Copeland, Miranda & Benner CPA'sTax Preparation Service in Temecula, California
It’s important to remember that tax time is going to roll around at the same time every year. If you’re the kind of person who always needs an extension or feels rushed, let’s talk about some basic tax planning strategies we can put in place now to prepare for next year.
While no one loves the idea of giving the government more money each April, they especially dislike the idea of giving Uncle Sam too much. When you want to ensure you meet your tax obligations without overpaying, we can help.
The current Tax Code in the United States is over 7 million words long. By comparison, the Gettysburg Address is 269 words, the Declaration of Independence is 1,337 words, and the Holy Bible is a mere 773,000 words.
It’s important to remember that owing significantly more in taxes than you can afford to pay doesn’t have to be an annual occurrence. Working with a tax accountant can help you to devise a plan for pre-paying a larger portion of your taxes instead of having the unpayable lump sum in April.
LIFO (last-in, first-out) means that the most recent items in inventory are recorded as sold first. Most U.S. companies have tended to use LIFO since the 1970s, as it reduces their income taxes during times of inflation.
If this is your first year in business for yourself, you may not know what tax deductions you now qualify for. Let’s discuss the nature of your business and its expenses for the year. This will help us to determine if you’ve missed any write-offs.
A great way to prepare for a meeting with your tax accountant is to put any comments and questions in an email message and send them in advance. This way, your accountant can determine if more information is needed prior to your meeting.
While all CPAs are accountants, not every accountant you encounter will also possess the CPA designation. When you need to ensure you’re working with someone with the experience and training your situation demands, be sure you’re working with a CPA.
Believe it or not, there are a large number of people who have to worry about income from a foreign source, including people who own mutual funds or stocks of foreign companies. If you're going to have to deal with any foreign income, it's vital to work with a tax accountant.
As your business expands, staying on top of your books can become increasingly difficult. Let us help you work through all the options, from customizing accounting software to outsourcing the books.
It’s important to remember that tax preparation software programs are no substitute for the guidance and support of an experienced tax professional. When you need to know that your taxes are accurate before submission, we’re always here for you.
If you don’t have the supporting paperwork before you file your tax return, don’t claim it, as you will be at a loss if you end up getting audited. Also, it’s important to claim all your income, not just that for which you received a 1099 or other statement.
Are you ready to handle filing your own taxes? There are instructions to help, though the instructions have become complicated over the years. In 1945, IRS included two pages of instructions in the Tax Code. In 2012 there were 85 pages of instructions for the 1040A.
Establishing a relationship early on with an accountant reduces the chances you will be audited by the IRS. And if you happen to be audited, you accountant can offer invaluable assistance in defense of the government’s claims.
Our highly experienced CPAs can help you with many different levels of your business, including tax returns, tax strategies, investment advice, and internal financial and operational audits.