It's always something, isn't it? I'm getting excited about my trip to see friends. I'm also counting on the income from my second job to help "pay" for part of the trip and to help me budget for it. I did some figure juggling last week and it looked like I could swing this trip by creative budgeting of my two jobs and only a slight dip into my income tax refund. I'd like to NOT use my tax refund unless I really have to and pop ALL of it into my E Fund. The tax refund is my "back up funding" for the trip. Except that I may not be getting a pay check until I leave for the trip or while I'm away.
Seems the person at the barn who is supposed to help with the book keeping upped, quit and never updated the payroll log or the Accounts Payable books. The books are in a bit of mess, deposits credited to wrong accounts, checks not written, invoices not sent out, and bills stacking up. I get paid once a month and was expecting a check last week. I did not get it and the staff that gets paid twice a month all said their checks were incorrect; some paid far too much, some not at all. I feel like its Deja Vu all over again.
At my primary job we had a similar thing happen, but just with our petty cash account. That time I was the one who had to go back into 16 months of checking account statements and reconcile the reports. No money was missing, just lazy book keeping and me spending a lot of time re-organizing the reports in Quicken at one third the price of our office CPA firm.
The person at the barn who was supposed to be the part time "office manager" seemed to have some sort of a breakdown/meltdown. The trainer I work for had an "attack" so to speak. I can't blame him, but you know, it's not my responsibility to do this work and I'm a little annoyed that my pay is going to be delayed up to two weeks, especially since I only get paid once a month. My boss did call a staff meeting to tell the staff that the payroll cycle would be "out of sync" for a week or two (more like two), but all hours would be properly credited and paid out. He asked that we be patient, he apologized for the errors on staff pay, he explained that the mix up was temporary, the barn was not going broke, he just need to get the book keeping on track and this issue would not be repeated.
His wife is actually very good at this sort of thing and has agreed to take a few vacation days to help sort this out. In fact, she used to do the billing until she got a job in the private sector to take advantage of perks like employer paid health care and a 401K. The biggest problem is many of the clients have not been billed for services rendered for two months. This means two months of bills will be going out with an apologetic letter for the late billing while still essentially asking for prompt payment. It means the trainer and his wife have been making phone calls asking for duplicate invoices and payment histories to make sure that their vendors have been paid properly and explaining that their book keeper quit without updating the files.
I can see where he is coming from, before he can pay staff and vendors, you need cash in hand. I don't have first hand knowledge of the barns cash flow, but probably if they were to pay all the invoices and payroll, it would dramatically decrease. I do know that they do have cash, but they want to make sure they have enough cash in the account.
Sigh, this is supposed to be a temporary glitch, but I really would have liked to have had the cash in hand this week. I wanted to put the money in my acccount and be able to board the plane with a free and clear mind. I'm hoping I get it next week. Two steps forward, one step back.
Tuesday, February 10, 2009
Wednesday, February 4, 2009
Vacation Costs~People First
I sat down last night after dinner and mapped out my vacation costs
Plane ticket: $525
Car Rentals: $240
Hotel costs $100
Extra Bag Fees: $75
Gas: $150
Meals: $150
Misc: $100
Planned spending: $200
Grand Total: $1,540
I'm flying an airline that will charge me for my non carry on bags. I budgeted $75 because I think I'll need to pack an extra bag for the trip home.
I'm staying at a hotel for two nights (includes breakfast) and I've budgeted a bit extra for the hotel.
My meals, miscellaneous and planned spending total $450, but it all depends on where I end up staying for most of my trip. I usually try to go out for at least drinks in the Pub with some friends and pick up a couple rounds. I also like to go to the Tesco or Safeway and pick up snacks for myself, some bags of snacks, some sweets, some bottled water I keep in the car, saves me from hitting an overpriced vending machine. I have my rental car which will come with a full tank of gas and I know I will have to refill it at least once. I just don't know how much traveling I will end up doing. I usually get to my destination and park the car in a friends garage and get chauffeured around. As my friend Catherine says, your hire car may be nicer than my car, but no bloody American is going to chauffer me around town! Even though I'm comfortable driving in the UK, my UK friends prefer to drive!
I've already paid for my ticket (using part of my holiday bonus for that) and I have $250 in my ING Travel fund. The rest of the cost of the trip will be paid for partly by my tax refund, partly by my cutting my expenses in other areas, like not getting my bathroom retiled this year unless I really become a Toolbelt Diva.
I did send an e-mail off last night to my friend in the UK with the ill husband and she replied she is so delighted that I am coming, both she and her husband are looking forward to my visit. I'm putting it out to the universe to some how help me come up with the extra funds. Wish me luck!
Plane ticket: $525
Car Rentals: $240
Hotel costs $100
Extra Bag Fees: $75
Gas: $150
Meals: $150
Misc: $100
Planned spending: $200
Grand Total: $1,540
I'm flying an airline that will charge me for my non carry on bags. I budgeted $75 because I think I'll need to pack an extra bag for the trip home.
I'm staying at a hotel for two nights (includes breakfast) and I've budgeted a bit extra for the hotel.
My meals, miscellaneous and planned spending total $450, but it all depends on where I end up staying for most of my trip. I usually try to go out for at least drinks in the Pub with some friends and pick up a couple rounds. I also like to go to the Tesco or Safeway and pick up snacks for myself, some bags of snacks, some sweets, some bottled water I keep in the car, saves me from hitting an overpriced vending machine. I have my rental car which will come with a full tank of gas and I know I will have to refill it at least once. I just don't know how much traveling I will end up doing. I usually get to my destination and park the car in a friends garage and get chauffeured around. As my friend Catherine says, your hire car may be nicer than my car, but no bloody American is going to chauffer me around town! Even though I'm comfortable driving in the UK, my UK friends prefer to drive!
I've already paid for my ticket (using part of my holiday bonus for that) and I have $250 in my ING Travel fund. The rest of the cost of the trip will be paid for partly by my tax refund, partly by my cutting my expenses in other areas, like not getting my bathroom retiled this year unless I really become a Toolbelt Diva.
I did send an e-mail off last night to my friend in the UK with the ill husband and she replied she is so delighted that I am coming, both she and her husband are looking forward to my visit. I'm putting it out to the universe to some how help me come up with the extra funds. Wish me luck!
Taxes Are Done, Shopping List Made
I finished my taxes last night. Thank goodness! I did print out a copy and will look them over this evening to make sure I did not forget something, despite Turbo Taxes, error checking program. If it all "looks good", I'll transmit them tonight after supper. The way it stands now, I will get back a refund of about $850 between state and federal.
I'll probably apportion out most of the refund to my E-fund, use part of it for a pre-trip hair cut and part of it to offset the cost of my vacation.
I'll probably apportion out most of the refund to my E-fund, use part of it for a pre-trip hair cut and part of it to offset the cost of my vacation.
Tuesday, February 3, 2009
A Pretty Compelling Reason to Get My Taxes Done Sooner, Rather Than Later
From Dimple Divine Domain-if you E-file your taxes and are due a refund, the refund schedule.If I get on the stick and get my taxes done in the next few days, IF I am due a refund, I will have it by the time I board my plane.
24 days and counting!
Transmitted ; Accepted (by 11:00 am) between... Direct Deposit Sent* Paper Check Mailed*
Jan 16 and Jan 22, 2009 Jan 30, 2009 Feb 6, 2009
Jan 22 and Jan 29, 2009 Feb 6, 2009 Feb 13, 2009
Jan 29 and Feb 5, 2009 Feb 13, 2009 Feb 20, 2009
Feb 5 and Feb 12, 2009 Feb 20, 2009 Feb 27, 2009
Feb 12 and Feb 19, 2009 Feb 27, 2009 Mar 6, 2009
Feb 19 and Feb 26, 2009 Mar 6, 2009 Mar 13, 2009
Feb 26 and Mar 5, 2009 Mar 13, 2009 Mar 20, 2009
24 days and counting!
Transmitted ; Accepted (by 11:00 am) between... Direct Deposit Sent* Paper Check Mailed*
Jan 16 and Jan 22, 2009 Jan 30, 2009 Feb 6, 2009
Jan 22 and Jan 29, 2009 Feb 6, 2009 Feb 13, 2009
Jan 29 and Feb 5, 2009 Feb 13, 2009 Feb 20, 2009
Feb 5 and Feb 12, 2009 Feb 20, 2009 Feb 27, 2009
Feb 12 and Feb 19, 2009 Feb 27, 2009 Mar 6, 2009
Feb 19 and Feb 26, 2009 Mar 6, 2009 Mar 13, 2009
Feb 26 and Mar 5, 2009 Mar 13, 2009 Mar 20, 2009
Slowly Starting My Taxes
My last 1099-misc came in the mail yesterday, so I started in putting the basics into Turbo Tax. I'm using a different computer than the one I used last year, no importation of last years data to this year!
I do have to give myself a pat on the back for spending the time this past year semi-organizing my reciepts. I at least have reciepts sorted out by category and by part time job. I know from past experience not all my reciepts are tax deductible, but I know many are true part time business expenses. I will go through my file box where I'm keeping the reciepts and get it "up to date" tonight. I am also grateful that I had the foresight to get a tracking system in place NOW for this years business expenses to make next years taxes a little less daunting.
My goal is to get most of the tax information done over the next two nights, head off to the weekend job, come back and hopefully finish and file the return. I'm also hoping for a substantial refund. Right now with no deductions listed, I owe about $550 to the Federal Government. Last year I had to turn back to my BK Trustee all but $300 of my state and federal income tax refund. I'd like to be able to use part of this years refund to go towards my trip and toward my E Fund. We shall see how it all pans out!
How are you doing on your returns?
I do have to give myself a pat on the back for spending the time this past year semi-organizing my reciepts. I at least have reciepts sorted out by category and by part time job. I know from past experience not all my reciepts are tax deductible, but I know many are true part time business expenses. I will go through my file box where I'm keeping the reciepts and get it "up to date" tonight. I am also grateful that I had the foresight to get a tracking system in place NOW for this years business expenses to make next years taxes a little less daunting.
My goal is to get most of the tax information done over the next two nights, head off to the weekend job, come back and hopefully finish and file the return. I'm also hoping for a substantial refund. Right now with no deductions listed, I owe about $550 to the Federal Government. Last year I had to turn back to my BK Trustee all but $300 of my state and federal income tax refund. I'd like to be able to use part of this years refund to go towards my trip and toward my E Fund. We shall see how it all pans out!
How are you doing on your returns?
Monday, February 2, 2009
Trip Planning Update-The Collision Damage Waiver
It's 25 days and counting for my vacation. I've been researching car rentals. They have ranged from the ridiculous of +$300 USD (less the mandatory Collison Damage Waiver or CDW) to $242 inclusive of the CDW.
The Collision Damage Waiver is just that, a policy you take out when you rent a car and it covers collisions and damages. In the USA for USA and Canadian Rentals, many times your personal car insurance will cover a rental vehicle and if you book and pay with a credit card, your credit card offers this protection.
Guess what, your coverage is NOT valid in the UK. Some car rental companies are making it mandatory for you to purchase their CDW for the amazing fee of $24USD per day. I averaged out the cost on the three sites I've been trolling for car rentals. It used to be you could Opt Out of the CDW, which I did many a times on my travels in the UK. I did find one site where the rental fee was reasonable for the sized car I wanted. If I could convince my office to enroll the office American Express card in the premium car rental protection program, it would only cost me $24.99, I could opt out of the CDW and the cost would be just at $200 for the week. I am an authorized user on our office AE, they may go for it, they may not.
I read further on the web site. The one reasonable rental place also reserved the right to charge an additional $7USD per day even with the CDW coverage by AE. So, I enroll in the program, bring proof of coverage and I am still charged an additional fee. I contacted the agency to ask WHY and the response was less than satisfactory. Pretty much, they do it because they can.
I did find a site that gave me a quote that was all inclusive of the CDW, taxes, fees, and surcharges. It's a national company. The caveat was that I had to pre-pay for the rental and still let my credit card be charged a refundable deposit at the time of pick up. Oh did I mention, that even if you pay with a major credit card, they (all the agencies I looked at) want to reserve the right to charge your major credit card or debit card a hold of the equivalent of $1,000 to $1,500 USD. I don't have a credit card with a spare $1,000 USD on it. My one credit card has a limit of $500.
I'll probably do the following. I will probably reserve and pay for the car that is $242 inclusive of all fees and charges and use the AE as the primary card to "hold" the rental deposit. Car rentals have changed since I last booked a hire car in the UK! It still ends up being the same if not cheaper for me to rent a car than to do my traveling via Brit Rail and the Bus. Past experience has lead me to really read the fine print on each car rental web site, download the rental policies and keep a copy with me when I go to get the car. I also download the rental policies the day I leave in case of any "changes". I've seen it happen far too many times where the slightly jet lagged traveler is brow beaten into all sorts of un needed extras, like the CDW and other additions. By having this information at hand, I've more than once saved myself wads of cash at the counter, quoting their own policies that I was following. and very politely let the folks know this consumer comes prepared to do battle with the rental car companies.
25 days and counting!
The Collision Damage Waiver is just that, a policy you take out when you rent a car and it covers collisions and damages. In the USA for USA and Canadian Rentals, many times your personal car insurance will cover a rental vehicle and if you book and pay with a credit card, your credit card offers this protection.
Guess what, your coverage is NOT valid in the UK. Some car rental companies are making it mandatory for you to purchase their CDW for the amazing fee of $24USD per day. I averaged out the cost on the three sites I've been trolling for car rentals. It used to be you could Opt Out of the CDW, which I did many a times on my travels in the UK. I did find one site where the rental fee was reasonable for the sized car I wanted. If I could convince my office to enroll the office American Express card in the premium car rental protection program, it would only cost me $24.99, I could opt out of the CDW and the cost would be just at $200 for the week. I am an authorized user on our office AE, they may go for it, they may not.
I read further on the web site. The one reasonable rental place also reserved the right to charge an additional $7USD per day even with the CDW coverage by AE. So, I enroll in the program, bring proof of coverage and I am still charged an additional fee. I contacted the agency to ask WHY and the response was less than satisfactory. Pretty much, they do it because they can.
I did find a site that gave me a quote that was all inclusive of the CDW, taxes, fees, and surcharges. It's a national company. The caveat was that I had to pre-pay for the rental and still let my credit card be charged a refundable deposit at the time of pick up. Oh did I mention, that even if you pay with a major credit card, they (all the agencies I looked at) want to reserve the right to charge your major credit card or debit card a hold of the equivalent of $1,000 to $1,500 USD. I don't have a credit card with a spare $1,000 USD on it. My one credit card has a limit of $500.
I'll probably do the following. I will probably reserve and pay for the car that is $242 inclusive of all fees and charges and use the AE as the primary card to "hold" the rental deposit. Car rentals have changed since I last booked a hire car in the UK! It still ends up being the same if not cheaper for me to rent a car than to do my traveling via Brit Rail and the Bus. Past experience has lead me to really read the fine print on each car rental web site, download the rental policies and keep a copy with me when I go to get the car. I also download the rental policies the day I leave in case of any "changes". I've seen it happen far too many times where the slightly jet lagged traveler is brow beaten into all sorts of un needed extras, like the CDW and other additions. By having this information at hand, I've more than once saved myself wads of cash at the counter, quoting their own policies that I was following. and very politely let the folks know this consumer comes prepared to do battle with the rental car companies.
25 days and counting!
Keeping Track of Expenses for the LLC
I posted sometime in the fall that I have made myself into an LLC for the purpose of my assorted part time jobs that are primarily paid to me in cash so I can write off some legit business expenses.
I was wandering around in Staples over the weekend and got a very nice expense tracking book. I should join the 21st century and really use a program like Quick Books, but I don't. I'm a bit of a Luddite when it comes to upgrading myself to new technologies.
I had an envelope full of reciepts screaming out for attention. I sat down, sorted them out by date and sorted out the expenses by weekend. I filled in all the little colums, calculated milage and I am up to date! I know I could input this information into Quick Books, let it export to Turbo Tax next year, spit out nice reports, and save me the "chore" of hand calculating these figures next tax season, but I did not. Perhaps in the future if my grand plan of going to more self employment investing in and using Quick Books may be worth the time and money.
It's the little things that I am relearning and redoing that are making a big difference in my life. When I was in fiscal hell, I did not track as many expenses as I should have, I had overwhelmed myself and it probably cost me at tax time. Keeping track of my business expense for the various part time jobs is one thing I am re-learning to do.
I was wandering around in Staples over the weekend and got a very nice expense tracking book. I should join the 21st century and really use a program like Quick Books, but I don't. I'm a bit of a Luddite when it comes to upgrading myself to new technologies.
I had an envelope full of reciepts screaming out for attention. I sat down, sorted them out by date and sorted out the expenses by weekend. I filled in all the little colums, calculated milage and I am up to date! I know I could input this information into Quick Books, let it export to Turbo Tax next year, spit out nice reports, and save me the "chore" of hand calculating these figures next tax season, but I did not. Perhaps in the future if my grand plan of going to more self employment investing in and using Quick Books may be worth the time and money.
It's the little things that I am relearning and redoing that are making a big difference in my life. When I was in fiscal hell, I did not track as many expenses as I should have, I had overwhelmed myself and it probably cost me at tax time. Keeping track of my business expense for the various part time jobs is one thing I am re-learning to do.
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