How Can I Prepare Myself For Tax Filing?

If you’re at a point in your life, where you just need someone to guide you through the procedure of tax preparation and filing, then you’ve come to the right blog.

You can simply choose to do the following to help yourself:

1. Decide to start your tax planning a little early

When the tax year is beginning, you can choose to plan how you are going to arrange the financial affairs. This is to be done in order to lower your tax bill. However, there is something that you should keep in mind. In case, your tax affairs are too complicated for you to handle you might just need some expert advice. Let’s say you earn investment income or are self-employed, you might go for tax preparation services in San Antonio. They could recommend strategies that minimize and defer your taxes. 

2. Keeping good receipts and records throughout the year

One of the best things to do is to organize as well as file receipts as and when they come in. This makes it fairly easy at tax time. This will include tax information slip. It would also go on to include supporting documents, like bills, receipts for car, credit card statements, business expenses like home or office etc, stock transactions, and records of the business, housing, and rental property.

3. Making sure that you are receiving all tax information slips

This would be including receipts for charitable donations, RRSP contributions etc. Bot only this, but it also includes the following:

• In case of you being an employee- T4 slip  

• In case of you receiving a pension income, self-employed commissions, lump-sum payments, or even annuity income - T4A

• In case of you earning an income from a trust- T3

• In case of you receiving investment income- T5

Something that everyone should remember about issuing these slips is- 

All these slips should be issued by February 28th. This is with an exception for the T3, as that is issued 90 days post the trust’s tax year-end.

Don’t worry, if, in the end, you still feel lost, or simply not up to the task, then you could just go for tax preparation services in San Antonio. Preparing yourself for tax preparation is possible if you are willing to learn and willing to take a risky chance of getting a few things wrong on the way. 

To know more about tax preparation services in San Antonio and avail services of tax consulting North San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.

A World Without Bookkeeping!

At many points in your business life, you must have heard people giving you advice on why business bookkeeping in San Antonio is important. It may be possible that you read about it at various places. However, there is another way to make yourself learn why bookkeeping carries the importance that it does.  

In this blog, you are going to be stretching your imagination a tad bit far. Often, to understand the cruciality of something, the best way is to imagine a life without it. Therefore, to understand the vital role that bookkeeping plays in accounting, let’s imagine a world where there is no bookkeeping.  

Here’s what happens in a world like this:

1. Obscured Business Finances:

When you cut off bookkeeping completely, it means that the books won’t be painting a clear picture of the company’s financial viability anymore. When there is a lack of records that are accurate, it becomes nearly impossible to track the cash flow projections as well as statements.

When one cannot accurately measure cash flow, items like overdue invoices, held inventory, or even recurring variable expenses like sales commission, hourly wages, or even shipping costs become easily obscured. When there is a clear understanding of variable as well as fixed costs, it easily allows one to identify the break-even point.

Something to remember is that the cash flow helps one in identifying money-in as well as money-out. If you fail to track cash flow and you’re financially struggling, then having a record trail may help in revealing the problem. However, the lack of bookkeeping leads to no trail but merely a stack of records on a desk kept somewhere.

2. Your Money would Start Disappearing:

Without business bookkeeping in San Antonio, you’ll soon realize how you’’ ll lose track of your invoicing cycle. Soon, payroll problems will start arising as well. And before you know it, managing your expenses will become a tricky job to pull. You should think of it this way; when you won’t be organizing your records, then the money that could have been yours would end up in someone else’s pocket. 

3. Limited Options for Financing: 

When the books are not up-to-date, financing options are going to be limited for sure. The lack of detailed records, mean that you are likely to not receive a loan, and therefore, a cash advance might just be your only option.

Now, ask yourself, would you like to live in such a world? 

Curious to know about CPA services in San Antonio? Get in touch with Uhlenbrock CPA at 210-701-1040.