March 20, 2012
Whether you’re a self-employed individual or the CEO of a corporation, it’s important to have reliable bookkeeping and accounting services. After all, there are myriad aspects of business that require accurate and detail-oriented bookkeeping. From taxes to general expense reports, a good accountant can make sure that your books are in order and that your bottom line is crystal clear. If you are seeking services for Southern California bookkeeping, San Diego is a great place to start, as several firms are likely to have the kind of expertise you require. Read on to learn three things to look for before hiring an accountant.
1) Complete Tax Filing & More
One of the things you want to be sure you have a handle on in business is your tax liability. The best bookkeeping firms should be able to make sure that everything is in order and ready to go when it comes time to file your taxes.
Tax services should include:
• payroll services
• sales and tax reporting
• expense reimbursements
• job costing
• inventory setup and management
• merchant account reconciliation
• Quickbooks setup and usage for streamlined tax preparation
• completion of your 1099s
Your accountant should be able to file your taxes via an electronic federal tax payment system. This can take the burden off your shoulders and free you up to focus on other pressing business issues.
Although taxes are important, your accountant should be able to help you with other financial matters, too. Expense reports, credit card reconciliation, budgeting and forecasting, as well as commission reporting, are just some of the many other business concerns that a bookkeeper should be able to tackle.
When choosing San Diego bookkeeping services, you want to be sure your business is in good hands. The best way to get accurate, thorough financial services is by choosing an accounting firm that has experience, like Allen Barron.
When it comes to accounting, every dollar is important. Accountants who have been in business for five to 10 years have been filing taxes and offering other services and advice for many kinds of companies and individuals, and thus have a wealth of experience. These kinds of individuals and firms would not stay in business if they didn’t consistently provide superb accounting and bookkeeping services. Thus, choosing experienced bookkeepers over startups can be your best bet when you can’t afford to take the gamble.
3) Convenience & Availability
Availability and convenience are also important when picking an accountant. You want to be able to reach your bookkeeping company whenever you have a question, comment or financial amendment to make. Companies that provide toll-free numbers, email addresses and physical addresses ensure that you can get in touch whenever necessary.
Go online today to find an experienced, accessible firm that can assist you with a full spectrum of financial considerations.
Finance happens to be one of John’s favorite things to write about. If you’d like to find out more about San Diego bookkeeping services, please visit http://www.allenbarron.com/
March 6, 2012
Filing taxes is one of the most stressful financial transactions that most people do in a typical year. Small mistakes on this document could potentially cost a taxpayer thousands of dollars, making it imperative to complete it correctly and accurately. Follow these tips around tax time to make sure that you and your money are protected.
DO consider a Professional Tax Service or Software Program
The federal tax code is longer than the Encyclopedia Britannica, making it extremely difficult for one person to completely master. Professional tax preparers do nothing but study tax code, and many have teams of professionals that can work together to prepare more complicated returns.
At the very least, a tax preparing software program will reduce the tax code down into a series of easier to answer questions. These programs are usually developed by hundreds of professionals who are each an expert in their own area of tax law. Preparing a return with one of these programs is a lot easier than doing it on your own.
DON’T Forget to Include Your Children’s Social Security Numbers
Believe it or not, this is one of the most common errors that taxpayers make. Each child that you claim as a dependent must have a Social Security number in order to be considered eligible for credits and deductions. This is to reduce fraud by taxpayers claiming non-existent children as dependents in order to get more deductions.
DO Make a Copy of Your Return and all of the Accompanying Documentation
Obviously, tax returns get lost in the mail or lost at the IRS office, but the most important reason to keep copies isn’t to replace something that gets lost. A variety of government and civilian applications require a person to submit copies of their tax returns. Everything from student aid applications to mortgage applications require an applicant to submit copies of their tax return.
DON’T Wait Until the Last Minute to File Your Taxes
The IRS will start issuing refund checks as soon it starts to receive tax returns. As the returns start to pile up, however, there will be delays in refund checks. If you’re expecting a refund, get your tax return in early.
Even if you have to pay more taxes, waiting until the deadline can get you in trouble. Many people assume that just because they file later they are delaying their payment, but you can file early and send in a payment later. In fact, there are programs to pay off your tax bill past the deadline, but you have to apply early in order to be accepted into the best ones.
DO Look For Deductions and Credits
While this may seem obvious, nearly twenty percent of taxpayers just fill out the 1040EZ form. It is estimated that about half of these taxpayers would receive a higher refund by filling out the so-called “long form” or 1040 A. By using a tax professional or computer software program, it will be a lot easier to look for these deductions.
Be prepared by gathering paperwork for the most common deductions. Have receipts for any mortgage interest that has been paid, child care expenses, and charitable contributions. Also save receipts from activities such as purchasing a home, attending college, and making major purchases.
DON’T lie or fudge numbers. Nearly a quarter of Americans admit to cheating on their taxes at some point in their lives, but few people realize the consequences if they get caught. People who are caught cheating on their taxes will pay high penalty fees, interest, and in extreme cases they can even face jail time.
If you are unable to pay the taxes you owe, look at the programs the IRS has set up for distressed taxpayers. These programs allow people to make payments on their tax debt over several months or years instead of making a lump sum payment all at once.
Filing your taxes can be stressful, but there are many different options available to make this as easy as possible. As you get your return together for 2011, make a list of items that are difficult to find or figure out so that you will be better prepared for next year.
Kathleen Ison is a freelance writer and a mother of two teenagers. They have been wanting to buy a car for a while but they know very little about the taxes and additional costs associated with purchasing a car.
, Finance Management
, financial planning
, Income Tax
, personal finance
, Tax Return
February 8, 2012
There are as many as 5 tax solutions that can keep the taxmen at bay in case you have failed to make the IRS tax payments. Here we will discuss about 2 of the much sought after tax debt relief options. You can think about opting for the tax debt help solution that will match your current financial requirements best. The first one is known as the Installment Agreement. Let us find in details what income tax debt solution it actually is how this particular tax debt settlement plan works.
In Installment Agreement, you agree upon a monthly payment plan that will enable you to pay your pending tax debt to the IRS in reasonable amount. It is more or less like availing a loan and then paying off the debt in easy and realistic monthly payment plan.
Who qualifies for Installment Agreement plan?
If you owe less than USD$25,000 but you are financially stable. However, at the moment you are not being able to shell out all the money to the IRS but you intend to do so in due course, you are eligible for this type of plan.
The second tax debt relief option is known as Lump Sum IRS plan. In this you are required to pay off a lump sum to the Internal Revenue Service. The amount you pay also includes the penalties and the interests that have piled up over time.
You can either take this tax solution to completion on your own or you can seek help of an experienced tax consultant who will take care of the negotiation between you and the Internal Revenue Services.
How will you locate the right tax professional?
The tax professional you are planning to hire is required to be a Certified Public Accountant, a tax attorney, or an Enrolled Agent. Generally speaking, it is said that if you owe taxes to the IRS that is between USD$10,000 and USD$25,000, you can tackle the issue on your own. But if the amount you owe to the IRS is greater than USD$25,000, it is best to seek help of an expert in this field as mentioned above.
, financial planning
, Income Tax
, personal finance
January 9, 2012
Everyone is liable to pay taxes in some way or the other. On paying taxes you are actually helping your country to meet certain expenses. However most of us are hesitant when it comes to clear up our tax dues. There are times when a certain portion of the amount you have paid comes right back to you. Well this turns out to be a bonus for you. The amount you receive is called the tax refund. Tax refunds arise when the amount you have paid is actually greater the tax amount you were asked to pay; but claiming tax refund is not an easy. You need tax refund help to claim the amount. The following are the reasons for claiming the refunds:
Reporting extra income
Claiming tax credits
Claiming additional dependents
Prior to claiming the amount it is needful of you to consult a professional for tax refund help. There are certain meaningful factors to take into account before you actually proceed further with your claims. They are discussed below in the following lines:
Firstly you should clear your grounds of claiming the amount; on failure to do this you might land up at the loser’s end. This is because if the IRS under any case discards your claims you wouldn’t ever receive the amount even if you file a suit in the court. They wouldn’t consider your requests and your pleas would fall in deaf ears.
Your claim should be backed by proper and original documents. If you fail to provide the authorities with adequate documents and data you wouldn’t be able to realize your tax refund claim.
As a claimant you must seek tax refund help from professionals who are experienced in dealing with such kinds of issues. If you aren’t aware of the time limits involved in tax refunds, ten you need to know certain fundamentals. It is important that the claimant abides by the time limit.
The IRS considers a postmark that is earlier than the date of filing for tax refunds. The due date considers extension to the date of filing. Remember that the mailing service considered here is the one which is controlled by the Government itself.
You can claim the amount within a time period of 2 years from the time you have paid the tax bills. You may also be refunded within 3 years after you have filed for the same. In case you file for a joint refund where your spouse’s claim is also involved and your wife/husband’s claim is declined by the IRS because of certain debts then the time period involved is 6 years.
Sometimes the tax payer might be a physically or mentally challenged person. In such cases the time limits allowed to these individuals are suspended in nature. However, the impairment should last for more than a year. Time limits come into action when the individual has a guardian to take control over his financial issues. Therefore, it is essential that you seek tax refund help from professionals.
Kyla smith is a writer by choice and profession offers a comprehensive idea on all issues about Tax. If you want to seek the best tax refund help? You need to consult companies rendering the best Tax refund help. The professionals would see to it that you receive the amount in full.
, financial planning
, personal finance