Tracking Self-employed Expenses - Part 2

As we discussed in the previous blog, if you are self- employed then you need to track your self-employed expenses. Of course, you could take the assistance of tax preparation services in San Antonio but before any of that, you need to know how to track your business expenses when you are working for yourself and not an employer.

It is only after this tracking process that you would be able to move on to the next step of corporate tax preparation in San Antonio.

 

Hence, here are the continued tips on how to track your business costs also called self- employed expenses-

Organize it all

In today’s digital world, it would not be a surprise if you get a few of your receipts via e-mail. Now that you are aware of this, you should create one folder in your email that would only be used to store the expenses of the business.

It is a very smart move to store photos of the paper receipts that you receive apart from the e-mail ones. Of course, you should keep these paper receipts in a physical folder as well. However, when you compare the chances of you losing a paper receipt, they are definitely more than you losing a digital copy of the same.

One of the best things you could do for yourself as someone who is self-employment is to record everything. This means taking into consideration each business expense that you make and file the receipts according to that.

All you have to do is make sure not to procrastinate when it comes to such activities.

As a provider of tax services in San Antonio, we know how important it is important to keep your receipts and tax returns for at least a period of three years. This is helpful if you are audited.

Filing quarterly-estimated taxes

Finally, we come to the last step of it. Filing your quarterly estimated taxes is the only way to keep your business costs in an amazing shape. Any kind of failure in filing would result in penalties to the IRS. This is something you would want to avoid in every case.

Paying your taxes throughout the year is the best way to go about it. For more tips like these and the best corporate tax preparation San Antonio, contact Uhlenbrock CPA today!

Social Security Benefits That You Were Unaware Of

As a successful provider of tax services in San Antonio, Uhlenbrock CPA is sure that following are a few social security benefits that you weren’t aware of. Without these social security benefits, there are so many advantages that you are missing out on. Hear it from someone who has been an expert of tax preparation services in San Antonio over the years. 

Have a look:

•  Collect and Make More Money by Waiting Longer

Waiting till your 70th birthday to draw social security benefits makes your monthly payment jump up by about 76 percent as compared to a scenario where you opt to take benefits at 62 years of age. It’s important to remember that when it comes to social security payments, we are actually betting against death. Hence, in an event of you passing away before drawing the benefits, you are left with nothing at all.

Experts and providers of tax services in San Antonio would tell you that all of it depends on your financial situation at the time of retirement. 

• More Benefits if you are married for more than 10 years

It doesn’t matter when the marriage ended. If you were married for more than 10 years to your ex-spouse then you have a right to their social security benefits for life, which would be based on their earnings, not yours. This would be if you are not re-married.

This can be a great benefit for you if you were married to someone that belonged to a high-income bracket.

• Post Divorce Benefits increase upon the ex-spouse’s death.

Not only do you get a right to their social security benefits when they are living, but the event of their death, and you still being someone who didn’t get remarried would still get the right based on your earnings. Not only this, but you also get full benefits of a widow or widower. Even when your ex-spouse decides to get re-married, it doesn’t change a thing. 

Not only do we provide great information like this at Uhlenbrock CPA, but also offer the best tax preparation services in San Antonio. It is always smart to familiarize yourself with the subject of the rights you hold. But always be careful that such information comes from a reliable source. Go and explore many more benefits that you are entitled to, but are unaware of.If you have any queries, feel free to get in touch with Uhlenbrock CPA at 210-701-1040.

Common Tax Mistakes Small Businesses Should Avoid

Every business owner faces a lot of issues that require attention. Right from inventory management to marketing and training staff, there are several tasks that need to be managed for keeping the business running. With so many things at a time, it is often easy to make mistakes that can result in loss of time and money. In the middle of day-to-day business operations, it is common to overlook accounting processes like bookkeeping, tax planning and more. Wouldn’t it be great if business owners can outsource challenging tasks like tax preparation to professionals? This will allow them to pay attention to other aspects of their business and focus on growth. Get expert tax preparation advice from reliable CPAs in San Antonio for organized handling of your tax returns. 

 

Here is a list of commonly made tax mistakes that you need to be aware of –

• Lack of Knowledge – Business owners need to have basic knowledge of tax regulations, deductions, laws and more. They need to be aware that apart from IRS and state agency, they may also be liable for local taxes, sales taxes and other specialty taxes. New business owners in San Antonio should consult a local tax advisor to understand nature of taxes their business is liable for.
  
  
• Record Management – One of the most overlooked tasks in any business is maintenance of proper financial records. Tax preparation can be made hassle free and smooth if you have up-to-date and accurate financial records. Tax preparation involves review of all receipts, payments, checks, card payments and other financial transactions over the previous year.
  
  
• Mixing Business and Personal Accounts / Expenses – Small business owners make is failing to have separate business and personal bank and credit accounts. Totally separate accounts simplify tax time, reporting, and bookkeeping. If small business owners have common accounts for business and personal use, they are apt to miss deductible business expenses and fail to report income. Separate accounts make expenses and income easier to identify and help in preparing accurate balance sheet.

Make tax filing process for next year hassle-free and error-free! Get in touch with an experienced tax planning service provider in San Antonio for professional advice. Call 210 701 1040.