This past year was the first year that I was fortunate enough to work from my home. Working from my home has been a wonderful change for both personal and professional reasons. The only thing that caused a slight issue was the tax filing changes that I had to endure. The office in my home was now considered a tax deduction. I had to get some help learning how to deduct the things that are allowed on my federal taxes. If you are new to working from home and have a home office, this blog can help you learn what you need to know before tax time rolls around.
If you own a business, and you're using an ordinary bookkeeper, you may be looking at potential problems later on. Your bookkeeper can help you with the basics, such as payroll and accounts receivables, but that's about it. For all the big stuff, you're going to need a certified public accountant or CPA. If you don't think you need the services of a CPA, here are four key reasons why you do.
To Decipher the Changing Tax Laws
You might not realize this, but tax laws are constantly changing. If you're up-to-date on the changes, and how they affect your business, you could get your company into some serious trouble with the IRS. Unfortunately, most bookkeepers don't keep current with the current tax laws, or how they affect their clients. That's why you need a CPA. Your CPA will know what all the new tax laws are, how they affect your business, and how to help you make the most of those changes. Not only that but if your business tax returns do happen to get audited, your CPA will be right there explaining how they came up with the numbers. You'll never be left to fend for yourself during a tax audit.
To Help You Improve Your Business Credit Score
When you're in business, you need to protect your credit score. Unfortunately, problems can arise that will result in a serious ding to your credit score. When that happens, you need someone by your side who can help you improve your credit score. You need a CPA. One of the benefits of working with a CPA is that they know what steps to take to help you rebuild your credit score quickly.
To Get You Back in Control of Your Debt
If your business is in debt, you may think that bankruptcy is your only option. That is unless you're working with a CPA. Your CPA will be able to help get you back in control of your debt by negotiating with your creditors for lower payments, and finding new ways to help you manage your debt and your income. That way, you can avoid bankruptcy, and get your business back on solid financial ground again.
To Help You Build a Strong Investment Portfolio
When you own your own business, you've got to be concerned about your future. After all, you're responsible for the security of your retirement accounts. One way to make sure you have the ability to retire comfortably is to invest some of your profits. That's where your CPA will come in handy. They'll know how to invest your money so that your retirement is taken care of.
For more information, contact a company like Vlasac John M & Co.Share
14 April 2018