An accountant can offer advice based on an extended observation of your financial practices. For example, is it practically impossible for you to put away – and then not touch – savings? An accountant could show you how to over-withhold taxes so you get a significant return at the end of the year.
Why hire an accountant for your business? Accountants can be a great resource for professional referrals and networking contacts in the business community.
Your tax preparer can also file your taxes online for you. If you're getting a refund, filing online usually means that you'll get your tax refund more quickly.
Pop Quiz: What ancient language is the root of many accounting terms? a) Latin, b) Greek, c) Sanskrit, d) Persian. Answer A. Latin. Words, such as computatorium, refers to the counting-house as well as other words derived from computare.
The IRS Restructuring and Reform Act of 1998 allow federally-authorized practitioners (those bound by the Treasury Department’s Circular 230 regulations) a limited client privilege. This means there can be confidentiality between you and the EA under certain circumstances in cases involving audits and collection matters.
One of the best ways to find a high-rated accountant is to get a referral from your attorney, your banker, or even a business colleague.
Accurately recording your sales as well as your purchases and daily expenses is what a business accounting service specializes in. In fact, maintaining a daily purchases and expenses sales sheet is essential for the small business to thrive and what makes a business accounting service so valuable.
One of the biggest benefits of using a tax accountant is the amount of time you end up saving. All you need to do is to collect and compile all of the necessary documents, and your tax accountant will take care of the rest for you, including the filing.
When it comes to filing your tax returns or dealing with a potential audit, accuracy and thoroughness are critical. By hiring an EA accountant, you can help to ensure a favorable outcome and minimize your tax burden.
When hiring an accountant, be sure to do a background check. You want to be sure that the person you are hiring is reliable and trustworthy.
Hiring a business accounting service is all about staying in your customers’ and vendors’ good graces! By hiring a business accounting service, you never have to worry about being late on delivery or missing a payment again.
Have you had any life changes over the past year? If you've started a business, changed your family status, or purchased or sold property, your taxes will likely be complicated enough so that you would benefit from the services of a professional accountant.
Pop Quiz: Q. Jamie Oliver buys steak, vegetables and olive oil for use on his cooking show. How should this purchase be recorded? A. As an expenditure on the income statement.
Unless you think paying more than your fair share of taxes is a way to help the federal government reduce the federal debt, you are surrendering more of your hard-earned income than you need to. An experienced accountant knows what deductions you are entitled to take.
Hiring an Enrolled Agent to help with your personal or business taxes means that you will be working with a professional approved by the Internal Revenue Service. This means that he or she has a thorough understanding of IRS regulations.
Did you know that if you hire household workers (such as a house cleaner, in home caregiver, or a nanny), you must pay and report payroll taxes beyond a certain income threshold? Failure to do this can result in an audit and penalty fees.
The IRS has at least 480 different tax forms, each with several pages of instructions. The simplest form, the 1040EZ, has 33 pages of instructions.
It is vital particularly for small businesses to properly identify all workers as full-time employees, part-time employees or contractors. An EA accountant understands the precise differences and can offer advice on how to add contractors to your company payroll.
It’s important to remember that there is absolutely no shame in admitting that you aren’t sure about what you’re doing with the various tax forms. With tax laws that change regularly, it’s often best to work with a tax accountant who understands the nuances of the changes.
We recognize that tax time can be just as stressful for individuals as it can be for businesses. Let’s talk about how we can help you to make tax time less difficult by giving you the peace of mind that all your taxes are being done correctly.
Wondering what the difference is between an EA (enrolled agent) accountant and a CPA (certified public accountant)? An EA focuses on taxes for businesses and individuals, while a CPA will often specialize in other areas like financial services and general business accounting.
A good accountant can help you make sense of the tax laws and provide you with financial advice that will help you grow and manage your small business. How has hiring an accountant benefited your business?
