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How QuickBooks Can Get Your Finances In Order for 2023
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Put 2022 behind you by wrapping up those unfinished accounting tasks in QuickBooks.You meant to clean up your accounting data by the end of 2022, but December is so busy. It was hard to do much beyond managing each day’s high-priority QuickBooks work. You’d catch up in January, you told yourself in December.Now that it’s January, it’s time for a fresh start in a lot of ways, including your bookkeeping. But you can’t look ahead very effectively if you’re not sure where you are now. We recommend you take stock of the state of your QuickBooks company file. Are you caught up on bills? Do customers need to be invoiced? Are any of them past due on their payments to you?QuickBooks is great at customer and vendor management, transaction processing, and reports. It can also serve as a barometer of your overall financial health. Let’s take a look at what you can do to update your company file and get ready for the challenges coming in 2023.Who Do You Owe?It’s easy to let some bills slip at the end of the year. Extra expenses in December may have caused you to run short on funds. Maybe you simply forgot, or you didn’t have a chance to deal with your payables. Whatever the reason, you can easily find out what bills you need to pay using QuickBooks.The first thing you should do is run an A/P Aging Detail report. Open the Report Center (Reports | Report Center) and click Vendors & Payables. Locate the report and click the green arrow button. When the report opens, click Customize Report in the upper if you want to change the Dates. Then look to see if any bills are past due. Double-click on any row to see the original bill and pay it. You can also run the Unpaid Bills Detail report. The Unpaid Bills Detail reportYou’ve probably heard this before, but it’s important: If you’re past due on any bills, contact the vendors and let them know when they might expect payment. It makes a difference.Who Owes You?Just as you may have missed some bills in December, your customers might have let invoice payments slip. You need to find out who is in arrears. There are two reports that can help you here. Open the Report Center again and click Customers & Receivables. Run the A/R Aging Detail report and look at the Aging column to see if any customers have gone past due on payments. Open Invoices, too, can alert you to those customers.How Should You Approach Past-Due Customers?This is a problem for every small business. You don’t want to come on too strong and threaten the goodwill you’ve built up with your customers, but you have your own cash flow to consider. Here are some approaches:Set up payment reminders so you’ll remember to send follow-up emails. Go to Edit | Preferences | Payments | Company Preferences. Answer the questions under Payment Reminders.Automate reminders. Open the Customers menu and select Payment Reminders | Schedule Payment Reminders. This is a little complicated, so you may want our help with it. You’ll be creating schedules to automate the sending of invoices or statements at intervals you define. So you might dispatch an invoice to All customers when their payments are 15 days after the due date, for example. Click Add reminder to see the default text for the email accompanying the invoice and edit it.
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Tax and Financial Insights
by NR CPAs & Business Advisors
2026 IRS Mileage Rates: Key Updates and Insights
The IRS has rolled out the inflation-adjusted mileage rates for 2026, offering taxpayers an efficient way to claim deductions for vehicle-related expenses incurred for business, charity, medical, or moving purposes. These adjustments reflect the continued economic shifts impacting car operation costs.
Effective January 1, 2026, the new standard mileage rates are established as follows:
- Business Travel: Increased to 72.5 cents per mile, inclusive of a 35-cent-per-mile depreciation allocation. This marks a rise from the 70 cents per mile rate set for 2025
- Medical/Moving Purposes: Reduced slightly to 20.5 cents per mile, down from 21 cents in the previous year, reflecting the variable cost considerations.
- Charitable Contributions: Consistent at 14 cents per mile, a fixed rate unchanged for over a quarter-century.
As is typical, the business mileage rate considers the integral fixed and variable costs of automobile operation. Meanwhile, the medical and moving rates remain contingent on variable expenses as determined by the IRS study.
It is critical to note that the One Big Beautiful Bill Act (OBBBA) held firm on disallowing moving expense deductions except for specific cases within the Armed Forces and intelligence community, marking a substantial shift since 2017.
When engaging in charitable work, taxpayers might opt for a direct expense deduction over the per-mile method, covering gas and oil costs. However, comprehensive upkeep and insurance costs are non-deductible expenses.
Business Vehicle Use Considerations: Taxpayers can alternatively compute vehicle expenses using actual costs, which might benefit from shifting depreciation rules, particularly through bonuses and first-year advantages. Keep in mind, however, reverting from actual cost calculations to standard rates in subsequent years is restricted, particularly per vehicle protocol and when exceeding four vehicles in concurrent use.
Additionally, parking, tolls, and property taxes attributable to business can be deducted independently of the general rate, an often-overlooked advantage by many business owners.
Tax Strategies for Employers and Employees: Reimbursements based on the standard mileage framework, providing the right documentation is in place, remain tax-free for employees. Meanwhile, the elimination and continued prohibition of unreimbursed employee deductions continue, with particular exceptions offered to qualified personnel across specific occupations.
Opportunities for Self-employed Individuals: Entrepreneurs remain eligible for deductions on business-related vehicle use via Schedule C, with potential to account for business-use interest on auto loans.
Heavy SUVs and Deduction Advantages: Heavier vehicles exceeding 6,000 pounds but under 14,000 pounds open opportunities for substantial tax deductions through Section 179 and bonus depreciation avenues. The lifecycle of such a vehicle bears implications on recapturing initially claimed deductions, urging cautious tax planning.
For professional guidance on optimizing your vehicle-related tax deductions and understanding their implications on tax strategies, contact our office in Coral Gables, Florida, where expert advice and strategic insights are just a call away.
Educator's Deduction Reform: Key Changes Under OBBBA
The One Big Beautiful Bill Act (OBBBA) introduces significant enhancements for educators' tax deductions starting in 2026, offering both strategic opportunities and planning considerations for educators who qualify. With the reinstated itemized deduction for qualified unreimbursed expenses, educators have a broader spectrum of financial relief. This is complemented by the retention of the $350 above-the-line deduction, allowing educators to maximize their tax benefits by selectively allocating expenses between these avenues.
Understanding the nuances of these changes is crucial for educators and financial advisors alike. The dual-option deduction strategy can potentially enhance tax efficiency, thereby aligning with broader financial planning goals.
At NR CPAs & Business Advisors, based in Coral Gables, Florida, our expertise in tax preparation and planning provides invaluable support to educators navigating these changes. Our comprehensive approach, combined with personalized advice from our experienced team, ensures compliance and optimization in line with the latest tax legislations.
Given these updates, it is imperative to engage with seasoned professionals to fully leverage your deduction strategies. Contact us today to streamline your tax planning under OBBBA's new guidelines and maximize your deductions for upcoming tax years.
