Tax Preparation In Miami Gardens PowerPoint PPT Presentations

If you’re new to the world of small business, you may not know that you’re entitled to claim tax credits that can lower the amount of tax you pay to the government. As part of their annual tax filing procedure, many different sized businesses file for tax credits and tax deductions each year; continue reading to find out more:

For all companies, saving money on their taxes forms an essential part of their overall business strategy, but for small businesses, what they can save in taxes, could be the difference between success and failure.

There are several reasons why, as a business owner or an individual, you may be required to file more than one state tax return, and it’s important that you understand when it’s required, and how you should go about doing it.

Accounting strategies that can help reduce a tax burden are welcomed by all small business owners, and while the following tips are all viable, you’d be wise to discuss them in detail with your tax advisor, as naturally, each business has its own unique requirements:

Tax savings are on all our minds, whatever type of business we’re involved in, and making them is made more achievable with some advanced planning, a lot of expertise and some specialized, up to date knowledge. However, the average business owner doesn’t have those attributes, so it makes sense to work with someone who does; an EA, or enrolled agent.

While there is little doubt that taxes are stressful for all small business owners, by incorporating tax planning into your business strategy, you can not only better manage your taxes, but devise a way of more efficiently processing them to alleviate some, or all of the stress associated with tax time.

As discussed in part one of this piece, there is a vast and confusingly diverse array of tax deductions that small businesses may be entitled to, and discovering the ones that you might be able to take advantage of, can be extremely time consuming and confusing.

Reducing your tax liability as a small business owner, is doubtless a priority for you, and understandably so. Thankfully, there are a few tax strategies that you can discuss with your tax advisor to minimize your tax liability now, and for the coming year:

There is a mindboggling array of tax deductions that small businesses may be entitled to and whittling down the ones that might apply to you and your business, can be tricky.

Did you know that there is now a new, simplified tax form for those who are already 65 or older; or for those who may turn 65 this year? Known as the 1040SR, it’s provided for in section 41106 of the Bipartisan Budget Act of 2018, or BBA, a two-year budget agreement passed by Congress and signed by the President in February of last year.

When it comes to planning your taxes as a business owner, it always pays to form a game plan for the approaching new tax year to help lessen the impact come April, and here are a few tips for doing exactly that:

As the deadline looms threateningly on the horizon, taxpayers up and down the country are in the middle of preparing their taxes. However, with the current pandemic showing no signs of retreating yet, and a huge percentage of the population either in isolation or preparing to go into quarantine, many are concerned about how they will get their taxes done in time, if at all.

For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail:

Some of you may already have received your tax refund, but for those who are still waiting for a check or a deposit into their bank account, you might be feeling understandably anxious. Could delays signify a problem with your return, or has the system simply been overwhelmed?

If you’re a dental professional, then you doubtless pay out a lot in taxes every year, and you may be asking yourself if there are any legitimate ways to save on the cost of this. Fortunately, there are several strategies that you can adopt to save money on your taxes legally, and here are the top tax tips:

Filing your taxes as a small business owner can be a daunting experience, and it’s not always easy to know who, or where to turn to for help and guidance. Many believe that the information published by the IRS is the definitive source of guidance for tax filing, but this may not be the case.

Tax filing for business owners is rarely a simple or speedy process, and with things set to get even more complicated this year, choosing to seek professional help from a tax expert, could be a very wise decision, and here’s why:

While fears about Covid-19 seem set to take over our lives – and understandably so – it’s important that amid the confusion and disruption, we don’t neglect our taxes. While the tax filing deadline has been extended to help those Americans affected by the virus, it still makes good sense to get moving on your 2019 tax return, especially if you think you’re due to receive a refund.

There are a variety of ways in which tax professionals set their prices for preparing their clients taxes, and no two will charge the same amount. However, one general rule of thumb is that the more complex the financial situation, the higher the price will be.

Your chosen tax preparer is of course being paid to help you with your taxes, but it’s in the interests of both parties to try and make the process as simple as possible. You are doubtless paying your preparer by the hour, so the easier their job is, the less time it’ll take them, and if your tax preparer is getting bogged down trawling through your receipts or income documents, they may simply make themselves unavailable to you when the next season comes around.

When filing your taxes as a resident or nonresident alien of the U.S. you’ll find that there are some differences between how you are required to fulfill the rules, and how a citizen of the U.S. is. There may in fact, be some income tax exemptions for certain individuals who are not U.S. citizens, depending on their circumstances. Let’s take a closer look at the definition and tax treatment of such individuals:

For owners of businesses large and small, employing the services of a tax planner is often considered, and there are many good reasons for this. But first, let’s begin by looking at exactly what role a tax planner fulfils:

We all know that the overall goal of planning our taxes, is to pay the minimum amount that we are legally required to, but if you’re a business owner, be warned that any actions you take to reduce your taxes, will have effect upon the book value of your assets. It’s important that you think long and hard about what might be best for your business in the long term, instead of simply focusing upon reducing your taxes each year.

If you’re the owner of a start-up, you might think it more sensible to try and reduce your costs as much as possible, by managing your bookkeeping, taxes and accounting tasks yourself. However, while this might work on a temporary basis – and only then if you have some expert knowledge in this area – as your start-up finds its feet and begins to grow, this solution is rarely workable.

Mistakes made during the processing of payroll can be some of the costliest for a company, and when a business struggles to perform its own payroll duties due to lack of training, knowledge or experience, mistakes will almost certainly occur, some of which can result in a loss of finances, not to mention, credibility. One way straightforward and cost-effective solution to this is to outsource payroll to a professional company who will deal with everything efficiently and ensure that payroll is conducted within the confines of tax laws and other IRS requirements.

One of a bookkeeper’s many roles is to help organize a business’s finances, and they do this by managing and recording financial statements, tax receipts, payroll and cash flow. If you’re a business owner, seasoned or new, and you don’t already have a bookkeeper, you’re probably struggling to know exactly where your finances stand, or where the funds are going. With no background in finance, most business owners without a bookkeeper, have no option but to try and manage their money themselves, which can have disastrous and costly consequences.

In days of old, payroll involved a whole lot of manual calculations on ledgers and employees were all paid in cash. Gradually, as time progressed, pay checks were introduced and workers often waited up to a month to receive their pay. Then, when federal withholding taxes made their merry way into the equation, things got a whole lot more complicated.

The role of an Enrolled Agent can be confusing to many, and as a result, some small business owners may not fully understand how an EA can help with their taxes and hence are unsure as to whether they would benefit from their services.

As one of the most popular pieces of accounting software, QuickBooks can be accessed online from anywhere in the world with an internet connection, and can also be integrated with a variety of other technologies. Relatively simple to use, it has helped many business owners manage their accounts, but it’s important that you understand the software fully, to get the most out of it.

Outsourcing your accounting needs is one surefire way of gaining access to a whole team of qualified and experienced accounting professionals, but what other qualities should a good accountant possess?

For many lawyers and owners of busy law firms, it’s not unusual to have to work long, 12-hour days, and with continuing demands from both clients and partners, the workload can become pretty intense, to say the least. However, just because you have a lot of work, doesn’t mean that you should have to compromise on your work/life balance, and managing your time is something you should never lose sight of.

Throughout the United States, outsourcing has been a hugely popular and effective way of managing work for many, many years, with companies quickly discovering its cost-effective advantages and productivity gains. When it comes to veterinary practices, however, outsourcing’s many opportunities for increased revenue and efficiency are frequently overlooked, and the practice of outsourcing continues to be a rarity. But if you’re running a busy veterinary practice and are struggling to maintain your accountancy commitments, outsourcing could help you relieve the burden considerably, just as it does in many other industries.

The majority of businesses nowadays agree that accountancy is one of the single most important factors of their success, and because an accountant is entrusted with all company financials, their role is vital. To that end, it’s important that businesses, whether large or small, invest in all accounting aspects of their company. But should they choose to manage this in-house, or outsource their needs?

Most small businesses benefit from the services of a bookkeeper, and its widely acknowledged that most company owners prefer not to spend valuable time keeping their own books, and for a variety of reasons. However, finding, hiring and keeping the right bookkeeper for you and your business is not always easy, even though it’s almost always worth it in the long run.

The continuity plans of businesses large and small have been consistently challenged over the past 6 months, and with no definite end to the pandemic in sight, they remain a challenge. With more employees choosing (or being instructed) to work from home, business and their workers have been forced to rethink many of their duties and responsibilities, payroll included.

While it can be easy to look at outsourcing payroll duties as an extra expense you could do without, this is a rather simplistic way of viewing it, and does nothing to explore or explain the amount of money that a small business can save in the long term if payroll is outsourced. In fact, when you examine outsourcing in closer detail – in particular, payroll – many of the direct costs associated with processing payroll internally, can be massively reduced when working with an outside provider. Let’s look at this in closer detail:

The relationship that you have with your bookkeeper is worth working on, if only to ensure that your business can continue to function smoothly. However, there are many more reasons why it pays to try and eliminate any problems that you might be facing with your bookkeeper, and why you should do your best to communicate with them effectively. This isn’t always easy though, and misunderstandings can easily occur.

There are many myths surrounding the outsourcing of such vital business services as bookkeeping, and here are just a few of the ones that are simply not true:

During an economic fallout such as that currently being experienced by businesses all around the world, robust back-office services have never been so important. With the decline in numbers your business may be seeing, you need to see your finances clearly, and from every possible angle. Thankfully, outsourced accounting services exist to help you achieve exactly that, and when trying to leverage your business to its maximum during troubling times, their experienced teams of accounting professionals are there to guide you through, and keep your finances on track.

In their financial accounting, there are a series of principles that businesses are required to follow, and in the U.S. most publicly traded companies follow the ‘generally accepted accounting principles’, or GAAP. This set of standards and best practices are used by accountants when totting up the figures and completing financial statements.

The cloud has revolutionized the way many businesses operate, and with so many tangible benefits, it’s little wonder cloud accounting systems are so popular.

In their financial accounting, there are a series of principles that businesses are required to follow, and in the U.S. most publicly traded companies follow the ‘generally accepted accounting principles’, or GAAP. This set of standards and best practices are used by accountants when totting up the figures and completing financial statements.

There are naturally going to be pro’s and cons associated with outsourcing any of your company’s bookkeeping and accounting, or both, and it’s important to weight them up rationally before making any decisions. Here are a few suggestions of what to look out for and avoid, when outsourcing:

With the impact of the global health pandemic being felt by thousands of industries the world over, many companies have faced operational and financial challenges, the likes of which they have never experienced before. Desperately searching for ways to deal with these challenges while continuing to meet the needs of their customers, clients and employees, has been tough for them, and decisions have had to be made with respect to cutting costs wherever possible.

If you’re the owner of a busy law firm, you’ll know only too well how many daily, weekly and monthly bookkeeping and accounting tasks need to be completed, and in a timely, accurate and professional manner. Perhaps, to accomplish this, you’ve employed a full-time bookkeeper, and are paying them upwards of $50k a year? Or maybe, like many other busy CPA’s, attorneys and owners of multi-lawyer practices, you’ve discovered the convenience and efficiency of outsourcing, and are paying them around a fifth of the cost?

Accurate business planning for the fiscal year is only possible with good budgeting and forecasting, and here are 10 top tips for improving these processes to help your business meet its financial goals:

While spending time processing payroll is not exactly time wasted, it is however, time that as a business owner or manager, you could put to more constructive use, such as promoting and marketing your business or interacting with customers. One simple and effective way of ensuring that your employees are paid properly each week or month, yet without having to do it yourself, is to make the switch to an online HR and payroll processing program. Here are some of the advantages of using an online payroll system for your small business:

If you’re in the fortunate (and frankly, exciting) position of owning a small or mid-sized business that is expanding, then you might be noticing that not only is there a lot more accounting work to be taken care of, but that you have less time available to complete it all. Even if you already employ a part time bookkeeper and accountant, they may be struggling to keep up with the workload, and if this continues, your business will ultimately suffer.

More and more businesses are being forced to close temporarily, or have their employees work from home due to the current health crisis. There are fraudulent scams and phishing emails to watch out for, not to mention employee uncertainty and having to strictly adhere to the FLSA (Fair Labor Standards Act). The ‘Families First Coronavirus Response Act’ has also been introduced on March 18th, and all these things combined have created a lot of pressure on payroll departments all over the country.

Be able to describe current statistics about poverty and how it affects communities, Oklahoma and the nation

Many Americans are completely unprepared for their retirement, having put nothing aside over the years, and with pensions on the decline and Social Security at risk of becoming insolvent by 2034, 401(k)’s, are becoming ever more important as a retirement tool.

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