Bruce L. Fosdick, CPA, PCTax Preparation Service in Castle Rock, Colorado
You should not be embarrassed about not feeling peace when preparing and filing your taxes. If most business owners were honest with their true feelings, the majority of your acquaintances would say the same thing. But we and our friendly team are here to help make the process smooth and as painless for you as possible. Grab our completely free white paper to find out how to dominate your savings at tax time.
When you provide us your financial information for filing your taxes, how much you put into your retirement accounts is an important piece of info we'll need to know.
This is because there's a nifty credit (that's right - credit, not a deduction. You get money back here even if you owe the IRS nothing) available for those who contributed to eligible accounts. The amount of the credit varies based on your income and filing status - it's geared to encourage those of all income brackets to contribute towards retirement. If you make less than $62,000 (Married Filing Jointly) or $31,000 (Single), then this is for you.
And here's a tip: you can make contributions to said retirement account all the way up to April 17 and have them count towards your 2017 contributions.
An entirely different perspective on what makes a man or woman successful (one well worth taking to heart):
“Do not judge me by my successes, judge me by how many times I fell down and got back up again.” - Nelson Mandela
Trying to recall what you spent on deductible business expenses over the past year can be a stressful part of business tax filing. If you're running up against that wall, let it inspire you to think up a recording system for this coming year. If you track your deductible costs as you pay them, return time will be much easier (and likely more profitable)!
Time is flying by, and you have less than 5 weeks until your tax return is due. Though we're busy, we can still make space in our schedule for you -- but please do contact us soon.
On March 15th, 2018, Subchapter S Corporation (S-corps, for short), have their tax returns due. We're already on top of things for our clients, but this is a quick reminder to you to make sure that we've communicated, and that your books don't contain any "hanging chads" that might come back to bite you.
You don’t have to fend for yourself when it comes to the wild, wooly tax world. We’ve prepared this free white paper as a resource for you -- offering bite-size tidbits that can serve to save you and your business MONEY and TROUBLE. Grab your serving of knowledge today (includes up-to-date info integrating the new tax reform legislation).
Anyone who's built a business has walked the delicate line of knowing when and how to add the right people to the team. When you've poured your heart and soul into building something from the ground up, it can be hard to trust others to handle it as you would. As you think through this, remember:
1. There really is strength in numbers. People have different gifts, and no one person has all the talent needed to cover all the bases. Take an honest look at what are *not* your strengths, and look for someone who can fill those.
2. Screen people to make sure they are team players. You're not looking for a one-man show to add to your production.
3. Growth can be painful, but remember the end result is good. If you find the right people, the growing pains of trusting someone else with your work very well may skyrocket your success.
Do you wonder how to be sure not just that you file your business taxes on time, but that you file them correctly? It’s easy to miss available deductions and credits, when they’re hidden under technical verbiage and IRS language. We’ve put together this FREE white paper on a few key deductions that are easy to miss. We want you to come out of tax time confident that you’ve leveraged every benefit you possibly could.
Tax Reform Update: The IRS just released an updated calculator to inform you how much you should have withheld from your paycheck, based on the new tax reform changes. Remember: these changes reflect the return that you will file next year.
You should look at the calculator now, however, because you may need to submit a new W-4 to your employer, if your withholding amount needs to change. Walking through the calculator is definitely worth your time, and it's best to do it sooner rather than later. It's easiest if you have the numbers on your 2017 return (that's the one you just filed) available. If you haven't started the process of filing yet, CALL US TODAY to get that ball rolling.
Some forward-thinking companies are beginning to actually install "nap rooms" in their offices, because this idea of having well-rested employees really does appear to boost productivity. If your workplace offered a good spot to nap mid-day, would you do it? Maybe you should try. (But don't worry -- we're not napping on your tax return!)
Solopreneurs and small businesses: Remember that because of the difference between payroll tax and what tax an independent contractor is expected to pay, it's important that you clearly delineate how you hire others for short-term work. (This is to avoid your being penalized later if the IRS thinks they acted more like an employee than a contractor.)
A good practice is to draw up an actual "Independent Contractor Agreement" with the person to clearly establish in what capacity they are working for you. Be sure they file Form 1099 with the government, and be ABSOLUTELY sure you tell the IRS what you paid them. If you have questions, we're here to help at any point of the process.
Wondering about what deductions you can keep under the NEW tax code? We’ve prepared this free report with the new tax changes in mind. Learn about how you can make the most of this new tax world.
Being pulled in 10 different directions is a feeling most business owners know all too well. Viewing your time as a budget, like this article describes (mild language warning), may be a key to accomplishing the things you need to do with less stress hanging over your head.