Accountants Help Small Business Owners

Posted on: 28 July 2016

A failure-to-file penalty is imposed on those who do not submit a timely return. For those unable to submit a return by Tax Day, the due date can be extended by filing a Form 4868 - Extension of Time to File a Tax Return. The extension automatically adds six months to the date required to submit a return. With the extension, the filer has up to October 15th or later if the 15th falls on a weekend. [Read More]

Posted on: 13 June 2016

Unable to afford professional care, adult children do choose to leave full-time jobs to live with and care for elderly parents. The decision, of course, impacts their income. The income drop  to a part-time one ends up being reflected on an income tax return. The tax return may indicate a new address, the parents' residence. Examiners at the  IRS may wonder why a self-employed individual with such a low income is able to live in a neighborhood in which the average salary and cost of living are very high. [Read More]

Posted on: 19 August 2015

Hiring an accountant or accounting firm for your small business is definitely one of the shining milestones in your business venture. It means that your company has grown to a substantial enough size that your financial functions need expert attention and is another step toward new growth in your business. However, as a small business owner, choosing the wrong accountant to handle finances can be one of the most costly mistakes you ever make. [Read More]

Posted on: 10 July 2015

Offering a residential property for rent to the public creates new personal obligations. In addition to managing the physical aspects of the property, attention to financial details is required. Owners of residential rental homes can gain insight into the ongoing profitability of any property by analyzing how rental activities are reported on a personal income tax return. Operating expenses are subtracted from the revenue of a rental property to determine if there is a profit or a loss. [Read More]