Tax Season is Fast Approaching!

 The New Year is fast approaching and it is so important to take some time to look back at what financial decisions we made over the past 12 months and to reflect on what went right and what mistakes we do not want to repeat.  Here are my tips to end 2016 and to start the New Year off right:

#1) If you have employees, you will have until January 31, 2017 to get them their W-2's and 1099's.  If we are taking care of your books and/or payroll, please get us updated information as soon as possible.  It is pertinent that we do not miss the January deadline.  For contract labor or "subs" you are not required to issue them a 1099 unless you paid them more than $600 in total for the year.  

#2) Get your bookkeeping for 2016 up to date and completed.  If you own a business and you have inventory, now is the time to get an accurate count.  Make sure all your expenses and income are accounted for so that you do not miss out on crucial tax benefits of operating a business.  

#3) Have any business losses?  Losses happen and is all apart of the entrepreneurial game.  Without some risk, would there be much appreciation for the reward?  If your business didn't see much profit in 2016, it may provide you a tax break to help with cash flow.  If your business had more expenses than income, tax refunds from previous years for that loss may be available.  Check with my office if this is your situation.

#4) Pull together all those receipts.  Now is the time, if you haven't already, to enter all those expenses and offset any income you may have to pay less taxes.  Get with me and we will go through your expenses and losses and calculate your tax liability.  Never assume that an expense is not business related unless you ask your accountant.  Some people do and then loose out on legit tax benefits. 

#5) Setup your tax-planningsession now.  It is time to take a look back at what went right, what didn't work and what changes can be made now before we are hit with the New Year.  It is much simpler to be Proactive rather than Reactive, especially when it comes to taxes.  Take the time to make a plan and stay up on your books!  It's your business, pay attention to its financial health.  

And my final and most important step - Don't hesitate to pick up the phone and call me.  It is easier to find a solution to a problem ahead of time than it is to unravel a mess that was not being attended to after time.  After all, that is why I am here.  Let me do what I am best at and you - Go build your business!!! 

Tax Update News for 2014

By: lauras119 Thursday January 2, 2014 comments

Dear Clients and Friends, I attended several tax update seminars in the last few months and gained knowledge that will definitely benefit you! Of course, you can call me for more information about these tax updates. New Tax Items: A new tax bracket (39.6%)was added for individuals with a net income of $400,000 The new 39.6% tax bracket will rise to 20% (formerly 15%) for long-term capital gains and dividends Two new Medicare taxes that will be effective for 2013: Individuals with income over $200,000 will have a... Read More


A Checklist for Year-End Tax Planning

By: lauras119 Tuesday December 10, 2013 comments

Year end is a crucial time in a tax strategy. Once the year has ended some tax opportunities are lost forever. Here's the checklist of important points to consider: #1 MAKE SURE YOUR RECORDS ARE CURRENT Every single transaction should be posted as of the last month of the taxable year. Current expenses are for items that benefited your business for less than one year. #2 DETERMINE  YOUR VEHICLES' MILEAGE Keep track of how many business activity miles you drive. Your mileage log document is important to support your mileage... Read More


7 Year-End Tax Tips for Small Business

By: lauras119 Sunday November 24, 2013 comments

7 Year-End Tax Tips for Small Business

7 Year-End Tax Tips for Small Business It's almost the end of the year, and this is the time to start closing out your books for this calendar year. It is the best time to check with your accountant and see if there is anything you should do to make sure that the business ends fiscally healthy. Such small changes, if any, can make a big difference on the total business income and annual tax liability. Here's how you should get started. Below are the few important year-end tax preparation steps that you can... Read More


The Ten Common Start-Up Bookkeeping Mistakes Part 2

By: lauras119 Wednesday November 6, 2013 comments

The Ten Common Start-Up Bookkeeping Mistakes Part 2

The Ten Common Start-Up Bookkeeping Mistakes Part 2 Starting your own business is a great way to manage your career. You will be able to choose your own path, plan your own business directions, come up with various marketing strategies and ways to advertise your business, and create a more definite picture of your future goals. However, every successful business may experience mistakes or bigger failures. Fortunately, most often than not, failures and various business mistakes can be prevented from happening. One best way to... Read More


The Ten Common Start-Up Bookkeeping Mistakes Part 3

By: lauras119 Saturday September 21, 2013 comments

The Ten Common Start-Up Bookkeeping Mistakes Part 3

The Ten Common Start-Up Bookkeeping Mistakes Part 3 Starting your own business is a great way to manage your career. You will be able to choose your own path, plan your own business directions, come up with various marketing strategies and ways to advertise your business, and create a more definite picture of your future goals. However, every successful business may experience mistakes or bigger failures. Fortunately, most often than not, failures and various business mistakes can be prevented from happening. One best way to... Read More


The Ten Common Start-Up Bookkeeping Mistakes Part 1

By: lauras119 Wednesday July 24, 2013 comments

The Ten Common Start-Up Bookkeeping Mistakes Part 1

The Ten Common Start-Up Bookkeeping Mistakes Part 1 Starting your own business is a great way to manage your career. You will be able to choose your own path, plan your own business directions, come up with various marketing strategies and ways to advertise your business, and create a more definite picture of your future goals. However, every successful business may experience mistakes or bigger failures. Fortunately, most often than not, failures and various business mistakes can be prevented from happening. One best way to... Read More


Our Heartfelt Thank you!

By: lauras119 Tuesday April 16, 2013 comments

I would like to say our heartfelt thank you for making this year a very successful one for us. It has been a privilege to work with so many wonderful people and businesses over the past year, whether current client or not, I have enjoyed getting to know each of you! My passion is to watch small businesses flourish and grow, and I look forward to seeing your opportunities flourish this year! We are looking forward to a better, brighter, more prosperous 2013 ... together! Sincerely, Laura Spandrio, Secure Accounting Solutions, LLC ... Read More


Paying your taxes thru the Electronic Federal Tax Payment System (EFTPS)

By: lauras119 Sunday February 10, 2013 comments

There is currently a system called the Electronic Federal Tax Payment System. This EFTP system is a free service given by US Department of Treasury wherein one can pay his or her taxes directly thru the website or a voice response system. It is definitely quick and secure. Hence, the system is available 24 hours a day, 7 days a week.  What's more, you can even schedule a tax payment in advance! For more information, kindly visit https://www.eftps.gov/ Start by enrolling your account.... Read More


In paying taxes, can I deduct my cellphone charges?

By: lauras119 Sunday February 10, 2013 comments

The answer is YES. You are allowed to deduct your cellphone charges on your tax computations. However, this procedure is a bit difficult since you have to prove how much of your cellphone expenses is accountable as personal and how much is accountable as business. More so, if business related, it should commensurate to the total number of working hours in one year. For example: There is a total of 5,840 hours in one year (365 days). If you work 8 hours a day, 5 days a week, that would be a total of 40 hours per week. See below: ... Read More


Self-Employment tax – What is it, and Do I have to pay it?

By: lauras119 Friday February 1, 2013 comments

Many jobs today are classified as home-based, freelance or contract based. More so, having your own business may it be small or large scale is considered as a self-employment. Some of you may ask "If I am self-employed, do I have a tax to pay?" The answer is YES . A self-employed person is taxed based on his or her NET income. This tax is known as an SE Tax or Self-Employment Tax and is based on 15.3% of your NET Income, which are the total receipts less your expenses.  This tax is for both you as an employee and employer... Read More



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