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A change in federal tax law may represent a unique opportunity for you to invest in your business by updating your business software this year. The 2008 Economic Stimulus Package encourages technology investments by allowing an additional first-year depreciation of 50% of the purchase cost. Qualifying purchases include computer software, such as TRAVERSE and OSAS. In addition, small business owners may also be able to take an immediate deduction for the entire cost of these purchases. These tax incentives may make new software more affordable to you. Because these provisions only apply to software purchased and placed in service in 2008, the time to act is now if you have been considering upgrading. Call (888) 246-1771 today if you would like to discuss upgrading your older version of OSAS or TRAVERSE before the end of the year. A Simple Way To Proof Your Financial Statements One way to quickly verify that you have included all of your revenue and expense accounts in your Income statements is to write a content statement with two lines. Line 1 - is an account detail (AD) using your first revenue account as the FROM and your last expense account as a THROUGH. Put a + sign in column one and reverse the sign. When combined with a YTD layout and printed as a statement this will give the true and correct income. This amount should match your current YTD income on the balance sheet as well as the income on your Income Statements. The Federal withholding tax (FWH) should always match State withholding tax (SWH). To proof your tax deferred deductions run the Earnings and Deductions Report. Take the Gross Earnings and deduct all Tax Deferred deductions for FWH, MED, OAS, and SWH. These results should then match your taxable earnings as shown on the Year To Date Withholdings report when run by Taxable wages. If they do not match, then run the report in detail and examine each employee to find the discrepancy. Year End in a Nutshell - FREE! As our gift to our clients, we have "Year End in a Nutshell" - a quick list / overview of year-end procedures for OSAS and TRAVERSE applications. It's yours for the asking - just give us a call in Austin at 267-2277 - or toll-free at 888 246-1771. Happy Holidays! 2008/2009 Tax Compliance Updates Some of the benefits of the annual Software Maintenance program for TRAVERSE and OSAS are the year-end tax compliance updates such as the payroll tax tables, W2 / 1099 forms and fixed assets depreciation tables. Open Systems anticipates these updates will be avilable the week of December 15th. We will be supplying the programs and updates to all clients that are on the annual maintenance program. We are currently scheduing appointment to assist with the updates. With all the typical year-end preparations, this time of year tends to be busy. In order to get the most convenient time for you, please contact us as soon as possible if you would like assistance in installing these updates. If you aren't sure if you are on the maintenance program, give us a call. At BAS, our goal is to provide flexible, simple-to-use accounting and business management systems and support to help your organization achieve unprecedented success.
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December 2008 In this Issue
Just a Note... 
Well, this has certainly been an interesting year. Even with the downturn in the economy, there's been an increase in software investments - both upgrades and new business systems. With the Economic Stimulus Act, this makes sense. More companies are re-evaluating their business processes to see where they might cut costs and increase profits. Many choose to invest in their employees by sending them to conferences and classes. At the Open Systems / TRAVERSE conference last October, there were more folks than ever in attendance. Now, more than ever I want take to a moment to thank you for your business and to wish you and your family a healthy, safe and happy holiday season. As we enter the New Year together, please know that we are here to assist you. Until next year, Quick Links Visit Our Website Contact Us Now! 888-246-1771 Pass It On Know anyone who might be interested in our newsletter? Click here to forward this email to up to five friends at once. |
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