Heyer Inc | Accounting and Tax Blog

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: Beware of inefficiency: Nobody is going to tell you that just because you’ve outsourced your bookkeeping duties, that that provider will produce… Read More

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 long run. Hiring a bookkeeper: Hiring a single employee naturally… Read More

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. In fact, there were several… Read More

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 receipts or income documents,… Read More

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 a spot of bother with the IRS: Be sure to file your return before the… Read More

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 responsible for implementing them and helping to explain… Read More