Unless you are starting a financial company, the majority of business owners are experts at the product or service they offer and know much less about accounting. An accountant can help you put together a business plan, assist with the company’s tax return or produce reports that project your profitability into the future.
One of the best indications of a quality tax professional is many satisfied clients. Therefore, searching for reviews from current and previous customers can help you find a tax professional that has both experience and expertise.
Accounting mistakes can unfortunately result in lost revenue or, worse, a tax audit. Hiring a professional accounting service puts all of your bookkeeping in the hands of meticulous professionals to minimize errors.
In 1917, the highest personal income tax bracket was raised to 67%. The War Revenue Act of 1917 raised additional funds to use to pay for World War I.
According to the IRS, “Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.”
Did you know that the Internal Revenue Service only allows certain individuals to represent taxpayers in the event of an audit? If you hire a tax preparer and there is an audit, that person cannot represent you before the IRS.
It’s important to remember that you’re held to the newest changes to the tax code even if you aren’t aware of them. Working with a tax professional will ensure that your taxes are following all the rules.
Did you know that state and federal financial and regulatory laws are always changing? This is why more and more companies are hiring a business accounting service, as they are better equipped than a traditional bookkeeper to know and keep up with all of the changing laws and regulations.
If you own a business, are self-employed, and/or have active rental properties, then hiring a tax accountant is going to be a smart move. Your accountant can identify opportunities to minimize taxes by depreciating assets and logging expenses.
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.
So what exactly is the self-employment tax? This is a federal tax that’s set up to ensure that an independent contractor pays into both social security and Medicare. While employees and employers split the costs of these payroll taxes, independent contractors are responsible for both halves via this tax.
If you have started a new business, a tax accountant can offer advice on ways to cut costs. For example, full-time employees must be paid a range of benefits. However, freelancers or independent contractors do not get benefits. A tax accountant can ensure employees are categorized properly based on what they do for your company.
Should you be working with an EA accountant? Yes, if you need help resolving an IRS dispute or you expect to owe back taxes. EAs are authorized to represent clients in all types of tax-related situations, including audit hearings, appeals and tax proceedings.
The patron saint of accountants—yes, there is such a saint!—is Saint Matthew. Indeed, he is the patron saint of all accountants, bookkeepers, and tax collectors. Before becoming an apostle, St, Matthew was a tax collector for the ancient city of Capernaum.
Accounting fees are typically priced by the service. For example, a firm preparing your tax return may charge you by the page, document or your situation’s level of complication. However, accountants are not permitted to charge a percentage of your tax refund.
Have you ever been hesitant to send in your tax return to the IRS because you just know there’s something you overlooked that they’ll catch? Let’s talk about how working with a tax accountant can help you to alleviate some of that stress.
While many business owners and managers are more than capable of handling their tax preparation, it’s not always the most efficient use of company resources. Call on us when you need an expert handling your taxes.
If you are due a refund you want it as soon as possible. However, the IRS says they regularly see returns that are not signed, have a Social Security Number that is incomplete or impossible to read or has the wrong routing or bank account number. These mistakes delay the return, and in turn, delay the processing of the refund.
Considering two aspects, the sales forecasts and expense estimates makes cash-flow projections. The total revenue minus the total expenses ultimately determines cash flow.
Before you sell real estate or stocks, it's smart to consult with your tax accountant. He or she will be able to advise you on the best way to do this so you can minimize your tax liability on the money you make from the sale.
Contrary to popular perception, the 16th Amendment authorizing federal income taxes was not the first income tax law passed in the US. In 1861, for example, Congress passed the Revenue Act which authorized taxes on personal income to finance the Civil War.
It’s important to remember that any errors created in your tax return by a software program will ultimately be your responsibility. If you need to ensure your tax return is as accurate as possible before sending it to the IRS, it’s best to work with a tax professional.
