Why You Need a Top Business Accountant|South Pasadena CA

“I can focus my attention on my clients, while knowing we’re in good hands.” Tax News Another way to accelerate expenses is to pay them with checks and mail them on December 29 or 30. (December 31, 2017, is a Sunday, so there won’t be any mail delivery.) The tax rules say you can deduct the expenses in the year you mail the checks, even though they won’t be cashed or deposited until early next year. For big-ticket expenses, send checks via registered or certified mail. That way, you can prove they were mailed this year.
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A good way to find an accountant or bookkeeper is through networking. Ask people you know in similar businesses who they use and what they think of the service provided and the fees.
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Read Less Money Insider Stuff Timing. If you plan to purchase business equipment this year, consider the timing. You might be able to increase your tax benefit if you buy equipment at the right time. Here’s a simplified explanation:
Best Time To Call Calculating a company’s income tax liability is both important and complex. We review your business’s financial statements to calculate total income tax liability for a given year.
Last Name Jasper Casbeer It’s a good idea to consult a lawyer too. Working together, your accountant and lawyer should discover all there is to know about the company you intend to buy and run. This will give you peace of mind that you’re getting everything you’re paying for.
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Inc. Tested After determining whether you will hire an inside or outside accountant, you need to determine what qualifications your accountant should have before beginning your search. A non-certified accountant may be precisely what you need to handle your business’ financial statements, analysis, and bookkeeping.  However, when it comes to tax advice and return preparation, business owners usually look to accountants who are certified and licensed. Here are some of the qualifications you may look for:
Bank & Other Reconciliation Find the correct forms, given the structure of your business. Depending on the nature of your business, and how it’s structured, you’ll need to use different forms to prepare for your taxes properly. This is one of the reasons it’s a good idea to consult a CPA, especially when you’re getting started. To learn more about the different forms needed for Partnerships, Corporations, Sole Proprietorships, and LLCs, navigate to the IRS web page for small businesses, or click here.
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Even for simple information requests, you should rely on a professional representative during your audit to avoid an intimidating experience at the hands of the IRS.
Great. I noticed that your transportation expense is lower than your industry average. We may be missing a valuable tax deduction. Do you use your personal car for work?
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Small Business Tax Checklist “Jacqueline was hired to do the everyday accounting work for our small business. She is a great bookkeeper, and knows how to handle all the tax forms, and do payroll. Good computer skills. Her work was always accurate and on time. Nice to work with and easy to get along with, good personality.”
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Nothing strikes fear in the hearts of people more than receiving an IRS Audit letter in the mail. Audits take significant time away from your business and family, requiring you to gather mounds of records substantiating each and every item reported on your tax return and develop a comprehensive understanding of tax law.
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Your Full-Charge Bookkeeper The Inc. Life Small business owners that operate under an LLC or S-corp entity have typically chosen those entities to operate their businesses under because of the past tax rates on pass through income was taxed at a lower rate and they could avoid double taxation with a C-corp.  However, now that the corporate tax rate has been lowered to 21% down from 35%, solopreneurs, freelancers and micro-small business owners may want to review and reconsider if a pass-through entity is serving their short and long-term business objectives.  For instance, if a business now sees the opportunity to raise capital from foreign investors and was previously operating as an S-corp, now is the time to meet with their attorney and tax professional to see if a C-corp or other entity would be more of an ideal fit for their objectives. 
   Click for Our Privacy Policy Accountant jobs Insurance Basics Anti-Spam Legislation Today’s News & Weather Bank of America Bank of America 5 Helpful Small Business Tax Preparation Tips See these 5 helpful small business tax preparation tips to help you prepare for tax season. small business tax preparation, taxes for small business 5 Helpful Small Business Tax Preparation Tips 5 Helpful Small Business Tax Preparation Tips See these 5 helpful small business tax preparation tips to help you prepare for tax season. 5 helpful tips for tax season Bank of America 5 helpful tips for tax season Preparing taxes for small business can be a real challenge for owners. Between day-to-day operations to marketing your product, finding time to do yearly small business tax preparation isn’t easy. Here are 5 tips to assist you in being better prepared. Get organized. Begin making estimated quarterly tax payments. If not, you may be subject to penalties. Separate your personal from your business bank accounts. This same principle applies to home offices, which must be a separate space used solely for business. Start a savings account specifically for taxes. Put money aside now so you’ll have it when you need it. Digitize receipts. Some apps import them directly into your spreadsheet. Keep detailed notes. Log all travel, car and other expenses as they occur. Extra tip: Set up a health savings account. Enables you and your employees to put money away pretax for health care expenses. You can even coordinate prescription purchases with pharmacies to save even more on taxes. Use technology. Electronic statements. Downloading your transactions and reconciling regularly is a great way to consolidate your process, eliminate paper and keep finances — and tax prep — up to date. Benefits of accounting software. Cut down on data entry. Checking accounts and financial records can be linked to tax software. Save time and effort. Hire someone. 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. Hire a professional. Certified public accountant (CPA) Enrolled agent Attorney Talk with your banker. Ask questions. Top 4 tax-related questions small business owners could ask their accountants: What should I be aware of when hiring an independent contractor as opposed to an employee? Should I make quarterly tax payments or pay all at once at the end of the year? When are my federal and state taxes due? Remember: If you do business in different states, you might have to file in each state. Are there any special deductions I can claim if I make any big equipment purchases? Stay informed. Keep up with industry news. Follow your small business community and tweeters like financial personalities and affinity groups that publish trends, articles, info and more. Learn from companies like yours. The U.S. Small Business Administration website at sba.gov layer is another great online source of tax information. Go directly to the source. Visit the Internal Revenue Service website at irs.gov layer for webinars, videos and more in its small business tax center. For more helpful tax-related content, please read more on the Bank of America Small Business Community 8/24/2017 2/23/2018
March 22, 2018 at 9:41 pm Business Phone Systems With well-kept records, regular reports, and a clear understanding of your current financial position, you are simply much less likely to make costly errors.
Tax calculators & tools  We are experts at bookkeeping. Our goal is to make your life easier by taking care of your books so that you can take care of business. Exam Fees:
Atlanta, GA 30363 Example: You buy a $40,000 piece of machinery on December 15. If the half-year convention applies, you get one-half year of depreciation on that machine.
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TurboTax Advantage program Latest Courses Your Phone Number Income and expense records are the basis of your tax return. Depending on your level of gross receipts and assets, you may need balance sheet information as well.
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Create an Account Ship Orders General Information Payments EA Exam Preparation If you know your business and understand the legal contract aspects of it, terms of sale and returns, then your accountant is more important especially if you have sales tax and employee payroll taxes with which to deal.
Customizable sales taxes Notify me of new salaries for: When it comes to taxes, it can be an overwhelming subject for small business owners. There are so many things to remember about small business tax preparation that you, as a business owner, can get lost. The main reason to hire a CPA is that they take on the responsibility for remembering when certain things are due. They also make sure that you are getting all of the tax advantages that are available.
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Reports/Surveys “We’ve been working with Tony from Whyte and Associates since opening our business back in June 2013. We have our personal and business taxes done through them and they’ve been a pleasure to work with. Highly recommend giving these guys a shot.”
Government contracts. Does your business operate with government agency contracts at the federal, state or local level, or do you hope to have these types of contracts in the future? If so, look for a small-business accountant who has experience with the particularities of accounts receivable for large government contracts.
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— Matthew Marger Advanced Business Strategies LLC Phone: (218)478-2880 What A Bookkeeping Service Does We are award winning and affordable. Affordable because our office is located in Northeast Philadelphia where rents are much lower than center city.
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Workflow Inventory Time & Attendance Bookkeeping Services For Individuals Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
FOLO | March 9, 2018 at 1:33 am List of shareholders and possibly ownership percentages (if an S corporation)
Controller Owner and CEO Payroll FAQ & New Business Payroll F. Ownership of Intangibles Vision and Core Values If you use accounting software, such as QuickBooks or Quicken, to record your financial information, print out a Profit and Loss Statement and a Balance Sheet for quick reference as you begin your tax return. If not, you may wish to compile this information in an Excel spreadsheet. Regardless of which software you use, organizing your accounting records makes tax preparation much easier.
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Tax Solutions Bookkeeper.com has 3 main pricing packages that vary depending on the number of bank/credit card transactions you have per month. This pricing is for bookkeeping services only. Payroll & income tax preparation are add-on services that you can include for an additional cost.
Become a Licensed Individual Tax Preparer in Maryland See What’s Included & Events So your first consideration is whether you just need compliance – basic bookkeeping – or if you’re ready to graduate to full service accounting that will help you drive increased profits, improved cash flow and growth. They require very different levels of effort and expertise and as you can imagine, the cost for full service accounting is much higher. However, most businesses that make the leap see the value and experience an ROI rapidly.
The internal structural framework of a building. According to survey results from Staples, more than half of small business owners view tax preparation as complicated and, surprisingly, nearly 50% handle their business taxes on their own. Part of the challenge as I see it stems from two things: (1) confusion about tax rules and (2) disorganization.
Platform Agnostic 2. Foreign Account Tax Compliance Act (FATCA) Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting research can be classified into archival research, which examines “objective data collected from repositories”; experimental research, which examines data “the researcher gathered by administering treatments to subjects”; and analytical research, which is “based on the act of formally modeling theories or substantiating ideas in mathematical terms”. This classification is not exhaustive; other possible methodologies include the use of case studies, computer simulations and field research.[60]
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