1-800-Accountant.com Bookkeeping, Payroll, and Business Tax Services Video

1-800-Accountant.com

Our goal is simple – to provide small business owners and entrepreneurs with the tools and services they need to manage their business’ fincances. We want to help our clients retain as much profit as possible by creating customized tax plans for their day-to-day operations.

In addition to alleviating unnecessary tax burdens, our team of tax experts and business advisors also help to streamline business procedures allowing clients to focus more of their attention on sales and marketing which directly leads to more revenue. Working with businesses in all 50 states, our small business tax specialists are available when you need it. Our expert team of CPAs and accountants help you make critical financial decisions, year round.

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5 Reasons to Hire a Small Business Accountant

small business accountant can help you figure out the best way to use your assets for the most beneficial financial advantage. The financial health of your small business is best left to a professional who can help guide the process and offer valuable counsel on what information is key for any business to be aware of. While small business owners are often usually experts in their own field or industry, rarely are they either accounting, tax or legal experts. An accountant can provide information that will shed valuable light on how to save and manage money for the best chance of success for your small business. Below are some reasons to hire a small business accountant.

Reason #1 – Business Assets 

An accountant will become familiar with and handle the business assets, including the total ledger balance and its detailed credits, debits, profits and losses. Accountants are in a position to provide advice on how to keep monetary resources up or better them, since they have the specific insight into the financial position of your small business.

Read the full article here http://www.wahm.com/articles/5-reasons-to-hire-a-small-business-accountant.html

Avoid Costly Disclosure Mistakes

By Steven Goldstein CPA, PFS 

Every union has to disclose their financial activities both to the public and to the U.S. Department of Labor. Once a year, it’s the duty of union officers to make sure these reports are filled out correctly. Failure can mean fines, civil prosecution and even criminal prosecution for perjury.

The point of this reporting is to make unions more transparent. No taxes or fees are triggered by the disclosures in the Department of Labor’s LM-2 form, which must be submitted by every labor organization subject to the Labor and Management

Reporting and Disclosure Act, which doesn’t include union pension or benefit funds — they report to other government agencies.The LM-2s are due 90 days after the end of the union’s fiscal year and can range for 15 to 150 pages of in-depth financial information.

There are a few mistakes that unions and their financial advisers should be aware of and take steps to avoid when filling out the forms. For example, don’t fail to report transactions: Unions must report all individual payments or a company that is paid more than a total of $5,000 over the year. It sounds like a simple rule, though many unions run into trouble with it.

Read the full article here http://laborpress.org/index.php?option=com_content&view=article&id=888:avoid-costly-disclosure-mistakes-&catid=85:stevengoldstein&Itemid=100

Small Business Tax Advice : 5 Common Mistakes

1. Not saving receipts of less than $75

People sometimes get excited when they hear that the IRS doesnt require receipts for meal and entertainment expenses of less than $75. Dont fall into this trap.

 

You may not need the receipt, but you still need to have some sort of record documenting where you went, when you went there, who you were with, the business purpose of the meal or entertainment and the business relationship between you and the people you were with.

 

When you look at the list of requirements, what could be better for documentation than a credit-card charge receipt? In most cases, the charge slip will already have printed on it the name and address of the restaurant and the date and time you were there. All you have to do is write on the slip who you were with and what the business relationship and purpose was of the event. While a receipt may not be required, for many people hanging onto the receipt is going to be easier than keeping an entirely separate log of the expense information.

 

2. Lumping equipment with supplies

Equipment is a capital expenditure, and capital expenditures have to be depreciated.

 

Special rules do allow most small businesses to write off up to $24,000 in capital expenditures for tangible personal property (such as computers and office furnishings) in the year it is purchased. However, you still have to report these purchases as capital expenditures and elect to use this special method of expensing the costs.

 

What if you dont report the purchases properly and instead just deduct your computers and other capital items as supplies? The IRS could rule that you improperly characterized the expense and are not entitled to the deduction you claimed.

 

Not only that, but since you failed to properly categorize the property or make an election, you could also find that youre required to add the cost of the property to your overall investment in your business. Result: no current deduction at all.

 

Read the full article here: http://www.startupnation.com/business-articles/1169/1/AT_Tax-And-Bookkeeping-Mistakes.asp