- Small businesses need to be careful that they have all the information to back up the deductions they claim. The IRS is cracking down hard on small companies this year, and the smallest inconsistency in their tax information could be a serious issue when the tax man coms around in a few months. To give some perspective of just how huge the increase has been in audits done on small companies, we take a look at the statistics provided by the IRS itself for the 2014 and 2015 tax returns. In the year 2014, around 80 thousand small companies (small companies being any company with a reported revenue of less than one million dollars) received either a full or partial audit from the IRS. In 2015 the number of audits handed down to small companies jumped up to nearly 250 thousand full or partial audits. The reason for the massive increase in audits being aimed specifically at small companies is not exactly clear, though there are several viable theories. One group of tax experts believe that the huge increase in audits for small companies has been due to the fact that recent amendments in the tax codes have made it easier for ever for the IRS to catch small businesses making petty errors. Another theory is that the audits have gone up for the little guys because they present an easy target for a government which is in desperate need of raising more money to pay for the massive debt the federal government has tolled up. Other experts such as Miller And Associates CPA have stated that there are more audits being done these days simply due to the fact that the sheer number of new companies being opened has caused the rates of audits to appear to have grown, while they may actually be about the same, per capita, once the added number of new companies is added into the equation. No matter what the reason may be for the rise in number of investigations into small business tax records, the answer for most companies has been the same, mainly to hire firms such as, millercpa.com, to take charge of their taxes for the coming years. Having a professional tax agency run over a small company’s tax records with a fine tooth comb is surefire way to avoid making a mistake with claims and getting stuck paying a big fine. The tax firms check to make sure that all claims have the needed paper to back them up before they can be submitted, and that alone is something which can be a life saver for companies.
- Another small item which should be mentioned for the sake of companies who are currently in the process of small business tax preparation is that it can be very easy to make the mistake of waiting too long to file, and getting caught at the back of the list when it comes to returns this year. Many smaller companies rely on their tax returns as a source of income that can help propel them forward into the New Year, so small companies should try to file as early as possible this coming year.
- Do not go it alone this year, hire an outside team of some sort to come in and help set up the accounting that all small companies need to survive and compete in this cruel market. The last few years have been very good to firms such as, mmillercpa.com, whose primary function is to help smaller business owners set up functioning and long term sustainable accounting processes. The reason why so many companies have begun to look to firms that are designed to assist small companies in setting up accounting is due simply to the fact that small companies no longer have the time to spend trying to get good accounting set up, they need to focus all of their time on the issue of building and innovating their companies. The rule of thumb for new companies today is that anything which can be handed off to a more experienced party should be. Unless a small business is in the business of taxes, there is no reason why they should be spending valuable company time trying to work out good accounting practices. Small business accounting is best left in the hands of firms that have been focusing all of their talent in the single area of accounting management for many years, not juggled by a team of people that are busy trying to release a new product, or launch a new advertising campaign for their services at the same time as they try to piece together an accounting system.
- Make sure that a big part of the company’s accounting efforts this year are targeted towards small business tax preparation. The IRS is really bringing down the hammer on companies that have not been following the strict guidelines that their agency has laid out for how the tax forms must be filled in. Even the smallest mistake on a tax form these days could result in a serious amount of headache for the small companies. The IRS knows that big companies have a whole team of lawyers and tax experts that they can use to fight claims made by the IRS against them, so the IRS prefers to target their efforts at smaller companies that can’t possibly fight against the big bad IRS. If a small business owner is not sure if the taxes are totally above reproach then he or she should seek out the assistance of a tax preparation firm, in order to make sure there are no odd ends left for the IRS to fuss over.
- Don’t rush the company’s accounting reports at the end of the year. The typical scene of the boss screaming over the phone at the tax department to get the report done is something way to common in real life and it could have serious consequences. The accounting department should be permitted all the time they need to make sure that the company’s accounting information is filed away correctly in order to avoid getting caught with accounting errors three months down the road which could cost the company big money.
We all have rules that we will need to be able to follow properly, is this correct for all of us? Actually this is also very true for every single one of us that is currently living in the most current type of society ever. There are so many things that we may not even realize that we will all need to make sure that we are following in bond compliance with.
Their compliance employees who can have the ability to look into your company to make sure that you are being told the most suitable regulations that you will need to follow for your particular type of company. There are people from the small business compliance specialist companies that have the ability to look into all of these details for every particular type of people who are able to address the matters that the company that you may be referring to.
The last time that you are able to do this will be the time that you are finding out about all of the great pieces of work that someone would be able to do for you and the rest of your family. This could actually mean that they are going to have the ability to be able to provide the knowledge that they are currently holding to the rest of the team members that they are going to be involved with.
They will literally be the people who will have all the chances in the world to just sit back and relax while the professionals take care of that type of business. They are going to be the ones who will have the ability to make the small business types of companies in which they are the ones who will be able to do so that you are able to get as much money as you possibly can back.
At this very given moment in time it will be important that you are finding out about the people who are about to find that this is one of the things that is completely mandatory and regulatory for them to have the ability to go through. There are a bunch of different types of small business and their offered services that you may have heard about which have been pretty low in the past.
This could all depend greatly on the amount that was actually calculated by the ability of the professional types of the people who work for any of the small businesses. They are really actually going to be a major part of the individuals who will not actually have to do a lot of work.
The internet is truly going to be one of the best gather locations that are all through the use of the internet. The majority of the people who would much rather do this are the exact same people who are going to have the chances to be able to get into contact with the small business services all through the use of the internet.
In any case there will truly be a lot of people who are going to have the opportunity to be able to get into contact with the people who are trying to stay out of the trouble. If this is the case that they actually do end up getting into some trouble then they will need to get involved with the tax preparation CPA company who would be able to help them to get out of that trouble that they may have once gotten themselves into.
There are truly going to be a lot of different types of people who are going to have the chance to be able to get the information that they are going to be in need of. In some cases there are professional individuals who will be employed through Arbitrage services that you will be able to use as a useful resource to get the information that you will be in need of. The whole process of getting this rebate calculation done by the professional team from the tax preparation CPA company would be very easy for the customer.
There will be the tax preparation CPA coordinators that can put a bunch of different numbers together in their brains in order to come up with the most suitable and fitting the appropriate numbers for the particular client that they are trying to help out. This is something that they will be able to find very useful. There are really no other people who would know better about the best solution for you than them.
However, this will not always be the case that will actually be held true for the people who are not in an urgent situation. This could mean that they are not going to need the small business consultants immediately. The people that are currently living throughout the United States of America are in dire need of help. Well, that is very true for a lot of different reasons.
There are actually people who will be willing to argue that this actually is not true for every single person who is currently living through some pretty intense moments in time. You will be able to come to your senses when the tax preparation CPA individuals are really able to solve all of your financial worries when it comes close to the time of taxes. This is only one time a year but can be extremely stressful for an individual.
You may think that all of these services that are provided by the tax preparation CPA individuals then you will know that they are done correctly. It is a good idea to make sure that they are about to succeed in their mission. The mission may be to be able to allow their friends to know that they are in good hands. They will begin to see the major difference between these people. The ability to be able to stay in compliance with your company’s rules and regulations will be absolutely always required.
One of the toughest decisions that every small business owner has to make is who they should put in charge of their finances and bookkeeping. While every small business owner would like to have themselves in charge of such things, if they go this route they will have time for little else. It’s a massive job to track every expense and earning, and if the owner decides to take this on themselves then they are going to have to hand over the day-to-day operations of their business to someone else. Since most small business owners are hesitant to do this, then they must hire outside help to handle their finances, accounting and bookkeeping.
For most small businesses, this means hiring an accounting firm that specializes in small business accounting. Such firms are educated and experienced in handling the finances, bookkeeping and accounting for small businesses. They understand how small businesses’ taxes should be filed, what types of things they can deduct, what types of transactions need to be recorded and how, and so much more. In short, they are experts in small business accounting and the smart choice for successful small businesses everywhere.
Of course, deciding that you need to hire a tax preparation CPA or small business accounting firm is only the first step. The next is determining which firm you should go with. There are literally thousands of such firms all across the United States, so sifting through all of them to find one that’s right for you can be a challenge. Fortunately, there is one firm that stands out from their competition for all of the right reasons. Miller & Associates CPAs is the choice of successful small businesses all across the Greater Denver region.
The first thing that makes them such an excellent choice is their incredible experience. Miller & Associates CPAs have been in operation for well over 20 years. During this time, they have gained valuable experience working with small businesses, experience that enables them to provide a quality of service unrivaled in the city. For those 25 years they have learned about how small businesses should operate their financing, the easiest ways for tracking expenses and earnings and so much more. They bring the things they have learned over this time to all of their new clients.
The second thing that really separates them from other small business accounting firms is the number of services they offer to each of their clients. First, they of course can handle all of the tax paperwork and filing that you’ll be doing each year. They understand what things you can deduct, what you need to claim and how best to file everything so that you’re in good standing with the IRS. They also offer a variety of bookkeeping services to ensure that your books are good to go throughout the year. Finally, they even offer CFO services to small businesses that can’t afford to hire a person to handle that for them. As you can see, they’re a great choice for any small business looking for accounting and bookkeeping help.
They say that no man or woman is what they are without the people around them. Even the ultimate individual sports, track and running, are populated with athletes that never would have achieved what they have without great coaches to push them, family to support them and friends to challenge them. The bottom line is that every person relies on other people to help them get to where they are. No man is an island, as the saying goes.
If you were to take this point and apply it to the various small businesses all across the country, you would argue that no small business can be successful without each and every part of the business being supported by a talented, trained individual. The success of a small business’ marketing and advertising strategy depends upon the creativity of the person in charge of it. The small business’ product development depends upon the people working on the project, i.e. whether they are talented at what they are doing or not. And the finances, perhaps the most important part of the small business, rely upon the people keeping the books.
This is perhaps the most important aspect of any small business. As much as people would like to tell themselves that if they work hard and provide a great product the business will succeed, at the end of the day it’s the management of finances that has the biggest impact on whether or not the small business will succeed. If the small business can’t manage its money or file its taxes properly then it’s not going to make it. Instead, it must understand how much money is coming in on a daily, weekly, monthly and annual basis and compare that to how much money it is spending during those same time frames. If there are discrepancies in these amounts and your small business is going into the red on a consistent basis, you’ll need to alter your spending habits or the business won’t make it for very long. The bottom line is that your small business depends greatly upon its finances.
In order to ensure that this aspect of your business is operated efficiently, you should hire a professional small business accounting firm to manage your bookkeeping. In conjunction with yourself they will be able to ensure that every single dollar spent and earned are tracked and recorded accurately. Each time your small business spends a dollar you should be recording that transaction. Each time your small business makes a dollar, it too should be recorded accurately. At the end of every time frame that you determine, you and your accountant will be able to go through all of your transactions to determine what the profits of your small business have been. Your small business is only as strong as the sum of its parts, and the most important part just happens to be your finances. If you’re looking for such an accounting firm but aren’t really sure where you should begin, consider strongly Miller & Associates CPAs.