Tracking Self-employed Expenses

When you are your own boss, there are a number of advantages that come along. It includes being able to set your vacation schedule and even your own hours. With this comes along a high level of flexibility. You can easily work remotely and roam around as you wish to. Sometimes, you might not even have to change out of your pajamas all day!

On the other hand, there are many advantages when working for an employer as well. Walking away from the convenience of a traditional job also takes away; the benefits package including great Tax Services in San Antonio and the steady paycheck. 

However, apart from everything else being your own boss means you will have to pay quarterly estimated taxes. It also means that you will have to track your business costs.

As Tax Professionals in San Antonio Uhlenbrock CPA has some great tips on how to diligently track your self-employed expenses. 

Have a look:

1. Knowing what comes under self-employed expenses

Tax Professionals in San Antonio would tell you that before anything else, it is crucial to understand what comes under a business cost also called the self-employed expenses. The definition by IRS says that those expenses must be “necessary” and “ordinary” to your business.

For instance, on attending a work conference, the expenses of the tickets would come under business expenses. However, getting a spa to relax before the conference would not. On the other hand, the price of purchasing a URL and domain hosting costs for your site’s business would count as a business expense. Deducting the cost of a personal website having nothing to do with the business is something you cannot do.

2. Spreadsheets to the rescue

In your spreadsheets, you could create columns like the item, cost, date, and receipt. You could also make notes about the location of the receipt, like in an email folder, as it was an online transaction.

This process streamlines the process for filing quarterly estimated taxes and helps you track self-employed expenses.

A spreadsheet comes in handy if you are on your own as it is easy and free. However, you may need a little more assistance if you are thinking to grow your business.

Check out some more tips on the subject, in the next blog. Uhlenbrock CPA not only provides the best advice but also the best Tax Services in San Antonio. 

Tips to Hire Tax Preparation Services in San Antonio

With time the tax laws are becoming complicated and it has become difficult to stay updated constantly. There is no space to commit tax planning and filing mistakes anymore. So, what do you do to avoid filing wrong returns? You hire a professional tax preparation services in San Antonio. But, with so many options for tax professionals out there, it becomes a difficult process altogether.

 Here are some tips to your rescue and will assist you in choosing the best tax preparer:

• Background Check

Before hiring a professional for their tax preparation services in San Antonio it’s imperative to run a thorough background check on them. The best way to go about it is to check with licensing agencies and professional organizations to see whether there are any complaints lodged against the preparer you are going to hire. Do not reject a preparer solely because he has a complaint on himself. Study the matter and then make a decision.

• The Eligibility to File your Returns
  

Just because you were impressed with the preparer’s presentation skills don’t rush into it. See if they are legally eligible to file your returns or not. For example, one of the IRS regulations is that all paid tax return preparers (including CPAs and attorneys) should have a Preparer Tax Identification Number to prepare federal income tax returns. Check for the state regulations like these before hiring tax preparation services in San Antonio.

• How Comfortable are You?

Keep in mind that the journey of the process to file your returns is going to be a long one. In this case, you would want someone who you are comfortable with. You should feel free to ask any question from them. When it comes to Tax Services in San Antonio ‘Uhlenbrock CPA’ is the best choice. We tell you things like important documents to bring along and make you feel comfortable rather than intimidated. 

• How Available is your Preparer?

Filing the returns and being done with them is not how it works. You would want a preparer who is available if any problem comes along in the future. Make sure you know how to reach them even in the off-season. An unavailable preparer is as good as hiring no one at all.

So the next time you think of hiring a professional for tax preparation services in San Antonio make sure to follow these simple tips and you’ll be good to go. For the best tax Services in San Antonio contact ‘Uhlenbrock CPA’ and leave it to us. Schedule a visit today, cal 210-701-1040.

Bookkeeping Basics Every Business Owner Needs to Know by Uhlenbrock CPA

Bookkeeping is an important part of accounting process. It is not possible to maintain balanced books with accurate bookkeeping. But most business owners find bookkeeping cumbersome and time consuming and it is often overlooked. Business processes involve various financial transactions that need to be tracked. An organized bookkeeping system allows the business to get insights into performance of their business and its profitability. Bookkeeping also has an influence on tax planning and other accounting processes. For professional tax preparation services in San Antonio, get in touch with Uhlenbrock CPA.

Are you unsure on where to start with bookkeeping for your business? Here are few bookkeeping basics that you need to know –

·         Maintain electronic registers or ledgers of cash to track income and expenses regularly. You can also maintain manual cash registers, but managing paper receipts can be difficult. Keep separate journals for Cash Disbursements and Cash Receipts.

·         If your business involves physical goods, take stock of goods on hand and match them with inventory listed. Carefully track the inventory on a regular basis.

·         While filing invoices, store them in a chronological order. It is advisable to keep Invoices that need to be paid first followed by receivables.

·         At the time of tax filing, you need to file various tax forms. Tax professionals will rely on your bookkeeping records for details that need to be filled in tax forms. If your bookkeeping is not accurate, it will influence the tax preparation and filing process.

·         Tally bookkeeping records with bank statements to get a clear idea of where you are spending your money. Also maintain your personal and business accounting completely separate.

If you are new to accounting or are busy with other business processes, it is advisable to hire professional tax services in San Antonio. By hiring a CPA in San Antonio, you can outsource your bookkeeping, tax planning advice, tax preparation and other accounting tasks. For a Certified Public Accountant in San Antonio, call 210 701 1040.

Importance of Business Accounting

There is a common myth among business owners that business accounting is synonymous with bookkeeping. Well, bookkeeping is a part of accounting but it is not the only element of business accounting. Accounting involves analysis and interpretation of financial information collected in bookkeeping process. Whether you are a small or medium size business in San Antonio, you need a Certified Public Account to handle accounting of your business. Get in touch with a reliable CPA for bookkeeping, accounting and tax services in San Antonio.

The basic objective of business accounting is to determine whether revenue of a business is greater than its expenses or not. Business accounting needs to be organized for accurate analysis and interpretation but business owners find this process to be lengthy and tedious. This is the prime reason why business owners should hire an accountant to handle their accounting while they can use their time to grow their business.

If you are wondering why accounting is important for your business, have a look at the following points –

• For any business, it is important to keep an eye on overheads and expenses. When business accountants take up this vital role, owners can focus on business development, revenue generation and expansion.
• Accounting helps to maintain accurate record of a company’s cash flow. This ensures that the company has sufficient capital for daily operating expenses.
• Accounting helps to ease the preparation of tax statements, financial statements like profit and loss statement and more.
• Accounting helps in evaluating performance of the business from time to time. It also allows business owners to compare business performance over previous years.
• With precise insights, business owners can make future predictions, create budgets and define their business goals.
• When financial records are organized properly, businesses can seek expert guidance to take corrective measures.

A business accountant is crucial for the growth and success of your business. Hire an expert accountant to take care of tax services, payroll management and other accounting services for your business in San Antonio. Visit www.uhlenbrockcpa.com for details.

Importance of Tax Planning in Business

There are several aspects of a business the owner cannot ignore, irrespective of size, sector and scope of the business. Tax planning is surely one of these aspects and if tax preparation is left unchecked, it can have serious consequences for the business. Tax filing can be extremely challenging if there is no strategic tax plan in place. So, it is advisable that businesses seek tax planning advice from professional accountants in San Antonio. Tax advisors not only help in keeping track of your income and expenses, they also help you organize your business finances.

With effective tax planning strategies, you can save money paid as taxes. You can use the saved money for making investments or for making improvements to the business. Here are few points to emphasize the importance of tax planning in business –

• With tax services in San Antonio, businesses can make full and effective use of tax law provisions available for your business.

• Tax planning allows development of strategies to postpone or avoid taxes that can benefit your business.

•  Tax planning will help business to make most of the tax breaks available for your business by law.

• Taxes affect the borrowing, spending, investing and other financial decisions made by a business. Hence, tax planning needs to be done carefully, assessing the needs and financial health of your business.  

• Tax planning helps in minimizing financial risks faced by the business.

Tax rules are complicated! Professionals have expertise in providing efficient tax services that can benefit the business. They also reduce the tax planning burden and challenges faced by business owners. Integrate tax planning and management with business finances to improve overall financial management of your business! For professional tax advisers in San Antonio, call Uhlenbrock CPA at (201) 701 1040 now.

Professional Tax Preparation Services In San Antonio

People nowadays choose to get their jobs done in the easiest possible way. Filling and completing a tax return for any business can be laborious especially for those businesses that are large in terms of scope and nature.

Considering also that every business have a very distinct tax saving strategy. At UhlenbrockCPA, Our primary goal is to save the money of the client by efficient tax preparation because we know that Profit maximization is a life time goal for any business.

Tax filing season is the time when business owners can't afford to make a mistake since it can result in hassles that they never want to deal with.This shows that a lot of businesses prefer to take advantage of experts who can handle tax returns professionally. Business tax services can help business of any kind to resolve complex issues regarding tax laws and any other small concerns such as paying bills at the proper time.

If you're looking for the best tax services in San Antonio, then you're in for a big leap! Check out UhlenbrockCPA now and Save more money with professional tax preparation services. Call us @ (210) 701-1040