Sage Fixed Assets 2012.1 Tax Update! Designed to provide you with the most up-to-date functionality and tax legislation, this version contains exciting new features and enhancements to your Sage Fixed Assets solution.
The following changes apply to our industry-leading fixed assets solution:
• New Product Names. We have changed the names of all of our Sage Fixed Assets products.
• Sage Fixed Assets – Depreciation: Tax Law Updates. We have updated the Sage Fixed Assets program to comply with the latest tax law changes:
• Updated Tax Forms. The 2012.1 tax update includes the updated IRS Form 4562 – Depreciation and Amortization for 2011.
• Updated Tax Limits. The 2012.1 tax update complies with the scheduled updates to the Section 179 limits and luxury auto limits.
• Updated Sec 179 Limits for Qualified Disaster Zone Property. The 2012.1 tax update includes Section 179 dollar limits for the Qualified Disaster Zone.
• Updated Audit Advisor. We have updated Audit Advisor to check for real property that may be qualified for the Section 179 expense deduction.
Sage Fixed Assets - Depreciation Tax Law Updates
Updated Tax Forms
The IRS changes many tax laws each year. As a result, the corresponding tax forms and worksheets may change moderately or significantly. Sage Business Care members receive the updated forms and worksheets each year as part of the annual tax update; enabling them to get the greatest savings and most benefit from the recent tax law changes.
This year, the IRS Form 4562 – Depreciation and Amortization has been updated for the 2011 tax year.
To run the tax forms and worksheets
• Calculate depreciation through the end of the fiscal year.
• Select Tax Forms and Worksheets from the Reports menu.
• Select the desired tax form or worksheet.
• Complete the fields on the dialog box, and then click the Execute button.
Updated Tax Limits
The IRS routinely modifies the depreciation limits for certain automobiles to adjust for inflation and other factors. If you use vehicles in your business, these changes can have significant tax implications.
Luxury Auto Limits
The depreciation limits in effect for automobiles placed in service in 2012 are as follows:
Year 1: $11,160*
Year 2: $5,100
Year 3: $3,050
Year 4: $1,875
* If you elect out of the 168 Allowance for the automobile, the depreciation limitation is $3,160 for the first year.
Light Trucks and Vans Limits
The depreciation limits for light trucks and vans placed in service in 2011 are as follows:
Year 1: $11,360*
Year 2: $5,300
Year 3: $3,150
* If you elect out of the 168 Allowance for the truck or van, the depreciation limitation is $3,360 for the first year.
Section 179 Limits
The maximum Section 179 limit is $139,000 for assets placed in service in the tax year beginning in 2012. In addition, the maximum cost of Section 179 property that can be placed in service in the year before the phase-out begins is $560,000 for the tax year beginning in 2012.
Increased Sec 179 Limits for Qualified Disaster Zone Property
The Emergency Economic Stabilization Act of 2008 provides for increased Section 179 limits for assets located in a Qualified Disaster Zone. The Section 179 limit for 2012 is $239,000 ($139,000 plus the cost of the Disaster Zone property, limited to $100,000).
Learn More
Sage 100 ERP (Formerly MAS 90 and MAS 200) - Order of Closing
Every month end and year end, people often asking me what are the procedures to close their books. I've attached a PDF document that displays the order of closing for Sage 100 (formerly MAS 90 and MAS 200).
Click on the link below to download the PDF:
Order of Closing for Sage MAS 90 and MAS 200
Here is an article from Eric Jackson from Forbes that I thought was inspiring... Enjoy.
Just Lin, Baby! 10 Lessons Jeremy Lin Can Teach Us Before We Go To Work Monday Morning
by Eric Jackson, Forbes.com, Contributor
Lin-sanity has swept up the NBA over the last week.
Friday’s 38 point performance by Harvard grad Jeremy Lin for the New York Knicks against the LA Lakers was his greatest performance yet as a starter, since he burst on to the scene and propelled the team to 4 straight wins.
But what can all of us learn from this story of this incredible young man — and how can we apply the same lessons to our own lives when we go back to work on Monday morning?
1. Believe in yourself when no one else does. Lin’s only the 3rd graduate from Harvard to make it to the NBA. He’s also one of only a handful of Asian-Americans to make it. He was sent by the Knicks to play for their D-League team 3 weeks ago in Erie, PA. He’d already been cut by two other NBA teams before joining the Knicks this year. You’ve got to believe in yourself, even when no one else does.
2. Seize the opportunity when it comes up. Lin got to start for the Knicks because they had to start him. They had too many injuries. Baron Davis was gone. The other point guards were out. Carmello Anthony was injured. Amare Stoudemire had to leave the team because of a family death. Lin could have squandered the opportunity and we would have never have noticed. But he made the most of it. You never know when opportunities are going to arise in life. Often, they’re when you least expect them. Make the most of them. Don’t fritter them away.
3. Your family will always be there for you, so be there for them. It wasn’t until a few days ago that Lin got his contract guaranteed by the Knicks for the rest of the season. Before that, he could have been cut at any time. He had to sleep on his brother’s couch on the Lower East Side to get by. His family always believed in him and picked him up when he could have gotten down on himself. That made him continue to believe. If you want your family to believe in you like that, you’ve got to be there for them too when they need it.
4. Find the system that works for your style. Lin isn’t Michael Jordan or Kobe Bryant. He’s not a pure scorer. He’s a passer and distributor – who can also score very well. It didn’t work for him in Golden State or Houston – where he was before landing at the Knicks. But Mike D’Antoni’s system at the Knicks has been perfect for him to show off his strengths. You’ve got to do your best to understand what your strengths are and then ensure that you’re in a system (a job or organization or industry) that is a good fit for those strengths. Otherwise, people overlook the talents you bring to the table.
5. Don’t overlook talent that might exist around you today on your team. You probably manage people at your own company today. Are you sure you don’t have a Jeremy Lin living among you now? How do you know that “Mike” couldn’t do amazing things if you gave him a new project to run with? How do you know “Sarah” isn’t the right person to take the open job in London that you’ve been talking over with your colleagues? We put people around us in boxes. He’s from Harvard. He’s Asian-American. Not sure he can play. How many assumptions have you made about talent around you? Don’t be like the General Managers in Golden State and Houston, and let talent slip through your fingers.
6. People will love you for being an original, not trying to be someone else. You’ve got to be you. You can’t be some 2nd rate copy of Michael Jordan. There will never be another Michael Jordan. Just be Jeremy Lin — yourself. Whatever that is. That doesn’t mean you don’t work hard — it just means you find what you’re good at and do it. Fans will love you for being you, just like they love Jeremy Lin.
7. Stay humble. If you one day are lucky enough to have newspapers want to put you on the cover in order to sell more, don’t let it get to your head. It’s been remarkable watching how humble Lin remains through all this media frenzy. It makes his teammates and fans love him that much more.
8. When you make others around you look good, they will love you forever. I didn’t know how good Tyson Chandler was, until I saw him playing with Jeremy Lin. Lin has set Chandler up many times over the last week for easy dunks because he drew the defense and then passed the ball. That’s partly why the Knicks are playing so well. They are all working harder to share the ball with others. And it’s beautiful to watch. And when the media swarms Lin, he tells them how good his teammates are. Do the same with your peers and reports.
9. Never forget about the importance of luck or fate in life. Some people believe in God, some in destiny, some in luck. Whatever you believe in it, be grateful for it.
10. Work your butt off. Lin couldn’t have seized his opportunity if he hadn’t worked like crazy for years perfecting his skills. There are no short cuts to hard work. Success is a by product of that.
I hope the Lin-sanity continues. And I hope we all can apply these lessons to our own work and family life.
Go team.
Eric Jackson, Forbes.com, Contributor
http://www.forbes.com/sites/ericjackson/2012/02/11/9-lessons-jeremy-lin-can-teach-us-before-we-go-to-work-monday-morning/
Cash Register Express is a retail point of sale (POS) system that helps increase efficiency and accuracy, lower operating costs, and helps you manage your inventory. The easy to use POS includes the features most desired by retailers, such as inventory tracking, credit card processing, cash management, customer loyalty, employee time clock and labor scheduling, and a detailed reporting interface to help them make smarter business decisions.
Point of Sale
Sage has released their newest version of their popular Contact Management software, ACT!
Sage ACT! 2012 has many new features that will help increase productivity and efficiency.
Here are some of the new features available in Sage ACT! 2012:
What's New in Sage ACT! 2012
Contact us for a free brain storming session!
