Category - Tax Repayment

Top 3 reasons to have a monthly bookkeeping service for your business

Top 3 reasons to hire a monthly bookkeeping service for your business

At the core of every successful business is money. Whether you’re a hair stylist or a home builder, keeping your books up to date and accurate will make the difference between success or failure in your market. Often small business owners are tempted to keep bookkeeping and accounting within their companies to save money and protect their interests. Unfortunately, even the most loyal team member may lack the accounting and bookkeeping expertise that your company needs to grow and become more and more profitable each year. Here are three of the top reasons to hire a monthly bookkeeping service for your business.

Free up your staff

Chances are you did not start your business so you could manage numbers all day long! You’re an artist, or a chef, or a home builder, and you started your business because you’re passionate about your work. Hiring a bookkeeping service allows you and your staff to focus more on what you do best, and leave the rest to a bookkeeping expert. Fix-It Accounting’s Quickbooks Proadvisors are ready to provide you with high-quality service scaled to meet your specific needs.

 

Expertise when you need it

When companies use online softwares to avoid the added expense of a bookkeeping service, they cut themselves short in the area of expertise. In addition to managing your monthly books, our highly trained and experienced bookkeepers can help you avoid complicated tax issues by keeping a trained eye on every transaction. Paying just the right amount of taxes will save you time and money, and you don’t want to pass this responsibility on to someone who is not experienced.

Additionally, if you do find yourself being audited by the IRS you will absolutely want to have the backing of an expert bookkeeping service that is prepared to support you with well-managed and professional records. Hiring a bookkeeping team is as much about preparing for the future as it is about getting your books done today.

Keeping up with the work

Our bookkeeping clients receive clear and organized documentation on a monthly basis so there is never a lag in your record keeping. Depending on your current staff to manage the books in addition to their other roles in your company can create a lag time and cause unnecessary added stress for your team. As the old adage states, you have to spend money to make money, and investing in a bookkeeping service is a great way to build up your business.

Before choosing a bookkeeping service, research their current clients and reviews. You want to be sure that you choose a service that has a history of providing great service to their clients and is familiar with and confident in working with businesses like yours. If you’re a small business owner, it’s smart to hire a bookkeeping service that understands you services and can provide you with the exact service that you need.

As the leader of your company we know finances are always on the top of your mind. From the big picture trends to day-to-day bookkeeping and accounting, outsourcing this critical part of your company to a trusted, professional bookkeeping service will give you peace of mind and ensure that you’re getting a professional and consistent service every time.

At Fix-It Accounting, we are a locally-owned small business just like you. We understand exactly how complicated it can be to balance all of the different aspects of your business. We pride ourselves in providing our customers with excellent service, an impeccable product, and the peace of mind in knowing that your business is in good hands. Contact us for a free consultation.

 

Details on Hurricane Relief Tax Credit for affected Businesses

HURRICANE TAX RELIEF

 

The Latest information of the new Hurricane Relief Tax Credit signed into law on October 2, 2017.

In a nutshell…..

Here is how you qualify:

  • Your business was closed or made inoperable by Hurricane Harvey in some way during the time period for August 23, 2017, through January 1, 2018.
  • Your business was closed or made inoperable by Hurricane Irma in some way during the time period for September 4, 2017, through January 1, 2018.
  • You continued pay your employees during that time you were closed.

Once your eligibility for the Tax Credit is determined, then here’s how to calculate the amount of credit to expect:

  • Take up to $6000 in eligible wages paid out during the time period mentioned above (while the business was closed) and multiple it by 40%.
  • Max tax credit is $2400 per employee.

We are working closely with our partners help keep you updated and in compliance.

If you have any questions or are interested in learning more about this tax credit, please contact our office at (386)320-5347 or send us an email at info@fixitaccounting.com.

Disasters will Happen. Be Prepared with This Tax Advice for Small Business Owners

Disasters are unavoidable. Here in Florida, residents have learned to prepare for hurricane season well in advance. Being prepared for a disaster is more than stocking on batteries and canned goods. Every business owner in the southeast should have their own hurricane preparedness accounting checklist. We’ve put together this handy infographic to help businesses ensure they will recover quickly and get back to business as usual in record time.

Leave us your feedback in the comments below. As always, we’re here to help. Contact us, with your tax questions.

What business owners need to do to recover from a disaster

What to look for in a tax preparer – A handy, easy to follow Infographic

10 Tax Tips for choosing a Tax Preparer

We understand. In this information age it’s hard to decide which source provides reliable advice. As always, our goal is to make your tax preparation process as easy and pain free as possible.  That’s why we’ve put together a handy, easy to follow infographic for choosing a tax preparer. Print it, share it and be sure to follow these simple rules.

Things to remember when choosing a tax preparer.

Things to remember when choosing a tax preparer. Information provided by IRS.gov.

Tax Lingo – What does Offer in Compromise mean? And other tax terms you need to know.

What does Offer in compromise meanTax Lingo 101 – What do these tax terms mean?

We hear it all the time, “it’s like accountants are speaking a different language.”  Or, you received a notice from the IRS that’s only provided more questions than answers. As always, we’re here to help you out.

Here is a handy little glossary list of tax terms for you to reference. We’ve selected some terms our clients often ask about. If there are other terms you’d like to learn more about please let us know in the comments below.

Amortization

Amortization is the paying off of debt with a fixed repayment schedule in regular installments over a period of time for example with a mortgage or a car loan. It also refers to the spreading out of capital expenses for intangible assets over a specific period of time (usually over the asset’s useful life) for accounting and tax purposes.

Bookkeeping

Bookkeeping is the recording of the financial transactions and information pertaining to a business. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process.

Bookkeeping provides the information from which financial statements are prepared. It is a distinct process, that occurs within the broader scope of accounting.

A consultation is a meeting with a professional or expert for purposes of gaining information. Fix-It Accounting offers free initial consultations for bookkeeping services.

Depreciation

Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes. For tax purposes, businesses can deduct the cost of the tangible assets they purchase as business expenses; however, businesses must depreciate these assets in accordance with IRS rules about how and when the deduction may be taken.

IRS Payment Arrangement

Same as IRS Installment Agreement. Read more about IRS Payment Arrangements on our blog.

IRS Installment Agreement

If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement. Learn more about IRS Solutions.

IRS Levy

A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.

IRS Lien

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. If you have an IRS Lien consult with a professional to have it resolved and oftentimes the amount owed may be reduced.

Offer in Compromise

An offer in compromise is one of the programs offered by the Internal Revenue Service to allow someone to satisfy the tax liability owed by paying less than the full balance.

An offer in compromise is not made available to every taxpayer, as the Internal Revenue Service has strict guidelines it follows to determine who may make use of this benefit. These guidelines include the taxpayer’s ability to pay, income, expenses, and assets in determining if payment of the full tax liability owed would create an undue financial hardship for the taxpayer. Read more about the Offer in Compromise process in our blog post.

Trust Fund Penalties

If you are a person responsible for withholding, accounting for, or depositing or paying specified taxes including withholding and employment taxes, and willfully fail to do so, you can be held personally liable for a penalty equal to the full amount of the unpaid trust fund tax, plus interest. A responsible person for this purpose can be an officer of a corporation, a partner, a sole proprietor, a volunteer in a non-profit or an employee of any form of business. A trustee or agent with authority over the funds of the business can also be held responsible for the penalty.

Penalty Abatement

Abatement is a reduction in the penalties. Learn more about penalty abatement in our blog post.

Lien Release

A recordable document showing that a lender, judgment creditor, the IRS, or other secured creditor no longer claims a lien upon real property.

Lien Withdrawal

An IRS tax lien is the government’s legal right to your property when you owe taxes. A Tax Lien Withdrawal removes the public tax lien record, and helps assure other creditors that the IRS will not compete for your property and other assets.