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Why Payroll Should Be A Professional Affair
December 6, 2019
In days of old, payroll involved a whole lot of manual calculations on ledgers and employees were all paid in cash. Gradually, as time progressed, pay checks were introduced and workers often waited up to a month to receive their pay. Then, when federal withholding taxes made their merry way into the equation, things got a whole lot more complicated.
How Much Should You Be Paying Your Tax Preparer?
December 4, 2019
There are a variety of ways in which tax professionals set their prices for preparing their clients taxes, and no two will charge the same amount. However, one general rule of thumb is that the more complex the financial situation, the higher the price will be.
Here are a few more...
Hiring A Bookkeeper For Your Small Business
November 8, 2019
Most small businesses benefit from the services of a bookkeeper, and its widely acknowledged that most company owners prefer not to spend valuable time keeping their own books, and for a variety of reasons. However, finding, hiring and keeping the right bookkeeper for you and your business is not always easy, even though it’s almost always worth it in the...
What To Avoid When Outsourcing
November 4, 2019
There are naturally going to be pro’s and cons associated with outsourcing any of your company’s bookkeeping and accounting, or both, and it’s important to weight them up rationally before making any decisions. Here are a few suggestions of what to look out for and avoid, when outsourcing:
How To Make Life Easier For Your Tax Preparer
October 7, 2019
Your chosen tax preparer is of course being paid to help you with your taxes, but it’s in the interests of both parties to try and make the process as simple as possible. You are doubtless paying your preparer by the hour, so the easier their job is, the less time it’ll take them, and if your tax preparer is getting bogged down trawling through your...
Simplified Taxes For Seniors
October 3, 2019
Did you know that there is now a new, simplified tax form for those who are already 65 or older; or for those who may turn 65 this year? Known as the 1040SR, it’s provided for in section 41106 of the Bipartisan Budget Act of 2018, or BBA, a two-year budget agreement passed by Congress and signed by the President in February of last year.
The IRS And The Tax Code In A Nutshell
September 9, 2019
When Congress decides to make changes to tax rates, that’s when they occur and the frequency at which this happens is hard to predict. Most recent changes were back in 2001, thanks in part to the Economic Growth and Tax Relief Reconciliation Act, which reduced tax rates for both individuals and businesses. So, Congress writes the tax laws, but the IRS are...
What Happens If You Can’t Pay The Taxes You Owe?
September 4, 2019
Maybe you’ve just completed your latest tax return and discover that you can’t afford to pay it? What should you do? What will happen next? Might you be arrested and thrown in jail?
While these are legitimate concerns, there are things that you can do to limit the repercussions and prevent yourself from getting into...
Your Small Business Really Does Need A Bookkeeper
May 30, 2019
Most small businesses trying to manage without a bookkeeper will struggle, irrespective of how much they may enjoy that aspect of running a business, or even how proficient they believe themselves to be at it. The simple fact of the matter is that good bookkeeping requires time, patience and more time! Some busy business owners may be prepared to dedicate a good...
Be Diligent With Your Small Business Taxes Year Round
May 30, 2019
April 16th may feel like a joyous occasion for small business owners and an excuse to throw down the tax towel and shake off the tax blues for another year, but this kind of approach can be dangerous, to say the least!
Ditching tax talk for the rest of the year after filing, can land you in big trouble when the next tax season...
6 Small Business Problems Solved By A Bookkeeper
May 14, 2019
All small businesses will go through a series of ups and downs, and solving some of the problems that can arise, takes time and patience. Most owners of small businesses complain of not having enough time to do everything that is required of them, but finding time to update the books so that their bookkeeper can do their job efficiently, is one thing business...
Important Calendar Dates Your Tax Pro Can Help You With
May 8, 2019
For many small businesses, keeping track of, and managing their taxes is a yearlong commitment, and there are several important types of deadlines to be aware of throughout the financial year:
- January 31st - 1099 mailing deadline
1099 forms for contractors, need to be in the mail by the end of January, and must be...
How Will You Put Your Tax Refund To Use?
April 24, 2019
With April 15th very definitely behind us, most US citizens who didn’t file for an extension, have filed their taxes successfully, either alone or with the help of a tax professional. Many folks will be disappointed to discover that they owe taxes, while others will be pleasantly surprised with a refund.
Tax refunds can...
2 Top Tips To Help You Better Track Your Expenses
April 16, 2019
Expenses are a major part of most small business owners tax filing preparations each year, and you can never be organized enough when it comes to keeping track of them. If you spend hours searching through drawers, boxes, and cupboards for receipts, then you can be confident that your ‘system’ requires updating. Fortunately, updating an ineffective expense tracking system is not...
How To Lower Your Stress Levels During Tax Season
April 12, 2019
There are some tax tips that can just as easily apply to the professionals involved with other people’s taxes, as to the taxpayer themselves, and both parties are more than capable of succumbing to the stress that often accompanies tax season.
Here are some ways of helping to lower your stress levels, whether you’re...
Simplifying Tax Planning For Small Businesses
April 10, 2019
Taxes are a hassle no matter how you tackle them, but there are ways of simplifying the whole process by planning in advance to help minimize your stress levels when your taxes are due:
Don’t leave anything until the last minute:
This may sound like common sense to...
Don’t Be An Over-Taxed Dental Practitioner!
March 25, 2019
Did you know that dental practitioners are among the most overtaxed people in America, with research showing that around 95% are overpaying their taxes by 10 to 50%? They also rank highly among those who voluntarily pay more tax than they are required by law to pay, and this is usually because their tax professional is simply not doing their job properly.
Specialist Tax Help For Physicians
March 18, 2019
Few see doctors as business people, and few doctors will admit to being businessmen, but the reality is that those who do operate their own practices, must find a balance between caring for their patients and running a service-based business. Even some of those doctors employed by hospitals or other medical facilities will be required to make important financial...
Do You Need A Tax Specialist For Your Small Business?
March 13, 2019
Whatever the time of year, taxes are never far from the thoughts of most small business owners, and planning and preparing for them is an all year affair. Many small companies use tax professionals to assist them with their taxes, not only for convenience but for ensuring that their returns are timely and correct, and if you don’t yet have one, perhaps you...
Penalties For Incorrect Tax Returns
March 11, 2019
There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay...
Your 2019 Tax Queries Answered – Part Two
February 21, 2019
Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud.
With the tax reform now in full swing, it’s more important than ever to get your taxes right and to try to understand the changes to the law as...
Your 2019 Tax Queries Answered – Part One
February 19, 2019
Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So,...
Tips For A Pain Free Tax Prep Experience – Part Two
February 15, 2019
As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible:
Locate records of all charitable contributions:
Tips For A Pain Free Tax Prep Experience – Part One
February 11, 2019
One of the simplest ways of preparing for your taxes is to utilise the services of a tax professional, and recent statistics put around 60% of US tax paying citizens reportedly using paid preparers to submit their tax returns. While it is perfectly acceptable to go it alone - especially if you have a good head for such things – using a paid professional is...
Tips For Finding The Right Bookkeeper – Part Two
January 27, 2019
Here are some more tips and pointers to think about before you hire a bookkeeper, or any other tax professional to help you with your business:
Using a specialized recruiter might be beneficial:
Because finding the right bookkeeper for you and your business is so important,...
Tips For Finding The Right Bookkeeper – Part One
January 25, 2019
All businesses - no matter what their size - need to keep good records of all their financial transactions, and those who have no experience with bookkeeping or accounting, usually hire a bookkeeper to manage their books for them. This simply makes good business sense. So, listed below are some tips to help you find the right bookkeeper for you and your...
Tips For Lowering Your 2019 Tax Bill
January 15, 2019
With the beginning of a new year, comes the perfect opportunity to begin to think strategically about your taxes, if you haven’t already. Here are a few points you might want to take into consideration when planning your taxes:
Decide whether you will take the standard deduction or itemize when...
Can Tax Professionals Really Help Save You Money?
January 11, 2019
Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that.
While costs may be the concern of some, and not shame, experience shows that for most who used their...
How Will Your Taxes Fare After Trumps Reform?
December 26, 2018
This year has been one of confusion and uncertainty for taxpayers, with President Trump’s reform kicking in, leaving many filers unsure of how it will affect their tax liability. Experts are warning about significant delays to the filing procedures, as the IRS, tax filing software providers and tax professionals integrate the Tax Cuts and Jobs Act into their...
Filing Your 2019 Tax Return In Brief
December 17, 2018
With 2018 fast coming to an end, it’s time to ask yourself if you’re ready for the new tax season? 2019 brings in a variety of changes and each of these could go on to affect how you file and Form 1040.
Be sure to check your withholding:
Thanks to the TCJA, or...
How To Get Ahead of The 2019 Tax Year – Part II
December 11, 2018
There are many ways in which you can try and get yourself organized before the 2019 tax year commences, and here are just a few of them:
Try to contribute more towards your 401(k)
Reducing your tax bill is made easier if you contribute...
How To Get Ahead Before The 2019 Tax Year – Part I
December 10, 2018
With the 2019 tax year looming on the horizon, you’re probably already thinking about preparing for this time to try and get the maximum out of the changes that were introduced with the TCJA, or Tax Cuts and Jobs Act. Credits have been adjusted, exemptions and tax bracket have altered, making it the perfect time to take a step back and look at your finances...
Tax Planning Using A Professional
November 27, 2018
Whether you’re new to the world of taxes as a business owner or individual, an accountant is generally considered to be the best person to help you with your financial information, and they can be thought of as professional tax collectors.
A tax professional will help you gather all the necessary documents and forms that...
Running Your Business With A Bookkeeper
November 20, 2018
Running a business of any size can be difficult without a little professional intervention and guidance, such as what you might expect to receive from an accountant or bookkeeper, and they often play an extremely significant role. If you’re uncertain as to whether your business would benefit from professional help, and are unclear as to whether you need an...
Top Tax Tips For Your Best Ever Tax Return Experience!
November 8, 2018
Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can...
Guidance For Filing Your First Business Tax Return
November 6, 2018
Tax filing time can be nerve wracking, whether it’s your first time or your twentieth, but with this simple guidance, filing for the first time should be made a little easier:
Be sure to fully review the form:
Take a good look at the business tax return you’ll be...
Changes To Small Business Taxes
October 19, 2018
Changes to tax legislation mean that small businesses the world over are getting a break on their taxes, and the legislation is one of the most significant tax overhauls passed in decades. It’s responsible for providing pass-through businesses and corporate entities with lower tax rates.
Here are some of the biggest...
How To Avoid A Bad Experience With Tax Professionals
October 15, 2018
Many U.S. citizens use tax preparers at tax time, and competition can be fierce as tax professionals vie for your business. With around 150 million taxpayers seeking help with preparing and planning for their taxes, the business is a lucrative one and some preparers may try to tempt you with talk of low rates and gimmicky promotions, but then they may quickly add...
When Might You Need An EA?
October 5, 2018
EA stands for ‘Enrolled Agent’ and this is the highest credential that the IRS award to tax Professionals; it’s recognized in all 50 U.S. states. Attorneys and CPA’s or ‘Certified Public Accountants’ are licensed on a state by state basis, and they are also empowered by the Department of the Treasury to represent taxpayers...
The Purpose Of Tax Planning
October 4, 2018
The overall goal of planning your taxes is to arrange your financial affairs in such a way that your taxes are minimized. There are 3 basic ways in which to achieve this, with each method having some slight variations:
Reducing income:
Determining your taxes depends a lot...
The Basics Of Bookkeeping For Start Ups
September 21, 2018
If you’re the owner of a start-up or recently incorporated business, it can be helpful to know the basics of bookkeeping, whether you will be using the services of a paid professional, or not. Here are 4 main steps of the bookkeeping process that it can be helpful to understand:
- Gathering...
How A Bookkeeper Can Help Your Small Business
September 19, 2018
A bookkeeper worth his money will have the utmost respect for client information and confidentiality, and will have the ability, knowledge and experience to help support a small business with their day-to-day administrative duties, while remaining compliant with tax laws.
Ideally, a bookkeeper’s role should be to help...
Does Your Small Business Need A Bookkeeper Or Accountant?
September 13, 2018
For those who may be new to the world of business and have just started their own small company, it can be hard to know whether you need the services of a bookkeeper, an accountant, or both. As they offer similar services, and the terms ‘bookkeeper’ and ‘accountant’ are relatively interchangeable, the choice can be puzzling at...
Dental Practices Require Extra Tax Planning
September 10, 2018
Research has shown that most dental practitioners overpay in taxes, and the reason behind this seems to stem from their lack of proactive tax planning. By not appreciating, understanding and acting upon the myriad nuances of the tax law, dentists the country over are missing out on potential tax saving opportunities and jeopardising their financial...
Planning For Your Small Businesses Taxes
August 29, 2018
The best advice anyone can give you with respect to small business taxes, is to keep them in mind throughout the year, and not just at tax time. Don’t let your receipts, invoices and other financial paperwork be stacked up in a disorganized manner; keep track of them as they come in and file them accordingly, this will make life much easier for you and/or...
Finding A Tax Preparer For Your Sole Proprietorship
August 26, 2018
When you are the sole proprietor of a business, whether large or small, you need to pay extra attention to your taxes and incurring costly penalties for mistakes or inadequate data, is always a possibility if you don’t engage with a tax preparer.
Here is some advice to keep in mind if you’re looking for a...
Quick And Easy Business Tax Planning Tips
August 16, 2018
Tax planning is a vital element of any business and involves delving into various tax options to see if it’s possible to eliminate or reduce, taxes owed by conducting business and personal transactions in a certain way.
While some small business owners are reluctant to get too involved in tax planning, and simply wait...
The Top 5 Advantages Of Outsourcing Bookkeeping
August 13, 2018
Managing a business can be a time consuming and challenging affair, particularly if you take care of all aspects of it yourself, such as payroll and bookkeeping. Depending on how your business is operating, finances may be stretched, and you may think there are insufficient funds for outsourcing any elements of the company, or you may simply prefer to run them...
How To Track Your Tax Refund
August 1, 2018
Getting a tax refund is what every U.S. citizen hopes for when they complete their filing, waiting for it to come through can be a nail biting time, though. The IRS state that refunds should be received within 21 days if you’ve used the e-file service or direct deposit but will take a little longer if you’ve filed through the mail or have asked for a...
Corporate Income Tax Explained
July 26, 2018
For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail:
What is Corporate Income Tax?
Corporate income tax is an entity-level tax applying only to C...
The Latest On Meal And Entertainment Deductions For Businesses
July 16, 2018
Most businesses will find themselves having been affected by the Tax Cuts and Jobs Act, which has made big changes to the laws that govern tax deductions for entertainment and meals. Before the changes came in, businesses could make deductions of up to 50% on entertainment related expenses provided they were incurred as the direct result of active trade conduct or...
Who Writes Tax Laws And Why Do They Change So Often?
July 12, 2018
The tax code, officially titled the Internal Revenue Code, has been written by Congress and has an average of 3.7 million words…at this present time, at least! It’s a compilation of tax laws that have been written and passed by Congress since the ratification of the Constitution way back in 1788.
Who gives...
Simplifying Taxes For Small Businesses
June 27, 2018
Attaining and retaining clients is naturally a huge responsibility for business owners both large and small and can detract from other equally important elements of running a business, such as finances. While as a small business owner, you may be busy building up a solid customer base and maximising your potential to make money, you must remember to stay on top of...
The Difference Between A Tax Planner & A Financial Planner
June 25, 2018
Whether you’re a small business owner or an individual looking to take better care of your finances, you may be curious to know the difference between a tax planner and a financial planner, and which of the two you might benefit from using the services of.
With almost all areas of personal finance being connected and...
Top Tax Tips For Dental Professionals
June 13, 2018
If you’re a dental professional, then you doubtless pay out a lot in taxes every year, and you may be asking yourself if there are any legitimate ways to save on the cost of this. Fortunately, there are several strategies that you can adopt to save money on your taxes legally...
Prepping Taxes For Your Small Law Firm
June 8, 2018
There are several tax tips that owners of small law firms can take advantage of to keep the holiday and tax season, as free from stress as possible, and here are just a few:
- Be aware of your deadlines and be sure to meet them:
One way of...
Deciphering The Tax Code
May 28, 2018
Filing your taxes as a small business owner can be a daunting experience, and it’s not always easy to know who, or where to turn to for help and guidance. Many believe that the information published by the IRS is the definitive source of guidance for tax filing, but this may not be the case.
The definitive rules for...
Tax Deductions You Probably Don’t Know About
May 18, 2018
It can really pay to think outside of the box when it comes to totting up your tax deductions, and believe it or not, there are a few creative ways in which you can save yourself some money. That said, these potential deductions are not easy to qualify for, and you would be wise to consult a tax professional before taking any steps towards creative...
What Happens If You Miss Your Tax Deadline?
May 18, 2018
There can be multiple reasons for an individual or business owner not filing their taxes on time, and the following information seeks to show what might happen if you miss the deadline, irrespective of why you may have done so. However, the penalties that can occur when individuals miss their tax deadline, vary depending upon whether the taxes haven’t been...
Corporate Taxes Around The World
May 14, 2018
Research has uncovered the widening gap between the amount of taxes that are taken from businesses in different countries, and the tax burden placed on business profits can be up to 3 times more in some countries. This serves only to highlight the disparities between ‘low tax’ emerging economies, and most ‘high tax’ developed...
Tips For Tax Planning As A First Time Business Owner
April 29, 2018
We all know that the overall goal of planning our taxes, is to pay the minimum amount that we are legally required to, but if you’re a business owner, be warned that any actions you take to reduce your taxes, will have effect upon the book value of your assets. It’s important that you think long and hard about what might be best for your business in...
Does Your Small Business Need An Enrolled Agent?
April 27, 2018
The role of an Enrolled Agent can be confusing to many, and as a result, some small business owners may not fully understand how an EA can help with their taxes and hence are unsure as to whether they would benefit from their services.
Here are Enrolled Agents in a little more detail:
Are Tax Planning Packages Available For Business Owners?
April 26, 2018
For owners of businesses large and small, employing the services of a tax planner is often considered, and there are many good reasons for this. But first, let’s begin by looking at exactly what role a tax planner fulfils:
What is a tax planner?
A tax planner is a...
Tax Filing Tips For First Timers
April 20, 2018
If you’re a first-time tax filer, in some ways life will be made easier as young adults are less likely to have complex financial circumstances that would result in hundreds of pages of tax documentation, but it can still be a stressful, time consuming period in life. So, here are a few commonly asked questions and tax filing tips for students and young...
Simple Tax Planning Strategies For Your Small Business
April 18, 2018
For your small business to succeed, it’s essential that you use tax planning strategies to lessen the amount of money that you need to pay to the IRS. Below are some simple tax planning strategies that you should be utilising, and for more detailed strategies, it’s best to seek professional help in the form of a tax planning and preparation...
Resident And Non Resident U.S. Taxes Explained
April 11, 2018
When filing your taxes as a resident or nonresident alien of the U.S. you’ll find that there are some differences between how you are required to fulfill the rules, and how a citizen of the U.S. is. There may in fact, be some income tax exemptions for certain individuals who are not U.S. citizens, depending on their circumstances. Let’s take a closer...
How Tax Reform Will Affect You As A Business Owner
April 11, 2018
Many years have passed since there was last a tax reform - way back in the days of President Reagan, in fact – and the new ‘Tax Cuts and Jobs Bill’ that has recently been passed is bound to have an impact on all taxpayers, from individuals to business owners.
If you’re a business owner, then the...
Refunds of Withheld Taxes For Non Resident Aliens
March 14, 2018
If you’re a non-resident alien living in the states today - or NRA - you will likely face significant issues when trying to obtain refunds of withheld IRS taxes that are rightfully yours. A recent IRS freeze on credits that were claimed on Form 104NR (or the Non-Resident Alien Income Tax Return), which did not match the data filed on forms 1042 by tax...
Simplifying Your Taxes
March 14, 2018
Taxes are something that I’m certain only those involved in the tax profession enjoy dealing with, and even then, I’m sure that they get bored of the paperwork, endless figures and constantly changing tax laws! That said, no matter how boring or troublesome we find dealing with our taxes to be, we simply cannot ignore them, and if we do, we can end up...
Tax Preparers Explained
February 27, 2018
Once you have your tax information up together with all the necessary paperwork and documentation, you’re ready to start preparing your taxes. Some people choose to tackle this alone, while most seek professional help to ensure that they get the best from their money. So, who can you turn to when getting ready to prepare your taxes?
Tax Planning Explained
February 20, 2018
Tax planning is a term that we all hear frequently, but we do really know precisely what it means? Read on to find out the basics of tax planning and what you need to know as a tax payer:
Tax planning and what it really means:
Postponing or avoiding taxes is behind the...
How An Enrolled Agent Can Help With Your Taxes
February 13, 2018
If you’re new to the world of business, you may not know what an EA, or enrolled agent is or even how they can help businesses with their taxes. If you’re one of those people, then read on and find out whether an EA can help you with your taxes:
What are enrolled...
Getting Your Business Ready For The Tax Reform
February 13, 2018
Now that we’re firmly into 2018 and 2017 is becoming a distant memory, if you’re a small business owner, you’re probably busy trying to keep afloat or work out ways to improve your business in the new tax year.
While the tax reform bill that became law at the end of 2017 may not change how you operate...
Use Tax Time To Prepare Your Business’s Financial Future
January 24, 2018
Tax filing naturally means that you are reviewing your business’s finances, and so once your taxes have been filed, it makes good business sense to think about the future of your finances before you put all your paperwork away. Here are a few points to consider for your businesses financial future, once your taxes have been filed:
Tax Planning For Physicians And Medical Practices
January 24, 2018
Planning taxes for physicians and medical practices can often be a little more complex than for other professions, and there are some areas which will require special attention:
- Protecting a physician’s assets
There is ample evidence to show that at least one in four practicing...
Tax reform and how it might affect you
January 10, 2018
President Trumps shake up of US tax laws is certain to affect you in some way, but the full depth of the reforms, are not yet fully understood - even by tax professionals - and just how the changes will affect individuals, is still unclear.
The new laws will be applicable to 2018’s taxes, and as the new bills are...
Tax uncertainty and the role of the tax professional
January 10, 2018
It could be many weeks, or even months, before taxpayers and payroll processors begin to fully understand how the new tax laws will affect matters, but the guidance due to be issued by the IRS this month, should give further insight.
Changes to the way taxes are filed and processed will be put into place in February, and...
Don’t Let The Holidays Stop You From Tax Planning
December 18, 2017
The holidays are hot on our heels, and we all know that this can be an exceptionally busy, stressful and chaotic time of year for everyone, even more so if you’re a business owner or are self-employed.
That in mind, it’s important to ensure that you give yourself enough time to plan for your taxes and make the...
What’s The Difference Between An ITIN And A SSN?
December 18, 2017
The tax system in the US can be confusing, particularly if you’re not born and raised there and have come to the country from elsewhere in the world to work, and there are often many documents involved when applying for such things as an SSN or an ITIN.
Let’s begin by clarifying exactly what an ITIN and a SSN...
Do You Want Help Preparing Your Taxes But Don’t Know Who To Turn To?
November 17, 2017
It’s that time of year again, and as a small business owner you’re thinking about preparing your taxes ready to be filed. Penalties for errors or late filing can be costly, especially for smaller companies, and so getting ahead and preparing your taxes is strongly advised. But what if you don’t have the time to do this yourself, or don’t...
What Knowledge and Skills Should a Tax Preparer Have?
November 17, 2017
Since 2001, tax preparers have been required to undergo a federal tax law examination to prove their technical skills and knowledge by the IRS. While there are no educational or experience requirements necessary to become a tax preparer, the more successful ones will have the following knowledge and skills to help businesses file their tax returns, along with...
Filing Federal Income Taxes For Your Small Business
October 23, 2017
There are several different ways in which you can file your federal income tax return for your small business, when the time comes, and it will depend upon whether your business is being run as a sole proprietorship or with a legal entity like an LLC or corporation.
Both types require a different tax form to report the income...
How To Avoid A Headache For The Next Tax Year
October 18, 2017
Thinking about your taxes well ahead of time may be the furthest thought from your mind, but rest assured that it’s one of the best ways of reducing the risk of a major tax headache, and helps to avoid mistakes being made due to last minute panic.
Here are 4 ways to help you focus on your taxes now, to help you avoid a...
The Importance Of Understanding Business Goals For Tax Professionals
September 30, 2017
If you own a small business, then you’ll understand the importance of establishing goals to help your company grow and achieve its objectives. A good set of clear and defined goals can help your business set about achieving what it wants to accomplish, and can even help to forge a better team who understand what they are all working towards.
What Is An ITIN Number And Do You Need One?
September 14, 2017
Have you heard of an ITIN number and wonder whether it might apply to you? Read on to know the basics about this number and whether you need one:
What is an ITIN?
It’s an 'Individual Taxpayer Identification Number' and is issued...
Hurriane Irma - Office Hours
Ralf F.Heyer
September 8, 2017
Dear Friends,
Due to the approach of Hurricane Irma, our office will be closed on Friday (9/08) as of 5:00 PM (or sooner depending on the weather condition), but we expect to resume business as usual on Tuesday (9/12) pending the outcome of Irma.
We are very aware of the corporate tax...
A Beginners Guide To Tax Planning
August 28, 2017
There are many different tax planning strategies, of which a tax professional will happily guide you through, but the most basic tax planning strategies are designed to reduce the amount of your taxable income, and increase the amount that you are refunded. Tax refunds are based upon how much more tax you pay, than what you owe.
10 Steps To Follow Before Meeting Your Paid Tax Preparer
August 15, 2017
Recent surveys have shown that more than half of the population use the services of a paid tax preparer when completing and submitting their tax returns, and for these people, it’s crucial to get started well before the tax return is due. Left too late, and you simply will not have a pleasant tax experience, and may even incur fines for untimely...
Tax Tips For Non U.S. Residents and Foreigners
August 2, 2017
Whether you’re a non U.S. resident or a foreigner living in America, you still need to pay your taxes irrespective of your alien status.
The IRS has two tests that it uses to determine your alien status, and they’re called the 'green card' test, and the 'substantial presence' test. If you meet the requirements...
Some Common Tax Deductions And Exemptions
July 28, 2017
Paying more than you ought to the IRS, is something every individual or business owner will try to avoid, and while everyone must pay their taxes, understanding some common tax exemptions and deductions, can help minimize the total and ensure that the end amount is accurate.
What are tax exemptions?
A tax exemption is money that you’ve lawfully...
Top Ten Tips For Reducing Your Taxes
June 29, 2017
Reducing taxes is a goal many of us aspire to, and by trying to understand our taxes better and become tax law savvy, we can often end up saving ourselves many dollars each year. Read on for the top ten tips for reducing your taxes:
- Retirement account contributions: These are a great tax...
Why Are US Tax Laws So Complicated?
June 14, 2017
If used for raising revenue alone, the US tax system would doubtless be a much simpler affair. However, as the system needs to be fair, efficient and enforceable, and has been used by Congress to influence many aspects of political life and for delivering benefits to groups and industries for many years now, it remains complicated, and in fact, becomes more...
Making The Most Of An Accountant
May 24, 2017
Whatever stage your small business happens to be at, there will always be plenty of ways in which an accountant can help you out and make your business potentially more profitable. Along every step of your businesses journey, there will be tax planning and strategies to consider, not to mention ensuring that payroll is running smoothly and efficiently, no matter...
Tax Advantages For Small Businesses In Florida
May 17, 2017
Resulting from Florida’s amiable tax climate - which remains stable and has progressive tax legislature – the Sunshine state has become an attractive location for new and expanding businesses of all industries and sizes.
Prospective business owners cite favourable taxes as being ranked highly among their top...
Improve Your Company’s Cashflow In 5 Simple Steps
April 27, 2017
Making money is the sole purpose of most small businesses, and while many may still see themselves as being successful even if they’re not in profit at the end of each financial year, most small business owners will do everything that they can to get as much from the existing businesses cashflow, as they possibly can.
Top Tax Breaks For Small Businesses
April 14, 2017
Did you know that the federal government offers varied tax breaks for small businesses; tax breaks that could do more than just help your small business to keep afloat, but help it to become more successful and thrive, too.
Some of these tax breaks may be yesterday’s news to most small business owners, but some may...
Knowing When To Hire A Bookkeeper
March 24, 2017
There are often several reasons why small businesses don’t employ the services of a bookkeeper, but as most business consultants will tell company owners that hiring a bookkeeper could really benefit their business, knowing when to hire one is quite simple!
While each of the reasons why small businesses don’t...
Income Tax Filing For Small Businesses
March 14, 2017
How you prepare and file your taxes, depends entirely on what type of small business you have; whether you run it as the sole proprietor or use a legal entity like an LLC or corporation. Depending which applies to you, there will be a tax form to report the income from your business and its expenses. While the forms are different, the way in which you calculate...
Why You Shouldn’t Leave Your Taxes Until The Last Minute
February 22, 2017
It may feel as if there is never a good time to start thinking about your taxes; they can be complicated, time consuming and stressful. But leaving them to the last minute is never a good idea, especially if you have a high income, itemized deductions, are self-employed or own a business.
Even if it’s many months until...
A Guide To Successful Business Budgeting
February 13, 2017
Number crunching isn’t everybody’s favourite task, and budgeting for your small business can be tricky, but successful businesses are usually the ones who have mastered the art of budgeting, and go on to reap the rewards. Creating and maintaining a budget for your small business doesn’t have to be hard, and provided you stick at it and update it...
The Importance Of Custom Reports For Your Business
January 24, 2017
Creating reports for your business may not always be a priority, but whether you’re the sole proprietor or have partners, business reports can save you money in the long run and help to secure the future of your company.
What are custom reports and why are they so useful?
Tax Deductions For Small Businesses
January 9, 2017
If you’re the owner of a small business, trying to get prepped for your taxes can be a baffling time and while it’s often advisable to hire the services of tax professionals to help you sort them out, it’s also a good idea to have at least a basic knowledge of your own. Knowing how to save money through tax deductions can be extremely helpful,...
Can You Run A Small Business Without A Bookeeper?
December 21, 2016
Bookkeepers take on many varying responsibilities when they’re employed to work within small businesses - some bookkeepers even specialise in certain areas - but their main efforts centre around organising all the financial transactions involved with operating a small business. Listed below are just a few of them:
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- Businesses at a loss: If the IRS spot business ventures with single proprietors recording...
- Improper allocation of money
- Unnecessary expenses such as paying late...
Getting Prepped For Your Small Business Taxes
November 24, 2016
If you’ve recently set up a small business, you’ll need to start preparing for your taxes right away. It’s imperative that you have a well organised bookkeeping system right from the get go, so that you can begin keeping accurate records and receipts for all deductions.
Not only does this help you to stay...
How To Get On Top Of Your Day To Day Bookkeeping
November 15, 2016
Day to day bookkeeping is of course essential, but many small and medium sized businesses find themselves getting bogged down in it, leaving them with precious little time to focus on other aspects of their business.
Should the vital elements of day to day bookkeeping become overlooked, or simply skipped due to time and other...
Why Your Business Would Benefit From A Bookkeeper
October 24, 2016
Business owners the world over, spend countless hours each day, week, and month tracking their accounts, and recording their expenses. Even small business owners find this to be time consuming and often frustrating, particularly as there are other areas of their business that they would prefer to be working on.
There is perhaps...
Tax Preparation Mistakes You Don’t Want To Make
October 19, 2016
For any small business owner, tax time can evoke a sense of dread and foreboding, and it can be a very stressful time of year all round. Because of the stress and urgency surrounding tax time, it’s easy for business owners to make myriad mistakes when preparing to file their returns.
To help in avoiding making potentially...
Do You Need A Bookkeeper To Help With Payroll?
September 27, 2016
Maybe you’ve recently set up your own business and have taken on a small workforce, or perhaps your company is growing along with your staff? Whatever your circumstances, you will quickly need to get on top of payroll and ensure that your employees are being paid on time, and accurately. Failure to do so, could easily result in a very disgruntled workforce...
Be Proactive With Tax Preparation
September 16, 2016
As much as we all despise having to prepare and file our taxes every year, approaching it proactively really is the best way to stay on top of them, and the only way to avoid making costly errors or risk missing deadlines that could incur penalties.
Being proactive for many of us, means hiring a professional in plenty of time;...
Tax Preparation For The Healthcare Industry
August 22, 2016
The healthcare industry is a specialised one, and changes to tax regulations can seriously affect healthcare businesses. Medical professionals – ranging from dentists and physicians, to medical practice owners – often require assistance with their taxes, in order to ensure that they comply to current tax laws, and don’t end up paying more than...
Choosing Accounting Services For Specialised Industries
August 21, 2016
Specialised industries or individuals, such as attorneys, dentists, physicians and medical practice owners, restaurants and rental and real estate owners and realtors - to name but a few - typically require a unique set of services and specific knowledge to help them with their accounting needs.
Choosing A Bookkeeper
July 16, 2016
Bookkeeping is something that many business owners take on themselves, particularly when their business is new and trying to find its feet. Business may be slow in those initial stages, affording them ample time to learn the necessary aspects of basic accounting and bookkeeping; skills that are always useful to any business owner.
Tax Preparation; Should You Go It Alone?
July 14, 2016
The decision to prepare your own taxes or hire a professional tax return preparer to do it for you, rests upon several factors, each one of which requires careful consideration.
We all know how important it is to get our tax returns right, just as we all know how costly it can be if we get them wrong. So what factors should...
Top Tax Preparation Tips For Small Businesses
June 10, 2016
Okay, so small business taxes might not be a subject we want to linger on, but for those of us out there who know that this same subject is going to keep coming around, year in year out, we may as well learn what we can in order to try and simplify the process and ensure that when it is tax time, we have to spend as little time preparing for it, as possible....
5 Reasons Why Your Small Business Should Hire A Tax Advisor
June 10, 2016
You’ve worked hard to create your own business, and you don’t want to see it fail. One way of ensuring that your business remains – or becomes – a success, is by ensuring that you have the tax side of things, under control. Tax time can easily creep up on you, and many small business owners put off their filing until the last minute,...
Would Your Small Business Benefit From Hiring A Bookkeeper?
May 24, 2016
If you are the owner of a small business, it can be difficult to weigh up the pro’s and con’s of hiring a professional bookkeeping service; do you try and save money by going it alone, or do you pay out and have someone else calculate your books for you?
Here are a few pointers to help you decide:
Tax Planning Tips for Small Business Owners
May 13, 2016
Tax season is the one time of year that small business owners dread the most, but pushing thoughts of filing requirements and deadlines to one side, will only make matters worse.
Tax planning, if kept up to date throughout the year rather than just during tax season, can help you sail through your returns instead of wading through them, and here are six top tips to help you plan...
Bookkeeping Habits Every Small Business Owner Should Adopt
April 25, 2016
As a small business owner, keeping on top of your finances and trying to uphold and maintain a series of good bookkeeping habits, can be the difference between success and failure; it really is as simple as that.
So here are 5 of the most important bookkeeping habits that owners can adopt in order to keep their small businesses afloat and thriving:
Things To Do After Filing A Tax Return
April 21, 2016
So you’ve finally gotten around to filing that dreaded tax return, but what should you do now; sit back and wait for a refund, check on its progress or try and forget it ever happened?!
There are a number of things you can do after filing a tax return, and listed below are some important reminders:
Check on your refund status
If...
Choosing Disability Health Insurance
March 19, 2016
Disability health insurance is designed to protect you and your family from financial worries when illness or an injury prevents you from being able to work. Some companies will offer disability health insurance cover, or you may find that you have to purchase your own policy.
Being able to support yourself and your family is important to you, but you may need a little advice in...
Accounts Receivable – Best Practices For Small Business Owners
March 14, 2016
If you’re a small business owner, you’ll know how important it is to establish and maximise the value of accounts receivable. Doubtless your company is running on a slim profit margin, and to be forced to take losses on this could be damaging to you and your business.
Below are some best practices to ensure that your accounts receivable don’t get the better of...
Accounting Terms Every Small Business Owner Needs To Know
February 18, 2016
The process of recording financial transactions undertaken by your business is basically what accounting is; each transaction is documented in such a way that it can be analyzed in order to help you make sensible decisions regarding your business.
There are many different accounting terms used during this process, some of...
Choosing A Tax Return Preparer
February 8, 2016
Tax return preparation can be a lengthy and mind boggling affair, with many individuals preferring to leave their returns in the hands of a professional. Millions of returns were filed last year with the help of tax return preparers, but just how do you know which one you should choose?
Are there different types...
Things To Know Before You Pick A Health Insurance Policy
January 20, 2016
There is precious little in life more important than your health, so choosing a health insurance policy shouldn’t be something that you enter into lightly. Be prepared to spend time thoroughly researching different health insurance providers; the five points below should help you make an informed choice:
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Red Flags That May Trigger an IRS Audit
January 11, 2016
Some things in life are simply unavoidable, but tax audits need not be one of them. Below are 5 ways to avoid those ‘red flags’ which may cause the IRS to dig a little deeper into your business affairs:
Choosing the Right Business Insurance Policy
December 29, 2015
A wide range of accidents can be caused by your business, and costly claims and legal fees may ensue. To avoid this, it’s necessary to select the type of business insurance policy that’s right for you.
What Are The Benefits Of Taking Out A Business Insurance Policy?
If a...
Common Small Business Accounting Mistakes
December 18, 2015
Running your own company is full of challenges, some of which will be unforeseen, but keeping the books is definitely one challenge that you can prepare for, and below are 5 ways to avoid the most common accounting mistakes made by small businesses:
Don’t cut corners when hiring in your finance department
One...
How To Keep Your Finances In Order
December 4, 2015
Running a business can be a costly venture, and something that many shy away from because they feel overwhelmed by the financial side of things; overheads are difficult to keep track of, unexpected expenses may occur and budgeting may go out of the window. But the following tips for keeping your finances in order may help your business stay afloat and your head...
Small Business Budgeting and Forecasting Tips
November 24, 2015
As a small business owner, setting up your budget enables you to forecast your overall outgoings and profit margins. You should use it to plan ahead and judge how your business is going to perform. This should be an ongoing process of reviewing and updating your budgets, then comparing the results with your original forecast plan.
Why Hire An Accountant To Manage Your Taxes?
October 27, 2015
There are many instances in life in which we are faced with the choice of attempting to do something ourselves, or seeking the help of a professional. Now while the decision might be made easier when considering whether to attempt a spot of home DIY yourself - as after all, a wonky shelf or crooked door are not necessarily costly disasters - the decision becomes a...
Ways to Beat Your Small Business IRS Audit
October 2, 2015
An IRS audit or a tax audit is a review of a business’ accounts and financial information to verify that the tax amount reported is correct. This is one of the things many small business owners would like to avoid.
While there is no way to completely avoid the audit, there are certain things you can do to minimize your exposure. In this article, we will discuss about some...
Tax Planning for Small Business Owners
August 28, 2015
Small business owners should be aware of the taxes that they are supposed to pay. There are several types of taxes a small business may have to pay such as income taxes (both federal and state), employment taxes, self-employment taxes, sales taxes and local taxes.
Many small business owners are good at performing their core business activities and often overlook the importance of tax...
Why Hire a Professional Bookkeeper?
Ralf F Heyer, EA
July 28, 2015
Many business owners try to keep their records on their own using some online applications. Is it a wise thing to do your own bookkeeping trying to save on a bookkeeper’s service? While you can handle some basic bookkeeping work, it is almost impossible for you to hit the efficiency and accuracy of a professional bookkeeper.
A professional bookkeeper documents all the company...
Bookkeeper or Accountant – Who is Right for Your Small Business
Ralf F Heyer, EA
For many small business owners, tracking and analyzing their finances is a painful exercise. Poor financial management is one of the major reasons for many small businesses to fail within the first few years of establishment.
Not tracking their finances diligently at every phase can lead to:
Importance of Accounting Services for Small Businesses
Ralf F Heyer, EA
Accounting is an important business function that allows businesses to review the efficiency of their operations. Accurate financial information helps business owners make proper business decisions and improve the profitability of the company.
Though accounting provides a clear picture of their business success, many small business owners overlook the importance of financial...