Quickbooks training in Bangalore for $499 with certification

Here is an exciting offer to learn QuickBooks Pro 2008/2009 in 5 days from “Horse’s Mouth” and get certified as QuickBooks users. Charges: $499.00 (No other cost involved)

COURSE DETAILS

The primary goal of this course is to train you in the aspects of accounting and bookkeeping using QuickBooks Software. You will acquire the practical knowledge and skills to enable you to set up and maintain a set of books for a company using QuickBooks software and US based accounting methodology.

COURSE METHODOLOGY
Approximately 2-4 hours of lecturing and discussion daily.
1-2 hours on relevant exercises on each chapter, followed by a quick test on the topic covered. Reasoning for selection of the best answer will be discussed daily.
The final web based exam will be taken by the trainees after the 5 day sessions have been completed. They will have up to 90 days to complete the exam at their leisure and from any web connection. Upon passing the Intuit Certified QuickBooks user exam, participants will receive a certificate from the Intuit Academy. The answers for these questions would also be discussed in the class.

Exam* - Intuit Academy exam will be specific to the user and confidentialDisclaimer: All test questions are a sample, and success on these questions is not indicative of proficiency for passing the Certified User Exam.

Who Should Attend?
• Attendees who intend to work with BPO/KPO in the Finance & Accounting arena, with a minimum of a B.Com, BBM, M.com, MBA, MFM from a qualified Indian University. Working professionals with accounting back-ground, chartered accountants, finance managers etc…

WHAT THE COURSE IS NOT
• A substitute for self-study • An indirect method of self-evaluation before the main exam. • A means of picking up a question bank


COURSE OUTLINE
Day 1

Introduction To US Accounting
• The business World in the US • The Accounting world in the US • Accounting Conventions in the US• The Balance Sheet • The Income Statement • Business Transactions in the US
• Discussion of Best Practices in QuickBooks
• Quiz
Day 2
QuickBooks® Introduction
• Creating a QuickBooks Company File • QuickBooks Chart of Accounts• List, Registers and Forms• Discussion on how and why QuickBooks has special accounts for managing the data file
• Vendor Management • Customer Management • Managing the bank accounts • Discussion of Best Practices
• Quiz

Day 3

QuickBooks Advanced
• Items
• Inventory
• Sales Tax
• Receivable options in QuickBooks
• Class Tracking
• Reimbursed Expenses
• Refunds and Credits
• Credit Cards
• Refunds and Credits
• Online Functions with QuickBooks
• Quiz

Day 4

QuickBooks Advanced Continued

• Payroll in QuickBooks
• Reports Management
• Templates
• Year End for a QuickBooks File
• Best Practices Discussion
• Quiz

Day 5Day 5
QuickBooks Exercise
• Create your own sample Company
• Mock Exam
Course Wrap-up, Participant Feedback and Questions and Answers
DELIVERABLES



40 hours Instructor Led Training
QuickBooks training notes
By: Cosmic It services
Certificate of QB user
From Intuit Academy

INSTRUCTOR PROFILE
Penny Breslin

Ms. Breslin brings over fifteen years of entrepreneurial and business development experience She has trained thousands of business owners in US as how to use QuickBooks and how to deliver outsourced Bookkeeping over the internet. She has conducted this course repeatedly India and the Unites States to an excellent feedback. In addition, she has provided process improvement consulting & trainings in, Unites States, Malaysia, and India. She has conducted numerous public and in-house trainings on QuickBooks, Outsource Management, Workflow, Software Quality and Client Support. Her training feedback has consistently been rated high and has been positively received.
She was formerly working at Xpitax/XCM Solutions she was part of the Software, she developed and implemented an accounting outsourcing team, assisted in the design of the web based workflow solution and implemented client start ups and protocols

REGISTRATION DETAILS

Registration FeesRs. 24,900.00 (Inclusive of service tax) per participant

Course DATES: 10th November to 14th November 2008

Course Timings 09030 to 1800 hrs

Course Venue :

Cosmic IT services Private Ltd. 154,
6th main road, 2nd phase, 2nd stage,
Mahalaxmipuram
Bangalore 560055 India

Course Registrations To register, please email at reg@cosmictechnologies.biz name of the participants and the course location. Alternately, please request for a registration form via email.
More Information Santhosh kumar.k
Cosmic IT services Private Ltd.
154,6th main road, 2nd phase, 2nd stage, Mahalaxmipuram
Bangalore 560055 India
Tel +91-80 23190288 Fax +91-80 28456467Email:
santhoshtmg@cosmictechnologies.bizWeb:www.cosmictechnologies.biz


Registration and payment Terms

- All payments to be made in the favor of “Cosmic IT services PVT. LTD " and posted to:
Cosmic IT services Pvt. Ltd.
154,6th main road, 2nd phase,
2nd stage, Mahalaxmipuram
Bangalore 560055 India

- All registrations are required to be fully paid prior to the start of the course. - Any cancellations received within the last ten calendar days would be liable for 50% of the course fees. - No-shows shall be fully charged.

QUICKBOOKS® Certified User

www.cosmictechnologies.biz www.quickbooksindia.com

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US Tax series -5

Business Income –Schedule C

Schedule C

Schedule C is used to report income or loss from a business you operated or a profession you practiced as a sole proprietor.

An activity qualifies as a business if your primary purpose of engaging in the activity is income or profit and you are in the activity with continuity and regularity (i.e. materially participation).

What should be done in case both the taxpayer and spouse have different businesses?
A)They should file separate Sch Cs
Q) What if the tax payer and spouse jointly own a business?
A) They do not file a schedule C even if they don’t have a formal partnership agreement, in that case 1065 would be filed.

Schedule C is divided into 5 parts
- General Information

- Part I Income
- Part II Expenses
- Part III Cost of Good Sold
- Part IV Vehicle Information
- Part V Other Expenses

- Part I Income
- Gross Receipts or Sales.
- Statutory Employees (From W2)

Income reported in the Sch C includes cash, property, and services received from all sources.

- Part II Expenses

- Depreciation
- Travel, Meals & Entertainment Expenses
- Vehicle Expenses
- Other Expenses

To be deductible, a business expense must be both ordinary and necessary.

An ordinary expenses is the one which is common and accepted in the taxpayer’s respective field of business. A necessary expenses is one which is helpful and useful for the trade.

Examples are 1. reasonable allowance for salaries and other compensation, 2. traveling expenses while away from home etc.

Automobile & truck expenses: Expenses incurred on a personal automobile used for business purposes can be deducted. The standard mileage rate for the cost of operating the car is 48 ½ cents a mile for all business miles.

Home Office Expense

Generally, you can deduct business expenses that apply to a part of your home only if that part is exclusively used on a regular basis:
-As your principal place of business for any of your trades or businesses,
-As a place of business used by your patients, clients, or customers to meet or deal with you in the normal course of your trade or business, or
- In connection with your trade or business if it is a separate structure that is not attached to your home.

Exceptions to this rule apply to space used on a regular basis for:
- Storage of inventory or product samples, and
- Certain daycare facilities.

Use Form 8829 to figure the allowable expenses for business use of your home on Schedule C (Form 1040) and any carryover to 2007 of amounts not deductible in 2006.Only certain expenses are deductible.and The primary home must be used as a principal place of business.

includes
-Real estate taxes
-Deductible mortgage interest
-Casualty losses
-Rent
-Utilities and services
-Insurance
-Repairs
-Security systems etc.
The business percentage can be determined by the dividing the area used for business by the total area of home.

Expenses are deductible if the part of the home is used to provide day care facility.Must be in a trade or business of providing such facilities.

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BPO to outshine IT outsourcing

New Delhi: IT being in the midst of the ever growing economic turbulence will see its outsourcing straggle as business process outsourcing (BPO) outshines it. "With a CAGR of 43 percent as compared to 25 percent of IT outsourcing the business process outsourcing shall surpass it in 2012," predicts IDC India's Head, Praveen Senger.At the Senior Leader's Forum held by Business Process Industry Association of India (BPIAI), major players and industry experts gave their views about the future of the BPO industry in India and the strategy which should be adopted by the players in these times of financial crisis. However, the Sami Chopra, President, BPIAI said, "But there is no need for the BPO industry to panic. We should cooperate and collaborate amongst ourselves to address the problem. The effect of the crisis would fade away in the next few quarters. We have to look beyond that and formulate strategies for the long term." Since the BPO sector has become an attractive investment option especially the domestic processes as compared to the international part of the business. Moreover, with the quality being the key to sustain the competitive advantage as opposed to cost in the future, India needs to retain the tag of the best service provider rather than that of the cheapest service provider. So, for this Leslie D'Monte, Associate Editor, Business Standard cites the importance of a sound Global Delivery Network for the Indian BPO Industry.

The forum dedicated to the issues relating to the issues of the BPO sector even discussed the rural aspect of BPOs maintaining that they along with catering to a social cause would actually make money for the clients by addressing the huge market opportunity which lies in rural India

http://siliconindia.com/shownews/47666

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US tax series-4

Rent

Rental Income.

Royalty Income.

Schedule E.

Rent Income:
Rental income is any payment you receive for the use or occupation of the property.
This is usually in the form of cash. However, if the tenant provides certain services, the value of the services is treated as rental income.

Advance Rent:
Any amount received before the period that it covers.
Include it in the rental income irrespective of the period covered or accounting method used.

For Example: You sign a 10 year Lease to rent your property. In the First year you receive $5000 for the first year of lease and $5000 as rent for the last year of the lease. You must include $10,000 in your income in the first year

Security Deposit: Do not include a security deposit on your income if you plan to return it to the tenant at the end of the lease

Expenses paid by tenant:
If your tenant pays any of your expenses then it is treated as rental income.
Payment for canceling the Lease:
If your tenant pays you to cancel the lease then the amount you receive is rent.

Rental Expenses:
You can deduct expenses that are ordinary and necessary expenses for managing, conversing or maintaining the property.

Deductible Expenses are:
Vacant Rental Property: Expenses for managing, conversing or maintaining the vacant property can be deducted.

Depreciation: You can begin to depreciate a rental property once it is ready and available for rent.
Other Expenses:
Advertising.
Cleaning and Maintaining.
Utilities.
Insurance premium.*
Tax preparation fees.*
Taxes*
Travel Expenses.*

Repairs and Improvements:
Repairs:
Repairs keep the property in good operating condition.
For example:
Repainting your house.
Fixing Broken windows.
Fixing Leaks.

Improvements:
Improvement adds value to the property, prolongs it’s useful life or adapts it to new uses.
For example:
Adding a room
Putting up a fence
Putting up a new roof, new plumbing or new wiring.
Improvements must be Capitalized. This capitalized cost can be depreciated as if it were a new property in itself.

Personal Use of Dwelling Unit
If you have any personal use of your dwelling Unit that you rent you must divide your expense between rental use and personal use.
You use a dwelling unit as home if you have used for personal purposes more than the greater of
- 14 days or
- 10% of total days it is rented to others at a fair rental price.

Reporting Expense
If the dwelling unit is
- Used as home and rented out less than 15 days, then do not include any rental income in your income and you can not deduct any rental expenses also.
- Used as home and rented out for more than 15 days, then you can include all your rented income in your income.

•Royalty is the payment to the holder of a patent or copyright or resource for the right to use their property.
•Royalty from copyrights and patents
Royalty from oil, gas or mineral properties

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US Tax series -3

Capital Gains and Losses

-Definitions and Basics.
-Classification of Gains /Losses.
-Treatment of Losses.
-Schedule D

Capital Assets

Capital assets are properties specified in the tax law that give rise to capital gain or loss.
All property is considered a capital asset, except:
•Property held for resale (inventory)
•Real or depreciable property used in a trade or business (i.e., operational or fixed assets) (see IRC §§1231, 1245, and 1250)
•Accounts or notes receivable acquired in normal course of business

•Copyrighted or a literary, artistic, or musical composition in the hands of the creator or anyone who assumes the creator's basis (i.e., the property was received as a gift)
•U.S. government publications received from the government at a reduced price
•Almost everything you own and use for personal purposes or investment is a capital asset.

Holding Period:

length of time an asset has been owned (held).

In general, Assets owned longer than one year have been held long term. Assets owned one year or less have been held short term.

Cost Basis:
The basis of property is usually its cost. The cost is the amount paid in cash, debt obligations, other property, or services. It includes:
• Sales tax.
• Freight.
• Installation and testing.
• Excise taxes.
• Legal and accounting fees (when they must be capitalized).
• Revenue stamps.
• Recording fees.
• Real estate taxes (if assumed for the seller).

Adjusted Basis:
Before figuring gain or loss on a sale, exchange, or other disposition of property or figuring allowable depreciation, depletion, or amortization, certain adjustments (increases and decreases) are made to the basis of the property. The result of these adjustments to the basis is the adjusted basis.

Fair market value (FMV): is the price at which the property would change hands between a willing buyer and a willing seller, neither having to buy or sell, who both have reasonable knowledge of all the necessary facts.

Sales of similar property on or about the same date may be helpful in figuring the FMV of the property.

Short-term capital gain is taxed at the same rates as ordinary income, regardless of the seller's tax bracket.
Long Term Capital Gain is taxed at 20%.(Reduced to 15% rate this year for assets sold after May 05, 2003)

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US Taxation series -2

Income-wages

There are three main categories of income:

Active income :
Income for which services have been performed.
E.G. Wages, commissions and income from businesses.

Passive income :
Income from business activities in which a taxpayer does not materially participate.
E.G. Rental Real Estate

Portfolio Income:

Income from investments.
E.G.
Dividends, interest ,royalties capital gains.

Earned Income –

Compensation for personal services rendered.
Wages, salary, Tips, Professional fess also includes Scholarships.


Unearned Income –

Basically investment type income.
Interest, Dividend , Capital gains, Pensions, Annuities


Wages mean employee compensation and it includes

fringe benefits.
bonuses.
retirement plan contributions.
stock options.

Wages are reported on Form W2, which is provided by the employer.


FORM W2

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Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years

Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years

WASHINGTON — First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
Available for a limited time only, the credit:

Applies to home purchases after April 8, 2008, and before July 1, 2009.
Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.

However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return.

Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site.

If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit.

Q. Which home purchases qualify for the first-time homebuyer credit?
A. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after April 8, 2008, and before July 1, 2009. For a home that you construct, the purchase date is the first date you occupy the home.
Taxpayers who owned a main home at any time during the three years prior to the date of purchase are not eligible for the credit. This means that first-time homebuyers and those who have not owned a home in the three years prior to a purchase can qualify for the credit.
If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

Q. How much is the credit?
A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly. The limit is $3,750 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $75,000 or more. Whatever the size of the credit a taxpayer receives, the credit must be repaid over a 15-year period.

Q. Are there income limits?
A. Yes. The credit is reduced or eliminated for higher-income taxpayers.
The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000.
This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a main home:
Your income exceeds the phase-out range. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
You stop using your home as your main home.
You sell your home before the end of the year.
You are a nonresident alien.
You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year.
Your home financing comes from tax-exempt mortgage revenue bonds.
You owned another main home at any time during the three years prior to the date of purchase. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another main home at any time from July 2, 2005, through July 1, 2008.

Q. How and when is the credit repaid?
A. The first-time homebuyer credit is similar to a 15-year interest-free loan. Normally, it is repaid in 15 equal annual installments beginning with the second tax year after the year the credit is claimed. The repayment amount is included as an additional tax on the taxpayer’s income tax return for that year. For example, if you properly claim a $7,500 first-time homebuyer credit on your 2008 return, you will begin paying it back on your 2010 tax return. Normally, $500 will be due each year from 2010 to 2024.
You may need to adjust your withholding or make quarterly estimated tax payments to ensure you are not under-withheld.

However, some exceptions apply to the repayment rule. They include:
If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount.
If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions. Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.
If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale. If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.

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