There are many people that use accounting software to keep a business or household running smoothly and on a budget. Without accounting software some people would not have good control over finances. There are several different types of online accounting software to be had. ...read more
Payroll accountants are responsible for tracking the expenditure of money and assets through a company. Their job is to help companies track their income and maintain a timely payment record for expenses and bills. If you are interested in becoming a payroll accountant, you will have to begin your career by studying carefully. ...read more
Computer files can sometimes be deleted by accident, get lost or damaged. This could be a potential nightmare, especially if these are small business accounting files. You have peace of mind by knowing how to use the "Backup and Restore" function in Microsoft Small Business Accounting. With a few keystrokes you can restore backed up versions of those files. ...read more
The communications of bookkeepers affect accounting in a major way. Bookkeepers are responsible for collecting accounts receivable and paying out a company's payments on accounts payable. The communication between those who owe money and those who money is owed to is extremely important to the entire accounting process. ...read more
Accountants are an indispensable asset of the tax season for many Americans every year. For individuals with sizable earnings from interest income, small business or capital gains, having an accountant is recommended. Before visiting an accountant, take some basic steps. ...read more
Certified bookkeepers are the best of the best in the profession. The requirements for certification depend upon where you are employed. Certified bookkeepers must have experience in bookkeeping, achieve a passing grade on a certification exam, sign a code of conduct and attend yearly continuing education classes. ...read more
You can increase exposure and attract new clients to your home-based bookkeeping service with an effective marketing plan. Running a business from home requires unique marketing strategies to build clientele and maintain current clients. With the new technology and networking opportunities currently available, marketing a business does not require a large monetary investment. Your marketing plan should include both short-term and long-term goals. ...read more
The bookkeeper typically has authority and control of the corporate checking accounts and other business accounts such as petty cash. Many business owners implicitly trust their bookkeeper and very seldom ask many questions of their bookkeeper. If no one audits the bookkeepers work it is sometimes very easy for them to commit fraud and steal money from the business. ...read more
Mixing personal with business accounting is a common practice amount those with small or home-based businesses. They may use one account and one ledger to document expenses for groceries, mortgage, business expenses and other personal activities. There is one type of structure that is ideal for mixing business with personal accounting. ...read more
Microsoft Small Business Accounting was discontinued in 2009. After it was discontinued, the makers of Quickbooks made a conversion tool that is free to use. This tool helps people who used Small Business Accounting convert their files to the Quickbooks program. ...read more
Setting up accounting for a small business is no small task. There are many prices of information to pull together in order to properly set up a small business accounting system. It is important to set this up the first time, because reconciling accounting that is not set up correctly can be very discouraging. ...read more
Understanding financial accounting can seem like a hopeless task for some. People are often scared away because of the math and terminology involved in the field. It is not as difficult of a subject to understand as it is often perceived. ...read more
The accounting profession details every consideration of good accounting practice online through several accounting societies. Search online for any of these accounting associations, such as The American Accounting Association for accounting information. The websites will include several pages of detailed accounting information. ...read more
Online bookkeeping services offer affordable solutions for small business owners. Online bookkeeping services offer accounts payable, receivable, payroll and basic bookkeeping support to clients on a predetermined basis. These services can save considerable time and money for small business owners who find themselves in need of quality bookkeeping services. ...read more
Small business accounting is an essential skill for any small business owner. Knowing how to keep accurate financial records for your business will help you to make decisions that will benefit the financial security of your business, as well as determine the amount that you must charge for goods or services in order to generate a profit. ...read more
By TroyElliot February 11, 2019
I contacted Russ May/June of 2018 and I had not filed taxes in years. I was getting IRS and Franchise Tax Board ( Ca) letters of back taxes owed. At first I dealt exclusively with Russ and he got everything lined up and sent me over Bailey Tax & Accounting.. This is when the magic took place. Kenneth worked his magic and got the state off my back and then the IRS. Basically it actually cost me nothing as my refunds amounted to the low fees that I was charged. Russ to this day still either calls or texts and asks how I'm doing. I highly recommend these guys as they gave me my life back.. I give them a 11/10 rating. Give them a call and relax.. Troy Elliott , Roseville Ca. ...read more
By marlajones123 January 17, 2019
These guys offer great, professional service. They did my tax review. Fixed my problem and I didn't have to pay the IRS anything. I couldn't be happier. ...read more
By Ernest Teixeira October 26, 2018
I was in a bind with the IRS and DRS. I thought I had not her option but to give in and let them garnish my wages. Speaking to Russell and hearing him out was the best thing I could’ve ever done. He put me in contact with Kenny who in my eyes the the best of the best. Not only did he reduce my 6 figure balance. He had my garnishments drastically reduced with my state tax but not only did he reduce the IRS balance they actually sent me a refund. These 2 guys were stand up honest men and everything they told me pretty much happened to the T. Kenny will forever continue to prepare my taxes. Ernie T, Derby CT. ...read more
What is SALT? A portion of the Tax Cuts and Jobs Act is known as SALT (state and local tax limits). This new policy limits the deductions that a taxpayer can take for their local sales, income and property taxes. These deductions are usually taken on Schedule A. What is The Fuss? The new rule limits the amount that can be deducted for local taxes to $10,000. $5,000 if you are married filing separately. This new limit is creating quite a stir for taxpayers and states with high taxes like Texas and New York. States have tried to create ways around the new limit. The IRS responded to these efforts by issuing a notice to the States explaining that basically a tax is a tax. The IRS also reminded taxpayers that “Federal Law controls the proper characterization of payments for Federal Income Tax purposes”. The Lawsuit Last month Connecticut, Maryland, New Jersey and New York filed a lawsuit in federal court to pummel the limit on SALT deductions that was created by the new law. They have named basically the entire U.S. Government in their lawsuit and are simply asking for the limit to be canceled. The complaint argues that the since the 16th Amendment was ratified by Congress in 1913 creating the Federal Tax program, it has allowed a deduction for all or at least a significant portion of state and local taxes. The lawsuit argues that the spirit of the 16th Amendment was to prevent the federal tax power from interfering with the States. Under the 10th Amendment States have the authority to decide on taxes and how they are used to invest in their infrastructure, business, etc. The complaint also states that some members of Congress have admitted that the new rule is seeking to force certain States to decrease their public spending and therefore the rule is unconstitutional. This small change in tax law could take power away from the States and allow the Federal Government to interfere in State policies violating the 10th Amendment. Another problem noted in the lawsuit is that it is disproportionate and unfair. Taxpayers living in New York will only make up about 7% of all taxpayers ut will pay almost 10% of the taxes collected by the Federal Government. We will continue to follow the story and keep you up to date. ...read more
By Fast Tax Help August 12, 2018
What is a 1099 Employee? A 1099 Employee is someone who receives a 1099 from their employer instead of a W2. A 1099 Employee is considered a subcontractor instead of an employee. This person is not entitled to the benefits of an employee. Any income earned and reported on form 1099 to the IRS is subject to self-employment tax. 1099 Employee Redefined A recent casein the California Supreme Court has redefined the definition of a 1099 employee. If you are an employer you should make sure that you are classifying your employees properly. This also means that if you are an employee you should make sure that your employer is classifying you correctly. Employee vs. Subcontractor An employer has tax obligations for employees. These tax obligations include paying a portion of their Social Security and Medicare taxes as well as Federal Unemployment Tax. As a 1099 employee (subcontractor) is responsible for the full portion of these taxes. Determining Who is An Employee There are certain conditions that determine whether someone is an employee or a 1099 employee (subcontractor): whether the company controls what the worker does and how the worker does the job how the worker is paid, whether expenses are reimbursed and who supplies the tools or supplies to do the work whether there are written contracts; if the work is limited or continues; and if the work performed is a key aspect of the business. If you are unsure you can submit Form SS-8 to the IRS to request adetermination. If you need assistance filing amended tax returns as a business or individual related to incorrect classification we are here to help. Work directly with Enrolled Agents with more than 29 years in business and the experience that counts. Tax Professionals with an A+ rated service that have never had a single complaint in more than 29 years. A consultation is free. For questionsContact Us. The Foundation of our Success is our Experience! ...read more
By Fast Tax Help August 12, 2018
Tax resolution involves finding the source or sources of your tax debt and the best option to resolve your tax problems with the IRS or State. The resolution may involve several steps such as filing unfiled tax returns, requesting a penalty abatement or installment agreement. When working with an Enrolled Agent, the Agent uses their training and experience to look for the least expensive solution for the taxpayerhttps://www.irs.gov/tax-professionals/enrolled-agents/enrolled-agent-information. They do this by first pulling the taxpayer’s transcripts for at least the past ten years from the IRS. A taxpayer can request a copy of their tax transcripts directly from the IRS on their own, however, only the current tax year are prior 3 years are availablehttps://www.irs.gov/individuals/get-transcript. An Enrolled Agent usually pulls more years to look for any money left on the table, or ways to reduce the tax debt. Unfiled Tax Returns If you have unfiled tax returns the IRS has filed what is called a Substitute for Return (SFR) in place of the tax return you would have filed. A substitute for return is based only on the information that the IRS has from other sources, such as the copy of your W-2 that your employer has sent them. A Substitute for Return does not include any additional expenses or exemptions that you may be entitled to so the tax debt including penalties and interest is usually more than you would have owed if you would have filed those returns. The IRS usually sends a notice of the amount of tax they have estimated that you owe for the unfiled return and if you fail to respond they issue what is called a “Statutory Notice of Deficiency”, beginning the collection process. In order to resolve your tax problem, all past due tax returns should be filed for two reasons. The first is to determine the actual amount that you owe the IRS. The second is that many of the programs offered by the IRS such as an offer in compromise, currently non-collectible or even a payment plan require that you have all of your unfiled tax returns be filed. Options When an Enrolled Agent reviews your tax transcripts they look for technical grounds to have the tax debt released. There are several ways to dispute the tax on technical terms including filing an amended tax return if the statute of limitations hasn’t expired or filing an offer in compromise. Sometimes an offer in compromise is not your smartest option and your Enrolled Agent will help you determine the least expensive option for your circumstanceshttp://fasttaxhelp.org/the-elusive-offer-in-compromise/. An Enrolled Agent can also help with penalty and interest abatement if you qualifyhttp://fasttaxhelp.org/irs-penalties-and-interest-abatement/. Other options include innocent spouse and currently non-collectible. Occasionally, all of your problems can be fixed by filing an amended tax return if the statute of limitations hasn’t expired. Stop Ignoring Those Letters Those letters from the IRS escalate from the “Statutory Notice of Deficiency” all the way to “Final Notice of Intent to Levy and Notice of Your Right to a Hearing”http://fasttaxhelp.org/letters-from-the-irs/. An Enrolled Agent can assist you with removing liens and levies, as well as wage garnishments. Your Best Choice We understand that you are overwhelmed. We know the feeling of not even wanting to open the mail and sometimes not even wanting to take the walk to the mailbox. We know the feeling of not wanting to answer the phone when you don’t know who is calling. Please call us and let us help you. You will not be dealing with a fly by night company. Work with a company that has more than 29 years experience (almost 30) helping people just like you settle their tax debt. You can call us or text us at 561-293-3135. You can email us at info@fasttaxhelp.org (if you’re shy) or visit our websitehttp://fasttaxhelp.org/fast-tax-help-form/. Work with a small company where you won’t get lost in the crowd and an Enrolled Agent will personally handle your case. You will not be dealing with a “case manager”. An A+ rated Better Business Bureau Agency without one complaint EVER. Our Enrolled Agents have the experience of working directly with the IRS and State Departments of Revenue. The formula for our success is simple. We promise only realistic options for taxpayers who owe the IRS. We deliver results quickly. We do business simply and honestly. ...read more
By Fast Tax Help August 12, 2018