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!!!
Friday February 1, 2013
"If I had a huge income tax refund last year, should I expect the same this year?" That's actually a bit tricky to answer. The amount of refund is based on the withholding tax of the whole year. Hence, the satisfaction with your income tax return is tied to the amount of your income tax refund. To professionally handle such situation and to clearly answer your questions, proper tax planning review may be needed to review your goals. Do you want to receive a large refund, or just break even with what you owe the IRS on April 15 th... Read More
Thursday January 3, 2013
1) Plan for major expenses Don't miss business opportunities. You'll be ready to get a loan last minute. 2) Track Expenses Don't miss any eligible tax write-offs. 3) Record deposits accurately Double check every deposit. Reconcile Bank Account each month to verify accuracy. 4) Set aside money for paying taxes Don't pay penalties and interest to the IRS 5) Keep a close eye on your invoices Late or unpaid bills cost more than paying on time. ... Read More
Thursday January 3, 2013
Is your accounting process so overwhelming that it's hard to realize just how valuable all that financial information can be? Some business owners focus on preparing the yearly tax statement. Others may worry about that and their cash flow. And others still may just balance their checkbooks. If you choose to have us do your accounting, we can do all that and more. And most importantly, we can help you become more profitable. Secure Accounting Solutions is here for you! ... Read More
Saturday December 1, 2012
You should take some time to focus on exactly what you need your tax accountant to do. Here are some common situations: • Preparing your own taxes is time-consuming, stressful, or confusing. • You want to make sure your tax returns are accurate. • Your tax situation is pretty complex, and you need specialized advice and tips. • You would like to pay as little taxes as possible, and need detailed planning and advice. • You are facing a tax problem, such as filing back taxes, paying off a tax debt, or fighting an IRS audit. •... Read More
Monday November 5, 2012
If you are in the Real Estate business from selling homes, to investing in various types of properties, or both, you will find there are specific challenges that must be addressed when doing your bookkeeping. Two critical concepts in this industry are "leverage and "the velocity of money". Real Estate offers exceptional wealth opportunities to leverage wealth, because there is so much low-cost financing available for real estate investors. As for velocity, by applying special techniques, it's possible to keep your money constantly moving, and... Read More