Tuesday, 31 July 2018

Why is early tax planning the smarter choice?


As accountants, we breathe in and out in the world of taxes. We know the air and what it requires to survive in this world. Well, your business doesn’t only want to survive does it? To excel in this accountancy world, you absolutely should learn that early tax planning is the smarter choice. Talk to any accountant in San Antonio, to understand why tax planning is critical for your business.




Have a look and see for yourself what you can do to get the advantages of early tax planning:

Planning your losses
It’s simple. For example, you want to sell a piece of equipment that you have, the best way to do this is to plan when you will be selling it. The point here is that your loss will successfully offset at least some part of the income. So let’s say, you just had a slow year of business. It’s obvious that you would wish to wait until the next year in order to sell this equipment we’re talking about. This is because you would require the write-off even more once your income climbs back up. If you know you are going lose money on particular inventory-clearance sales, then you should plan those too. In this way, the losses can easily offset the income which is extra. Talk to your accountant if you have any doubts.

Planning the loans
In a case where you are aware that you will require money in the name of a new marketing strategy or a business expansion in San Antonio, you can try to write off the cost of the loan’s interest. Timing the loan for getting as much benefit as you can from the interest deduction is considered as a smart move.

Estimate your payments
You will be aware about what you owe at the end of the year, only if you can plan your taxes effectively. If you fall in the category of small-business owners in San Antonio, then you absolutely must make an estimation of the quarterly payments. The execution of tax planning process, allows one to make estimates that are accurate. It also helps you in avoiding having to pay penalties for the underpayment of taxes that you might end up doing. To keep a record of your payments, make a habit of organizing your bookkeeping. You can get in touch with an accountant San Antonio providing bookkeeping services in San Antonio for managing your records.

There are more benefits that one can enjoy if they get into the habit of early tax planning. Start yours now!
 

Wednesday, 27 June 2018

What do you need for business tax preparation? PART 1

In our previous blogs, we have mentioned the importance of having an expert by your side when you are going for business bookkeeping San Antonio. Well, the same is applicable for tax preparation too. Getting an expert for tax preparation makes it more efficient, accurate and saves you a lot of time and stress as well. Therefore, the most imperative element that you would need for business tax preparation is an expert who knows what he’s doing.
Apart from this, there are particular things or more specifically documents that you will need to arrange for the business tax preparation.

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Through this blog we are going to inform you about everything you will require for the same. Basically, it all comes under gathering the right information from various sources. Let’s begin!

1. Last year’s business tax return

We know that you wouldn’t want to go down that memory, but it helps in providing valuable information and serves as a guidance to make your way through this year's return. It basically helps you in verifying the following things -
  • The method used to track business finances
  • The date of incorporation of the business
  • The date of electing to become an S corporation
  • The federal tax ID number
  • The business code number and activity descriptions
  • The method used for tracking the inventory 
  • The beginning balance sheet amounts (the same as previous year's ending balance sheet amount)
  • Partner or shareholder information provided that there are no changes
2.  Articles of Incorporation

If you find yourself not having the prior-year tax return, or you are filing a tax return for a new business, then the Articles of Incorporation help in giving some important information:
  • List of officers
  • The state of incorporating the business
  • List of shareholders and percentages of ownership (in case of being  an S corporation)
3.  Partnership agreement

Again, if you are lacking a prior-year tax return, then the partnership agreement becomes the best source of:
  • Date of the partnership being started
  • The method used to track business finances
  • Information of any particular expense or income item that isn’t allocated based on loss, profit, or even ownership percentages
  • The amount of money put by each partner initially as well as current ownership percentages
  • The list of partners
Stay tuned to the second part of this blog for more information on the things you need for business tax preparation. As we have been providing the tax preparation and bookkeeping services San Antonio for years, impressing and satisfying our customers, we are your best source of information on the topic!




Friday, 18 May 2018

Steps to Earn Success in Small Business Accounting

Regardless of the type of business, any company cannot cease to exist without accounting. If a company wants to successfully operate, the business bookkeeping San Antonio becomes the very foundation of the same. As the owner, you are the one who is in charge of getting the business books in order. You can hire an accountant for business bookkeeping process in San Antonio.



Accounting Activity

Three major areas:
  • Bookkeeping process - When the financial statements are managed according to the established procedure. A business needs to perform bookkeeping on a regular basis.
  • Tax records - Those documents of your business that deal with tax base and calculation for reporting to fiscal bodies.
  • Management accounting - Analyzing the recorded data or getting it done through an accountant San Antonio to evaluate the effectiveness, make sound economic decisions and plan work processes.

Steps to a Successful Beginning 

Picking the best accounting method for your business:                         
The two methods that can be looked at are accrual and cash. See what method would best fit your small business and go ahead with implementing it. You can always refer to a professional’s advice for the same.

What are the records you have to keep?                                                            
As the owner of a small business, you need to know what type of records you have to keep. The legal documents like sales tax licenses, business permits and licenses or any other kind of documents which have legal significance are to be stored and kept accurate as well.

Supporting financial documents:                                                                    
These documents hold great value since all the accounting operations are based on them. Such documents include invoices, all contracts with counterparts, cash register tapes, payrolls, receipts and a few other documents that are related to the finance area.

What to record and how?                                                                         
Each and every thing that is related to money and explains the sales transactions of your business need to be recorded. If you keep day by day records of incoming as well as outgoing payments, you’ll get a full picture of the funds of your business. It is imperative for you to know your liabilities that include overhead and employee paychecks, operating expenses, taxes etc                                                                                                                   
Management of documents:                                                                                            
There will be a lot of documents that you’ll be receiving for various different purposes after getting your license and opening a bank account offline or online. Further, the number of documents will only be growing. This means that you should have a well-organized process of slotted documents to ensure high efficiency of the record-keeping system.  

As the best an accountant San Antonio, we provide the best service of business bookkeeping San Antonio. To know more about our services, give us a call at 210-701-1040.

Wednesday, 25 April 2018

A Checkup for your Paycheck


When you get an annual checkup in order to maintain the physical health, why shouldn’t you do the same for the financial health? In general, every year, a person or  a business  gains more and more experience,  skills, revenue and growth. That being said, the potential earnings that you hold can increase greatly without you even knowing about it. It is important that you not only maintain your accounting books with bookkeeping services San Antonio, but also the payroll checks of your employees.

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Payroll management has long been seen as a hassle for business owners. It is better to outsource your payroll to a certified accountant. Following are a few great reasons for thinking about a checkup paychecks to ensure you have the right calculations for your business.

Why is going for a checkup of paycheck an important step?

In April 2016, you will be thanking yourself for paying attention to paychecks. If the employee takes out the time right away in order to check their withholding, calculations will be easier. On the other hand, in case of they are withholding a small amount, they will actually owe it at the time of tax. Therefore, ideally, you should have just the enough amount withheld so that the amount comes as close as possible to the actual tax liability that you hold for the year.

2. WHO SHOULD BE DOING A PAYCHECK CHECKUP?

Although, any person can generally take the benefits or advantages from a paycheck checkup, but there still seem to be a few groups who should specially consider taking a step towards the paycheck checkup. Following fall in this category:

  • Any person who has a fairly complicated financial situation
  • A person who has two income families
  • A person who has more than one job or multiple jobs
  • Any person who itemized the deductions in the year 2017
  • All the people who claim credits like the Child Tax Credit
For professional accounting, bookkeeping and payroll management in San Antonio, get in touch with Uhlenbrock CPA. Call 210-701-1040.