Accountant, Business Expenses, expenses, Small Business, Taxes, Uncategorized
While the past decade has seen the advent of several tax preparation programs that allow users to file their taxes online, these programs raise several questions: Will filing your taxes online find you all of the deductions you qualify for? Are these programs secure? What if you encounter an issue? Here, we will examine the pros and cons of using tax software versus the advantages and disadvantages of filing with a CPA.
Time
Depending on how complex your returns are, filing your taxes can take a fair amount of time. But, with that said, when you compare filing online with visiting an accountant, the time difference is clear. When you file online, you are still responsible for inputting all of the necessary information into the program. When you file with an accountant, they are responsible for wading through your information to complete the worksheets and calculations that result in your final return. This gives you the opportunity to spend your time doing what you want to do, rather than dealing with your taxes – which few people find enjoyable. (more…)
Accountant, Taxes, Uncategorized
Earlier this year, Entrepreneur Magazine composed this article discussing the task small business owners loathe the most. TD Bank released the results of survey in which 508 small business owners revealed what they loved – and hated – about owning and running their own businesses. The best part was, overwhelmingly, flexibility and control. The most underwhelming part? Bookkeeping. A whopping 58 percent of those surveyed called bookkeeping “particularly draining.” This sentiment is not new. In fact, some people find it so draining they just don’t even do it.
For business owners, bookkeeping can be tedious, difficult, and just frustrating in general. While the correct course of action would be to hire a trained, qualified, and passionate accountant to handle the numbers, not every person has reached this conclusion. Every year the news networks have stories about various incidents of tax evasion. Realizing the actual repercussions of inaccurate bookkeeping is difficult to comprehend until it actually happens to you. Since this is one experience you will want to avoid, here’s are just a few of the most infamous tax evasion cases and consequences.
(more…)
Accountant, Accounting, Bookkeeping, Business Expenses, CPA, Deductions, expenses, Small Business, Taxes, Uncategorized
Cost accounting is a technique used to determine the best financial course of action. The primary purpose of cost accounting is to help decision-makers make decisions. By analyzing the cost of products, services, and projects, accountants can advise businesses of the best course of action regarding a particular transaction. To put it more simply, you calculate the elements of cost for product process (raw materials, labor, and expenses/overhead), compare that cost with the product price, determine the business’s revenue, and decide if and where savings are needed.
Cost accounting doesn’t have a singular approach. Cost accounting methods include: (more…)
