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Avoid Asset Losses With These Simple Business Protection Tips

It’s a common saying on Wall Street—cut your losses short and let the winners run. Of course this saying is meant from an investor’s perspective. What about the businessman’s perspective?

Owning and operating your own business isn’t an easy task. There are plenty of risks, dotting at each interval with little to no chances of succeeding.

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Let’s Figure Out Your Unique Company Goals And Budget

If you’re struggling to determine your business goals, needs and budget, you have come at the right place. It’s important for all types of businesses to establish clear, strategic goals and realistic budgets. Put simply, a business can’t function smoothly without these two fundamental factors.

Goal setting can help the business move in the right direction. Different companies have varying needs and goals. However, their business goals and needs must suit their budget.

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Florida Businesses: Here’s A Quick Guide To Staying Afloat!

In today’s competitive economic environment, many companies in Florida, especially small and medium enterprises, are struggling to stay afloat. These enterprises are experiencing serious cash flow issues, which is affecting their operations.

If you are a small business owner facing challenging financial times, these tips can help your organization survive:

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Importance of Business Consultation in Today’s Competitive Environment

Business consultants are people who help startups and established businesses to grow further. We can see you rolling your eyes…

As a small business owner you are probably used to doing everything on your own. From setting up the business to hiring employees to managing accounts- you don’t want to depend on anyone else.

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Common accounting terms business owners should be familiar with

We know that not everyone is a fan of accounting. At A&B Accounting and Business Solutions, LLC., we work with the experts in accounting to make things easy for business owners.

However, we want what’s best for our clients. Hence, we work hard to keep you informed and updated about your accounts and other services you’re availing. While we try our best to keep it simple, some accounting terms make way in our conversation.

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Tax Service Provides 3 Things You Need to Know About IRS Audits

Tax Service

Tax Season

Getting audited by the IRS is a frightening affair. It strikes the fear in the hearts of all small business owners, and can even cause some to hang up their hat entirely. 

However, the IRS only takes the time to audit a small percentage of small business tax returns each year. So even if there is a chance that you may be audited, unless you did something knowingly against the rules or have glaring errors on your return, your odds of the IRS putting their nose in your business is sparingly low.

Here are some other facts about IRS audits that your small business needs to know from your trusted Florida tax and accounting service.

How long can an audit last?

Generally, the IRS only has three years to perform an audit. That may sound like a long time but, for some audits, particularly those with foreign accounts, the IRS can take six years. Think that’s a long time? According to experts some can last even longer:

For unfiled tax returns, criminal violations or fraud, the limits can be longer. In most cases the practical limit is six years, but for some information returns the IRS can audit forever.

Avoid an audit by seeking out and destroying red flags.

Do this by double-checking numbers and looking for income that wasn’t reported. Also, keep in mind the total dollar and percentage amounts you are able to deduct for business related expenses. The less the IRS has in errors on your account the less chance they’ll demand more information to support your tax filings.

Authenticate deductions that will draw attention.

The IRS has a pretty good idea as to what your type of business should be pulling in and your overall deductions. They have a benchmark set for all types of business. To avoid an audit, if you have had a particularly great year or if you’ve needed to deduct a ton of expenses, it helps markedly if you authenticate that money with proof. Receipts are your friend, use them to protect yourself from an audit.

If you have been audited and aren’t sure what to do, you need an expert’s help. A qualified tax and accounting service can help ease the pain of an audit, and help point you in the right direction.

For more information on how we can help you, please contact us with any questions that you may have.

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Part Time Accountant Services That Come to You

Accountant Services

All businesses need accountants to manage payroll, file tax returns, and perform related duties, but taking on an accountant full-time is a big expense. Due to the cyclical nature of accounting, you may only need full-time help for part of the year and temporary, part-time help the rest of the year. Many business owners, especially those in their first two years, waste thousands of dollars annually because they misjudge their accounting staffing needs.

Hiring a full-time employee means paying for 40 hours a week whether there is work available or not. Full-time workers also require benefits such as health insurance and paid time off. A part-time employee is not always the solution either since most prefer a regular set schedule. A&B Accounting and Business Solutions, LLC understands this dilemma and offfers part time accountants services to all of our clients.

Affordable Hourly Rates for Onsite Part-Time Accountants

Some business owners just don’t have the time to meet with an accountant or deliver work to be completed. Depending on your preferences, we send one of our experienced accountants to your business one day or several days per week. Our accountant can also provide part-time controller or Chief Financial Officer (CFO) services. The latter may be appropriate for complicated accounting tasks such as budgeting, forecasting, and responding to a tax audit. A&B Accounting and Business Solutions, LLC has over a decade of experience working onsite with businesses in Deerfield Beach, Boca Raton, Pompano Beach, and the surrounding communities.

Request a Free Consultation

If you can’t afford or don’t desire to hire permanent accounting staff, contact us to learn more about our flexible options. Our staff members are fluent in both English and Spanish to meet the needs of our diverse community. As we assess your needs, we may recommend other accounting services to help your business meet its financial goals. 

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Happy New Year! Be Prepared for Tax Preparation Season with Our Professional Tax Services

Tax Preparation in South Florida

Tax

With the new year just days old, you are probably still adjusting to writing 2015 instead of 2014 on your checks and business letters. Even though the federal and state deadline for filing your business tax return is over three months away, it’s never too early to gather the information you need for your returns.

It’s also important to educate yourself about tax changes made in 2014 that could affect your small business. A&B Accounting and Business Solutions, LLC researches tax law throughout the year so we can provide the best tax services to our clients. The items discussed below represent just a few of the biggest tax changes in 2014 that small business owners need to know.

Elimination and Reduction of Credit for Certain Business Expenses

In 2013, the IRS allowed business owners to deduct all of the cost of specific assets under Section 179 of federal tax law. The maximum deduction that year was $500,000, but for 2014, it is a mere $25,000. The deduction for bonus depreciation that allowed business owners to deduct up to 50 percent of the cost of property placed in service that year ended in 2013. Another credit that expired last year is the work opportunity credit that gave employers up to a $9,600 credit for hiring veterans and other workers in protected classes. 

Extension of the Energy Credit

The Energy Efficient Commercial Buildings Tax Deduction, which originally expired at the end of 2013, has been extended through the end of 2015. The 179d credit provides financial incentive to make upgrades to your heating and cooling, lighting, and overall building efficiency based on its total square footage. An energy audit from a third-party organization is required to claim the credit.

Schedule Your Tax Preparation Appointment Before the Busy Season

As you can imagine, A&B Accounting and Business Solutions, LLC gets very busy come March and April. To avoid the rush, contact us now to prepare your business tax return or to seek additional advice about maximizing your deductions.

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Why do you Need Payroll Accounting Services? Here are Four Reasons

Payroll Accounting Services are a must for businesses paying employees

When it comes to making your business operate more efficiently, outsourcing payroll services can be beneficial for a number of reasons. Perhaps you’ve never thought about outsourcing your payroll functions before, in which case you might want to consider the following benefits.
Saves time-This is one of the best reasons to consider payroll services, as the time you spend on this task can really add up over the long run. The time you have devoted to processing paychecks, calculating withholdings and running reports can be put to better use growing your sales team or increasing your marketing efforts.
Ensures compliance with the law-Tax codes are constantly changing, and keeping up with all the different changes can be mind boggling. You won’t have to worry about keeping up with changes when you outsource your payroll functions, and will always have peace of mind knowing you are in compliance with all tax codes.
Avoid fines and penalties-It can be easy to miss a filing deadline for state, federal and local employment taxes when you’re busy taking care of other important details of your business. The resulting fines and penalties could be enough to make you reconsider how important a payroll accounting service such as ours actually is.
Ensure Accuracy-Not everyone has a knack for accounting, so you may find yourself having trouble making sure your numbers are correct. This can cause you a great deal of stress that can easily be avoided by relying on a professional to take care of everything for you.
You can enjoy all these benefits without breaking your budget, as payroll accounting services are actually more affordable than you might think. If you’re ready to get started, take the next step and contact us today.
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