Blog Archives - Page 29 of 30

25 01, 2010

How to Use Your CPA for More than Just Taxes

By Gabrielle Luoma| 2010-01-25T13:43:43+00:00 January 25th, 2010|Blog, QuickBooks, Tax|Comments Off on How to Use Your CPA for More than Just Taxes

Savvy business owners use a Certified Public Accountant to help with their taxes, knowing that training and experience can help to dramatically boost tax savings. But a good CPA is more than just a tax advisor—he or she is a business expert who can help with a range of financial and business development concerns. If you're interested in learning more about the types of assistance a CPA can offer, consider these tips: • Budgets and Business Planning: Whether you’ve just launched a new business or own an existing corporation, seeking the advice of an experienced CPA can be very helpful in establishing realistic budgets and benchmarks for your business. A strategic plan can make the difference between success and failure in today's marketplace; a CPA can help you set business goals, establish checkpoints to measure progress, and take measures to encourage growth within your company.

12 01, 2010

Positioning your business for the New Year

By Gabrielle Luoma| 2010-01-12T17:10:37+00:00 January 12th, 2010|Blog|Comments Off on Positioning your business for the New Year

2009 has been a year of serious contemplation by most business owners. I see this past year as a year of repositioning. Repositioning in business can mean different things to different people. Here are some different areas that businesses have been reviewing: Do you have the best clients? Reevaluating your client list is probably the first thing to look at when planning your future year. Your marketing plan should focus on the best client fit for you. If the current client list does not fit your focus, think about whether or not you should keep particular clients. Follow the 80/20 rule in these matters. If 80% of your stress comes from 20% of a particular client then reevaluate whether keeping them is worth the trouble. You will need room for the new clients coming in 2010.

4 01, 2010

Tips for Creating Your 2010 Business Budget

By Gabrielle Luoma| 2010-01-04T16:43:02+00:00 January 4th, 2010|Blog, Our Services, QuickBooks|Comments Off on Tips for Creating Your 2010 Business Budget

Believe it or not, the New Year is just around the corner, leaving many business owners scrambling to create a business plan for 2010. A sound budget is one of the cornerstones of any enterprise, large or small, and taking the time to plan ahead makes all the difference in crafting a realistic plan that will help your business grow stronger and more profitable. If you’re a small business owner tasked with budgeting your resources for next year, keep the following tips in mind: Budget conservatively: It can be difficult to accurately predict income or expenses, so err on the side of caution. Assume that costs will be higher than anticipated and that income may be lower, and then craft a budget tailored to those pessimistic figures. You'll be prepared for the worst, and if business in 2010 is as good as (or better than) you hope, it will come as a happy surprise.

31 12, 2009

Energy-Saving Tax Credits

By Gabrielle Luoma| 2009-12-31T13:32:16+00:00 December 31st, 2009|Blog, Our Services, Tax|Comments Off on Energy-Saving Tax Credits

Going “green” has become all the rage lately, with more people embracing energy-saving tactics at home and at work. But Mother Earth isn’t the only one who stands to benefit from the emphasis on eco-friendliness—did you know that you can earn significant tax credits for energy-efficient improvements? Earlier this year, the American Recovery and Reinvestment Act (ARRA) outlined some new and expanded tax benefits for individuals and business owners who invest in energy-saving appliances, improvements, or alternate energy sources that result in reduced usage and conserved resources. Homeowners can earn a tax credit of up to 10% of the cost of solar energy systems, energy-efficient construction, or other alternate energy sources. This isn’t just a deduction of your income—it’s a full credit that is deducted directly from the amount of taxes you’re required to pay.

28 12, 2009

Correcting Mistakes on a Tax Return

By Gabrielle Luoma| 2009-12-28T11:38:27+00:00 December 28th, 2009|Blog, Our Services, Tax|Comments Off on Correcting Mistakes on a Tax Return

Believe it or not, we’re just a few short weeks away from the start of the 2009 tax filing season. One of the biggest taxpayer concerns—after “how much will my refund be?”—is the risk of making a mistake on a tax return. It can happen to even the most meticulous filer: after sending off your e-return to the IRS or dropping it in the mail, you notice an error. After the initial flurry of panic, you can relax—your return may technically be out of your hands, but it’s not set in stone just yet. The IRS has factored in a margin of error for busy taxpayers by providing the Form 1040X. The “X-file” allows you to specify what you reported on your original return, where the error was made, and what the correct figures are. You can even use the form to add or remove dependents or change your filing status. The IRS allows you to file an amendment up to three years after the original filing date. Below are a few CPA-recommended tips for filing the Form 1040X:

21 12, 2009

Who Can Benefit From QuickBooks Training?

By Gabrielle Luoma| 2009-12-21T12:51:28+00:00 December 21st, 2009|Blog, QuickBooks|Comments Off on Who Can Benefit From QuickBooks Training?

Hint: It’s not just people who own their own businesses or work in accounting. QuickBooks is by far the most popular accounting software among small- to medium-sized businesses, sole proprietors, work-at-home moms, and anyone who wants to keep track of their own billing, invoicing, and finances. Although there are plenty of competitors out there, none come close to rivaling the stability and features of QuickBooks. It hooks in seamlessly to other applications, is compatible with virtually all computer systems, and has a simple, user-friendly interface. Although it’s easy to get up and running with QuickBooks, you could just be scratching the surface of what it has to offer. Some basic training will help you uncover hidden features and capabilities, taking you beyond the basics to get the most out of your software. QuickBooks training can serve as a significant benefit for administrative assistants, office managers, secretaries, virtual assistants, financial services professionals, independent entrepreneurs, and anyone who works with budgets.

14 12, 2009

Tax Records: To Shred or Not to Shred?

By Gabrielle Luoma| 2009-12-14T13:32:28+00:00 December 14th, 2009|Blog, Our Services, Tax|Comments Off on Tax Records: To Shred or Not to Shred?

As we approach the end of another calendar year, it can be tempting to clear out all those backlogged tax files and start fresh for 2010. But don’t start feeding all those old records to the shredder just yet—first, consider the following. As a general rule, CPAs recommend hanging onto the past three years’ worth of tax records. That’s equivalent to the federal government’s statute of limitations for questioning or auditing your tax information. There are a few exceptions—some states have up to four years to examine your return, and the statute can be extended or removed in cases of fraud, significant income omission, or tax evasion. But taxpayers who have filed in a timely manner and paid any outstanding taxes by the due date can confidently purge any records three years after the date the return was filed. It’s important to note that the three-year rule only applies to supporting documents and information related to your tax return. Other records, specifically those that detail capital assets, should be kept until the end of the statute period following their liquidation. Below are some examples: • Tax returns: Although supporting documentation can usually be purged after the three-year mark, it’s wise to keep the actual returns themselves. These can prove invaluable in securing a loan or applying for insurance.

7 12, 2009

Year-End Tax Planning 2009

By Gabrielle Luoma| 2009-12-07T14:03:31+00:00 December 7th, 2009|Blog, Our Services, Tax|Comments Off on Year-End Tax Planning 2009

As we head into the heart of December, it’s time to start planning year-end tax strategies. There are several ways to maximize your 2009 savings by minimizing your taxable income through smart deductions. Below are a few tips: Retirement contributions: If you haven’t already reached the limit, now is the time to max out your contribution to your corporate 401K account. If you don’t work for a company, you might also consider contributing to a traditional IRA or SEP (self-employed) IRA. Your CPA can help you identify which retirement plans must be funded before the end of 2009, and which can be funded after the New Year. New vehicle deductions: Are you planning to buy a new car, truck, motorcycle, or RV in the coming year? If you complete the purchase before the New Year, you may be eligible to write off the sales tax as a deduction, depending on the amount of your total household income. Homebuyer and homeowner credit: In 2009, legislature was passed that granted first-time home buyers up to $8,000 in tax credits. This deduction is limited to taxpayers who have not bought a home in the last three years and whose incomes are below the maximum limit. If you’re planning to purchase a home in the near future, doing so before the end of the year will increase your 2009 tax savings. In addition, current homeowners may be eligible to deduct up to $6,500 in tax credits.

17 11, 2009

6 Overlooked Tax Breaks

By Gabrielle Luoma| 2009-11-17T22:51:28+00:00 November 17th, 2009|Blog, Our Services, Tax|Comments Off on 6 Overlooked Tax Breaks

Whether you run a big corporation, a small start-up, or a busy household, your main tax concern is likely minimizing the amount you have to pay and maximizing the return you receive at the end of the year. One of the best ways to accomplish this is enlisting the services of a Certified Tax Professional, who can clue you into potential tax benefits. Below are just some of the breaks that are often overlooked by those who file their own returns: Medical expenses: If your annual medical bills add up to over 7.5% of your income, they can be written off as a tax deduction. While you can’t count portions that were paid by an insurance policy, any non-covered costs are eligible, including associated expenses like insurance premiums and mileage to and from a treatment facility. Property taxes: As of 2008, married couples filing jointly can enter a standard deduction of up to $1,000 for real estate taxes, and single homeowners can deduct up to $500—even if they don’t have enough deductions to file an itemized return on a Schedule A.

10 11, 2009

4 Tips for Getting Through an Audit…and How a CPA Can Help

By Gabrielle Luoma| 2009-11-10T16:03:27+00:00 November 10th, 2009|Blog, Our Services|Comments Off on 4 Tips for Getting Through an Audit…and How a CPA Can Help

Most business owners would rather suffer through a root canal than be subject to a tax audit. Even for those who keep meticulous records and adhere to all state and federal regulations, the auditing process can involve weeks of anxiety and tedious red tape. Without professional guidance, most taxpayers don’t have the information or the confidence to defend them against an audit. Although there’s no surefire way to bullet-proof yourself against a tax audit, a good CPA can help make the process less painful by offering helpful tips like these: 1. Keep records for at least the past three years. The IRS typically initiates audits within 18 months of a filing, but by law they have up to three years before the statute of limitations ends. By having all of your forms and receipts organized and easily accessible, you’ll greatly reduce stress in the event of an audit. When you work with a CPA, you’ll receive all of the year’s tax documents neatly packaged for your files.