What does that mean? GAAP stands for Generally Accepted Accounting Principles – accounting principles that should be followed by all businesses.
If you earn more than $200,000 per year, your risk of being audited by the IRS goes up from less than 1% to almost 4%. Having a relationship with a good tax accountant means they'll have your back in the event of an audit.
We recognize that tax time can be particularly hectic for businesses that enter their busy season during the second quarter. Let’s talk about how we can help you make short work of your tax return so that you can focus on other matters.
What are the benefits of creating a limited liability corporation? An LLC can be used for a small business, but it protects the owner from being totally responsible for all debts of the business. That makes it a good choice for many companies and an accountant could provide more details on when to consider an LLC.
If you follow the news you know that the laws governing federal taxes, such as credits and deductions, change on almost a yearly basis. Are you familiar with any changes that affect your company or your family? An accountant will ensure that you are aware of the latest rules and regulations.
There are several benefits to using a tax accountant to prepare and file your taxes. Not only is this a convenient way to go, but you will have a knowledgeable individual reviewing your overall tax situation and making recommendations for how to reduce your tax burden now and in the future.
Are you a small business owner? If you aren’t also a tax expert, it only makes sense to hire someone who is, like a tax accountant. That way you can continue to focus on what you are an expert at – your business.
Basically, your Offer in Compromise bid with the IRS will be decided based on your unique financial situation. When you have an enrolled agent representing you before the IRS, you can significantly boost your chances of success.
You may think that starting up a home business is a fairly simple process. However, it’s a good idea to involve an accountant to make sure you know how to separate personal and business expenses so that the IRS doesn’t have a problem with any deductions or credits you or your business may claim.
It’s always a good idea to consult an EA accountant before you set up your small business to help you decide how you will handle your taxes. An EA must pass a taxation test administered by the Internal Revenue Service and thus have a strong understanding of current tax laws.
Do you know which President signed income tax into law? It was President Lincoln in 1862. The tax was used to pay for expenses associated with the Civil War.
Today, the EA exam consists of three exams administered by the IRS that must be passed in order to gain enrolled agent status. The only other way to become an EA is to have worked for the IRS in certain capacities for over five years.
Be sure to inform your tax accountant of any major events in your life over the past year, as well as purchases and sales of note. Even though they may not have an apparent tax benefit, you’ll be surprised at what you can save.
It may seem cost-effective to do accounting tasks yourself – but include your own time in that equation. How long would it take to do your own business taxes? How much are you worth per hour – and is your time better spent elsewhere?
Have you ever taken a quick look at the IRS Tax Code? It contains about 4 million words, making it almost seven times as long as “War and Peace,” according to experts. When you hire an accountant, you don’t have to worry about keeping track of the yearly changes to the Tax Code.
It’s important to understand that among all licensed tax professionals, only enrolled agents (EA) make taxes their specialty. For most CPAs and tax attorneys, taxes are only a part of their training and experience.
In addition to federal income taxes, the majority of U.S. states also issue income taxes on their residents. Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming are the seven states that do not.
There are several reasons why it may be imperative for you to hire an EA tax accountant to file your taxes. This includes if you run a business, if you regularly invest in the stock market, if you own rental property, and if you live outside the United States.
It’s important to remember that not understanding the proper way to complete your tax return won’t earn you any leeway when dealing with the IRS. When you need a tax professional to help you get everything right, we’re always here for you.
If you are not sure what property, assets, business expenses, and the like mean for your current tax situation, then trying to do your taxes yourself will end up being a major chore. With the help of a tax accountant, you can make sure that you’ve fulfilled your obligations while making the most of those deductions that are available to you.
Making mistakes on your tax return can have dire financial consequences for you or your business. This is one of the main reasons people hire professionals who specialize in taxes and tax law to prepare their returns for them.
Many people aren't aware of how often the US Tax Code is altered, but there have been almost 3,500 changes since 2000. Many of these refer to specific business or personal situations. A tax accountant will know which ones apply to you so you can comply with the laws and have your returns filed to your best advantage.
Some people have complicated personal tax situations that span across multiple states. When you need an expert who has the ability to help with all aspects of your taxes, consider working with an enrolled agent.
If you have worked for payment over the past year without paying taxes, then hiring a tax accountant is a good option. The bottom line is, you will be required to pay self-employment tax as well as regular tax, and an accountant can help you figure out how to best offset your tax burden.