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Motl Accounting wins 2018 PASBA Award – Accounting Firm of the Year

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The Professional Association of Small Business Accountants Holds 12th Annual Awards Ceremony and Honors Six Members

Sunny Isles Beach, FL, May 9, 2018 — The Professional Association of Small Business Accountants held its 12th annual awards ceremony at the 2018 Spring Marketing Conference in Sunny Isles Beach this week. Six well-deserving members were honored with awards during the conference dinner party, located at Trump International Beach Resort. The winners were chosen in four award categories, including PASBA Accounting Firm of the Year.

The Motl Family were chosen as the 2018 large practice recipient of the Association’s Accounting Firm of the Year for their firm, Motl Accounting. The Motl’s were nominated by the members of the association to receive this outstanding award that honors a member who has consistently demonstrated the beliefs of the association’s motto, Teach~Share~Learn.  The Motl’s have been members of the Professional Association of Small Business Accountants for 18 years and have served on the Board of Directors, Website Committee, National Conference Planning Committee, Payroll University, Future of PASBA Committee and presented at multiple conferences.

The Professional Association of Small Business Accountants represents Certified Public Accountants, Public Accountants, and Enrolled Agents who provide accounting services to small businesses throughout the United States.  Members of the Association have built a nationwide network of accountants to benefit small business clients across the country. Using the collective resources of this network, Association members offer their clients a level of service and expertise that individual practices are unable to rival.

For more information, visit www.smallbizaccountants.com.

Contact:

Jordan Bennett

4919 Lamar Ave.

Mission, KS 66202

(866) 296-0001

jbennett@dci-kansascity.com

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Benefits of Outsourcing Payroll

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Every new business owner begins with a vision of how things will be a few years down the line. What you probably never imagined were piles of paperwork and payroll headaches! It makes sense to handle payroll processing by yourself when you only have a few employees – there isn’t too much to keep track of, and you can easily resolve problems quickly. As your company scales up, what was once a small task can quickly become something that’s not as manageable. You might even have a run in with the IRS if you make a mistake. Feeling helpless? An outside payroll service like Payroll Vault may be just what you need to get back on track.

Our payroll service, overseen by Blair Motl, provides unmatched client service and powerful scalable solutions that meet the needs of all types of businesses. The benefits of outsourcing your payroll can make a significant difference in the success of your business and your work-life balance. Here are some of the benefits of outsourcing your payroll:

You’ll Save Time

A few hours spent on payroll every week can really add up throughout the year. Whether you’re processing the paperwork yourself or hiring internal staff to do it, you’re in a fight against the clock. There aren’t enough hours in the day for one person to handle the responsibilities of several full-time employees. Payroll tasks are a lot like the backstage of a theatrical production — important, but what really matters is what happens on the main stage. For businesses, your sales and other revenue generating activities should be front and center.

You’ll Save Money

As the saying goes, time is money, and that is especially true for business owners. It’s typically more costly to hire an internal accountant or payroll specialist than to outsource the job. When you choose Motl Accounting, you get all the benefits of an in-house accountant, without the added expenses. What that means for your business is that you can call our Motl Accounting office in Dundee, IL at any time and speak to a member of our accounting bookkeeping and payroll team. Someone that is familiar with your account will be available to answer your payroll concerns. It’s a fast, reliable and easy way to handle tasks that could otherwise cause financial headaches. Our Payroll Vault team assists by ensuring you have the right tools in place to save you money.

Our systems are used by an amusement park in the Dundee area and Payroll Vault helps them ensure employees are correctly logging in. This, in turn, helps the business save money since payroll is done digitally and not through physical time sheets which are prone to more errors.

You will Stress Less

We all know the feeling of spending extra hours in the office to get things done. Sometimes workplace responsibilities mean that business owners can’t give their friends and family the attention they’d like to give. When this goes on for too long, it can take a toll on a person’s mental wellbeing. Payroll should never get in the way of your personal life. When you start to dread going to work because you know payroll responsibilities are coming up, it’s time to look into outside options. Our co-owner and EA Brent Motl always stresses the fact that we at Motl Accounting and Payroll Vault are in the business of providing peace of mind to our clients.

You Will Get Payroll Experts

Payroll is a meticulous process with small details you may not have the expertise to handle on your own. Tax tables, regulatory changes, new government forms and withholdings are important pieces of the payroll puzzle. In the past, only large corporations were able to stay on top of every payroll detail. Small and medium sized businesses were often left to fend for themselves and many relied on a costly accountant on staff. Outsourcing your payroll to the Motl Accounting team makes sense — both from a business and common sense perspective. Our team is highly experienced and trained on the ins and outs of payroll processing.

Running a business has its perks, but taking care of payroll isn’t one of them. There’s nothing glamorous about devoting your attention to pay stubs, direct deposit or tax forms. So when you feel like your head’s about to explode, allow yourself the luxury of calling Payroll Vault to check all the payroll boxes for you. You will be able to devote more attention to growing your business and the more you grow your business, the more employees there are to handle payroll for. We understand that you don’t take business decisions lightly, so contact Blair Motl and the Payroll team to see how we can help with your payroll. Start growing without unnecessary stress today! We work with businesses all throughout the Chicago area.

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Easy Ways to Grow Your Retirement Savings: Smart Retirement Planning

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Retirement often feels like the finish line of a marathon. No matter how far away your last day of work may seem, it’s a goal worthy of pursuit. Creating a retirement savings plan is akin to staying hydrated during a long distance race, otherwise known as your career. It’s a necessary task to ensure you’ll have enough left in the tank (or bank account) when it’s time to settle down.

For retirement, you get what you put in; learn about some of the preparations you can make today to maximize your reward down the road.

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3 Reasons Bookkeeping Services for Small Businesses Yield Great Results

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Business owners are typically jacks-of-all-trades, and in a competitive market, a versatile skillset is a key ingredient of success. Unfortunately, this means that some entrepreneurs end up stretching themselves too thin with responsibilities.

When one person is in charge of bookkeeping, marketing, and business growth, something’s got to give to ensure quality production and error-free work. Bookkeeping is an important responsibility no matter what industry you’re in, and it should always be a priority to complete it accurately and efficiently. Motl Accounting in East Dundee has a team of bookkeeping specialists to help Chicagoland’s small business community improve their company’s daily operations.

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What You Need to Know About Employee 401(k) Plan Contributions

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You might not know everything about employee 401(k) plan contributions, but if you’re an employer, it is your responsibility to understand the basics when you offer this benefit to your workforce. A 401(k) is one of the most common retirement investment options because it is a flexible way to build capital over the course of a career and the funds mostly get withdrawn from your paycheck. We have a Payroll Vault team that oversees the accurate disbursement of these funds from paychecks to 401(k) or retirement accounts.  Here’s what makes this type of plan unique and what sets it apart from other retirement options.

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3 Questions to Ask Your Payroll Provider

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If you’re a small business owner in Chicago or the northwest suburbs that have been considering using outsourced payroll services for your company, you’re sure to have plenty of questions that the Payroll Vault team at Motl Accounting in Dundee can answer. After all, payroll is an essential responsibility for every company, so it’s important to know that yours is in good hands. Still, the benefits of enlisting an external payroll provider often outweigh this uncertainty for small and medium-sized businesses. When it’s time to dedicate more time to grow your business and less on number crunching, here are three questions you should always ask when evaluating payroll providers.

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The Advantages of Using a Personal CPA to File Your Taxes

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What’s your favorite season? At Motl Accounting in Dundee, our favorite is tax season. It’s the time of year when you should be thinking about the best way to complete your business filing. There are a number of ways to do your taxes, but a personal CPA for your small business like Charles Motl will provide the quality of service you should expect from a customized tax filing. Business taxes are an entirely different animal than your personal filing; they can be much more complex. The more complicated your taxes are, the more you need help from a professional to avoid those unexpected and tedious mistakes that will ruin the start of your year.
When you work with Motl’s certified public accountants, you know that the American Institute of Certified Public Accountants has qualified our professionals to practice in your state. This distinction means the accountants have passed a rigorous exam and have the experience to complete a professional tax return with accurate deductions on your behalf. Many businesses that we service have tried doing their taxes on their own before realizing how much they may be missing out by not understanding the complexities of deductions and taxations. We recently assisted a Photocopy business in Chicago by reviewing a statement they received and helped them save around $1800 dollars by taking a second look at the statement. It’s natural to panic when you receive notices from the IRS or State government, but we provide the peace of mind in such situations. That’s what we pride ourselves on. This among many reasons is why it’s advisable to go with a CPA rather than doing it alone. Read on for some of the strongest benefits.

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The Dos and Don’ts of Charitable Tax Deductions for Small Businesses

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Tax season is underway for businesses across the country, which means it’s time to start thinking about any charitable tax deductions for small businesses you’ve made that can reduce your tax burden. One of the most commonly claimed deductions is for charitable donations — about 75% of small business owners allocate a portion of their profits to charitable donations. There are many reasons to support charities beyond tax savings. Giving back reminds business owners that they can make a positive change in the world, and it’s also great for a company’s overall reputation. Learn how to go about smart small business charitable giving before you take action.

Do: Find a cause that aligns with your business

While it’s great to donate to any cause you’re passionate about, there are extra benefits to donating to charities that align with or relate to your business. For example, if your company sells the majority of its products for mothers, it makes more sense to donate to a breast cancer charity than one for disaster relief. Your customers choose your business for a reason, and donating to causes they’re likely to care about is bound to get them excited.

Don’t: Fall for a scam

Unfortunately, there are plenty of charities that masquerade as good causes, when they’re actually scamming good-hearted people, so it’s important to do your research before you give any organization your money. Even with legitimate charities, the majority of your contribution may be going directly to administrative, overhead and marketing costs rather than what is advertised. You can find out if a charity is valid and how your money is allocated by specific charities on Charity Navigator.

Do: Decide how you can help

There are a variety of ways to support causes beyond one-time monetary donations. Volunteer work, event sponsorships, fundraising and donating goods are all ways to make an impact. Each type of contribution must be recorded and filed differently, so it’s worth working with an accountant to ensure you get the proper tax deduction. The type of charitable work you should do largely depends on time commitments, the enthusiasm of your employees to participate and budgetary considerations. Don’t overcommit yourself — it’s not worth the headache.

Don’t: Forget to involve employees

If you’re unsure what type of charity makes sense for your business, it’s a good idea to ask your employees what they think is a worthwhile endeavor. If they care about a certain cause, they are more likely to feel enthusiastic about your company’s direction and want to participate. It is a great way to retain talent for your business and improve workplace culture. In addition to these benefits, getting your employees to volunteer or participate in fundraising makes your company eligible for additional tax deduction benefits.

Do: Publicize to customers

There’s nothing wrong with bragging about doing a good thing! Your current customers are bound to have a positive reaction if your company is giving back. If you publicize your charitable efforts, you may even attract new customers who believe in supporting businesses with philanthropic behavior. While this might not bring direct tax benefits, more customers is good for your bottom line, which no business owner will complain about. Consider the positive PR that comes with giving.

Don’t: Ignore paperwork

When it’s time to file your tax deduction, there are some important things to remember. Be sure that your charity is eligible for a tax deduction by using the IRS search tool and learn about the limitations of each type of charitable deduction on the IRS charitable contribution topic page. You must report your charitable contribution on Form 1040 Schedule A of your taxes before the end of the business tax year. Remember that your deduction cannot amount to more than half of your adjusted gross income. Always have your records of charity contributions close at hand, in case of a tax audit.

Business owners benefit in many ways from charitable donations, so including them in your next filing is a worthwhile goal. We understand that choosing the right charities, keeping records of your contributions and filing tax deductions is a complicated process. If you are looking for a helping hand when you’re giving back, our team can assist you with our business tax services to help reduce your tax burden as much as possible. Contact us today to get started with tax savings.

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How Offshore Tax Havens Affect Small Businesses

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dollar-signThe U.S. Public Interest Research Group Education Fund recently published a study indicating that small businesses pay $5,128 on average in taxes per year to make up for revenue lost to offshore tax havens. Small businesses generally aren’t the ones taking advantage of offshore locations with low (or zero) taxes. Huge corporations are more likely to have the means and motivation to create corporate headquarters in offshore tax havens like Switzerland, the Cayman Islands and Singapore. The amount of federal money lost is staggering — $128.5 billion in corporate tax revenue is kept in foreign countries harboring offshore accounts for large companies. Unfortunately, this affects small businesses because they end up shouldering more than their fair share of the tax burden.

The problem only seems to be growing, as more large companies are considering the advantages of moving corporate offices to tax havens. While the ethics of such decisions are up for debate, there’s no denying that many businesses will save money on taxes any way they can. Without legislation to bar a company from abusing the availability of tax havens, the behavior is sure to continue. The current tax code tends to favor large conglomerates, while putting small and medium-sized businesses on the hook for more tax expenses. Globalization has created a race to the bottom for federal taxes as nations vie to attract international businesses.

It is still unclear what the future holds for corporate tax avoidance, but tax laws tend to change with new presidential administrations. Of course, it’s not just the president who debates tax policies, and the 115th US congress will need to reach a consensus on how to move forward with the growing problem. It’s not just accountants or small business owners who benefit from a stricter corporate tax system — the money that is sent to foreign countries could be used to directly benefit the general public. Infrastructure improvements, a strong national defense, education and paying down the national debt all rely on tax dollars.

As large businesses move towards increasingly international models, it’s important to keep a watchful eye on their behaviors. Chances are, most companies aren’t moving their corporate offices to micro nations because they think there are loads of potential customers there. Although technically legal, tax avoidance by multinational corporations disproportionately hurts small businesses, and that’s a problem. Small businesses face enough challenges as it is to get established in the marketplace. Making up for other companies’ tax avoidance is an extra obstacle for an already challenging endeavor. Thankfully, there are tax write-offs that the federal government encourages small businesses to use, and we can help you save as much as possible for your 2017 filing. Explore our tax preparation services to see what your business can do to level the playing field for taxes.

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Getting the Most out of Vehicle Expense Deductions

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If your business requires any driving, you owe it to yourself to make a vehicle tax deduction. It’s one of the most common business tax deductions because so many industries require vehicles to get work done. Every year, the Internal Revenue Service sets a standard mileage rate so business owners can calculate their deduction accurately. For 2017, the rate is dropping slightly to 53.5 cents per mile as opposed to 54 cents per mile in 2016. The new rate goes into effect on January 1st 2017, so be aware of this small adjustment within the next month. Keep in mind that you must keep accurate records of your travel dates, destinations, and reasons for driving if you’re hoping to capitalize on the deduction.

How It’s Calculated

You might be wondering what determines the transportation tax deduction rate, as it seems to fluctuate randomly on a yearly basis. The truth is, there is a method to the madness, and the IRS calculates the rate based on changing market conditions. The government agency reviews a study of the fixed and variable costs of operating a motor vehicle for a given year before changing the deduction standards. The largest factors for the 2017 rate were declining fuel prices that slightly outweighed rising vehicle insurance and maintenance costs. While you may not receive quite as much of a deduction next year, it also costs slightly less to get from Point A to Point B.

An Alternative Option

If you prefer not to use the standard rate for business transportation, you have the option to calculate the actual cost of operating your vehicles. This method requires much more detailed record keeping, but can potentially result in a larger deduction. You can rack up extra deductions for gas, oil changes, repairs, licenses, parking fees, insurance costs, car washes, and more when you calculate every vehicle related expense.

What’s Right for Your Business

Choosing between standard mileage rates and actual vehicle expenses can be tricky — if you have a small, old, or inexpensive car, you’re more likely to benefit from standard mileage. If you’re willing to track every expense, and you drive a more expensive vehicle, actual vehicle rates may be worth the effort. At Charles Motl & Associates, we are always available to consult your business on its vehicle tax deductions. Learn more about our tax services to get the most out of your 2017 filing.

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