by Karla Dennis | Aug 18, 2013 | Blog
Did you know that if your financial records are not organized and up-to-date you could potentially be losing money every day? At Cohesive Tax they want you to know something that many business owners don’t: it’s absolutely imperative that you have quality bookkeeping records to ensure the success of your business. It’s astonishing how many business owners shrug off the responsibilities of bookkeeping and take it so lightly when the quality of bookkeeping records you maintain for your business can actually make or break it. Poor bookkeeping records can lead to a number of different issues for businesses and at Cohesive Tax they want to help curb those issues. For instance, if you own a business and you find that your tax planning becomes more difficult throughout the years, this is a heavy indicator that you need professional bookkeeping help because you’re not staying on top of a very important job. Also, if your expenses aren’t categorized this can also lead to problems in the future and not just at tax time. Sound bookkeeping records are imperative to the success of your business and the professionals at Cohesive Tax want to stress to you just how important they are. If you are in over your head, are having trouble at tax time or are constantly getting assessed late fees or penalties it is time to call in the professionals at Cohesive Tax. By implementing their bookkeeping services into your business they can solve the issues you were previously having, help you become more organized as well as help you reach financial goals and objectives for your business. Bookkeeping isn’t...
by Karla Dennis | Aug 15, 2013 | Blog
Hello everyone Karla Dennis here with Cohesive Tax talking with you today about the importance of having a tax reduction strategy in place. This blog is used to change how you think about your tax situation in order to keep the most money in your pocket after tax day has passed. If you have questions about tax strategy, resolution, or preparation please contact me via my website or call the office to discuss your current state of affairs. For those of you that have followed this blog you have probably heard me talk about the four main forms of tax strategy. Today I wanted to talk specifically about the tax reduction strategy that can help you the most. This means we are looking to reduce your taxes by simply following my four easy steps. First off, are you taking all the ordinary and necessary business deductions or write offs under code section 162 that you qualify for? This is very important that you take these normal deductions and write offs while also educating yourself on their benefits. Step two involves finding deductions from everyday expenses that are directly tied to your business. Examples of these could include a home office, business vehicles, or employees that are your children and can all help you save on your taxes. Step three is intended to make sure you are maximizing your deductions whether in the short or long term. This will involve expenses or assets that would normally be depreciated that may also have other tax benefits. A good example of this would be a company car. Depending on the condition of...
by Karla Dennis | Aug 15, 2013 | Blog
If you are a homeowner that is also in need of a Tax Resolution service it is important to understand what your tax situation means to your home. With the option to place a tax lien against your property the IRS does have the ability to keep you in a home until settling your tax debt. If this situation sounds like what you are going through contact a trusted tax expert today so your Tax Resolution needs do not get in the way of your home. For homeowners who find themselves in need of Tax Resolution services it is important to allow you situation affect the other. If you are attempting to sell your home in the near future any potential buyers will be able to see a tax lien that has been placed on your property. And unfortunately until this tax lien has been removed you will not be able to sell your current home. If an agreement is made upon listing the home that will settle any tax lien situations affecting the property this may be avoidable. In the case of some homeowners with an underwater mortgage they have been able to have a portion of the selling price of their home go to the settlement of their IRS debt. This is really the best outcome for both sides as your Tax Resolution needs are met and someone gets to move in to a new home. You may also want to remember that in selling your home for less than what your mortgage balance is may created additional taxes. This is because you were once loaned a...
by Karla Dennis | Aug 14, 2013 | Blog
Today I’d like to give small business owners three tips on ways to have better records for bookkeeping. One of the most important things you can do is to use a professional bookkeeping program. The days of doing bookkeeping by hand are over; you want to get everything computerized and online to help you keep better records. The IRS no longer wants to see hand written schedules they’re asking for general ledgers, a profit loss form and balance sheets. Help yourself now by getting yourself on a professional accounting program. Tip number two is to keep all of your receipts and statements for anything you charge on your credit card or any check that you write. if you’re a business owner, no longer are credit card statements or cancelled checks enough to substantiate your business expenses. The IRS now wants to see the receipts for office supplies or a business dinner or invoices from your vendors; they’re looking for the receipts to back up the expenses from your credit cards or cancelled checks. Tip number three is to get all of your online banking statements now; while the bank says they do keep your bank statements for up to 18 months, but if you’re being audited you could run into trouble getting some statements from your bank. Make it a habit of downloading your bank statement onto your own hard drive for easier access when you need it. read...
by Karla Dennis | Aug 12, 2013 | Blog
Have you recently asked yourself if it is time for you to hire someone to tackle the bookkeeping services for your business? Do you feel overwhelmed when it’s time to work on your books and try to avoid it like the plague? If so, these are more than likely some indications that it’s time to contact Cohesive Tax about using their professional bookkeeping services. The sad truth, however, is that many business owners don’t realize when they should actually hire someone for their bookkeeping. They keep trudging along thinking everything is fine when really it’s not. Here are a few different ways to tell if it’s time for you to hire someone for your bookkeeping responsibilities. Are you often paying your bills late and because of this often accrue late fees? This is definitely a sign that you need someone for your bookkeeping. Paying bills on time is a simple and easy thing to do and having to pay late fees is a waste of your business’ money and is also something that can easily be avoided. Next, are you often unaware of how much money is in your bank account or are you constantly getting overdraft charges from your bank? Again, balancing your books is an easy task when you stay on top of it and paying overdraft fees is also a waste of your hard earned money. Lastly, do you dread doing the bookkeeping and simply wish you could focus more on the business aspect of things? This is perhaps the biggest reason why business owners choose to hire out their bookkeeping services and it makes sense....
