Citywide Banks Customer E- News
Inside The Economy
Will the Rise in the Gross Domestic Product Be Sustainable?
Real (non–price inflated) Gross Domestic Product (GDP) rose at an annual rate of 3.5% in the third quarter of 2009. If nothing else, this heralds the official end of the recession, which is defined as two consecutive quarters of declining real GDP. The main components of GDP, and the associated increase from the previous quarter, are private consumption (+3.4%), private investment (+11.5%), government spending (+2.3%), exports (+14.7%), and imports (+20.0%—which is a negative value in the GDP calculations). This comes after a year or more of fairly consistent negative changes for all these values. So, although we’re nowhere near our pre-recession values for GDP, evidence is now available that we’re starting to recover. There are two important questions: (1) Is an annual real positive growth rate sustainable? (2) Is it sustainable at a significant growth rate (of 3.5% or thereabouts)?
Click here to download November issue of Denver Economy Tracker
Pro Business Tips Article
Preparing QuickBooks® for Your 2009 Tax Planning
By Libby Smith, QuickBooks Professional Advisor
There’s a quote that hangs over the Moscow Ballet that says, “The difficult must become habit, the habit easy, and the easy beautiful.” How does a motivational quote for ballet dancers relate to entrepreneurs and year-end tax planning and preparation? The correlation is that if you repeatedly do what’s difficult, it will become easier, and eventually become balanced and effortless. The secret is to use a 4-step process at the end of every month so that you have a routine. The beauty is that it’s the same process that’s used at year-end to prepare the books for your accountant’s work on the company tax return. If you begin now to have your books in order through October or November, your accountant can also have a good set of information to do year -end tax planning. And next year, if you’ll do this each month, when you get to December, the beauty is that you aren’t scrambling in March or September to meet tax deadlines.
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