In today’s paperless world, whenever most people are asked if they want a receipt after a purchase, the typical answer is “No”. Business owners should be the exception. I for one hate working with paper in general so I totally get that; however, to be an astute business owner you need to know how to properly keep receipts and other proper documentation on file, if not, your tax return filings could be in jeopardy. [Read more…] about Why Business Owners MUST Keep All Receipts!
Do-It-Yourself Tax Returns
Choosing the right tax professional could be a challenging process, so much so, that some business owners and individuals totally forego partnering with a tax professional and settle for a Do-It-Yourself approach instead. The issue with a DIY approach is because you lack the advanced knowledge and expertise, “you will never know what you do not know”. Most cases, after [Read more…] about Do-It-Yourself Tax Returns
What Business Type Should I Choose… or Keep?
When starting your own business, you will have to decide if you should incorporate or not. Then you have to choose between the different types of entities depending on what your business type and structure needs. If you already own a business you should always revisit at some point to see if you should make a change. There are many [Read more…] about What Business Type Should I Choose… or Keep?
Which Tax Documents You Should Keep & For How Long?
Ever wondered which tax preparation document support you should keep and which ones you should dispose of? Here are some document retention tips to bear in mind when you file away your tax documents each year.
- Always keep records that reflect the income and expenses you included in your tax return. i.e.. any document that outlines the income you received [Read more…] about Which Tax Documents You Should Keep & For How Long?
How “All Small Businesses” Can Have Their Own CFO
IT DOES NOT MATTER THE SIZE OF YOUR BUSINESS… be it for 5-7 hours a month or just for a few days a month….every business will benefit from the relief that an Outsourced CFO will provide…. and YES you can have one for only a few hours a month!! It’s not a matter of “if” you need one but more a matter of for how many hours or how many days a month you need one. [Read more…] about How “All Small Businesses” Can Have Their Own CFO
If You Think You Paid Too Much in Taxes, You Probably Did!
If you are a business owner, you probably know all the popular deductions that most are aware of, but there are some deductions that your tax-preparer may never have told you about. Additionally, without proper proactive tax planning, you will never be able to take advantage of them.
Most CPAs and tax-preparers are great at accounting and preparing an accurate and timely return. Not all of them focus on planning proactively throughout the year so that you do not miss out on the deductions that you, and sometimes even your tax-preparer do not know about. As a result, you are most likely paying more than you should legally pay in taxes without even knowing it.
If you feel like you are paying too much… you probably are.
How do you know? To help you answer that, let me ask you a few questions.
- When you provide your tax information to your tax-preparer do they suggest ways to save through deductions either while preparing or before filing your return?
- After your preparer prepares and files your taxes, do they discuss additional ways for you to increase your tax savings immediately for the following tax year?
- Do you communicate with your tax preparer concerning your potential tax position more than once or twice a year… i.e. way ahead of December 31st each year?
- Does your tax-preparer know your unique business needs, and keep up with your business growth, increases and decreases in your income and other changes in your business throughout the year?
If your answer is “NO” to any of these questions you are probably paying more in taxes than you legally should. If your tax advisor does not communicate strongly with you concerning additional ways to save throughout the year you should try to find one who does. There are actually ways you can make money or save money without a tax impact. There are legal and ethical ways to earn money throughout the year and not pay little taxes on it. There are even ways to lower your tax burden on an early retirement plan withdrawal if you plan ahead. You may be missing out on these benefits just to name a few.
The tax code changes constantly and if you are not aware of the changes you could find yourself in trouble. For example, you should never purchase an item solely to get a deduction. For some reason, that huge deduction that your friend was eligible for may not apply to you. This could end up hurting your tax savings without you even knowing. We can help you find ways to purchase the things you actually need and also find legal and ethical ways to deduct them. Yes!…We can show you how as a business owner there are actually legal and ethical ways to do that. Schedule an appointment HERE to start your plan now.