About Xero The three big competitors now in the business of do-it-yourself taxes for small business are TurboTax, H&R Block and TaxAct. Most can be used online or they can be downloaded, for the few who might still insist on that. They even have mobile versions now, if you think your phone and your fingers can stand the stress.
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For example, let’s say that you spent 15 hours overall in preparing your annual tax return, and you value your time at $50 an hour. Then the total cost of preparing your tax return yourself would be:
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Environment & Energy Tax time may not be the right time to do it yourself. Hiring an expert or advisor may even save you money in the long run. Plus, consider this: tax preparation fees are tax-deductible.
READY TO GET STARTED? See our revolutionary pricing small business advice Tax credits and incentives exist at both the federal and state level. Our industry experts work with you to identify cost savings opportunities. These credits, such as the Research & Development tax credit, are used to secure your bottom line by managing tax exposures.
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Does your current tax preparer leave you with open questions, ignore you e-mails, or seem not to understand your tax situation? Give BeanCounters a call. We specialize in small business tax preparation and treat all clients with the respect that they deserve. Call or e-mail us today for a free consultation.
For all business tax deductions, be sure you can prove that the cost was for a business expense. Simply providing a copy of the check that paid for an expense or a credit card statement that shows the purchase is not enough. You will need to maintain the original vendor invoice or other proof that shows what the purchase was for. Always get a receipt, especially when paying in cash.”
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Intuit TurboTax • If you converted assets in a traditional IRA to a Roth IRA earlier in the year and the assets in the Roth IRA account declined in value, you could wind up paying a higher tax than is necessary if you leave things as is. You can back out of the transaction by recharacterizing the conversion—that is, by transferring the converted amount (plus earnings, or minus losses) from the Roth IRA back to a traditional IRA via a trustee-to-trustee transfer. You can later reconvert to a Roth IRA.
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Lynn E. O’BrienPartner An audit of financial statements aims to express or disclaim an opinion on the financial statements. The auditor expresses an opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and “in all material respects”. An auditor is also required to identify circumstances in which the generally acceptable accounting principles (GAAP) has not been consistently observed.
Map INCOME A few hours of an accountant’s time can really pay off here, by helping you avoid expensive mistakes or identify exciting opportunities.
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More advanced versions integrate with other office management programs, display data trends, pay accounts receivables, remit invoices or ensure that you’re meeting tax requirements. Extensive data storage within an application like this also increases your company’s efficiency, allowing access to details like payment history with a few keystrokes.
Test the tax pro’s know-how. Ask questions (pulled from self-help books or online legal information) to test the tax pro’s attitude towards the IRS and knowledge of small business tax issues. Find out if she has represented clients before the IRS, particularly in IRS audits.
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For Profit Business? Tax Preparation Fees Signs You’re Being Passive-Aggressive Using the proper tax planning strategies is essential for a small business. In order to minimize the amount of money that is paid to the government, a business has to plan out how to handle taxes far in advance. Here are a few tax planning strategies that can be beneficial to small businesses.
Like all small business owners who are looking to save money, you may think you can’t afford an accountant. But look at how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time?
Infographic Share on FacebookTweetShare on Google+Share on LinkedIn Start-Up Expenses. —Under the Small Business Jobs Act, you can deduct up to $10,000 of start-up costs for investigating a potential business, or pre-organization costs incurred prior to the actual start of the business.
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ERISA Disability Appeals Course on Demand TAX PREPARATION ADD-ONs With this in mind, Meisa Bonelli, Senior Tax Professional of Millennial Tax (http://www.millennialtax.com) – the leading provider of tax preparation and tax education for solopreneurs, freelancers and micro-small businesses, offers the following 3 tax planning tips business owners should heed:
Welcome Lauren Gregg to the Wall Titus Team Management Accountant Also called cost, managerial, corporate or private accountants. They record and analyze the financial information of the clients they work for, and provide it for internal use by managers, not the public.
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Values 23% A claim for fictitious or improper deductions on a return, such as a sales representativeï¿½s substantial overstatement of travel expenses, or a taxpayerï¿½s claim of a large deduction for charitable contributions when no verification exists.
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“By the Spring of 2013 our software company had grown tremendously with good prospects for future expansion. Unfortunately, our first bookkeeper was not proficient in online banking or knowledgeable in the financial needs of a start-up. So we hired Jacqueline to take us to the next level. From the start Jacqueline from Dailey Bookkeeping Services, showed a deep knowledge of the inner workings of our company even though we had never worked together. She was very easy to work with and very helpful in teaching us the basics of bookkeeping so that we could properly oversee bookkeeping activities. Most significantly, Jacqueline seamlessly moved us from QuickBooks to Xero and set us up for financial stability far into the future. I can recommend Jacqueline without reservation for any financial endeavour requiring an expertise in bookkeeping or building online financial expertise.”
Work with a professional. Consider engaging a CPA or other tax professional to prepare your returns and handle other tax matters. Doing so doesn’t relieve you of tax responsibilities or the need to know about taxes, but it can help you avoid mistakes and save you valuable time.
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