Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn't have to be. Here are six tips for a stress-free tax season.
- Don't Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error. Getting a head start will not only keep the process calm but also mean you get your return faster by avoiding the last-minute rush.
- Gather your records in advance. Make sure you have all the records you need, including W-2s and 1099s. Don't forget to save a copy for your files.
- Double-check your math and verify all Social Security numbers. These are among the most common errors found on tax returns. Taking care will reduce your chance of hearing from the IRS. Submitting an error-free return will also speed up your refund.
- E-file for a faster refund. Taxpayers who e-file and choose direct deposit for their refunds, for example, will get their refunds in as few as 10 days. That compares to approximately six weeks for people who file a paper return and get a traditional paper check.
- Don't Panic if You Can't Pay. If you can't immediately pay the taxes you owe, consider some stress-reducing alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but the processing companies charge a convenience fee. Electronic filers with a balance due can file early and authorize the government's financial agent to take the money directly from their checking or savings account on the April due date, with no fee.
- Request an Extension of Time to File (But Pay on Time). If the clock runs out, you can get an automatic six-month extension bringing the filing date to October 15, 2018. However, the extension itself does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date.
If you run into any problems, have any questions, or need to file an extension,
help is just a phone call away.
If you’re running a growing business, you already know that every dollar counts. As your operations expand, so does the complexity of your financial landscape.
Strategic business funding is not just about securing money; it's about finding the right kind of financial support that aligns with your business goals and growth trajectory.
In the world of business, especially for small business owners, tax errors can be a significant source of stress.
When it comes to running a business, one of the most daunting prospects is the possibility of an IRS tax audit.
Are you a business owner looking to take your company to the next level? Perhaps you're struggling to identify areas in which your business could improve or grow.
Starting and running a small business can be exciting and rewarding, but it can also be overwhelming, especially when it comes to accounting and bookkeeping.
As we approach tax season, many individuals and businesses find themselves in a state of frenzy trying to prepare and file their taxes.
In the dynamic business landscape of Katy, Fulshear, and West Houston, TX, every decision and action impacts your business's trajectory. Among these, maintaining accurate and comprehensive financial records might be one of the most crucial. This blog explores the pivotal role that quality bookkeeping and accounting play in ensuring your business's success and growth. 1. Informed Decision-Making: Bookkeeping, Tax Strategies, and Accountant Insights for Enhanced Financial Management Quality bookkeeping and accounting provide a clear picture of your business's financial health. Accurate records enable you to make informed decisions about investments, expansions, and operational improvements, minimizing risks and maximizing opportunities. 2. Financial Transparency: Tax Expertise, and Accountant Insights Transparency breeds trust, both among stakeholders and customers. Reliable financial records demonstrate your commitment to ethical business practices and financial accountability. This can lead to stronger partnerships, increased customer loyalty, and a positive reputation in the community. 3. Tax Efficiency for Financial Transparency: Informed Decision-Making with Bookkeeping and Accountant Insights Navigating the intricacies of tax regulations requires meticulous bookkeeping. Properly categorized expenses, accurate income records, and well-maintained financial statements enable your business to claim legitimate deductions, resulting in minimized tax liabilities. 4. Effective Cash Flow Management: Achieving Tax Efficiency and Financial Transparency through Informed Decision-Making Quality bookkeeping allows you to monitor your cash flow, tracking incoming and outgoing funds. This insight empowers you to plan for expenses, seize growth opportunities, and weather financial challenges without disrupting your business's operations. 5. Driving Future Growth and Expansion: Effective Cash Flow Management, Tax Efficiency, and Informed Decision-Making When you maintain organized and accurate financial records, securing funding for growth becomes more accessible. Lenders and investors appreciate businesses with transparent financial histories, making it more likely for you to obtain the necessary capital for expansion. Quality bookkeeping and accounting are the backbone of a thriving business. In the competitive landscape of Katy, Fulshear, and West Houston, TX, these services are not just administrative tasks; they're strategic tools for success. If you are looking for bookkeeping and accountant services, then contact Terry L. Barker, CPA, PC . By enlisting the expertise of professionals like Terry L. Barker, CPA, PC you're ensuring that your business is built on a solid financial foundation, ready to seize opportunities and navigate challenges. Get in touch with us today To learn more about what we have, please click here . To contact us, please click here or call us at (713) 623-3484 .
Embracing accounting and payroll services isn't just a practical choice; it's a strategic investment.
In the competitive business landscape of Katy, Fulshear, and West Houston, TX, having a qualified CPA like Terry L. Barker, CPA, PC can be a game-changer.
Running a business involves several complex financial and accounting tasks that require expertise and experience.
To learn more about the services I offer, please click here. To get in touch with me, please click here or give me a call at 713-623-3484.
