You don’t know where to turn when the IRS is coming after you. Or, you aren’t sure what to add to your profits or spending in your financial records and ledgers. You aren’t alone; the assistance that Lavi CPA can provide, will not only help you in the event of an audit during tax season, but the right accountant can also help you with year-round tax and accounting help as well. And, you can work with Lavi CPA for both personal and for business accounting needs, to ensure you properly maintain records of all of your financial records throughout the course of the year.
How a CPA can help you
There are several ways in which Lavi CPA can provide assistance if you need accounting records, help with an audit, or otherwise don’t know what to do with your financial documents. Some things an accounting firm can do for you are
- Maintain your company or personal records online
- Keep tabs on spending, income, earnings, and other expenditures for your business or for personal finances
- Help you in setting up a financial plan to avoid overspending and to ensure your company is financially sound
- Work with you if you are subject of an audit, to ensure you can prove all expenses and earnings
- Help you with tax filing, if you only want to work with an accountant once a year during tax season
- Work with you year-round, or during tax season, based upon your personal or business tax and accounting service needs
Basically, a team of accountants will take hold of your finances for you. They’ll help guide you in spending, where to cut back, how to increase profits, and how to properly maintain files and records. Furthermore, if you require assistance with tax filing, the right accounting team is also going to have the top professional and best experts in the field, who can help ensure the greatest returns when the time comes to file your taxes each year.
You don’t have to try to maintain copies of ledgers in an office cabinet file on your own; let the top professionals do that for you. In addition to their accuracy in accounting, they are also going to maintain your records for several years, to ensure you have proper proof to show the IRS or other taxing federal and state agencies, if your business records are ever requested, for audits or … Read the rest
Income tax is administered by the state revenue agency or otherwise by tax assessors established locally. So before you start calculating your taxes, you must consider going through policies applicable and the type of tax deductable from your employee’s income.
Once you have subtracted total allowances from total gross salary, now you have to determine how much income tax needs to be deducted or withhold. Jake from Hillhurst Tax Group says “for that you must review the IRS table, pay period and employee filing status, this will allow you to know which tax bracket your employee falls in and exactly how much needs to be deducted.”
You must remember that these policies are there to ensure that your employee contributes to the state or federal revenue as much he is required to and not more, therefore the government has provided clear guidelines on who is eligible to pay how much? It is your responsibility to ensure that your employees are not exploited by paying extra taxes because of negligence. Similarly you must also make sure that they do not pool in for your taxes, you must not transfer taxes applicable to businesses on pay slip of your employees. The following items must be considered in the calculation of payable tax of employee :
1) Form W -2 and wages
All the wages that were earned during the year must be mentioned .Your Employer must provide you with W-2 wages and tax statement.
People make investments to make both the end meets and all the profit or sources of income must be declared while filing for Taxes.
3) Business Expenses
Business expenses must be reported separately from gross business income .As a business person you must keep track of all your expenses that goes into your business. Any receipt that you have can be kept as a record.
5) Rental Income
Usually rental income is consumed in making payments like mortgage , insurance and repairs. Hence if expense exceeds income then this must be mentioned.
5) Social Security
Social Security benefits are taxed depending upon the total income that you earn.
Non taxable income
Here are some of non-taxable income
Alimony must be fully reported .Child support is a non taxable income. Not being able to include all these .Income details can surely cause later penalties and you may not get a proper refund.
2. … Read the rest