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Bookkeeping Concepts LLC

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United States
Norcross, GA
Bookkeeping Concepts LLC

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Lisa A.

Netter is an accomplished entrepreneur and business owner with over twenty-five years of experience in providing professional accounting, bookkeeping, payroll, and tax solutions to small businesses.

10/28/2026

Small business owners: As the year wraps up, review your receivables for credit sales that have become wholly or partially worthless. If you use the accrual method of accounting, you may be eligible to deduct amounts that were included in income but later became uncollectible. You may also claim deductions for uncollectible business loans and certain guarantees, as well as for debts attributable to an insolvent partner. To qualify, you must take reasonable steps to collect the debt and show it’s unlikely to be paid. Contact us at (770) 935-8200 to review your potential bad debts for 2026.

10/26/2026

A strong personal financial strategy isn’t just about numbers. It’s about peace of mind. We can help you achieve it with tax strategies that maximize savings, retirement planning that fits your goals, and estate planning that protects your legacy. Ready to build a more secure future? Contact us at (770) 935-8200.

10/21/2026

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen when an incorrect Social Security number (SSN) is entered on your tax return or when Social Security Administration (SSA) records mistakenly indicate that you or your spouse have died. If you receive IRS Notice CP01H, verify that the SSN on the return in question matches your Social Security card. If it does, contact the SSA to see whether its records need to be corrected. Then follow the notice instructions to unlock your IRS account. Call us at (770) 935-8200 for help resolving this issue promptly.

10/19/2026

You must pay the alternative minimum tax (AMT) if your AMT liability exceeds your regular tax liability. An exemption of $90,100 is available ($140,200 for joint filers, half that for separate filers), but it phases out when income exceeds certain levels — which have dropped for 2026. Plus, the exemption is now phased out twice as fast as in 2025. Add to that the impact of a potentially larger state and local tax deduction (which isn’t AMT-deductible), and you might be at higher AMT risk this year. Call us at (770) 935-8200 for help assessing your risk and finding strategies to minimize your taxes.

10/15/2026

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also limit your ability to deduct partnership losses under the passive activity loss rules. Passive losses are usually deductible only against passive income unless you materially participate in the business. Limited partners face a tougher standard than general partners. Certain work, such as investor activities or tasks not customarily performed by owners, may not count toward material participation. Other limitations may also apply. Before investing in a limited partnership or claiming losses, contact us at (770) 935-8200 to discuss the tax implications.

10/14/2026

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employees use personal vehicles for business, establish a system for logging trips as they occur. QuickBooks users can take advantage of mobile tools that automatically track trips and classify business vs. personal mileage. Other mileage apps or a well-maintained manual log can also work. As year end approaches, make sure your records include key details, such as mileage and business purpose. Timely, accurate documentation is essential for bookkeeping, employee reimbursements and tax reporting. Call us at (770) 935-8200 for help improving your mileage tracking process.

10/12/2026

Giving away assets during your life can reduce the size of your taxable estate. One option is to pay someone’s tuition or medical expenses. Such payments can be gift-tax-free — but only if you make them directly to a qualifying educational institution or medical provider. (Advancing the funds to a loved one or reimbursing previously paid expenses doesn’t count.) Unlike making gifts under the gift tax annual exclusion ($19,000 per recipient for 2026), there’s no limit on the amount of tuition or medical expenses you can pay tax-free. Call us at (770) 935-8200 to learn more about lifetime gifts.

10/08/2026

Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the capitalization of costs to 1) acquire or create intangibles; 2) create or enhance a separate, distinct intangible; 3) create or enhance a future benefit identified in IRS guidance as capitalizable; or 4) facilitate the acquisition or creation of intangibles. Capitalized costs can’t be fully deducted in the year paid or incurred. They generally must be ratably deducted over the asset’s life. Questions? We’re here to help. Call us at (770) 935-8200.

10/07/2026

Good news: IRS penalty relief just got easier for many individuals and businesses. The new Automatic Exemption from Penalty (AEP) process may provide automatic relief from certain failure-to-file, failure-to-pay and failure-to-deposit penalties if you’ve filed returns and paid federal taxes on time for the previous three years (or 12 consecutive quarters for quarterly returns). You must still pay any tax and interest due. AEP will replace First Time Abate relief for eligible returns with original due dates on or after Jan. 1, 2027. During the transition, some eligible taxpayers may still receive penalty notices. Contact us at (770) 935-8200 to determine whether you qualify for AEP or other penalty relief.

10/06/2026

When reviewing their income statements, business owners tend to focus on profits or losses. But focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead, analyze this financial report with an auditor’s mindset. This requires professional skepticism, objectivity, attention to detail and the curiosity to ask questions. Compare individual line items in the current accounting period to past results and industry benchmarks. After identifying major changes and trends related to revenue and expenses, dig deeper to find the causes and make better decisions. Contact us at (770) 935-8200 for help interpreting the historical results and using them to improve future performance.

Address

2030 Beaver Ruin Road
Norcross, GA
30071

Opening Hours

Monday	9am - 6pm
Tuesday	9am - 6pm
Wednesday	9am - 6pm
Thursday	9am - 6pm
Friday	10am - 3pm

Telephone

(770)9358200

Website

http://bookkeepingconcepts.com/

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