The following 5 items are big reasons why everyone should plan for tax time! When the time to perform is now, the time for preperation is over.
1, The tax payer will not get a big refund and the tax payer will not be blind sided by big tax bill they didn't know about. Tax law changes every year, have an experience accountant on your side to help you through the changes.
2. The taxpayer will learn available credits to take & deductions to income for Federal & State. Hire an accountant that; as Dave Ramsey states, "Has the heart of a teacher." Don't do anything regarding money that you don't understand. Atleast have a basic understanding of your tax return should look like so you can spot anything out of the ordinary.
3. An IRS transcript will help those who have not kept good records. If you don't remember what you have filed in the past or maybe you want to know exactly what the IRS has on file on your Social Security Number. This is a good way to stay on top of your tax history and documents.
4. If you do a budget with your family at home, part of the budget is taxes paid. You need to know how much taxes you will pay in the comming days, months, years to have a full and complete personal budget.
5. The taxpayer and spouse will be working together as a team to knock this difficult part of their life out. They will help each other succeed as they do tax planning.
When you do tax planning I promise you, you will improve your personal financial wellness which will help with your marriage and other personal items in your life.
Small businesses will have a good internal controls which is mandatory to succeed. Here is an article from Dave Ramsey in regards to Small Business Tax Planning:
http://www.daveramsey.com/blog/focus-on-taxes-or-business-growth?ectid=10.20.6014
Please contact us if you want to do some tax planning at:
317-719-1674
cpawoodbury@gmail.com
Thank You.
June 21, 2015
September 22, 2014
Free meals provided by employers are drawing IRS scrutiny
From the Kiplinger Tax Letter:
"Tax pros tell us they've noticed increased audit activity in this area. Employer-provided meals are tax-free if served on-site and there is a valid noncompensatory business reason for the meals, such as a restricted lunch period. Many big firms put out lavish spreads for their workers. IRS auditors are questioning the business reasons for these meals and are proposing penalties on employers for not withholding taxes. And the agency is eyeing changes to its regulations to further limit when tax-free meals can be offered."
"Tax pros tell us they've noticed increased audit activity in this area. Employer-provided meals are tax-free if served on-site and there is a valid noncompensatory business reason for the meals, such as a restricted lunch period. Many big firms put out lavish spreads for their workers. IRS auditors are questioning the business reasons for these meals and are proposing penalties on employers for not withholding taxes. And the agency is eyeing changes to its regulations to further limit when tax-free meals can be offered."
August 30, 2014
We hope everyone had a great summer!
We will be sending out Tax Organizers to everyone. If you would like a tax organizer please send your email address to cpawoodbury@gmail.com and we will make sure we send you one.
August 4, 2014
Multiple step Income Statement
"The multiple step income statement reports operating revenues and expenses separately from non-operating revenues and expenses and other gains and losses. The benefit of the multiple step income statement is enhance user information (because the line items presented often provide the user with readily available data with which to calculate various analytical ratios)." -Becker CPA Review course
July 14, 2014
July 10, 2014
Dave Ramsey answers to tax questions
Dave Ramsey answers some common tax questions. We agree & support the answers he gives and the articles he has typed. Please click on this link:
Tax Answers from Dave Ramsey
Articles include:
Tax Answers from Dave Ramsey
Articles include:
Should You Get a Bigger Refund This Year?
And many more articles, please check it out.
June 11, 2014
Transaction Cycles
Revenue Cycle = Includes sales revenues, receivables, and cash receipts
Expenditure Cycle = Includes purchases, payables, and cash disbursements
Inventory Cycle = Includes perpetual inventory, physical counts, and manufacturing costs
Investment Cycle = Includes investments in debt and equity and the income received from investments
Property, Plant, and Equipment Cycle = Includes acquisitions and disposals and related depreciation expense
Payroll and Personnel Cycle = Includes payroll
Financing Cycle = Includes debt and equity financing, repayments to borrowers, interest expense, and dividends
By Becker CPA Review
Expenditure Cycle = Includes purchases, payables, and cash disbursements
Inventory Cycle = Includes perpetual inventory, physical counts, and manufacturing costs
Investment Cycle = Includes investments in debt and equity and the income received from investments
Property, Plant, and Equipment Cycle = Includes acquisitions and disposals and related depreciation expense
Payroll and Personnel Cycle = Includes payroll
Financing Cycle = Includes debt and equity financing, repayments to borrowers, interest expense, and dividends
By Becker CPA Review
June 10, 2014
May 22, 2014
May 8, 2014
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