What Does Stephen Do After Tax Season? (The Four Things An Accountant Does During Off Season)

     What I personally like to do, is lay back on some tropical island, order myself a Mai Tai and relax until about February when I get all the frantic emails and phone calls.  JUST KIDDING!!!  While I do like to plan a little getaway after the stress of tax season, there’s still work to be done throughout the year.  So what do I do?  I’ll tell you...

Financial Consulting and (light) Advising

     If I had to name at least one of my skills, it would be analyzing cost efficiency.  I can help you increase your company’s profits by seeing where some spending may be extraneous, or I can help you with ways to decrease your tax liability.  Believe me, these plans cannot just be implemented overnight. Having a tax strategy throughout the calendar year, before April 15, will save you more money than last minute deductions.  Not to mention monthly, weekly, if not daily general accounting, bookkeeping and payroll tasks.  If you have me doing these things throughout the year, it is easy for me to give you quarterly updates on your company’s finances.

Handle Extensions

     While the pressure gauge drops after April 15, that doesn’t mean the work is over.  Often I recommend filing extensions for those who need more time to organize their financial documents.  While you still need to estimate and pay the appropriate amount by April 15, the extension gives people more time to play catch up in order to avoid filing for additional extensions.

Off Season Assistance

     Those who didn’t file tax returns for previous years often seek my help during off-season hours.  For any businesses who are dealing with audits, I may be asked to prepare various financial statements or compilation reports. 

Workshops and Continuing Education

     In the off season, I seek opportunities to continue my education and do any training or seminars on tax strategy and preparedness.  In fact, I did a Lunch and Learn this past March with the Richmond Business Alliance. I'm already looking to do more in the near future! 

While it’s true that my mailbox is full during those busy months of filing, my plate is still full throughout the year.  However, if you have any tax questions, it is more likely that you can reach me more promptly before the hysteria begins.

5 Apps to Bolster Productivity

(Image Courtesy of Venmo)

     There are many arguments back and forth about technology in the workplace.  Some say it’s a distraction, others a new way of doing business.  It’s no longer a faux pas to have your phone out at a meeting.  Updating calendars to quickly taking notes, we use our phones for everything.  Why not use the technology to our advantage by having a customized set of tools at our fingertips!  

1. Venmo—  If you need to make payments on the go, this app is for you!  There are no fees and no forms.  It’s a fast way to split lunch meetings, cover client’s travel, etc.  This is a top notch alternative to PayPal.

Click here to find out more

2. TripIt— An organizational tool that puts all of your travel bookings in one app, it also helps keep track of expenses for tax filing as well!

Click here to find out more

3. Contactually— This app helps you manage existing contacts and leads.  It helps you maintain relationships with them through daily follow-up reminders as well as track progress with weekly statistics.  Set up due dates within the app, or notifications for any contact leads.  This app really helps you get the most out of your connections.

Click here to find out more

4. Invoice2Go— End the moments of headslapping when you forget to invoice a customer!  Do it on the go with this app that sends professional looking invoices, fast.  Don’t let forgotten amounts due slip through the cracks.

Click here to find out more

5. EchoSign— You don’t have to wait for a scanner anymore.  Adobe, using pdf technology,  sends esignatures on important documents through your mobile device or tablet.  These documents are stored using cloud technology and speeds up the pace of your day to day business.

Click here to find out more

     Used wisely, technology can help any entrepreneur be a resourceful powerhouse.  These apps hopefully simplify the process and paperwork of daily business so you can focus on your product and productivity. 

Tax Time - Last Minute Considerations

When you’re running a business it’s hard to do it all. Filling your taxes in a timely manner can be difficult and if you’re a business owner this is especially true because you typically have a lot on your plate. The problem with waiting until the last minute to file your taxes is that you may miss some things that will work to your advantage. Here are some of the things you want to pay attention to when you’re filing this year:

Free Filing

If you made less that $57k in the past year, you are eligible to use free e-filing software. What’s great about this is that there is little to no out of pocket expense to you and it's typically self-explanatory. You get asked questions about your business and finances, and you fill out the form like you would any other questionnaire. 

Start-Ups

Did you start your business last year? You qualify for a $5k deduction since starting a business is considered a capital expense. This may not apply to everyone but it definitely applies to some, and if you did start a new business last year, congrats! It’s not easy. 

Education

Did you take a class or course to receive training to improve your business? If so, that also qualifies as a deduction. Things like seminars and conventions count too!

Driving

Mileage is one of the easiest deductions for you to qualify for. Whether it’s meeting clients, getting supplies or doing research around town, you can get a deduction for using your own vehicle to run your business. Most business owners have to do this at some point or another, just make sure that you keep track of your miles and maybe even use a helpful app to do it for you!

Working from home

Being your own boss is great, but if you also get to work a lot from home and have a dedicated space just for that, that also qualifies as a deduction. You do have to specify square footage but that shouldn’t take too long to figure out. 

Insurance

There’s no one looking out for you but yourself when you’re self employed, this is why getting health insurance is on you. Not to worry though, IRS knows that this can be a costly expense on someone who has their own business and sometimes either offers assistance or a tax break to ensure you’re healthy enough to run your business. 

Software and subscriptions

Quickbooks, Photoshop, Paypal - if you’re a business owner you may be familiar with some of the these software programs. Most of these require a monthly subscription which can end up costly hundreds of dollars a year, take this as a deduction also because it is considered a business expense.

Hotels and Meals

We never know where work will take us, but we do know that covering these expenses can get costly. That is why saving all your receipts for both meals and hotels is important. Most of these things, as long as they are a business expense, are also deductible. 

Want to know more? Accounting works will be hosting a Lunch & Learn free to members of the Richmond Business Alliance 3.3.2015. Non-members can attend for $10.00. RSVP right here.

Official Event Name: Lunch & Learn - Tax Time Sponsored by Accounting Works & Pat McAleer, CFP®, ADPA® from Kasch, Levitch, McAleer & Associates 

Also, check out our Facebook event here.