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Accounting & Internal Auditing - Crowley & Halloran CPAs - Watertown, NY
While you may be more than qualified to handle your own tax return for your family, it may not always be in your best interest. If you’ve experienced a major life event since the last time you filed, you may not be aware of the deductions and credits available to you.
What are the two routes to becoming an Enrolled Agent? To be able to practice as an Enrolled Agent, a person must have either worked for the IRS for at least 5 years or passed the Special Enrollment Examination which includes questions about tax codes for a variety of applications.
Did you know that the Rosetta Stone has content related to a priest's exemption from taxes? In fact, many ancient documents from around the world are tax related.
Sometimes certain situations can make your taxes more complicated, like owning a rental property or moving from one state to another in the middle of the tax year. In these circumstances, it's a good idea to hire a tax professional like an enrolled agent to make sure your returns are prepared correctly.
One of the benefits of hiring a business accounting service is that they can put you in touch with other similar small businesses! This can help you to expand your business; by getting in touch with still more clientele you can increase revenue through greater sales.
It’s a smart move to realize your tax losses throughout the year. It’s recommended that you consider selling any investments that are currently at a loss, as doing so can generate a tax deduction for that tax year.
As a small business, who do you owe taxes to? There are various tax returns for all the different agencies, which include Local county or city, state, and federal. Some other areas you might not consider but still owe would be district, employee, property, sales, and payroll.
One of the benefits of having a tax accountant help you with your taxes is that it makes future tax seasons much easier. They will be able to help you both with organizing your documents and also planning for strategies to handle future tax obligations.
Most accountants can offer advice on everything from insurance to the future expansion of your business.
A common tax mistake made in the United States is the claiming of ineligible dependents. To claim someone as a dependent, the person must be a US citizen, US resident alien, or US national. A dependent can never be your spouse.
The National Association of Enrolled Agents, founded in 1972, is an industry organization to help independent, licensed tax practitioners achieve and maintain the highest standards in the field. With 11,000 members, the group offers enrolled agents continuing education in all areas of taxation.
We recognize that tax time can be one of the most stressful times of the year for people who suspect they’ll be writing the IRS a hefty check. Not only will using a tax accountant take some of the stress off you, but it may also help to cut down the amount you owe.
An Individual Retirement Account, or IRA, allows you to put pre-tax income into an account without incurring any tax repercussions until retirement. If you have an IRA, you will want to bring your IRA statements with you when you visit your accountant.
For more than 40% of small business owners, bookkeeping and payroll chores are two of the most dreaded tasks. They dislike the complexity of compliance, changing regulations, administrative headaches, and time it takes away from their business.
Do you know all of the deductions, credits, and other tax breaks for which you may be eligible? Because the limits and eligibility requirements are constantly changing, it takes a tax professional to know just what you can deduct.
The Special Enrollment Exam (SEE) administered by the IRS is designed to determine an EA accountant’s ability to interpret and apply tax laws and regulations. As a result, the exam consists of three parts related to individuals, businesses, and EA representation practices and procedures.
Pop Quiz: Who worked in accounting before his musical careers took off? a) Mick Jagger, b) Kenny G, c) Robert Plant of Led Zeppelin, d) Bruce Springsteen. Answer: Actually, Mick Jagger, Kenny G and Robert Plant all worked in accounting!
One smart tax management tip for small businesses is the strategy of deferring income. Basically, any income received by December 31 counts for the current year. By simply shifting income to after January 1, you delay it from being counted as income, potentially saving you some money.
Why work with a small business accountant? More than half of all small business owners spend more than 40 hours a year on tax preparation, and close to 40% devote more than 80 hours a year to taxes.