Below Are Common Mistakes To Avoid During Business Tax Preparation
The season for filing tax returns is often stressful and sometimes unnerving. If you do not adequately prepare to file your business’ taxes, you might find yourself scrambling at the last minute to make the filings on time. As a result, you are more likely to make mistakes that can jeopardize your business’s financial health and, consequently, its operations. Thus, it is crucial to plan in advance to guarantee tax filing season does not blindside you and your business.
Why Your Start-Up Should Invest In Managed Payroll Services
Running a start-up can be quite challenging. There are several things to consider, from product development to marketing and sales strategies. While wearing many hats and being good at many things is often touted as a good quality for entrepreneurs, you need to know when to delegate tasks, especially those that are time-consuming and not necessarily in your area of expertise. This is where managed payroll services come in. Investing in a managed payroll solution will give you more time to focus on other aspects of your business while ensuring that your employees are paid accurately and on time.
5 Ways A Professional Accountant Can Take Care Of Your Business Tax Preparation
As a business owner, you’re responsible for a lot of things — from managing day-to-day operations to ensuring your products or services are meeting customer needs. But one area that’s often overlooked is tax preparation. While it may seem like a daunting task, preparing your business taxes doesn’t have to be complicated or time-consuming. In fact, there are several ways a professional accountant can take care of your business tax preparation for you.
Do You Need Professional Tax Preparation If You're Self-Employed?
Filing taxes is never fun. Even individual preparers with relatively straightforward tax returns can often run into problems, and the complicated instructions found on many IRS forms don’t help. Even worse, there’s very little immediate feedback when filing your return, and you may need to wait weeks or longer to discover if you’ve made any mistakes. While freelancing may initially seem similar to working as a W-2 employee, there are numerous extra pitfalls and complications.
Keep Accurate Records: Why Invest In Lease Accounting Software
If you’re like most business owners, you’re probably paying quite a few lease payments. You can save time and money by leasing your business equipment. However, you do need to keep track of all those records. Unfortunately, that can be difficult, especially when it comes to tracking multiple lease agreements. If you’re tracking your commercial leases by hand, you could be putting yourself at risk for some unexpected complications, which is why you should be using lease accounting software.
4 Signs You Could Benefit From An Estate Planning Trust
Ideally, you should make a plan for your assets before you reach the end of your life or become too ill to take care of matters. There are many different options, and depending on your situation, you may need an estate planning trust. Here are five signs that you should contact an accountant about an estate planning trust. 1. Your Estate Exceeds the Capital Gains Threshold The federal government and many states have capital gains taxes.
3 Incentives To Hire A Commercial Accountant
Accounting is a critical function in the operation of any business because it ensures the establishment of a healthy financial standing. As such, it’s crucial that you partner with accounting services and allow them to balance your books and monitor your organization’s financial transactions. A reliable financial management model allows you to achieve your growth objectives sooner and realize your business’ profit potential. It might be tempting to manage your finances in-house under the guise of cost savings.
Are You An Accountant? Why You Should Consider Doing Bookkeeping For Home Builders
Choosing to become an accountant is a very wise decision. Pursuing higher education doesn’t always pan out how many think it will, but going the accountant route is an almost surefire way for you to make sure your efforts will be well worth it. As an accountant, you have a lot of options when it comes to what kind of work environment you will end up in. Some people decide to open their own firm and help regular taxpayers with their financial obligations.
5 Less Obvious Signs Of A Good Tax Preparer
When you choose someone to prepare your taxes for you, you want a reliable and ethical preparer who won’t bring down trouble with the IRS or your state tax agencies. But it can be hard to know when you have a good preparer because most Americans have little knowledge of the tax code. To help you, here are a few lesser-known indicators that you found a good preparer. 1. They Ask Questions and Listen
Business Accounting Basics: Tips You Need To Know
The financial side of managing a business can be challenging for many business owners. Unfortunately, many entrepreneurs specialize far more in their business than in the financial aspect. That’s why many business owners decide to work with an accountant to keep sound financial track of their business operations. Here’s a look at some of the things that you should know about your company’s accounting measures and the best means for managing your financials.
Why Your Business Needs Financial Consulting Services
Starting a business comes with wealth creation, risk diversification, and the effective achievement of your investment goals. Since investing is one of the critical milestones in life, you must engage experienced financial consulting professionals to help you inch closer to your goals. You can’t gamble with crucial decisions, and a skilled consultant can help you avoid possible pitfalls. Ideally, financial consulting specialists spend copious amounts of time evaluating investment vehicles and opportunities.
4 Reasons You Need To Hire A Certified Public Accountant For Your Business
Contrary to what most people think, certified public accountants aren’t only recommended for big corporations. They are also an invaluable asset when running small businesses. Unlike decades ago, the tax and business environment has gradually evolved, and that’s why you need a professional to avoid making accounting mistakes. Certified public accountants can help you navigate all your tax and financial issues concerning your business. Here are compelling reasons to get on board with the idea.
4 Ways Consistency In Bookkeeping Helps Your Small Business
Consistency is an important aspect of accounting. In fact, it is a key principle of generally accepted accounting procedures (GAAP). But consistency is more than just an idea for accountants. It’s a process that brings your small business many practical benefits. How so? Here are four of the most valuable things bookkeeping consistency will bring to your enterprise. 1. Consistency Allows You to Find Things Need to find a vendor invoice or a customer receivable?
4 Business Accounting Issues To Watch For
In the world of business accounting, there are a lot of issues that can create trouble. Even if you’re paying a professional to handle the work for you, there are some things you can do to reduce the risk of problems. Here are four things business accountants may tell their clients to watch for. Mixing Personal and Business Money Particularly for small businesses, it can be easy for someone to intermingle money from the job with personal money.
4 Small Business Accounting Tips For Success
When it comes to running a small business, staying on top of your accounting is one of the best ways to ensure your business succeeds. If you want your business to succeed, it is important to understand how to utilize accounting tips for success. Use Accounting Software First, you are going to want to invest in some accounting software. There is no reason to do your accounting by hand when there are many excellent, easy-to-use accounting software out there.
Giving Large Gifts? What You Should Know About Taxes
Do you want to leave a legacy for friends, family, or a worthy cause while still being able to watch them enjoy your gift? If so, then you are among the increasing number of Americans who choose to gift money or assets to others during their lifetime rather than as part of their estate. Before you start giving away your money, you’d do well to learn a little about how to avoid an unwelcome tax bill from your generosity.
3 Ways You're Affected By The Pass-Through Entity You Choose
Are you considering forming a pass-through entity for business purposes? Modern entrepreneurs have many options today when it comes to choosing a business entity, and more and more owners are opting for a pass-through entity. But before you jump into such formation, here are three key elements to understand. Income Recognition Generally, pass-through entities — such as S corporations and partnerships — must pass through most or all of their income to the owner for income tax reporting.
3 Ways Proper Business Accounting Can Help You Run Your Business
If you are a business owner who is wondering what you can do to make running your business easier, then you may want to look into hiring a business accounting firm. The right business accountant may be able to help you run your business more easily and in a better way for these reasons and more. 1. Make Sure There are No Tax-Related Problems Tax-related problems can cause major issues for business owners and might cause you and your business more problems than you realize.
Keys For Handling Your Business Payroll
Too many companies let the details slip by the wayside. One of the details that you can’t afford to get lax with is your payroll. By managing your payroll, not only will you have happy, content employees, but you will also have a better handle on balancing your books. To this end, working with a payroll service company can be one of the best steps that you take. Follow these tips so that you can find payroll services and get the help that you are looking for.
3 Ways That Software Can Help You Maintain Better Client Relationships
If you’re in an industry that involves a lot of repeat business, it’s probably important to you to try to maintain relationships with the customers that you already have. After all, reaching out to new clients is always a good thing, but you know that your previous customers are interested in what your business has to offer. If you’d like to maintain better client relationships, consider investing in a software program that is designed to help with this – along with helping with other aspects of running your business, such as handling bookkeeping and payroll.
Four Reasons Every Small Business Should Use An Accountant
If you run a small business, you may not have the funds to hire an accountant full-time. But you can still contract with an accountant and business advisory specialist who is independently employed and works for you part-time, under contract. Rather than wading through numerous financial documents and spreadsheets on your own, there are four key benefits to hiring an accountant for your small business. 1. You’ll receive advice for the future.
Enough Is Enough: 3 Questions To Ask Your CPA About Your Business's Future
Whether you freelance periodically or own and operate your own business, ensuring you are paying your taxes in the most effective and efficient manner possible should be a priority. Unfortunately, many freelancers and business owners struggle during tax season because they are not familiar with the various rules, regulations, and deductions that are available to them. Hiring a CPA, or certified public accountant, can be a great investment. Accounting services can be beneficial not only during tax season, but all through the year for improving your personal and business finances.
3 People You Protect With A Good Estate Plan
It is no news that estate planning is one of the most responsible decisions you can make as a working adult, but there are a lot of people who still fail to go through this legal process. What many do not understand is that not having an estate plan in place can make things harder on certain people around you whose lives must go on after their passing. Check out this short list of people you will be protecting just by working with your accountant and your attorney to create a good estate plan.
3 Tips For Getting Into The Cannabis Industry
When you are thinking about getting into an industry that is growing rapidly and providing jobs, health benefits and opportunity for countless people, it’s worth your while to figure out how you can make this happen. You can look into this career opportunity and make it so that you’re able to learn the ropes, do your research and make an imprint in the industry. To this end, keep reading and use these strategies so that you can ride the wave of this growing industry.
Joining The Ranks Of The Self-Employed? Make Taxes Less Of A Headache With These Tips
When you finally leave salaried work to start working for yourself, you may feel relieved. However, that relief can turn to concern when you have to deal with tax issues as someone who is self-employed. To avoid headaches due to these issues, make everything simpler for yourself by using the tips here throughout the year. Get Separate Accounts for Work One of the biggest mistakes that newly self-employed people make is that there is not a clear distinction between their personal checking account and finances and their work expenses and invoices.
When The Business Is In Trouble, Take These Steps
Whether you’ve just recently noticed a downturn in your profits or you’ve begun to worry about the financial future of your business, there are several steps that you can try to take to get your business back on the right track. Hire a New Accountant Sometimes putting a fresh pair of eyes on your finances is a great step to take when your business isn’t doing well financially. A business accountant, like those at Broutman & Co.
Keep These Receipts For Your Bookkeeper When You Run A Home-Based Business
When you run your own home-based business, it’s vitally important to find a reputable bookkeeper who can help you with your finances. While a bookkeeper can certainly be an asset throughout the year, this professional becomes even more valuable around tax time. It can be challenging for the average entrepreneur to file his or her own income tax and end up paying as little in tax as possible. With proper bookkeping, you’ll be able to write off a wide range of expenses that can help to lower your net income.
3 BIG Reasons Freelance Writers Should Hire a CPA
Being a freelance writer has its perks for sure. You pretty much get the opportunity to accept only the projects you want and create your own work schedule, and being a freelance writer also puts you more in control of your own finances. However, being a freelance writer essentially means you are the owner, chief executive, and manager of your own business. Therefore, the financial aspects of your business as a whole can be a major headache.
6 Cheap (Or Free) Ways To Get A Bigger Tax Refund
Just about everyone who files taxes is looking for ways to pay less or get a bigger refund. The good news is that with a little extra work or documentation, there are several ways you can do exactly that – without changing how you live. Here are 6 of the highest grossing tips for boosting your refund. Check Your Filing Status. If you’re married, compare the tax benefits of filing separately or together.
Find The Right CPA For Your Small Business With These 3 Criteria
Choosing the right certified public accountant (CPA) can have a big impact on a small business’ financial health. The right CPA won’t just fill out forms for taxes, but they’ll also help small business owners identify their company’s financial strengths and weaknesses so that they can build on the former and address the latter. If you own a small business, here are three key criteria to consider when selecting a CPA.
First-Time Business Owner? Tips For Successfully Getting Your Payroll System Up And Running
If you’re starting a business, you are going to need to establish a payroll system. This is true whether you plan to have a single employee or 50 people working under you. Here are a few tips that will help you get your payroll system off the ground while staying compliant with all pertinent laws: Get an Employer Identification Number (EIN). The first step to ensuring that you and your business are ready for payroll is to apply for an employer identification number (EIN).
What You Need To Know About Capital Gains
Capital gains are a fact of life for investors in both long and short-term investments. Even if you do not own stocks and bonds, however, you may owe capital gains. In fact, any capital asset that you sell for more than your “basis” is subject to capital gains tax. Although you may usually prepare your taxes yourself, if capital gains enter the picture, you should consult an accountant. Understanding your tax liability will help you prepare for a possibly painful tax payment come April.
Planning A Career In Accounting? 5 Paths You Can Choose
If you’re in high school, this is the perfect time to start planning for your future. You’ll need a career that will provide you with sound financial security. If you’ve been thinking about accounting, you might be surprised to find out just how many career options are available to you. Here are four careers choices that involve accounting. Budget Analyst Every business requires an annual budget. In fact, it’s the budget that keeps a business operating properly.
Tax Tips You Can Use For Your Small Business
Accounting is a big part of owning a small business and it’s critical to have everything in order when it comes to tax time. The best thing that you can do as a small business owner is to sit down with a professional accountant to go over all your expenses and go over what you can claim as a tax write-off. Here are some tax tips that you can employ at tax time to help maximize your tax returns.
Payroll Service Questions Business Owners May Benefit After Having Adddressed
Paying your workers is one of the most important tasks that you must do to keep your business running, but this can be an extremely labor intensive task. Fortunately, there are payroll services that can dramatically reduce the work you must do to meet this requirement. Yet, if you have only recently realized that you need to streamline your payment process, understanding the answers for these two questions will help make it easier for you to decide to use these services.
Tax Deductions – Could Your RV Get You Some Money Back?
When tax time rolls around, you quickly begin scouring the internet looking for deductions that you may qualify for. If you purchased an RV this year, your purchase could score you some deductions on this year’s taxes. Sales Tax Deduction The sales tax on a big ticket purchase such as this is usually pretty significant. Well, the good news is, you may be able to reclaim some of the money that you have paid into the sales tax when you purchased your RV.
3 Tax Deductions And Credits You Didn't Know You Could Take
As tax season approaches, many people are wondering what they can do to save money. Luckily, there are a couple things you can do to make sure that you are keeping more money in your pockets. One of the best ways to do this to properly utilize your deductions. Here are a couple deductions that many people don’t know about, which causes them to miss out on great opportunities. 1. Medical Expenses
2 Accounting Tips For Small Home-Based Businesses
If you recently started a small business in your house, it is important for you to start out right with your accounting activities. Having a business at your home can be convenient, but it can be an accounting nightmare if you fail to take the right steps from the beginning. Here are two things you should know about this to help you get organized with your accounting tasks needed for your new business.
4 Mistakes To Avoid Making With Your Business Taxes
When you run a small business, everything is up to you, from hiring employees and managing insurance policies, to payroll and taxes. In terms of taxes, it is important that you understand how much to pay, when to pay, and how often. Avoid these common business tax mistakes. Using the Same Account for Business and Personal Use You should never combine your small business and your personal bank account. This is unfortunately a common mistake made by small businesses, especially when you have sole proprietorship.
Tax Season: 3 Things You Can Write Off for Your Small Business
Filing taxes for a small business can be a nightmare if you don’t have any accounting training. There are tons of tax loopholes and things you need to know as you process your tax claim. Here is a quick list of items that a professional accountant can write off to help you maximize your returns at tax time. Office Space When you own a small business you are legally entitled to write off a space to operate your business.