The Importance Tax Planning for Small Businesses

Your blood sweat and tears go into maintaining
your small business. Protect your time and money
by hiring an external accounting firm.

Unlike most mega corporations, small businesses don't have a team of accountants and lawyers to consult when hit with a IRS audit. 

This is among many reason why a small to moderate sized business should retain the services of a reputable accounting firm.

A reliable and historically proven  accounting firm, such as GBC Taxes Atlanta, would act  on your company's behalf if you ever find yourself  in need of assistance during or after an IRS audit.

Of course it is also prudent to avoid  getting audited altogether. The best way to do this is to outsource your financial  preparations for quality record keeping.  Even with dependable in house  accounting staff on hand, you will need a second pair of eyes to keep the tax man at bay.

Human Factors and Financial Accounting

The problem with relying solely on  company  finance officers is the principle of familiarity breeds contempt. It's not that the staff CPA's will consciously try to sabotage records, it's just that, being human, they will become comfortable with  the daily routine  of the office.  Such comfort has it's draw backs and minuses.  On the one hand, its good to have happy and satisfied workers--this makes them more likely do their jobs well in an effort to  remain employed.

The down side--in such an atmosphere it can become rather easy to become complacent, skipping over imperative details that  can provoke an  Internal Revenue investigation when tax time comes around. Besides, it never hurts to give your internal  ledger keepers a helping hand.

Maintenance and Record Upkeep

Another potential issue with in office record keeping is the propensity to lose all important paper work and documents.  This of course becomes an issue in during an audit where relevant  information  can make the difference between a loss of hundreds or even thousands of dollars into government coffers.

Knowing what these trends are can also e assist in cultivating  business planning that helps your company, and it's assets, grow.

When  small business outsource their financial record keeping for tax related purposes, they  have the added security of knowing pertinent information is being stored for easy accessibility when need be.  It's like having a back up, fire proof safe  at the ready in case of an emergency.

Business Planning and Updating

Because tax preparation and filing is the focus of any good accounting firm, they will be more likely  know what the current IRS regulations are, especially in terms of small businesses. This is essential, as governmental procedures can change annually depending on global and domestic economic climates. 
Your blood sweat and tears go into maintaining your small business. Protect your time and money investment and ensure long term viability by hiring an external accounting firm to fulfill all your  important  tax related needs.

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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!

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When seeking the assistance of a Certified Public Accountant, experience is key. GBC Services CEO Ghassan R. Ghraizi has the education  and proven commitment  to  providing superior customer service and cutting edge accounting technologies. To learn more about  this highly qualified Atlanta based CPA, contact Ghassan R.Ghraizi  today.

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• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office

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Estimate Your Tax Liability With Jackson Hewitt's Tax Calculator

Income Tax Calculator

Estimate your income tax return free of charge. These free online income tax calculators help you to estimate your federal tax liability ahead of time.

Take measures to ensure there is no unexpected surprises. 

Estimating your tax liability ahead of time can dramatically reduce your anxiety and stress during the tax season. It allows you to quit worrying about what your tax bill will be and focus on meeting your financial obligation. You can then prepare your tax return without that stress hanging over your head.

READ MORE : Jackson Hewitt Tax Calculator

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GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232
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• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• Chartered Global Management Accountant (CGMA)
  American Institute of Certified Public Accountants (AICPA)
  GBC Services LLC, Tax Accounting Services for Atlanta GA
  GBC Press Release : MORE

2015 Refund Estimator and 2014 Federal Tax Brackets Table

CLICK FOR TAX CALCULATOR

Q: What is a federal income tax bracket, and how do I find mine?

A: Different levels of income are taxed at different percentages, which vary year by year, and also according to your filing status. Your particular tax bracket will tell you at what rate your income (your taxable income) will be taxed. The rate of taxation is applied only to your taxable income. You can go to a TAX BRACKET ESTIMATOR TOOL and also see a table to determine and understand your tax bracket and tax rate for 2014 and for earlier tax years by clicking on the calculator picture link.

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READ MORE>> efile.com: 2014 Federal Income Tax Brackets, 2015 Refund Estimator

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

IRS Updates for Approaching Tax Season

Be prepared for next tax year!

All together, the IRS posted more than 40 updates in 2015.

*These are adjustments to be used for 2015 taxes, to be prepared in 2016, not what you would use to prepare your taxes now from the year that just ended.*

If you want to get a headstart for next year, this is a very good summary. If some of the changes look familiar, it's because they match up with predictions by Bloomberg BNA earlier this year! All taxpayers will see a slight bump in their standard deduction, and the personal exemption amount also goes up.

See upcoming changes in:

• Tax brackets
• Standard deductions
• Itemized deductions
• Personal exemptions

And also:

• Family-related tax item updates
• Education-related updates
• Healthcare and fringe benefit updates
• Federal estate and gift tax updates
• Retirement updates, and more....

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READ MORE>> Forbes.com: IRS Announces 2015 Tax Brackets, Standard Deduction Amounts and More

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Checklist for Small Business Tax

Start gathering the right info
for your tax professional.

Are you overwhelmed about preparing your taxes for your small business? 

There is much to gather regarding information on income and expenses! This can include different types of inventory, different types of business transportation expenses, and forms. Hiring a CPA is probably the best way to do all this, but before you throw your hands up, here is a handy checklist to help you start getting an overview, and also to help your accountant:

• Gross receipts from sales or services rendered
• Sales records (for accrual based taxpayers)
• Inventory (if applicable)

And then from your inventory:

• Beginning inventory
• Inventory purchases
• Ending inventory
• Items removed for personal purposes

SEE MORE>> HRBlock.com: Small Business Tax Prep Checklist

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For All Your Accounting Needs Call GBC 678-366-9232

Find Out About Your 2015 Credits and Deductions!

Click on the picture to go to the site.

Weigh your situation!!

Click on the scales to go quickly to the IRS page on credits and deductions in 2015. There are quite a few both for individuals and businesses, both small and large.

Examples are the Earned Income Tax Credit (EIC), and the Child and Dependent Care Credit, which help millions of families every year.

In addition to the standard deduction for individuals, common deductions include home mortgage interest, state and local tax, and charitable contributions. Many business expenses are deductible as well.

Check this out to get a preview of your tax outcome in 2015!

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READ MORE>> www.IRS.gov: Credits and Deductions
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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

State Business Tax Climate Index 2015

How does your state rank?

While taxes are a fact of life, not all tax systems are created equal. One measure, total taxes paid, is relevant, but other elements of a state tax system can also enhance or harm the competitiveness of a state’s business environment. This Index boils down fifty complicated state business tax systems into one easy-to-use ranking.

While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a road-map to improving these structures.

The index enables people to gauge how their states' tax systems compare.

Here is a highlight, which shows the five best and worst states in the index this year:

Best:

1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida

Worst:

1. New Jersey
2. New York
3. California
4. Minnesota
5. Vermont

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SEE WHOLE INDEX HERE>> TaxFoundation.org: 2015 State Business Tax Climate Index

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Choosing the Right CPA for You

Interview at least 3 CPAs to get
the right one for your business.

CPAs are more than just individuals who do your yearly taxes. They can advise you on a long list of other services, which may include advice on your accounting system, financial, retirement, estate and tax planning.

CPAs are part of a business owner's professional team along with a banker and a lawyer.

Your local Chamber of Commerce will tell you the names of CPAs who are members. When you attend any type of meeting, or meet other business owners, ask for CPA recommendations. Here are a few more points to consider:

• Use the 60% Rule
  If you're a business owner, pick a CPA who has 60% of their business coming from business owners like you! They're more apt to keep up with the laws regarding clients they deal with most often. If you're a corporation, make sure that the person specializes in corporate accounting, including financial statements, audits, etc.
• Bring Your Records to the Interview
  Bring a copy of at least one year's tax return when you interview a CPA. This way your prospective CPA can give you educated "guesstimates" as to what their services will cost you.
• How To File
  If you want to save some money, ask how they want your paper files.... If you bring your files to them in shoeboxes (hey, many folks do), you will pay to have all that deciphered! You can save money if you separate the information the way the CPA suggests.

READ MORE >> entrepreneurs.about.com: Choose the Right CPA for Your Business

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For All Your Accounting Needs Call GBC 678-366-9232


    

The Basics of Hiring an Accountant

It is essential to procure services
from a quality preparer to ensure a
successful tax plan for your future.

Finding an accountant to prepare your taxes is a relatively straightforward process.

The task is of average difficulty and should require one to two hours of your time. Creating a tax plan for your future is important; consider seeking out the advice of a licensed tax professional, such as a Certified Public Accountant or an Enrolled Agent.

Here are some basic tips for hiring an accountant:

1. A CPA is a professional accountant licensed by the state. Best for corporate accounting, tax audits, and business consulting.
2. An Enrolled Agent is a tax professional licensed by the IRS. Best for complex tax issues, tax audits, and responding to tax collectors.
3. A Tax Preparer may be registered by the state. Best for straightforward tax returns.
4. The national Tax Franchises are H&R Block, Jackson Hewitt, and Liberty Tax. Offices nationwide. Often fast, courteous, and convenient.
5. Expect to pay from $150 to $450, depending on how complicated your tax return is.

READ MORE >> TAXES.ABOUT.COM: How to Find an Accountant
 
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For All Your Accounting Needs Call GBC 678-366-9232

New IRS Tax Brackets, Standard Deduction Amounts, And More

Let an accountant help you
simplify the process
this year at tax time.

The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2014, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items.

These are the applicable numbers for the tax year 2014. That means the year that we are in now. 

They are NOT the numbers and rates that you’ll use to prepare your 2013 tax returns in 2014 (the season is starting late this year).  These numbers and rates are those you’ll use to prepare your 2014 tax returns in 2015. Got it? Good.

All together, the IRS posted more than 40 updates.

READ THEM HERE >> FORBES.COM: IRS Announces 2014 Tax Brackets, Standard Deduction Amounts And More

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•     About GBC Services
•     GBC Audit Services Website
•     Visit the Internal Revenue Service's Website