Category: INVESTOR BOOKS

QuickBooks Online Raises Price Again to $99 monthly and it does not work for investors

Posted on By wizard
QuickBooks Online Subscription Price $99 monthly


CAUTION: If you have already purchased QuickBooks Pro Desktop for PCs, Intuit is now forcing us to pay an annual licensing fee.

Intuit stopped selling the QuickBooks Pro Desktop for PC software. If you need to start from scratch, I highly recommend to purchase Quicken Deluxe.

Here’s a recent question received from a 20 year user of Investor Books and Tenant Tracking.

QUESTION: Hi Mike,

I took one of your RE course about 20 years ago and purchased Investor Books and Tenant Tracking.  QuickBooks has since gone to a subscription model and their latest cost is $999 per year.  That is getting excessive.  Have you migrated your system to QuickBooks online?   Just curious how you are handling things?  Just paying the exorbitant price?

Thanks, Patrick

ANSWER:  Patrick, 
Investor Books is a company file using QB Pro Desktop for PCs
Tenant Tracking is a company file using QB Pro Desktop for PCs

it's very ugly what QB did to all of us long time users.
after much research and meetings with Intuit, here's my recommendation:

For me and my business, I am staying with QB PRO Desktop for PCs and paying an annual licensing fee.
- this allows me to have as many company files as I want.
---  (Investor Books, Tenant Tracking, Education Company, TrusteeServicesUSA.com, and QuickBooksForInvestors.com)

I do NOT recommend using QB online because it will cost you a minimum of $160 per month
- Why? because online subscription allows only 1 company file per subscription.
- Investor Books would cost you $80monthly
- Tenant Tracking would cost you $80 monthly
- BUT the BIGGEST Reason, is the online versions are totally different and you can not upload your company file without having a boatload of errors that Intuit will blame it on you.

if the annual license is not up your alley, the best alternative is Quicken, the Deluxe, top of line version.

i guess if me and you owned Intuit and QB, we would like to see customers required to pay an annual licensing fee.

just curious Patrick, what version of QB Pro Desktop for PCs are you using?
Troubleshoot

Good News and Bad News regarding QuickBooks Pro Desktop

Posted on By wizard

Over the last three years or so, Intuit, the parent company of Quickbooks, has created a lot of confusion and frustration for their loyal customers like you and me. Instead of rehashing all of their B.S. pricing structure and bundles, here’s the final result.

If you are a current user of QuickBooks Pro Desktop: Good News you are safe. When you upgrade your version of the QB Pro Desktop, your new license is good for one year. Intuit wants us to pay an annual fee to use QB Pro Desktop. Yes, I hate it too compared to old school, but this is what I am doing in my real estate business.

Intuit wants you to buy their online subscription for $99 monthly fee and it can only use One Company File. (Investor Books is a company file. Tenant Tracking is a company file)

Meanwhile, I’m aggressively searching and creating an affordable simple alternative and will promote it as soon as I have thoroughly tested it.

thank you,
Mike Butler..

Troubleshoot

WARNING! Do NOT Upgrade!

Posted on By wizard

WARNING! Do NOT Upgrade!

13 min video

đź’ˇ NOTE
      To VIEW LARGER – CLICK ⛶​ on the lower right corner of the video

Recently I have received many requests from Registered Users –

“Should I Upgrade my QuickBooks?”

After many hours and days, seriously, spent with Intuit and QuickBooks support, tech team and their research and development, I am sad to report and warn you NOT to Upgrade to newest version of QuickBooks PRO Desktop.

Why? In the past year, QB has gone bonkers on their pricing structures and product bundles.
They try to force you buy their online version in the cloud which costs, last time I checked, $80 per month and you can only use 1 company file. Therefore, 2 company files would require you to pay $160 every month.

I only recommend using QuickBooks Pro Desktop version, which is a stand alone software program you install on your PC. In the past, you could purchase or upgrade to a new version and use it forever; but, I recommended to upgrade every 3 or 4 years.

QB has gone bonkers. Earlier this year, they began selling this product with an “annual license” forcing us to buy an upgrade every year. At the time, this was acceptable because it worked out to be about $20 per month and you get to use unlimited company files.

Yesterday, in helping a Registered User, I discovered QB no longer sells QB Pro Desktop Plus 2023 with a 1 user license. It has completely disappeared from their website.

From what I gathered, they are trying to force us to buy QB Pro Essentials, a 5 user license, for $799 for an annual license. THIS IS OUTRAGEOUS and Unacceptable.

If you’re like me, i can get by with a 1 user license.

So what should you do? If you have older versions, go to ebay or somewhere else and try to find and buy QB Pro Desktop 2019 or older. Do NOT buy 2020 or newer versions because you will get wrapped up in their hamster wheel and blackmailing your data until you sign up for auto-payments.

I hope QB finds this and makes some changes to be more user friendly for all of us. Until this happens, I am searching for a reasonable, affordable alternative.

Mike Butler

Troubleshoot

Update IRS Tax Proposal on 100% Depreciation from Mike Grinnan CPA

Posted on By wizard

Proposed Rules Address 100-Percent Depreciation Deduction

Proposed regulations address the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.


Background
The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) amended Code Sec. 168(k) to increase the percentage of the additional first year depreciation deduction from 50 percent to 100 percent for property acquired after September 27, 2017. It also expanded the property eligible for the additional first year depreciation to include certain used depreciable property and certain film, television, or live theatrical productions.

Generally, the 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Such assets include in part machinery, equipment, computers, appliances, and furniture.

The proposed regulations provide guidance on what property qualifies for the deduction, and rules for qualified film, television, live theatrical productions and certain plants.

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INVESTOR BOOKS, Tax Updates

How to Enter Home Depot Invoice

Posted on By Mike Butler

How to Enter a “Revolving Account” Invoice

This is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement

This is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement

Examples:
Home Depot account, Lowe’s account, Menard’s, Paint Store, Local Hardware, etc.

3 minute video

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HOW TO VIDEOS, INVESTOR BOOKS, Invoices

IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts by Mike Grinnan CPA

Posted on By Mike Butler

The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.

Highlights of 2020 Changes

IRA Contribution Limits:

  • The annual limit on contributions to an IRA remains unchanged at $6,000.
  • For individuals age 50 and over, the IRA “catch-up” contribution limit remains $1,000 (this limit is not subject to an annual COLA adjustment).

The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to 

  • $19,500
  • Employees age 50 and over who participate in these plans can make a “catch-up” contribution for 2020 of up to $6,500.
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INVESTOR BOOKS, Tax Updates

Escrowed Funds Refund Overpayment on Reserves Held by Lender

Posted on By Mike Butler

QUESTION from Jared:

Hi Mike,

I am absolutely loving the videos and system you have created with Investor Book’s Pro.  I successfully have caught up my 2019 books using the system and am using my “rainy weekends” as you mention in the Quick Start videos to fill in previous years (to determine the cost basis of my properties.. and I’m super analytical and want my numbers to match).  I’m making my way back to 2016 and almost have everything wrapped up.    

For one of my properties I purchased subject to the existing mortgage, the mortgage company escrows taxes and insurance.  I cancelled the seller’s insurance and purchased my own at the time of closing.  A month after I purchased the property, a disbursement went out of the escrow account to my insurance company.  A few days later, the seller’s previous insurance company sent the refunded insurance money to the mortgage company.  The mortgage company added the funds to the escrow balance.

I’m not sure where what account to choose in the Escrow register since it wasn’t originally my funds.  Initially I thought I would put it in the fixed asset for the property but the money doesn’t go to benefit the property but rather it is sitting in the escrow account.  Any advice on how to best enter this?  One other way I thought to do is add the refund to the starting escrow balance and call it good.  The numbers would work and it wouldn’t impact any of my company financials.

Jared

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HOW TO VIDEOS, INVESTOR BOOKS, Escrow Accounts