by Karla Dennis | Feb 2, 2014 | Blog
Filing out your taxes can be stressful for anyone, even if you work with a tax preparation expert. When you are in the middle of tax preparation, it can be hard to remember all of paperwork that you need to be bring with you. To help in your quest for tax preparation readiness, here is a checklist of some commonly forgotten documentation you should bring to the tax preparation appointment. First, many people forget to bring copies of all of their medical bills. There are situations when you can actually deduct your medical bills from your taxes. You’ll never know if that is an option for you unless you bring all of your old bill stubs for the year and proof of payment. Second, if you purchased an Energy-Star approved appliance, you can receive a deduction on your taxes. When you visit your tax preparation expert, bring all of the documentation of the purchase and installation of the appliance so you can claim the credit. Third, if you moved during the year, you may be able to claim a deduction on all of your moving expenses. Your tax preparation expert can help you decide what expenses are tax deductible and will know what forms to fill out. All you have to do is bring in the information. Fourth, if you are paying off student loans, you can deduct the interest from those loans off of your taxes. All you have to do is bring in proof of the insurance you paid to your tax preparation expert’s office. There are a lot of instances where tax payers don’t claim the...
by Karla Dennis | Jan 29, 2014 | Blog
The IRS doesn’t take the filing of your taxes lightly, and neither should you. Many people want to make sure that their taxes are filled out correctly so they hire a tax preparation expert. Not only will they help you fill out your taxes correctly, but tax preparation experts may even help you save money by finding deductions you didn’t even know existed. Before you choose someone to fill out your taxes, here are some things to consider. First, does the tax preparation expert have credentials? Many tax organizations require that their members uphold a code of ethics and invest in continuing education. By law, any tax preparer, including lawyers and CPAs, have to apply for a Preparer Tax Identification Number from the IRS. Ask your tax preparer to show proof of this number before you hire him or her because it proves their legitimacy with the government. By requesting their credentials you can make sure that you’re hiring someone that is honest and knowledgeable. Second, the IRS counsels tax payers to always check with the tax preparation company about fees. You should always stay away from companies that request a certain percentage of your tax return or promise they can make you more money than any another company. Third, another good piece of advice for choosing a tax preparation expert is to find someone that will be accessible to your after tax season ends. You should be able to get a hold of them throughout the year should you or the IRS have questions about your taxes. Finally, you should never sign a blank return. It is a...
by Karla Dennis | Jan 25, 2014 | Blog
Every business is trying to save money. It is part of being a successful business owner, but letting your bookkeeping go is one area that you can’t afford to have as a stumbling block. There are five ways that you can let your bookkeeping strategies help you put money in the bank. First, it may sound strange to counsel that you hire a bookkeeping specialist, but most businesses find that if bills and employees are paid on time, the company will thrive. You should consider hiring a bookkeeping service or employee as an investment to keep your business organized. Second, make copies of everything. When you have your bookkeeping expert make copies of everything, you protect yourself and your interests. You will be able to prove any bills that come through your company. If an issue should ever go to court, you will be ready. Third, you should always separate your business accounts from your personal accounts. Never take money from your business to pay personal bills. You should even have separate bank accounts and credit cards. Again, it will only protect you to keep the accounts separate. Fourth, don’t use cash. It can be very hard to keep track of cash transactions. When you use your credit or debit card you have a virtual copy of the money you spent. It will make it easier for write-offs when tax time rolls around. Finally, track your mileage. Have your bookkeeping expert log in all of mileage so that you can use it as a tax deduction. Whenever you drive somewhere that is related to your business you can use...
by Karla Dennis | Jan 21, 2014 | Blog
Bookkeeping is one area of your business where you don’t want to go wrong. It can cost you money, business, and employees if you allow your books to become disorganized. Whether or not you have a bookkeeping service or employee on hand, here are some tips on bookkeeping that will keep your business on sound financial waters. It is a lot less overwhelming if you keep track of your books daily. Sit down and examine the amount of money that has been paid and the profits earned. Look ahead to bills that will need to be attended to in the near future. Maintaining daily records will make bookkeeping easier, and it will also keep you from getting surprise bills. Many people forget that checks are as good as cash. You should take extra care when working with checks. Make sure that you use the same signature every time so that you won’t invite forgery. It is a good idea to keep carbon copies of every check that is written. Good records will ensure that you will not be held responsible for errors deal with checks. Your bookkeeping will go a lot smoother if you keep careful records of all of your expenses. For example, when you write checks you should file them in numeric order so that they are easy to find and keep track of. All of your billing should be kept according to date so that you can be accountable for any bills that come through the business. There are a lot of computer software programs that can make bookkeeping easier. They make it easy to track...
by Karla Dennis | Jan 17, 2014 | Blog
You have probably seen countless situations on the news where are bookkeeping company embezzled money from the company that they are working for. The truth is that these situations are quite rare, but that doesn’t mean that you shouldn’t be very selective in finding a bookkeeping company that you can trust. First, when you high a bookkeeping company, make sure that you check with the Better Business Bureau. Their website lists companies that have been dishonest in dealing with employees. It is a great place to start when you are trying to find a good bookkeeping service. Second, get references from the company. When you are given a list of references you should take the time to call the company or person. When you talk to them find out whether the bookkeeping company was organized. Ask about whether they were on time with billing and payroll. You can make sure that they were a pleasure to work with. Don’t forget to make sure that they were honest as well. Some of the best information that you can get about a bookkeeping service can come from actual clients. Third, visit their office. You can learn a lot by visiting the place of business of your bookkeeping service. After all, it is where they will handle your books and other documents. When you look in the office, make sure the personnel look respectable and well-kept. Ask about where they file all of their information. You don’t want your confidential information stored in cardboard boxes. Looking at the establishment can give you a feel for the kind of company that you will...
