Organized Finances Ensure Business Success

English: Findlay, Ohio, September 20, 2007 -- ...
English: Findlay, Ohio, September 20, 2007 — Gilbert Yingling, a representative with Small Business Administration (SBA) makes calls to local business owners from a local chamber of commerce business directory as part of an SBA outreach program. He then follows up with person to person meetings with the business owners. John Ficara/FEMA (Photo credit: Wikipedia)

It is important for any business to keep its finances in order. Numerous websites stress this, such as the Scott Reiman crunchbase profile. Having organized finances ensures that business owners will always be able to know where their businesses stand and whether or not they are incurring profits or losses. If they are incurring losses, then they might need to reevaluate their business structure and marketing tactics and change them to find a more effective solution that works. It is also important for businesses to have their finances in order for tax purposes as well. There are a few tips that business owners can keep in mind to help keep their business’s finances organized.

Retain a CPA

Retain the services of a certified public accountant. Accountants are one of the most important resources that a business can have. Accountants are skilled in ensuring that finances are in proper order. They are also invaluable to helping business owners make informed decisions concerning their businesses. Accountants can generate virtually any type of business report that owners need to determine where their business stands in the way of successfulness.

Re-evaluate Business Entity

Many business owners begin their businesses as sole proprietorships or partnerships. However, over time and with expansion, it might be ideal for them to incorporate their businesses or form an LLC that can help shelter them from financial risks. Incorporating a business entity or forming an LLC can also help business owners save money on their taxes. Additionally, failing to adjust a business’s entity to accommodate a different income level could end up being a costly mistake. Business owners might want to discuss their different entity options with a CPA so that they can determine the right entities for their businesses and the appropriate times to make any changes, if necessary.

Review Estimated Tax Payments

Business owners have to pay estimated tax payments, which are quarterly payments. Underestimating estimated tax payments can result in penalties for businesses, so when estimating estimated tax payments, round up rather than down. It is better to overpay than to underpay because anything that is overpaid will be returned back the business in the long run when tax refund time rolls around. By properly estimating taxes, business owners can prevent underpaying and overpaying, though. Reviewing what the business has earned year to date and then projecting what it is expected to earn throughout the rest of the year is how estimated taxes are discerned.

Keep Business and Personal Finances Separate

One of the most important rules to managing business finances is to keep them separate from any personal finances. Although this is not mandatory for sole proprietorships, it is mandatory for corporations or LLCs. It is still a good practice for all business owners to employ, though. Open up separate accounts strictly for the business that are separate from any personal accounts. Likewise, have debit cards that are solely for the business as well. It is also a good idea to open up a dedicated savings account or money market account where approximately 25 percent of each check can be transferred to save for estimated tax payments.

No matter whether a business is large or small, keeping its finances properly maintained is essential to appropriate business operation.

Why You Need EFTPS Software

Business 103 Payroll Inserts
Business 103 Payroll Inserts (Photo credit: kevin dooley)

Why You Need EFTPS Software

When looking for a service to handle your payroll system, you should look for a system that uses good software like EFTPS software. Payroll services use software to not only keep payroll information safe and organized but also to handle tax information whether it is handled throughout the year or send out all tax information in January. For instance, it can perform quarter-end processing as well as payment processing among many other functions. In fact, if you need to look at reports such as year-to-date analyses, you can very easily perform these functions within a good software program.

Of course, there are also many other benefits to using EFTPS software to organize a payroll system. This system can schedule payments on time, which is essential in running any organization. You may also create e-file tax returns, e-signed papers and magnetic media disks that can be submitted directly to tax authorities. A good software program will help you take control of your payroll in areas other than taxes as well. When you can identify variances between deposits and liabilities, you can balance them more quickly. You can also take steps to make sure you keep your books balanced in order to avoid problems.

CPA Services in Honolulu

Downtown Honolulu, HI, view from Punch Bowl.
Downtown Honolulu, HI, view from Punch Bowl. (Photo credit: Wikipedia)

If you live in Hawaii, you’re truly living the high life. The soothing effects of the sea breeze will have a calming effect on the soul, and there’s something about the flora and fauna that transport you to another world. Hawaii is the perfect mash-up of rising industry and natural beauty. You may think that it’d be difficult to hold stress in a place that so many people vacation to for escape, but it’s still possible, especially when it comes to financial woes.

Tax time can be particularly stressful, and if you’re self-employed you may be at a loss of where to begin. That’s why professional services are available. They’ll provide the help you need to get the ball rolling right so that the hard part is behind you. One option is CPA Honolulu at Yuda.com. You can contact them online or over the phone for a consultation. They specialize in not only tax preparation, but accounting and consultation for blossoming businesses. Perhaps you’ve got an idea for your own business that you’ve been itching to start, and yet you’re not really sure what the best choices are moving forward. Hawaii is an excellent place for commerce. Tourism prompts a great deal of opportunity, and with the help of a certified public accounting firm, you can get all the advice you require to make your dreams come true. You can also get advice on investment opportunities as well. The last thing you want to do is invest in a venture that won’t get off the ground, and these professional services assist.

Filing Free Taxes Online: What You Need To Know

Filing Free 2012 Taxes Online: What You Need To Know

Are you interested in filing free 2012 taxes online? If so, you should know that TurboTax 2013 is the very best way to do it. This program makes it easier than ever to figure out your taxes so that you will not have to pay to go to an expensive CPA. Do you want to take home more of your return this year? Do not give it to someone to do work that you can do from your home computer. TurboTax comes with a number of features that are designed to make things simple for anyone, even if you do not have tax experience or education.

English: Logo of the Owner-Free Filing System ...
English: Logo of the Owner-Free Filing System / OFFSystem / OFF. (Photo credit: Wikipedia)

First of all, when you begin filing free 2012 taxes online, you get the option to save your work at any point. As you probably know from trying to sort through your taxes in the past, this whole process can take hours. Maybe you just want to use TurboTax 2013 for an hour a night, taking two or three days to get done. If you do not have a lot of free time between going to work and spending time with your family, you can just put in the time that you have and then save your work to pick it up later. You can cater the filing process to your schedule.

Next, you should know that filing free 2012 taxes online means that you do not have to print anything out, buy postage, and mail it to the IRS. You can use TurboTax 2013 to file electronically, which takes just seconds. This eliminates the risk of your paperwork getting lost in the mail and means that you could see your return much sooner than you would with the traditional process.

Finally, filing free 2012 taxes online means that you get to use powerful software that walks you through the process. Everything is phrased as a question, making it easy to understand. If you are still confused, TurboTax 2013 comes with an entire help section for clarification. No longer will taxes be the confusing mess that the paper forms have been in the past.

Intuit Unveils TurboTax CPA Select

TurboTax CPA Select

TurboTax CPA Select is designed to connect small and medium business owners who require someone to file their taxes with a CPA.  In fact, the unveiling was done just in time for the new tax season. With this system, SMBs will know the amount of tax beforehand.

Brian Crofts, Group Product Manager, insists that With CPA Select, the company is focused on fulfilling their customers’ needs.

The new services will be introduced to its clients in two phases. First at the Small Business VCon on January 23. Second at the Intuit Innovation Gallery Walk on January 29. Intuit’s Mountain View headquarters will host the Gallery Walk from 4 – 8 p.m. PT. Most importantly, the company will also take this opportunity to showcase the company’s newest products and services and allow CEO and leaders to air their technology expectations.

Available CPAs have profiles; complete with pictures, star ratings, and client reviews. Notably, it also comes with educational and professional background information. When a CPA is selected, the user uploads and submits tax return from the previous year. Within 24 hours, the selected CPA responds to the request. Users accept or reject the estimate. If accepted, the tax return is prepared and filed.

To join the online service, complete the registration form or login using Facebook. Users are required to give consent for any documents they upload.

Crofts stated that “it’s an online service, but most importantly convenient, because it helps both individual and businesses find someone to file their taxes.” Customers can view a picture, read testimonials from previous customers and review the professionals’ history in one location.

More so, CPAs who are a part of the TurboTax service, connect their profile to their social media sites. The cost of the service starts at $89.95.

The Benefits Of Using Federal Free TurboTax

Federal Free TurboTax

It isn’t long until 2012 taxes have to be filed. More people are filing online using software like free Turbo Tax. Filing online can make the process easier and it saves time going to a tax preparer. Software such as Federal Free TurboTax does everything for you.

How Turbo Tax Software Works

Turbotax get started
Turbotax get started (Photo credit: wrkng)

Turbo Tax is used by millions of people each year. They comment on how it made the process simpler and faster. This software automatically calculates your refund or taxes you according to the data you enter. You can also save your documents for future reference in case any issues arise. If you can’t finish in one session, it saves your work. Your return is sent to the IRS after completion. Perhaps one of the best features of Turbo Tax is the deduction maximizer. It uses a patented algorithm to figure you optimal deductions. Many users have seen a great increase in refunds.

There are still those who prefer to use the conventional way of filing taxes. However,choosing this route can take much longer to get your refund. It can take the IRS up to six weeks before they send your check in the mail. Federal Free TurboTax software is something you may want to think about for filing taxes in 2013. It works the same as if you go to a tax preparer without all the hassle. You will be able to get your refund much sooner when you file online.