Our Blog
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:
- Read More...
- 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:
- Read More...
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...
