Coral Springs bookkeeping specialist for small businesses: The controller increases the company’s overall financial accountability and checks and balances. A controller reviews the bookkeeper’s ledger for accuracy while also maintaining the integrity of the accounting data file in the future so that adjustments can’t be made without approval. Lastly, a controller issues monthly financial reports highlighting any critical issues that you need to understand and possibly address.
Whether you file your own taxes or use a professional preparer, the key to a satisfactory, tension-free result is organization. Trying to make sense of a rat’s nest of paper receipts, canceled checks, brokerage statements, and other miscellaneous bits of information is frustrating and time-consuming. The confusion adds time for you and unnecessary expense if you’re using a professional tax preparer. It also increases the probability of incorrectly calculating your tax liability. If you pay too little, you may be subject to a tax audit and additional penalties. If you pay too much, you’re effectively giving the government a donation. Avoid such troubles by following these tips.
Bunch Your Charitable Contributions: In 2019, married couples filing jointly have a standard deduction of $24,400. For single taxpayers, the standard deduction is $12,200. The Tax Cuts and Jobs Act of 2017, which nearly doubled the standard deduction, also eliminated miscellaneous deductions, capped state and local tax deductions at $10,000 and limited mortgage interest deductions to loans of up to $750,000. These changes can make it difficult to itemize deductions unless someone has significant charitable donations. Powell suggests people bunch two years of contributions into a single year, which would allow them to claim an itemized deduction every other year. For those with the financial means, setting up a donor-advised fund may be ideal. “You get the deduction in the year you move the money (into the fund),” Powell says. However, charitable gifts from the fund can be spread out over time.
Plan for estimated taxes: As we mentioned before, seriously underpaying your taxes throughout the year can have very negative consequences. If you expect to owe at least $1,000 in taxes when you file, the IRS generally requires that you make estimated tax payments throughout the year. This is especially important for business owners or self-employed individuals who generally don’t pay income taxes on their earnings. Note that you may need to work with a tax accountant to determine how much to set aside and pay each quarter. Discover additional info on Lauderhill bookkeepers.
Employers are typically notified of a wage garnishment via a court order or IRS levy. They must comply with the garnishment request, and typically start withholding and remitting payment as soon as the order is received. IRS wage garnishment and levy paperwork will walk you through the steps of completing the wage garnishment. Paperwork should also include any relevant contact information, which you should not hesitate to use if you have any questions. This is certainly one scenario where it’s in your best interest to contact many people rather than attempt to guess and create possible errors.
State sales taxes: This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes, or state and local sales taxes. For most citizens of income-tax-states, the income tax deduction usually is a better deal. IRS has tables for residents of states with sales taxes showing how much they can deduct. But the tables aren’t the last word. If you purchased a vehicle, boat or airplane, you get to add the state sales tax you paid to the amount shown in IRS tables for your state, to the extent the sales tax rate you paid doesn’t exceed the state’s general sales tax rate. The same goes for home building materials you purchased. These items are easy to overlook. The IRS even has a calculator to help you figure out the deduction, which varies by your state and income level. Beginning in 2018, your itemized deduction for state and local taxes is limited to $10,000 per year. You still will only be allowed to deduct either state and local sales tax or state and local income taxes, but not both.
Learning QuickBooks fundamentals can be very challenging and requires training since it contains thousands of features to handle all types of industries and businesses. In order to fully comprehend the features, it would be advised that one not only understood the technical basics but had some experience in accounting and bookkeeping. Our accounting and bookkeeping firm has been using Quickbooks for clients for over 20 years. QuickBooks is one of the most comprehensive and widely used premier accounting software for small businesses. One of the most widely used versions of QuickBooks is QuickBooks Online which provides access for the accountant and the client at the same time. Find more info on Bookkeeping Broward.