A tax preparation professional, such as a CPA, may be exponentially more qualified and knowledgeable when it comes to navigating the tax code, but no matter how good they are, they aren't magicians. In order to get the most mileage from your relationship with a CPA, it's essential to have your
Accrual vs. Cash Method of Accounting
There are two accepted methods of accounting for federal tax purposes - Accrual and Cash. The main difference between these two methods is the timing of transactions. As a small business owner you need to be aware of the differences, the advantages and the disadvantages of each
Certified Public Accountants: Questions to Ask Before Hiring a CPA
Certified Public Accountant (CPA) designation signifies that your accountant has undergone specialized training and passed rigorous education and examination requirements. Even so, not all CPAs are equal. When choosing a CPA, be sure to look beyond the acronyms and find out about his or her
Tax Preparation: CPA or H&R Block?
U.S. tax law is notoriously complicated both to laymen and those who work in finance but may not specialize in tax preparation. Because of this, it's often worth it to enlist the help of a tax specialist who has an extensive breadth of knowledge regarding the tax code and experience handling
Tax Preparer Red Flags: Telltale Signs of Tax Accountants You Should Avoid
With the proliferation of tax preparation storefronts that are here today and gone tomorrow, the prevalence of tax return scams or unscrupulous tax filing practices is on the rise. While the government is attempting to buckle down on tax scammers, it's incumbent upon you to sort out the bad apples
Bookkeeping and Tax Preparation: The Case for Both
Small businesses have a tendency to try to keep everything in-house. Most business owners agree that a tax professional is essential to running a profitable business but are less convinced that it's worth it to outsource bookkeeping. But as your operations grow, so too does the benefits of having a
Certified Public Accountants: Tips for Saving Money with your CPA
The services of a CPA are invaluable. Not only can they get you bigger tax returns and save you time and hassle, but they can also keep you out of hot water with the IRS and the state tax department. Many tax filers see CPA fees as an investment, since in the end, a CPAs services may pay for
Starting A New Business – A Checklist
Are you looking to start your own business? Below is a quick checklist of things you will need to do when starting your own small business. This is a starting point as there may be other steps required for the business type you select. 1. Apply for your Employer Identification Number (EIN) with