Allen & Associates Consulting Services, LLC

02/09/2026

Update

My email was spoofed. This weekend I also mistakenly opened an email l should not have I have verified my email did not actually send this email out It appeared to be but was not from me. I have also verified my computer is secure and so is the data on it.

Nikola's email has been hacked!! Do NOT open anything until we post an update.

Thank you!

02/03/2026

Clients and Friends

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05/19/2025

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04/18/2025

73 Five Star Reviews!!! ⭐️ ⭐️⭐️⭐️⭐️

Thank you Jorin!

We have the best clients 😊

04/14/2025

04/09/2025

Thank you!

03/12/2025

The Treasury Department announced on March 2, 2025 that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

03/10/2025

It May Not Be Too Late to Reduce Your 2024 Taxes
If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date of April 15, 2025, and benefit from the tax savings on your 2024 return.

Who’s Eligible?
You can make a deductible contribution to a traditional IRA if:

You (and your spouse if you’re married) aren’t an active participant in an employer-sponsored retirement plan or
You (or your spouse) are an active participant in an employer plan, but your modified adjusted gross income (MAGI) doesn’t exceed certain levels that vary by filing status.
For 2024, if you’re married, filing jointly and covered by an employer plan, your deductible IRA contribution phases out over $123,000 to $143,000 of MAGI. For single filers or those filing as head of household, this phaseout range is $77,000 to $87,000. It’s only $0 to $10,000 if you’re married and filing separately. If you’re not an active participant in an employer-sponsored retirement plan, but your spouse is, your deductible IRA contribution phases out with MAGI between $230,000 and $240,000.

Deductible IRA contributions reduce your current tax liability, and earnings within the IRA are tax-deferred. However, every dollar you take out will be taxed in full (and subject to a 10% penalty before age 59½, unless an exception applies).

Roth IRA holders may also contribute to their accounts until April 15, though these contributions aren’t tax deductible, and some income-based limits apply. Withdrawals from a Roth IRA are tax-free if the account has been open for at least five years and you’re 59½ or older. Certain withdrawals are tax-free before age 59½ or within the first five years.

How Much Can You Contribute?
If eligible, an individual can make a deductible traditional IRA contribution of up to $7,000 for 2024. The contribution limit is $8,000 for those age 50 and up by December 31, 2024. If you’re a small business owner, you can establish and contribute to a Simplified Employee Pension (SEP) plan up until the due date for your return, including extensions. For 2024, the maximum SEP contribution is $69,000.

03/10/2025

QuickBooks Tips & Tricks:

Managing Products and Services in QuickBooks Online

Customers may be the lifeblood of your business, but they wouldn’t exist without the products and services you sell. It doesn’t matter whether you’re a mineral specimen dealer who does one-off sales, a reseller who sells items you make or buy wholesale in large lots, or a provider of services. You must always know what you have available to offer buyers.

QuickBooks Online can keep you in the know, and it can manage the forms and transactions you need to do business with your buying audience. If you were doing your accounting and customer management manually, you might be using index cards, large wall calendars and file folders stuffed with product lists and schedules. You’d spend a lot of time digging through item drawers and closets, counting your inventory by hand, and shuffling paper invoices, sales receipts and payment documentation.

Instead, what if all of this were automated, saving time, reducing errors, and increasing your chances of success? Here’s a quick look at some of the basics.

Are You Ready?
To be ready to sell, QuickBooks must be set up to handle any inventory you might have. Click the gear icon in the upper right corner and then click Account and settings under Your Company. Click Sales in the toolbar and scroll down to Products and services. Make sure the first, fourth, and fifth options are turned on, as pictured below. (The other two are optional.) If they’re not, click the pencil icon in the upper right corner and change them. Be sure to click Save when you’re finished, then Done in the lower right corner.

Managing Products and Services in QuickBooks Online Image 1
Have you created your product and service records? You can do this on the fly as you’re entering transactions, but it’s much better to do it ahead of time. That way, too, you’re not as likely to skip the details, which will be important later on when you’re running reports, for example. We’ve gone over the steps before. Click New in the upper left corner, then Add product/service under Other. A vertical panel slides out from the right, and you simply select from options and enter data.

Warning: Be precise when you’re dealing with inventory information. If you haven’t gone through this process before, it might be worth scheduling a session to go over this important step.

Using Your Records in Transactions
Let’s go through the process of entering a sales receipt. Click New in the upper left corner, and then Sales receipt under Customers. Choose a Customer from the drop-down list and complete any other fields necessary in the upper section of the form. Select the Service Date in the first column by clicking the calendar, then select the Product/Service in the next column (or click + Add new). The Description should fill in automatically.

Managing Products and Services in QuickBooks Online Image 2
The QTY (quantity) defaults to 1. If you mouse over or click in that field, a small window will pop up containing numbers for Qty. on hand and Reorder point, as pictured above.

Tip: If you know that you have more in stock than what is showing, you can cancel out of the transaction, find the item record in the list on the Products & services page, and click Edit at the end of the row. You’ll be able to adjust the quantity or the starting value. Be careful with this. Please contact the office if you’re not confident about how to handle it.

Enter any additional items and/or services needed and save the transaction.

The Products and Services Page
QuickBooks Online offers numerous reports related to products and services and inventory tracking (you’ll find them under Reports | Sales and customers), but you can learn a lot from the Product and Service page (Sales | Products and Services). At the top of the screen (where you can’t miss them) are two colored circles containing the number of items that are Low Stock or Out of Stock.


Managing Products and Services in QuickBooks Online Image 3
Click on either of these, and the list below will change to display only these items. You can get a lot of information about your products and services on this page, including Sales Price and Cost, Qty On Hand, and Reorder Point. You can also create new records or import databases of records in CSV, Excel, and Google Sheet formats.

03/10/2025

Tax Due Dates
March 17
Individuals: Report February tip income of $20 or more to employers (Form 4070).

Employers: Deposit nonpayroll withheld income tax for February if the monthly deposit rule applies.

Deposit Social Security, Medicare and withheld income taxes for February if the monthly deposit rule applies.

Calendar-year partnerships: File a 2024 income tax return (Form 1065 or Form 1065-B) and provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1 — or request an automatic six-month extension (Form 7004).

Calendar-year S corporations: File a 2024 income tax return (Form 1120-S) and provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1 — or file for an automatic six-month extension (Form 7004). Pay any tax due.

April 1
Employers: Electronically file 2024 Form 1097, Form 1098, Form 1099 (other than those with an earlier deadline) and Form W-2G.

April 10
Individuals: Report March tip income of $20 or more to employers (Form 4070).

03/02/2025

Allen & Associates needs an incredible person to join our existing team! We need a payroll specialist/full charge bookkeeper. They have to be an expert in the use of all versions of QuickBooks software. This is a full time position at our beautiful office in Clarkston. Great pay and benefits!