit expired on Dec. 31, 2011. The bill extends the credit from Jan. 1, 2012, through Dec. 31, 2013.
• The work opportunity tax credit expired on Dec. 31, 2011. The bill extends the credit from Jan. 1, 2012, through Dec. 31, 2013.

Estate and Gift Tax Provisions

The maximum estate and gift tax rate will rise from 35 percent to 40 percent. The lifetime exclusion will remain at its current level ($5.12 million for 2013) and be indexed annually for inflation.

Please call Phoebe Vausher‐Frankeberger, CPA MST and NAWBO‐IE Treasurer, if you have any questions or concerns regarding the new Tax Laws.

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Phoebe Vausher-Frankeberger has a Masters in Taxation and has over thirty years of accounting and tax experience. She has diversified business experience including retail, manufacturing, dealerships, cost segregation, restaurants and various medical & service organizations.  Frankeberger Vausher + Company is a Certified Public Accounting firm which specializes in Tax, Forensics, Valuation, and Litigation Support.

3 Steps to Get Control of Your Bookkeeping

LaVonne Shields, President, Bookkeeping on Steroids

It’s around this time of year that most business owners realize that they haven’t reconciled their bank statements in months and that there are statements, receipts and other financial records piled on their desks or stuffed in drawers.  It’s an overwhelming feeling.  You promised last year that you would get this under control, but it just seemed like too much work! But now you wish you had taken the time to do it.

Here are 3 simple steps that will really help you get control and maintain control of your bookkeeping.

1.)    Use a computerized accounting system: Having an automated system is the key. Manually tracking your financial ins and outs is tiring and not inspiring.  It’s time-consuming and no one wants to do (even if you pay them, speaking as a professional bookkeeper).  So step #1 is to get and implement a system.
a.       QuickBooks (the recommended system) – this program is used by most small businesses; it’s simple to use and integrates with several other systems that are part of your operations.
b.      Back office system attached to CRM – a lot of online systems or industry specific software have an accounting system attached to them. They allow you to enter your expenses as well as track your sales.
c.       Excel – the oldie but goodie; many banks and other systems allow you to export your transactions into Excel (or other spreadsheet software) which allow you to sort and subtotal your information.

2.)    Organize records into 13 files: There is a place for everything.  When items roam around your desk they become mental distractions that begin to create clutter in your mind.  Below are the files you should have:
a.       12 monthly folders: You should have 1 file for each month of the year. At the end of the year those files are pulled and placed in a local or remote server along with your year-end financial statements and tax return.
b.      1 financial To Do file: You will place in this folder your current outstanding bills, and all receipts that have not been entered into your new automated system.  Once you’ve paid the bills and recorded the receipts you then place these items in their monthly folder.

3.)    Schedule the time to manage your finances: Many times that feeling of being overwhelmed comes from not knowing what is going on with your finances; you feel as though you are reacting to every financial situation by scheduling (actually calendaring) time to review your finances. You remain in front of all situations and can better plan how to manage your business. Think about it, you schedule when to follow up with prospects, when you meet with clients, and when you will attend networking events. As a result of these activities, you see the growth in your business. So it makes sense to schedule time to review your finances. You should block out 2 hours every 2 weeks, around the 1^st and the 15th. This is just enough time to make sure all your accounts are up to date and be able to respond to anything that is off. During this time make sure all your accounts are up to date and the balances are accurate and then pay your bills (based on due date and priority). Be sure to schedule any automatic payments or deposits around the same time period.

 

Are your books ready for 2013?

If your accounts haven’t been reconciled
If you haven’t seen a Profit & Loss Statement in months

Then the answer is NO! 

I can help!!

Call NOW for a FREE consultation (866)380-0745

or send an email to lavonne@bookkeepingonsteriods.com

 

Not your stereotypical bookkeeper. LaVonne Shields—the fun financial professional!
“I don’t just help you with your numbers. I help your numbers to help you build your business,”
Armed with a bachelor’s degree in accounting and more than 12 years of professional experience, LaVonne goes beyond maintaining the books. She educates clients on interpreting financial language and helps them to employ business strategies that make good business sense. As a certified QuickBooks specialist, she has mastered the software and knows its nuances and how to maximize its features. In fact, she uses QuickBooks as the basis of her Bookkeeping on Steroids service.

NAWBO-IE Corporate Sponsor MWD to Host Workshop

Business Owners,
Learn Strategies to Become More Successful in the Government Sector
November 28, 2012 at City of Upland (Carnegie Building)

NAWBO-IE Will Be an Exhibitor at IE Largest Mixer

Your Competition Loves Your Insanity

Shock, amazement and alarm. These are the three words that best describe my reaction to hearing CEOs say, "I've been in business for 15 years. We are more experienced than the new guys getting into our industry. New business has to keep coming in. They need us. I don't have to have my people tweet or link up."

 If you've found yourself over the last few nanosecond years saying or thinking the above, let's talk about scheduling your brain surgery. Your prescription is to start clearing the memories of days gone by when you were the only game in town. Your competition is loving you keep your head in the sand. They'll even bring an umbrella to make you more comfortable.

Doing business the same way in 2012 as you did five years ago - let alone in the 90's - qualifies as "insanity. Insanity has been described as doing the same thing over and over again expecting a different result. There's no such thing as "business as usual." People who've never had to market or sell before are being forced to do so. To keep your current business, as well as generate business today, a variety of alternatives to traditional marketing and sales efforts need to be aggressively embraced.

 

One of these approaches is using Social Media. In particular, I am talking about utilizing LinkedIn (LI). Why LinkedIn? Simply put, because business today is all about relationships. LI is the premier business networking site that exponentially helps people build and sustain relationships - locally and globally based on the six degrees of separation concept.

LI succeeds because you don't know who all the people you know . . . know. For example, at a neighborhood dinner party I was having a conversation about wanting to meet a particular individual. My wife overheard, and replied, "I know him!" I of course asked, "How do you know him?" She answered, "Because he's dating one of my friends." This simplistic example, under my own roof, if you will, suggests the power LinkedIn brings to you through second and third tier referrals and connections.

 

When you get the hang of LI's powerful search features, you are able to connect with thousands upon thousands of contacts through your contacts' networks. This shocking and amazing online tool enables you to build both your reach and your expertise in a way that turns into real business profits.

 

My mantra is "business people need to learn how to use LinkedIn." If you don't, you can be sure your competitors are. Don't be caught in the "insanity squared" trap -- that would be working harder at ignoring today's social media queues while expecting a different result.

 

 

Rick Itzkowich, “Rick I The LinkedIn Guy” is a genuine people connector. He bridges the two worlds of face-to-face networking and online networking. He understands and practices networking like few others do. As a successful entrepreneur, Rick creates turnkey products that meet today’s demand for tools to increase your business.

If Money Were Your Lover...Would You Still Be Having Sex?

If Money Were Your Lover...Would You Still Be Having Sex?

By Shameca Tankserson

When I heard that question posed by Rikka Zimmerman, I have to admit my first thought was "ooh now that's juicy"! And then I got real uncomfortable as I realized, "Oh crap!," if you put it that way, me and my money honey were sleeping in twin beds!

Truth be told, whenever my money situation needed some love and attention, my response ... "not tonight, honey, I have a headache!"

So how did that happen? Where did we go wrong? Even more important, what could I do to bring the romance, the sizzle and the spice back?

Want to heal your relationship with money? First, My Sultry Stiletto Sister, you must identify everywhere you've made money bad, scarce, evil and/or wrong. Uncover every judgment and subconscious motive you have for sending money away, because it's the false and limiting beliefs that make it impossible to turn up the heat and turn your financial situation around, not you!

So let's get in the sandbox and Play!

Pretend your money is in the room, right next to you. What are some of the ways you think and feel about money that makes it not want to stick around and procreate with you? Because, honey, that's what money is... Your luscious partner in procreation.

Take for instance the thought that money is the root of all evil. If money were your lover do you think it would want to stay if you loathed its very existence? Right... Not for long!

Do you feel like money always lets you down? And your empty purse is one big fat reminder that money is "just not that into you!"

Do you feel that your money honey needs so much attention, that it's "too high maintenance" and that you'd rather have less of it than deal with the demands of having it around?

Do you trust yourself around it? Fearing if you had it, you'd lose all self-respect and go completely wild out of control with it?

Do you feel like you don't deserve it, or that money pays way more attention to everyone else but you?

Do you get jealous of others for having more money?

Do you feel like you're a teen again with all the angst and relationship drama, but this time its with your money?

Here's a Sexy Possibility!

When I began to stay open to possibility with no judgments or conclusions limiting my receiving and having money in my life. When I became willing to pay attention to, respect, honor, and bless my money I was blown away by how quickly money and other resources showed up in my world to support the life that I truly desired.

What if you didn't judge yourself for your financial situation? What if you began to live into the question of "What else is possible?" and "What can I be, do, have, create, generate, choose or change today if my money and I were madly and passionately in love?"

Shameca Tankerson, is a Speaker, Trainer, Author, and Courageous Income Acceleration Authority. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  - Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

What’s Keeping You From Your Next Level of Success?
By Doreen Van Leeuwen

Last year I decided that I was tired of doing the same thing over and over with no new results. Small surprise my business wasn’t growing, huh?

I had to let go of the belief that “this is just how it is always going to be” and develop a more powerful, positive and prayerful perspective. It dawned on me – if I  believe in a power greater than myself, why am I deciding the outcome? Such a negative one, at that! This little earthquake jolted me, and helped move me into action…NEW action.

First, I hired a coach who worked specifically with people in my trade.  She understood the mindset of the marriage and family therapist, which is not typically like the one of an entrepreneur. Therapists are trained to be good listeners, and to let their patients do the talking.

I’ll tell you straight up, I did NOT like the medicine she prescribed for my business. Can you guess what it is? Start Speaking in Public.  Then, in a small voice and with my stomach in my throat, I asked, “But what am I going to say? And to whom will I say it?”

What she told me began to bring things down into a size I could manage.

“Talk about what you love to do. Tell specific success stories about where you are the solution to somebody’s dilemma.”  (Sound familiar? We learned this from Ursula Mentjes at our last meeting!)

Next, I followed her advice to research and list 20 groups, clubs, forums, or events where the people who are my target audience attend, or those who serve my target audience are present. My goal was to contact those persons in charge of program- planning, and get on the calendar.

Finally, I needed to prepare something fun to say, something so engaging and unique that it would leave my audience hungering for more. I focused  on interacting in ways that my audience would like themselves better, and at the same time would raise the “know-like-trust” factor.

And I will let you in on a little secret. While I planned, prepared and delivered, with my coach
cheering me on,  I discussed things with my Other Coach. “What if I make a fool of myself? What if I don’t think I have anything worthwhile to say? Or most terrifying of all, “What if I’m standing in front of the audience and I forget what I have to say?”

Reassurances began to surface in my mind: “Focus on those you are with and you will forget yourself.”  “Prepare well ahead of time; trust yourself in the moment.”  “If you stumble, breathe, and then go on.”  “You are a manifestation of love. Go and share the love I’ve packaged into you.”

Business is very good. I have a steady stream of referrals. Patients stick around for more sessions than ever before.  Are the challenges of constant change ever daunting for this business owner? You bet!  But I am doing what I love, where I love doing it. And that is really the point of it all, isn’t it?



Doreen began her current business, A Better Way Center for Wellness in January 2000 (A Better Way Counseling at the time). Located conveniently near the 91 and 15 fwys, her office is a welcome, secure haven for anyone that needs some emotional T.L.C. As a licensed marriage and family therapist for 30 years, Doreen knows how to apply the healing salve of T.herapeutic L.istening, and also offers C.hange-producing recommendations that move you rapidly to better health and happiness.

Doreen can be reached at 951-847-7742      www.abetterwaycounseling.com

5 Steps to Take a Quantum Leap in Your Sales (And What You Might Be Missing)

This isn't the first time I've written an article about increasing your sales.

And it won't be the last.

However, as I've taught more classes and spoken to more groups, I realize it is the place that people get stuck most often.

Everyone wants to increase their sales, but they don't know how. And they want it to be easy. The second that it becomes difficult, they back off. Often, it is at that very point when if they just would have pushed a little harder and kept going, they would have reached their sales stretch goal.

Believe me, I know it's not always easy, but it can be. My desire is that it becomes easy for you. But we might need to help you shift a few of your old beliefs and fears so it can become easier.

Grab a pen and a piece of paper and let's dig in!

The 5 Steps:

#1: Shift Your Belief. One of my clients recently pointed out that what she loved about taking our 60-Day Sales Success Intensive was that we combined quantum physics and spirituality with real sales strategies. She thought that approach was really unique because most training companies are doing one or the other. The truth is, you need both. Most people don't understand that. Sure, you can work really hard physically and make things happen. But, if you don't want to do that anymore, then you may choose to incorporate the science and spiritual aspects of selling.

When you have both, I believe that things can become "easy." However, you have to practice both on an ongoing basis for it to get "easy." The first step to take is to shift your belief about what you think about sales people and selling. Why? Because whatever you believe about those topics directly impacts how you sell to others. For example, if you believe sales people are pushy, you will do everything you can to not appear pushy. After you become aware of that belief and release it, you allow yourself to sell from a place of confidence.

To change a belief, simply become aware of it, notice its positive and negative impact, and then decide to release it and come from a new feeling of confidence and problem solving. This will take time and practice to achieve, but keep going!

#2: Set a Quantum Goal. A Quantum Goal is really a stretch goal that you believe is possible at some level. The challenge for most people is that they either set a sales goal that is too small or one that is too large.

Yes, it is possible to set a sales goal too low. Why? Because if the sales goal is totally out of alignment with you (your other lifestyle goals may require a much larger sales goal), you will struggle because you are asking for too little, but internally you are secretly wishing for more. Sound familiar?

The shift to make here is to ask for a sales goal that is worthy of you; the sales goal that you secretly ask for when no one is around! Napoleon Hill teaches us that we wouldn't even have the desire in our hearts if the opportunity wasn't already there.

The other challenge might be asking for a sales goal that is too large. I know that sounds contradictory to what I teach, but remember that I said the sales goal can be a stretch for you, but it needs to be believable at some level. "Believable" means that you can break down the overall sales goal into smaller parts and see where the business will come from. When you can do that, you know that the goal is achievable.

Now, let me be clear. Once you have set the goal it doesn't mean you don't have to do anything. However, I don't want you to do EVERYTHING either. For example, attending every networking meeting in the county with a look of desperation on your face will not allow your sales goal to easily show up. Focusing on your sales goal first thing in the morning and asking, "What is the fastest and easiest way to reach this goal," and then listening for the answer will allow you to get there.

#3: Be Accountable and Supported. Who holds you accountable? As entrepreneurs, it is easy to become lone rangers and spend our time alone. But that doesn't bring us the results we desire.

Seth Godin wrote an incredible book, "Tribes." In it, he talks about the importance of finding YOUR people and building a community. In your own tribe, you are the leader and you support and encourage your clients as well as your team. But to be able to do what you do, you must have support and encouragement as well. So seek out mentors and coaches to support you on your journey.

In my own experience, I have made the most progress in my business and life when I have invested in my coaches or Mastermind groups. Investing in support isn't for everyone, but I highly recommend it. When I see groups that offer free membership or support, they don't always make the large advances that others do when they are paying to be coached and to be part of a community. Find your tribe and the support you need.

#4: Be Open to Receive. Once you've set your Quantum Sales Goal, you've broken it down so you know how it can come to you and you have the support you need. Then it is time to evaluate your relationship with money.

Is it easy for you to receive money or do you find yourself discounting your products or services when you don't need to? Do you find it difficult to ask for the sale when the time comes? If you have answered yes to any of these questions, you are not alone. Most people have a lot of fear surrounding asking for money and limiting beliefs around how much money they deserve, etc.

As you continue on your journey, evaluate your fears and beliefs and question them. Are they true or is your ego just trying to keep you safe? The more you question them, the easier it will be to keep going and keep asking for the money you deserve and the life you are living. After all, don't you want to be able to give back and live a great life at the same time? When entrepreneurs and sales professionals have a lot of money, they give back to the organizations they care most about-in addition to living a great life. Decide now that you are ready to receive!

#5: Make a Commitment to Yourself...and Your Target Clients.If I have become clear on anything during my journey as a sales professional and an entrepreneur, it is that this isn't about me. This journey isn't about me. It is about the clients that I am here to serve. The same is true for you.

Your product or service isn't about YOU. It's about the clients who need what you offer. I'm not saying that YOU aren't going to grow tremendously through this journey, because you will! But what I am saying is that when you take the focus off of yourself and you put it on those who you can help and make a difference for, then the fear tends to disappear. You move into the "flow" and suddenly your sales goals just start to happen!

Now that you've seen the five steps, I think you might still be missing something. Most people are. I was. The last thing I want you to do is to detach. Release. Relax. Let go. Focus on your monthly Quantum Sales Goal one time in the morning and then just let go. Forget about it. Instead, focus on the intentional and inspired ideas that come to you. Then take those steps.

Your Quantum Sales Goal is waiting for you to write it down. Grab your pen!

Sales Expert Ursula Mentjes will transform the way you think about selling so you can reach your goals with less anxiety and less effort! The Founder of Sales Coach Now, Co-Founder of Top Sales Call, as well as an inspirational speaker, bestselling author of Selling with Intention and One Great Goal and a Certified Sales Coach – Ursula specializes in Neuro-Linguistic Programming to help clients double and triple their sales FAST. Ursula also serves as President of NAWBO-CA. www.salescoachnow.com

NAWBO-IE Member Participates in Suits for a Cause

Tina Loza, NAWBO-U President and owner of Loza & Loza law firm is participating in a law firm clothing drive called “Suits for a Cause” to benefit WHW (Women Helping Women/Men2Work), an Orange County non-profit that helps low-income women and men get jobs by providing them with resume assistance, job placement workshops, computer training, and a professional wardrobe (www.whw.org).  

The clothing drive ends June 30, 2012. If you have clothing donations, please contact her (tina@lozaip.com) or mail to 305 North Second Avenue, #127, Upland, CA 91786.

NAWBO-IE Corporate Partner MWD Hosts Free Event

Learn how to secure government contracts!

June 21, 2012

Visit: http://c2memwdattendee.eventbrite.com

The 411 on Mobile Marketing

Isn’t it amazing how many people are on their mobile phones these days? It doesn’t matter where they are or what they are doing, people are simply attached to their mobile devices. Currently, there are 45 million smart phone users in the U.S. and they are not just teenagers or people in their 30′s. For business owners, that is a number that should be considered when planning marketing campaigns.

What is Mobile Marketing? Mobile Marketing refers simply to marketing on or with a mobile device such as a mobile phone. The four main mobile marketing tools include:

•      Mobile web, mobile site

•      Mobile applications (apps)

•      Mobile advertising

•      Text messaging or MMS messages

Frequently asked questions about mobile marketing:

1.      I Have a Website, Why Would I Need a Mobile Site?

Most searches over the internet are now being done using a mobile device so having a site that works well with the medium is ideal. In contrast to websites, mobile sites are configured to be viewed on a smaller screen so they tend to load quicker and are easier to read and navigate.  This means that "on the move" customers who are looking for places such as a restaurant, a flower shop, an auto repair shop or towing service will be able to see what they want instead of being frustrated and signing out.

   2. What's a Mobile App and How Can It Help My Business?

Mobile apps are compact programs that perform specific functions for the user. They are a good channel for businesses to use in providing information to customers such as locations and GPS  instructions, special offers and discounts, upcoming events, etc.

Businesses are using mobile apps to:

·         Increase foot traffic to the business

·         Encourage customers to come back over and over again

·         Create a ‘viral’ buzz about the business

3.      Is Mobile Marketing Cost Friendly?

Mobile marketing is probably one of the most cost-friendly marketing tools. It requires minimal resources, deploys quickly and has no printing costs related to it. In terms of time and resources, it is very cost-effective.

4.      Do Customers get Irritated with Mobile Marketing?

 
Mobile marketing requires a prospective customer to opt in or download an app so the communication that is sent out goes to people who are interested in getting it. This is key because it means that the marketing is directed at a receptive target market and not randomly.

Prospective clients are searching for products and services through their mobile devices. Currently, there are 4.6 billion mobile devices conveniently nestled in the pockets of the very people you’d like to reach … and they hardly turn them off! What are you doing to reach them?

Pat Neuman helps business owners sleep better at night with marketing that gets results. She is the President of On-line Marketers and is a perpetual student of Dan Hollings, Ryan Deiss, Kevin Wilke, Laure Betterly and a host of other industry experts who are consistently on the cutting edge of internet and mobile marketing. She is also a member of Glazer Kennedy Inner Circle and has been in sales and marketing for three years.

NAWBO-IE to Honor Amazing Women April 19, 2012

	****FOR IMMEDIATE RELEASE**** Contact: Hilda Kennedy: (310) 901-4831, hjk1twin@aol.com OR Carolyn Ortman (951) 784-9174, carolyn@ckogroup.com Website: www.nawbo-ie.org

 

 

 

 

NAWBO-IE Honors Exceptional Business Owners on April 19                    

Event to raise scholarship funds for college students

Corona, Calif. – The envelope, please! The National Association of Women Business Owners, Inland Empire Chapter (NAWBO-IE) once again honors outstanding local women business owners and community leaders at its annual Amazing Women Event (AWE), April 19 at 6 pm in Corona (Eagle Glen Golf Club, 1800 Eagle Glen Parkway, Corona.) Visit www.nawbo-ie, “Programs and Events” for all event details. Or to register visit: http://nawboie2012awe.eventbrite.com/. 

All in attendance will have the opportunity to enter to win prizes, including a $500 Southwest Airlines gift card, four tickets to an Angels game, a BlackBerry tablet and more! Plus, those who join NAWBO-IE that night will receive $50 off their membership fee along with a host of special goodies!

The evening’s emcee will be Gael Sylvia Pullen, pioneering businesswoman, speaker, author, and ardent philanthropist. AWE is a wonderful opportunity to not only network and connect with influential decision-makers, but to support local college students.

The 2012 AWE nominees were nominated by their peers:

Legacy Award --Cheryl Brown, Brown Publishing; Josie Gonzales, County of San Bernardino Supervisor; Maddalena Riboli, San Antonio Winery; Carmelita Rood, Retired Saving and Loan, Menifee Chamber of Commerce. 

Community Bridge Builder Award -- Yolanda Carrillo, Corona-Norco Family YMCA; Robbie Motter, Contacts Unlimited; Linda Sarancha, Foothill Financial Advisors; Peggy Stapleton, KSGN Radio.

Rising Star -- Michele Donaldson, Beverly Hills Bridal Exchange; Breanne Houston, T3 Fitness; Jessica Sanchez, JS Platinum Insurance Services; Darlene Tarnoski, A Difference Today, Women Against Child Trafficking.

Business Woman of the Year -- Palbinder Badesha, Express Employment Professionals; Bambi Cahilly, Excel Scientific, Inc.; Lynn Diamantopolous, Athena Marketing Research, Inc.; Tracey Papkey, Potamus Press Printing.

Trailblazer -- Diane Cooper, Hourglass Wine and Art Gallery; Nicole Farrell, Karaoke with Nicole; RJ Jackson, Inspirational Speaker and Author; Lorna Jenkins, My Learning Studio.

NAWBO-IE will also honor Hilda Kennedy, President of AmPac Tri State CD and NAWBO-IE’s 2011-2012 President with the Acknowledging NAWBO Individuals That Achieve (ANITA) Award for her dedication to NAWBO-IE, her community, and to helping others achieve in numerous ways.

###

About NAWBO-IE: One of 80 chapters nationwide, NAWBO-IE is the organization of choice for women business owners in the Inland Empire, and is also a strong voice in Sacramento for public policy issues affecting women-owned businesses. Their goal is to promote and enhance the growth and profitability of their member businesses. To find out more about the vision and objectives of NAWBO-IE, the benefits of joining or becoming a corporate partner, please visit www.nawbo-ie.org.

2011 Business Taxes Add Complexity

Still scrambling to prepare your 2011 taxes? One thing you don't have to worry about is a lot of changes in the income tax code for businesses. It was a fairly quiet year.

 The biggest news, of course, was the introduction of the 1099-K form. This must be filed by payment settlement entities, which are financial institutions that issue credit cards, as well as third-party payment processors like PayPal.

 If you accept payment using one of these entities and have processed $20,000 or more and at least 200 transactions in 2011, you should have received one, or will soon, and you must file it with your taxes like you would any other 1099.

Several forms and schedules have been altered to accommodate this. Only gross amounts will be reported, so you need to have an easy way to track transactions that could affect this total (like chargebacks).

 Other changes? A few, including:

• The 1099-B has changed. Brokers are now required to report the basis for transactions, which you'll enter on the new Form 8949 rather than on the Schedule D.
• The New Hire Retention Credit may affect some of your employees, if they've been kept on for at least 52 weeks. You would get $1,000 or 6.2 % of the newly-retained employee's wages for that year, whichever is less.
• The upper limit for the Section 179 deduction is $500,00 for the 2011 tax year. It goes down again for 2012.

You may be too mired in 2011 taxes to even think about your 2012 obligations. But you'd be wise to start thinking about them now. Year-round tax planning will minimize the drama of those dreaded IRS deadlines. Congress will undoubtedly be busy throughout 2012 and beyond, tweaking the tax code. So talk to us about making smarter tax-related business decisions in 2012.

Beth Bockenhauer is the owner of Beth Bockenhauer, CPA, a boutique accounting and CPA practice based in southern California. She started her career with five years of military service. She then worked for ten years as a small business owner, and holds a Bachelor of Science degree in accounting. Beth has worked in public accounting for the past seven years. For more information, visit www.bethbcpa.com