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From facility costs, insurance, taxes, and payroll to equipment, marketing, and licensing fees, there are many necessary services and expenses associated with running a small business. While optional, bookkeeping services are one of the most beneficial services to any small business, says Greg Menia, CPA and founder of Accurate Tax & Bookkeeping Services, a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area. 

As a small and growing business, handling the books in-house may seem like a manageable task. What many small businesses do not realize, however, is that it likely costs them far more to do on their own than it would outsource to a tax and accounting firm specializing in bookkeeping for small businesses. 

Opportunity Cost

On the surface, it may seem like it saves money when an owner or one of the employees does the bookkeeping. To find out if it is a cost-savings, it is important to calculate the total cost. For every hour an owner or another employee spends there is an hourly wage cost, plus the cost of opportunity lost while doing that activity. 

For example, if an owner pays themself $50.00 an hour and it takes 10 hours per month to do the bookkeeping, that totals $500. 

If the owner of the company generates $500 an hour in revenue-building activities, that is an additional $5,000 lost in that same 10 hours per month.  

Depth of Information

Another advantage of bookkeeping services is the depth of financial information that can be mined and utilized to make business decisions. For example, keeping books up-to-date allows the business owner to see trends, such as an increase in the price of goods. This allows them to adjust the prices of their goods and services accordingly to maintain their profit margins. 

Another way that bookkeepers for small businesses can save money is by identifying diminishing profitability in areas of goods or services. Conversely, a bookkeeper can help identify areas that have become more profitable. This information can help the business owner save considerable money that would have been lost otherwise. 

Top Advantages of Hiring Bookkeeping Services

A small business owner may be reluctant to hire a bookkeeper, but there are some outstanding advantages that make doing so a good idea. Here are just a few of those advantages. 

• The owner and other employees can focus on revenue-generating activities such as engaging with clients or building clientele. 
• All the records are kept up to date, complete, and accurate. This allows the tax preparation service to take advantage of all the tax credits and deductions. 
• It allows business owners to manage accounts payables and receivables effectively. 
• It helps position the business for continued success. Having the correct accounting information allows you to take advantage of tax benefits, investments, partnerships, purchases, and more. 

Finding the Best Bookkeeping Services 

When a business needs a bookkeeping service, it is important to find one that is local, familiar with your industry, and willing to provide personalized and attentive service. A skilled bookkeeper will be a true asset to your business and a partner in helping you achieve your financial goals. 

Accurate Tax & Bookkeeping Services

Looking for bookkeeping services near me? Accurate Tax & Bookkeeping Services, LLC (ATBS) is a full-service tax, accounting, and consulting firm located in Brandon and offering services to businesses and individuals throughout the Tampa Bay area.  Areas of expertise include tax preparation and planning, accounting and bookkeeping, payroll, and representation in IRS/State matters. For more information about bookkeeping or other services, call (813) 655-9702.

Accurate Tax & Bookkeeping Services
710 Oakfield Dr. 
Ste 159
Brandon, FL 33511

What happens when taxes are filed late?

Although it may be tempting to evade tax payments, it is not advisable to do so. The IRS (Internal Revenue Service) takes action against tax-evaders. The interest and penalties on the outstanding amounts will accrue over time when taxes are not paid by the due date. Even though most people are aware of these facts, there may be situations when they file their taxes late or do not pay them at all. Hence, it is imperative to know the consequences of not filing taxes. Accurate Tax & Bookkeeping enlists the same below:

1. Failure to file penalty

If the tax return has not been filed by the deadline, the IRS can impose a penalty. This is the “failure to file penalty”. This penalty depends upon the amount of unpaid taxes and also on how long the filing of taxes has been delayed.

2. Late Payment Penalty

This is the penalty a taxpayer incurs for not paying the total tax amount owed by the due date.

3. Lost Tax Refunds

Taxpayers must file tax returns within three years of the deadline. If not, they generally will forfeit any refund the IRS owes them.

4. Statute of limitations

The IRS generally has the power to audit the tax returns filed by a taxpayer within the last 3 years. This time period can be longer under certain circumstances.  This is called the “statute of limitations”. If the IRS suspects that the taxable income filed has been understated, an audit can be conducted, which may lead to further penalties and legal actions.

5. Penalty abatement

Penalty abatement refers to the process of removing penalties for the taxpayers. This is done when the taxpayer has made a mistake while filing the tax or has faced an uncommon circumstance such as a natural disaster, serious illness, or death of a family member. The IRS may also waive the penalty if the taxpayer pays taxes on time, has filed all tax returns, and has no prior penalties within the last 3 years.

6. Pay in installments

A taxpayer can set up an IRS installment agreement which gives them up to six years to pay their tax liability.

If a large amount of time passes since the tax deadline and it has not been paid, the IRS could potentially seize a portion of the taxpayer’s wages until the amount owed is settled. Also, the IRS may file a return on the taxpayer’s behalf. This is called “substitute for return” (SFR). SFR can end up being larger than the original tax amount to be paid. 

Having said all this, the bottom line is paying taxes on time is the best way to maintain a healthy financial record. A good tax preparer can provide the necessary advice and guidance in this regard.

About ATBS

Workingclosely with small businesses and individuals, Accurate Tax & Bookkeeping Services is a tax preparation and bookkeeping service company founded in 2010 by Greg J. Menia. The team has expertise in the fields of tax preparation and planning, accounting and bookkeeping, payroll, and IRS/State representation around Tampa, FL. 
 

To contact Greg and the team at Accurate Tax & Bookkeeping Services today:

•   Call (813) 655-9702 in Brandon, Florida.
•   Or Email [email protected]

·   Or visit the offices at 710 Oakfield Dr. Suite 159, Brandon, FL 33511.