Tax Planning

Why Bookkeeping for Small Business Will Save You Money

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

Accurate Tax & Bookkeeping: Penalties When Taxes Are Filed Late

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:

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

10 Tips for Finding the Right Company to Help with Taxes and Bookkeeping Services in Brandon, FL

bookkeeping services FL

It’s common sense that all businesses should have a full record of all their financial transactions, especially when tax season rolls around. But most business owners lack the skills (and often the time) to do their own bookkeeping, so it may make sense to have a bookkeeping and tax services to keep the business’s books in shape. Finding the right service isn’t always straight-forward, so when you’re chatting with different service providers, keep these tips in mind:

Brandon Florida accountant

1. Get Referrals

Finding a good tax and bookkeeping service can be straightforward if you get referrals from someone that you trust, preferably within the same industry. If you already have an accounting firm that you work with, it’s likely that they will also offer bookkeeping and business tax accounting services. If they don’t offer that service, they will may have a relationship with another company that they can refer you to.

2. Hire a Tax Strategist Who Also Offers Bookkeeping Services

Taxes have a compound effect on income, so taking steps to reduce your tax burden legally can help you to achieve your financial goals. A qualified, experienced CPA in Brandon, FL will offer valuable insights as they stay on top of current legislature and changes and can advise on a tax-efficient legal structure for your business in addition to bookkeeping services.

3. Work with a Local Business, Choose a Bookkeeper in Brandon, FL

Working with a local bookkeeping service means they you can meet in person with them when needed rather than with someone in a remote location. For this reason, your bookkeeper should be in the same business area as you. For help narrowing down the options, try searching for “tax and bookkeeping near me”. You can also see if the business is likely to be a good fit with yours when you check their Yelp reviews. 

4. Check the Software That They Use for Accounting

You need to know what software they use before you sign up as they may need you to move to a new system which will require additional learning. You will also need to ensure that you have access to the files so that you can always see your own information.

5. Hire a Tax and Bookkeeping Service That Understands Your Business

The right bookkeeping service should have a thorough understanding of your business and the industry in which you operate. This will help when it comes to make decisions that have tax implications and will also prevent them making costly errors. 

Choose a Business That Has a Good Track Record

If you are looking for a business that offers tax and bookkeeping services, it’s important that they understand the ins and outs of your business, as well as having sufficient industry experience. But, over and above these qualifications, they should be honest and transparent. Hiring a company with a good track record, and whom you feel you can trust, will make it much easier to delegate the responsibility of your books. This is where working with an established company such as an accounting firm can help. They will be able to provide references from satisfied customers, and you can look up their rating on Yelp for further candid reviews of their services. 

Accurate Tax & Bookkeeping Services in Brandon, Florida, is a tax, bookeeping and accounting firm that assists businesses and individuals throughout the Tampa Bay area. With attention to detail and a commitment to high-quality service at the heart of what they do, the company specializes in tax preparation and planning, accounting and bookkeeping, payroll and representation in IRS/State matters.

Individual Taxation and Planning | Personal Tax Accounting

Business Accountant FL

Accurate Tax & Bookkeeping Services is experienced in tax preparation and planning for individuals.  This includes Form 1040 and all state tax income tax returns.  During our initial consultation we obtain a thorough understanding of your current tax situation and plans for the future.

Proactive and aggressive tax planning is essential in order to minimize tax liabilities. Tax planning is a year-round process.  The tax implications should be carefully considered before finalizing a large variety of seemingly common everyday transactions.  Timely tax planning eliminates the negative, and often irreversible, effects of transactions that were not adequately thought out.

Our goal is to proactively obtain the information necessary to plan appropriately and minimize tax liabilities.  We keep constant contact with our clients in order to determine any beneficial tax
planning opportunities and strategies.

Areas of Expertise

Accurate Tax & Bookkeeping Services is experienced in a wide range of individual tax preparation and planning areas including, but not limited to:

  • Federal Tax Returns (1040)
  • Estate and Trust Returns (1041)
  • Gift Tax Returns (709)
  • State Income Tax Returns
  • Sole Proprietorships (Schedule C)
  • Rental Activities
  • Farming Activities
  • Casualty Losses
  • Home Office Deduction
  • Itemized Deductions
  • Child Care Expenses
  • Retirement Plans
  • Stock Sale Transactions
  • Installment sales
  • Tax Credits

Contact Accurate Tax & Bookkeeping Services (ATBS) today for a free consultation.

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