Tag Archives: tax cuts
Tax Tips for Newlyweds
Posted on 20. Aug, 2010 by admin.
Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS.
Here are some basic tips:
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Healthcare Changes for Small Businesses Part 2: 2013-2014
Posted on 02. Jun, 2010 by admin.
Additional modifications to health care are anticipated for 2013 and 2014. (See Healthcare Changes for Small Business, part 1: 2010-2011 for the first installment.)
Changes starting in 2013
Beginning in 2013, the itemized medical expense deduction floor will be raised from 7.5% to 10% in order to limit tax-subsidized medical expenses.
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4 Tips for Getting Through an Audit…and How a CPA Can Help
Posted on 10. Nov, 2009 by admin.
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.
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Full Disclosure: What to Tell Your CPA
Posted on 30. Oct, 2009 by admin.
No business owner looks forward to the chaos of tax season. When you’re already juggling customer service, marketing, and business development, it can seem virtually impossible to make time for preparing your financials. That’s where your CPA comes in.
If you think an accountant’s role is limited to preparing and filing annual tax returns, it’s time to adjust your expectations. Many of our new clients are pleasantly surprised to find out how much work we’re prepared to take off their plate.
One of the biggest mistakes business owners can make is withholding information from their CPAs. While basic financial data— W2 and 1099 forms, real estate interest statements, receipts for business expenses—is important, we dig deeper to ensure a clear understanding of our clients’ businesses and long-term goals. Below are some of the most important things to convey to your tax professional before tax season:
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Think You Don’t Need a CPA?
Posted on 26. Oct, 2009 by admin.
Think Again.
You wouldn’t set off on a cross-country journey without your GPS system—so why risk navigating the sometimes turbulent waters of business ownership without a qualified tax professional to guide you?
Considering the proven benefits of hiring a Certified Public Accountant, it’s surprising that a significant number of business owners don’t use one. What’s stopping them? Below are a few of the most common reasons we’ve heard, along with some facts to set the record straight.
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