Copeland, Miranda & Benner CPA's

Make it a habit to meet or speak with your accountant at least once a month. You can review financial statements and go over problems, so you know where your money is going.

There are a number of reports that basic accounting systems can produce for companies. An accountant can help to analyze everything from the balance sheet and cash flow statement to an income statement. Often, it’s possible to discover irregularities before they pose serious threats for your company.

EA accounts are certified and vetted by the IRS. As a result, the IRS notes, This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

When preparing your taxes, it’s important for you to understand that you need to report all income to the IRS, not just what’s on a W-2 or 1099 form. Chances are, the IRS already knows about the income, as the entities that pay you will usually report that expense.

A federal government study on small business taxation makes this salient point: The majority of federal tax studies focus solely on income taxes, which ignores the business costs associated with other taxes such as real estate, excise, employment, state and local taxes.

Accountants can be very useful at certain stages of your business development, whether it be for your income reports or tax returns.

Why hire an accountant for your business? Accountants are a necessary resource on current tax laws they can keep you out of trouble and maximize your assets.

We recognize that tax time can be one of the most stressful times of the year for people who suspect they’ll be writing the IRS a hefty check. Not only will using a tax accountant take some of the stress off you, but it may also help to cut down the amount you owe.

Infamous gangster Al Capone was captured using evidence gathered by an undercover agent from the IRS Intelligence Unit. He was sent to prison after being convicted of tax evasion.

Sometimes it can be difficult to know if you’re better off itemizing your deductions or claiming the standard deduction. Whether you lack the time or patience to evaluate which route is best for you, we’re always ready to help.

Unfortunately, not understanding the tax code isn’t an acceptable justification for providing an incorrect or incomplete return to the IRS. Let’s talk about how we can help you send in the most accurate tax return possible.

Analyzing financial statements make it possible for an accountant to spot a potential problem in your company before you realize it exists. That could be some type of cash-flow problem or perhaps a shortage of inventory.

An accountant can easily present facts and statistics that will be able to back up your company and enable you to get better funding.

When it comes to filing taxes for your small business, hiring an EA accountant will always be your best bet. He or she will be able to track your deductions and expenses in such a way that verification for the IRS will be easy to provide at a later date.

Making mistakes on your tax return can have dire financial consequences for you or your business. This is one of the main reasons people hire professionals who specialize in taxes and tax law to prepare their returns for them.

Most of the people who own a business, are self-employed or have active rental properties hire tax consultants for filing taxes efficiently. There can obviously be some areas where you can minimize your tax liability.

You might be tempted to try to do your taxes with tax software, but that really only works when your taxes are very simple. Too many complications can quickly give the software problems, but a tax accountant will be able to tackle them easily.

Are you a business owner? You should keep organized, detail records of any invoices, bank statements, and receipts that you receive. If you travel for business, be sure to include any travel expenses, as well.

What does that mean? Revenue is income gained from sales for service.

Did you know that since 2001 Congress has make over 5,000 changes to the tax code and that the tax code is now nearly 4 million words in length? When you hire a tax attorney, you don’t need to deal with the level of detail required these days to minimize your tax burden.

Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. A tax preparer can help you calculate this and make sure your payments are made on time.

As a small business owner, you may be tempted to use personal funds for business expenses or vise versa. This is a huge mistake; everything should be separate. If you need to transfer money, write a check to the business or yourself and keep separate accounts.

Convert to a Roth IRA. Roth IRAs are a popular choice because when the money is withdrawn in retirement, there's no tax due. These types of accounts are enjoying a renewed surge of popularity now that there's no longer an income limit on who can convert a traditional IRA to a Roth account.

If you need help with either filing your taxes or dealing with an audit, an EA is going to be your best bet. An EA is certified and licensed to prepare taxes by the IRS and can represent you in any form of litigation with the IRS, including audits and appeals.

If you are being audited, there are 3 types of audits, financial, operational and compliance audits. Audits involve gather and evaluating sufficient evidence to determine weather the assertion from the IRS corresponds with the criteria.

Bookkeeping and bookkeeper are the only words in the English language that have three consecutive sets of double letters. An EA will be able to work with your numbers as well when doing your bookkeeping.

What is the main difference between an Enrolled Agent and a Registered Tax Return Preparer? An Enrolled Agent can offer unlimited representation for Internal Revenue Service issues while a Registered Tax Return Prepare has quite a few limitations on representation services.

Did you know that tax credits are more valuable than tax deductions? While a deduction reduces your gross taxable income (the amount your taxes are based on), a tax credit reduces your tax obligation dollar to dollar.

Unless you are starting a financial company, the majority of business owners are experts at the product or service they offer and know much less about accounting. An accountant can help you put together a business plan, assist with the company’s tax return or produce reports that project your profitability into the future.

Walter Diemer is an accountant who invented what in 1928? a) Adding machine, b) Bubble Gum, c) Washing Machine, d) Band-Aid. Answer: B. Diemer invented bubble gum! Perhaps it helped him concentrate?

It’s important to remember that there’s no shame in admitting you can no longer complete your taxes on your own each year. With the tax code constantly changing, it’s often best for people to work with a tax accountant who’s been able to keep up with all the changes.

You’ve got a number of credit cards with fairly large balances. What’s the best way to try to pay off your debt? An accountant can explain that it’s usually best to focus on one card at a time often the one charging you the highest interest and then move on to the next card when that one is paid off.

Tax time isn’t the only time of the year an EA accountant can help your business. There are many purchases and decisions made during the year that come with tax consequences. An EA accountant can make sure you make the best choices for your company.

Suppose your goal is to save up enough money to travel to the World Cup in two years. An accountant can help you by determining how much money you’ll need to achieve the goal and then by coming up with a financial plan to give up or cut back on some expenses to save the money you need in the next two years.

Double taxes are common. Individuals pay income tax on the money they earn and sales tax when they spend that money. Corporations pay corporate income tax on their profits, and those profits are taxed as dividends or capital gains for the stakeholders.

"Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers." -Tilman J. Fertitta, American Businessman

When hiring an account, you can free up some time for yourself, and you won't be as stressed. You'll be giving yourself mental freedom.

Before you meet with your tax preparer, make sure you've gone through your mail and opened any envelopes marked as "tax information" or "tax documents." If you have several tax documents, group them by category (W-2s, 1099s, etc.).

There are several benefits to going with an enrolled agent to resolve your tax issue. EAs can help ensure that clients are treated appropriately by the IRS, work out payment plans for the best possible terms, and ensure the IRS follows laws that protect taxpayers.

An accountant is not just needed for filling up forms on daily basis. There is a lot more to offer other than this. A business account service provider can help you file your taxes, manage payrolls among other services.

As with any service provider you may hire, it's always a good idea to get referrals for accounting and tax help before you decide who to hire.

Being recognized as an Enrolled Agent is the highest credential the IRS awards and maintaining this requires adhering to their rigid ethical standards and completing a minimum number of continuing education courses every two years.

When tax rates changed in 1913, two rates were assigned based on net personal income. Those with net personal incomes under $20,000 were taxed at 1%, while those with net personal incomes more than $500,000 were taxed at 7%.

While many business owners and managers are more than capable of handling their tax preparation, it’s not always the most efficient use of company resources. Call on us when you need an expert handling your taxes.

Not everyone has the ability to patiently understand the complex taxation system and make fast and accurate mathematical calculations. A professional can help you simplify the process with their vast knowledge and experience.

The first and most important step in finding the right accountant for you is determining what you want the accountant to do for you.

Not sure which business entity best suits your start-up? Consider starting out as a sole proprietor since little communication with the IRS is required, giving you more time to focus on building your company. In fact, the IRS will not even know you exist until you file your first personal income tax return.

Don’t underestimate your accountant: Famous criminal and mob boss Al Capone was finally brought down by a charge of tax evasion.

Did you know that billionaire investor and philanthropist Warren Buffet's tax rate is only 17 percent? That's true of many of the richest Americans because the rate on investment income and gains is much lower than the rates for other earned income.

Should you be working with an EA accountant? Yes, if you have to prepare and submit out-of-state tax returns. EAs are the only tax preparers with an unlimited authorization to prepare tax returns and advise and represent taxpayers in every state.

What drives job satisfaction for most accountants is not a love of math but a love of problem solving! 41% of accountants polled said solving problems gave them the most job satisfaction, vs. 22% who cited working with numbers.

Imagine that your small business makes products used by bigger companies and one of your products malfunctions. As a sole proprietor, you would be liable for all debts of the company, including your personal finances. An accountant might recommend you set up a limited liability corporation or a full corporation to shield yourself personally from the debts of the business.

Did you know that EA (enrolled agents) accountants are at least as good if not better in all income tax matters? This is because to earn an EA designation, they have to either be a former IRS employee or pass a comprehensive exam administered by the IRS.

Did you know? There is an Accounting Hall of Fame award that recognizes accountants who have made remarkable contributions to the field of accounting.

What’s the difference between the 1040, 1040A and 1040EZ tax forms? The IRS has designed forms based on the anticipated complexity of the return. An experienced accountant will know what form best fits your situation so that you don’t miss out on any credits or deductions.

When hiring an accountant, be sure to do a background check. You want to be sure that the person you are hiring is reliable and trustworthy.

Are you familiar with the Alternative Minimum Tax? It applies to individuals as well as companies and was passed by Congress to make sure high-bracket taxpayers are required to pay their fair share of taxes. An accountant is familiar with the AMT and can determine if it applies to you.

NAEA members are required to complete 90 hours of continuing education every third year reporting period. Because of the knowledge required to become an EA and the requirements necessary to maintain the license, there are only about 46,000 practicing EAs in the United States, such as those in our office.

Did you know that over 90% of small businesses fail or change ownership within the first five years? If your business fails under a sole proprietorship, you do not have to worry about communicating with or filling out special forms for the IRS. You simply file a Schedule C with your next return and stop doing business.

Marketing your small business should be traceable. If an ad runs on the radio or in the newspaper, you should be able see its impact. After an ad runs, there should be a spike in the numbers of inquiries or sales, which tells you your ad worked.

The Certified Public Accountant designation, most often referred to as CPA, is given to accountants who have passed an exam and certain work requirements. The CPA license is granted at the state or territory level. There are 54 such jurisdictions in the United States and its territories.

Do you know that VAT is one of the most challenging taxes? VAT is something that you have collecting on the Government’s behalf and you are bound to pay it back to the Government.

When you have a complicated tax situation, just knowing which forms you need to complete can be challenging, much less understanding how to fill them out correctly. Working with a qualified tax accountant can help simplify the process.

As a small business, who do you owe taxes to? There are various tax returns for all the different agencies, which include Local county or city, state, and federal. Some other areas you might not consider but still owe would be district, employee, property, sales, and payroll.

It’s important to remember that you don’t have to wait until tax time to begin working with a tax accountant. Whether you need help setting up your new business or you want to learn how to maximize your itemized deductions in the coming year, we’re always ready to help.

The website of the Internal Revenue Service, IRS.gov, allows you or your accountant to file your tax return electronically. The site is a great resource for any tax questions you may have. You can also easily check the status of your refund from the home page.

The 1960s saw many technological innovations at the IRS. In 1961, the National Computer Center was launched, and in 1965, the first toll-free telephone site was created.

Your accountant will review your tax return to make sure it doesn’t contain unexplainable audit triggers. These include incorrectly reported freelance income, large charitable deductions on a small income, too many round numbers in your deductions and business losses reported three years in a row.

While tax returns may have been simple when you lived alone in an apartment, changes to your life including marriage, starting a business, and buying a home can dramatically complicate your taxes. If you can no longer file the 1040EZ, you may want to consider working with a tax accountant.

If your tax situation is pretty complex and you need specialized advice and tips when it comes to planning and filing, then an enrolled agent is a good option. Enrolled agents specialize in complicated tax situations and are well trained in the details involved in complex tax laws.

Do you ever worry that you might not be taking full advantage of all the tax breaks and deductions that you’re legally entitled to? Since the IRS won’t notify you of an overpayment on your return, let’s work together to ensure you’ve maximized your savings.

One of the benefits of a professional accounting service is that, when it comes to bookkeeping, they know all the tricks of the trade! Business accountants and bookkeepers have the skills, the know-how, and the techniques necessary to get the job done professionally and efficiently.

When working with us, we request that you make all your records and receipts available to us. We will then ask you multiple questions to determine things such as your income, expenses, and deductions. We are thorough in the initial phases so that things go smoothly throughout the whole process.

According to the New York Times, one of the top five reasons that small businesses fail is due to a poor business plan. An experienced tax accountant can help you formulate your business plan so that potential investors can see your vision, along with some numbers to back up your optimism.

EA stands for "enrolled agent." This doesn't mean that an EA is an employee of the Internal Revenue Service, but that they have the power to act as the taxpayer's agent in dealings with the IRS. An EA is an expert in tax laws and uses this expertise to help individuals and businesses.

Making sure your tax returns are accurate is incredibly important to avoid nasty surprises later on, which can be tough when you don't know your way around the forms. That's why the best way to get an accurate tax return is go to a tax accountant.

Feeling overwhelmed with your new business? Consulting with a small business accountant can help take some of that stress off of your shoulders!

In a recent survey of IRS agents, it was learned that most tax mistakes were made by self-filers who misunderstood what deductions were allowable. A tax accounting specialist has the requisite knowledge to find the proper deductions.