The Top Accounting Challenges Small Businesses Face
As a small business owner, you need to wear several hats. Your tasks will range from marketing your brand to hiring the right people to maintaining relationships with your customers. You'll also need to keep track of your profits and business accounting.
Tips for Hiring the Right Tax Accountant
You don't have to be wealthy or a business owner to benefit from hiring a tax accountant. You might feel that preparing your own taxes is just too time consuming, stressful, or confusing. Maybe your tax situation is complex or it's changed so you need specialized advice and tips.
Does A Forensic Accountant Make Sense For Your Divorce?
A divorce can bring many changes. If you remain careful, you can limit the amount of surprises and negative fallout during a divorce, especially regarding your finances.
NJ Tax Amnesty: Frequently Asked Questions
What is a tax amnesty? New Jersey Tax Amnesty is a limited time opportunity that allows you to become free of New Jersey tax debt. If you pay the State taxes you owe and file your late tax returns, we will waive most penalties and reduce interest.
2019 Standard Mileage Rates Announced
The optional standard mileage rates for business use of a vehicle will increase significantly in 2019, after increasing slightly last year, the IRS announced Friday (Notice 2019-2). For business use of a car, van, pickup truck, or panel truck, the rate for 2019 will be 58 cents per mile up from 54.5 cents per mile in 2018. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
Top Seven Mistakes When Claiming Social Security Benefits
At a recent AICPA conference, three CPA tax practitioners, including the author, engaged in a conversation about client services, noting in particular that all were fielding more questions from clients about timing strategies for claiming Social Security retirement benefits. Two of the CPAs heartily offered that they always advise clients to begin claiming benefits as early as possible — age 62.
Tax Reform Eliminates Deductions for Work Expenses, Mileage
Notably, the new Tax Cuts and Jobs Act (TCJA) scales back deductions for certain itemized deductions, including state and local tax (SALT) payments and mortgage interest. But another lesser-noticed crack down maybe just as significant. Effective for 2018 through 2025, the TCJA completely eliminates the Schedule A deduction for miscellaneous expenses. This change can be especially harmful to employees who pay job-related expenses out of their own pocket.
When to Hire an Accountant for your Business Startup
As long as your startup venture is in the prestart stage, during which you or your cofounder may be personally coding the product while working out of your homes, there won't be a lot of money changing hands, and you can put accounting issues on the back burner. But at just about the time that you feel the need to incorporate your business, you should start acting like a real company and take control of your finances.
12 Times When It Makes Sense to Hire a Professional Tax Preparer
Approximately 60 percent of taxpayers turn to a tax professional to help prepare their return, according to the Internal Revenue Service. If you're in one of these situations and aren't sure how it impacts your taxes, consider hiring a professional tax preparer or tax accountant so you don't miss out on valuable deductions or make other mistakes that can trigger a bigger tax bill.