Determine Whether Your Small Business is A Business or a Hobby for Further Legitimate Deductions

Maximize your deductions during
the next tax season and just watch
as your small business flourishes.

The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit.

In general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business.

Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.

In order to make this determination, taxpayers should consider the following factors:

• Does the time and effort put into the activity indicate an intention to make a profit?
• Does the taxpayer depend on income from the activity?
• If there are losses, are they due to circumstances beyond the taxpayer’s control or did they occur in the start-up phase of the business?
• Has the taxpayer changed methods of operation to improve profitability?
• Does the taxpayer or his/her advisers have the knowledge needed to carry on the activity as a successful business?
• Has the taxpayer made a profit in similar activities in the past?
• Does the activity make a profit in some years?
• Can the taxpayer expect to make a profit in the future from the appreciation of assets used in the activity?

The IRS presumes that an activity is carried on for profit if it makes a profit during at least three of the last five tax years, including the current year — at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses.

If an activity is not for profit, losses from that activity may not be used to offset other income.

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READ MORE >> www.sba.gov (U.S. Small Business Admin): Is It a Business or a Hobby?

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

A Quiz: How Much Do You Know About State Taxes?

Find a good accountant to
help you with your state taxes

Have some fun and learn some new things with this States of Taxation Quiz!

Test your smarts and find out how your state measures up.

See how much you know about state taxes...

TAKE QUIZ HERE >> AARP: States of Taxation Quiz

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

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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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232


    

Choosing a Good CPA: Ability, Attitude, Altitude

Choosing the right CPA
for your small business
can make all the difference

Hiring a professional CPA is not something we do every day, and striving to find a CPA whose ambition matches your own is not an easy task.

Find the right one and you will find a home for your business and someone who cares about your business as much as you do.


Before you select a tax adviser, accountant, or personal financial adviser, make sure you consider the three A's of choosing a CPA:

1. ABILITY: What is your CPA’s Technical Ability, Track Record & Performance?
   
2. ATTITUDE: Can You Relate to Your CPA? How is Their Customer Service?
3. ALTITUDE: How Far Can Your CPA Take You?
   

READ MORE >> CHRISTIANPOST.COM: "Three A's of Choosing a CPA: Ability, Attitude, Altitude"
 
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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Calculate Your 2015 Refund

Estimate your refund amount
or balance due

Make sure you get every dollar you’re entitled to. This 2015 Tax Refund Calculator should help you prepare your taxes for next year. We all work hard and look forward to our refund each year, and would like to find out if in fact we are going to owe tax so we can plan accordingly.

READ MORE >>
REFUNDSCHEDULE.COM: 2015 Tax Refund Calculator

• The Tax Estimator calculates your refund or how much you’ll owe in taxes.

• The W-4 Calculator helps you understand your refund amount or balance due from your current W-4.

• Estimate how the Affordable Care Act may affect you with our Health Care calculator.

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READ MORE

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

Time to Hire a Professional Accountant for Your Small Business?

It's hard to find the time to look
for an accountant who is suitable.
Here's how to get the right CPA
for your growing company.

It's hard to find a good accountant—so hard, in fact, that it has become something of a running joke in the small business world.

Q: What's the definition of an accountant?
A: Someone who solves a problem you didn't know you had in a way you don't understand.

Okay, so maybe that's not entirely fair! But as with most humor there's a grain of truth to the joke. Most small businesses choose an accountant -- either hiring a "numbers person" on staff or hiring accounting services on a contract basis -- when a business' financial challenges have become too great to handle without expert help. Maybe you want to better the financial function of your business. Or perhaps your accounting software isn't providing the type of data you need to grow your business. Having trouble switching from cash to accrual accounting? Are your financial statements inaccurate or incomplete? These are all good reasons to look for a Certified Public Accountant (CPA).

When is it time? It all depends on the size of the company. If you're a small business owner and find yourself sitting in front of QuickBooks wondering where to begin, that's a good indication that it's time to find someone knowledgeable.

Inside or Outside Accountant? Before you can find the right accountant, you need to determine if you need an accounting firm or an inside accountant.

• Hiring an outside accountant or accounting firm on a consulting basis is usually a good first step for a growing business. The outside firm can often cost less than the salary and benefits of a full-time employee and, at the same time, you may be getting a higher level of advice from a CPA or a tax accountant, the latter of whom usually is a licensed CPA and a lawyer specializing in tax law.
• When the business grows in revenue and the transactions become more complicated, it is time to consider hiring a full- or part-time inside accountant. Since the outside accountant's fee grows with the size of the business, the owner may see some cost savings by bringing some of the work in-house.

READ MORE >> Inc.com: How to Choose an Accountant for Your Business 

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232
 

Common Misconceptions About State Income Taxes

Understand your state income tax
with the help of an accountant

State income taxes are complicated, especially when each state has their own way of doing things, and this complicated web of differing tax rules can lead to a lot of misconceptions.

Don't fall for these seven common myths about state income taxes this year:

• Myth 1: I only have to pay income taxes to the state I live in.
• Myth 2: State income tax rules are the same as federal tax rules.
• Myth 3: State income taxes are unconstitutional.
• Myth 4: I have to pay income taxes to the state where my employer is located.
• Myth 5: I don't have to file a return in a reciprocal state.
• Myth 6: I got audited, and everything was fine. Therefore, I did everything right on my return.
• Myth 7: I don't owe taxes because I live or work in a state without an income tax.

READ MORE >> TAXES.ABOUT.COM: Seven State Income Tax Myths

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READ MORE

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

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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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Paying Tax Later Usually Better Than Paying Now

Your accountant or CPA
can help you with your tax planning.

Deciding whether you are better off with 2013 v. 2014 income can itself be imprecise.

How can you figure what to buy, receive, pay, settle or deduct before the end of the year?

Conventional wisdom says you should accelerate tax deductions and defer income. Thus, paying tax later is usually better than paying now. That means you should delay income into January when you can, but get ready to crunch some numbers. Even if the tax system were static, the changes between 2013 and 2014 rates and rules—let alone the economy—make it tough. Add to that the many expiring tax provisions and you’ll find that calculators or software are all but essential.

READ MORE >> FORBES.COM: Compare 2014 v. 2013 IRS Tax Rates Before It's Too Late

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READ MORE

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

How to Choose a Small Business Accountant

Choose the right professional
small business accountant.

What type of tax accounting services do you need?

Perhaps your needs are simple. For example, if you are a one-person start-up that has no immediate plans to expand, the services of a bookkeeper may be sufficient - and this approach will also keep expenses low.  

Bookkeepers handle day-to-day cash flow management by recording transactions such as purchases, payments, sales and receipts using bookkeeping software.

If keeping track of this information is not your idea of a good time - but you do not need any further financial services - a bookkeeper would fit the bill. After all, you can always hire an accountant for specific tasks such as end-of-the-year tax planning and preparation.

For example, many small business owners are finding that an accountant can help them navigate the increasingly intricate payroll accounting and reporting system, with may be organized using business finances software.

If your original list of required services includes tasks such as budget analysis, financial planning or consulting, a certified public accountant (CPA) may be the right choice. Unlike an EA, a CPA has passed additional state examinations and fulfilled continuing education requirements. They are proficient with business finances software and can handle a wider variety of services. For example, audits and loan application necessitate the services of a CPA. In addition, these professionals can benefit a small firm by acting in an advisory role. Depending on a company's priorities, this level of expertise may be viewed as indispensable or as an expensive indulgence.

READ MORE >> SMALL BUSINESS.INTUIT.COM: Choosing A Small Business Accountant

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

GBC Services Is Your Professional Go To Comprehensive Accounting Services

Professional accounting services
helps small businesses succeed!

There are many consulting firms that promise comprehensive Atlanta accounting services, but not all are the same. Indeed, if you are in the market for someone to take care of the tax and payroll aspects of your business, it pays to investigate the company you decide to work with.

Think about it. Anyone handling your company's finances is handling the life-blood of your business. Would you hand that responsibility over to just anyone?

Selecting the right accounting solutions in Atlanta, Georgia, may seem a bit challenging at first...

READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Certified Public Accountants - Here For Your Tax Needs In Atlanta

Ghassan R. Ghraizi, CPA

Currently leading financial operations at GBC SERVICES, LLC., Ghraizi's experience  is varied and extensive. 

Ghassan R. Ghraizi's skill set as a Certified Public Accountant is as comprehensive as his years of experience.  To date, Ghraizi's CPA services include:

•    QuickBooks cultivation alongside traditional  ledger keeping
•    Payroll preparation, accounting and management
•    Income tax preparation, analysis  and timely  filing
•    The  establishment of  Human Resource Management systems
•    Time sheet development and workers compensation reporting

KNOWLEDGABLE AND DEDICATED

When seeking the assistance of a Certified Public Accountant, experience is key. Ghraizi has the education  and proven commitment  to  providing superior customer service and cutting edge accounting technologies.

Online Payroll Processing and Human Resource Management System Specialists


Atlanta Georgia Income Tax Preparation,
With GBC Services income tax preparation services, you can rest assured that your taxes will be done right and on time every time.
READ MORE

READ MORE about his experience and skill set: 

Visit GBC Income Tax Services on Smyrna-Vinings Patch

Smyrna-Vinings Patch
Tax Accounting Services
Listing - GBC Services

Located in Atlanta, GBC Services is a financial company which specializes in payroll services, including Internet time sheets, remote data entry, reports, bookkeeping, processing and more. GBC Services additionally offers retirement services, accounting, consulting, tax services and chief financial officer services.

GBC Services, located in Atlanta Georgia, provides clients with well trained Certified Public Accountants who know how to maximize your company’s deductions while also safeguarding you against unnecessary audits and inquiries. By utilizing GBC Services income tax filing services you also receive educated projections and calculations that help lower overall taxes. 

• GBC Income Tax Services
• GBC Accounting Services
• GBC Chief Financial Officer Services
  --- Property Management CFO
  --- HOA CFO
  --- Small Business CFO 

READ MORE:
Welcome to GBC Services LLC
GBC on Smyrna-Vinings Patch

The Importance of Hiring An Accounting Firm for Small Businesses

A high-quality accounting
firm will address the payroll
concerns of your company.

For any Georgia business to survive in the ever turbulent corporate arena, it has to build on a firm and sensible foundation. One fundamental building block is locating the right accounting solutions in Atlanta, Georgia.

Many small companies make the mistake of assuming that taking on payroll and accounting roles themselves will save money. What most small business owners do not know is that high quality Atlanta accounting services are surprisingly affordable for small to medium size companies.

Once your company makes the decision to hire an accounting firm in Atlanta, Georgia, you could soon discover that the investments.....


READ MORE > GBC Tax Services Website
For All Your Accounting Needs Call GBC Tax 678-366-9232

Part 1 of 2 - What to Do During an IRS Audit – The Do’s and Don’ts

It's Never Too Late -
Call NOW
678-366-9232

An IRS audit can be stressful. Consider this article a bit of IRS assistance, a bit of wisdom to help you out if your business is experiencing an audit. There is a lot of complexity when it comes to laws and polices relating to an IRS audit, and most business owners frankly are just too busy to go out and understand them all while still running a business trying to make an honest buck. If you find yourself in that camp, you may want to just skip this article and go hire some IRS representation right now. It will save you a lot of time and headache, a good place to call is GBC Atlanta Income Services if you are finding yourself in the midst of an IRS audit and you just do not have the time to take care of it all by yourself. With that said, let us get into what you SHOULD do and what you SHOULD NOT do when you are running into some possible IRS trouble!

• All employees should be instructed not to talk to the IRS agent if the audit takes place at your place of business.
• 10 Days prior to the interview with the agent send him or her a formal letter stating you will be recording an audio of the interview. A special note to avid camera people, videos are not allowed.
• If the IRS audit brings up things you do not have the knowledge of, immediately seek out a CPA (certified public accountant) or attorney.
• Only give files to an IRS agent that is actually related to the IRS inquiry. By volunteering files or records, you may open up a whole new can of worms you would rather not have to deal with.
• Get a thorough understanding of your tax returns and then organize the files that support the items questioned by the IRS audit.
• Before the examination, come up with various settlements that you are comfortable accepting so you have backup plans to work with incase of any lingering IRS trouble.
• Do not be afraid to seek out good IRS representation, as this can save you a lot of time and money.

Use these tips to fit your own business accordingly. It should be noted that there are a few penalties that can be transpired against your business depending on the outcome of the IRS audit. Some of these are pretty brutal. Because of these penalties, it is imperative you either understand what you are doing thoroughly or hire good IRS representation that does understand what they are doing.

Next month we will cover some of the penalties you will face due to an IRS audit.

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 Offer Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• Why Hire a CPA Listed with the BBB

Part 3 of 3 – 9 Ways To Maximize Your Business’ Revenue By Outsourcing Payroll

We are your Solutions Partner

Most companies can't afford to constantly update to the latest in payroll software. Using a company that focuses solely on this one aspect of business ensures that they will always be up to date. Thus, you can get a better quality service for your money. You may also be able to have the money direct deposited in a secure manner. Yes, some of the additional reasons to hire a payroll company are:

• Up to date technology
• Top quality service
• Multiple payment options

Often payroll service will cost you less than $2 per check. With that in mind, can you really afford to keep payroll in-house? Outsourcing payroll to a professional company is just a smart decision. With the extra time your staff can use to focus on increasing revenue, it won't be a problem to pay a service to handle some of the more mundane responsibilities of your business.


Additional Sources:
The Top 6 Advantages to Outsourcing Your Payroll
10 Benefits of Outsourcing Your Business Payroll

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 Offer Atlanta Experienced IRS Representation
• Helpful Payroll Related Articles
• GBC Management Team

IRS Website for Small Business and Self-Employed: Get the Tools You Need Now

Protect your valuable business
by hiring expert CPA consulting.

Visit the IRS Small Business and Self-Employed Tax Center here! 

SB/SE serves taxpayers who file Form 1040, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million.

Get a plethora of tools and forms to help you in your small business and contact GBCTax for all your accounting, auditing, payroll and HRMS needs. We will help your business grow as we spotlight it: Julia Makarishcheva has earned an MBA from Georgia State University. Julia focuses on small business writeups at GBC Services LLC, and her focus and passion include audit and business analysis.

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

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

Ghassan R. Ghraizi Atlanta Certified Public Accountant

Ghassan R. Ghraizi, CPA
A University of West Florida College of Business graduate, Ghassan R. Ghraizi offers Metro Atlanta  the very best in payroll and tax assistance to date.

Currently leading financial operations at GBC SERVICES, LLC., Ghraizi's experience  is varied and extensive. This fact is perhaps what lends to his talent in providing superior service in the realms of business oriented finance  and human resources  database management. 

Ghassan R. Ghraizi's skill set as a Certified Public Accountant is as comprehensive as his years of experience.  To date, Ghraizi's CPA services include:

•    QuickBooks cultivation alongside traditional  ledger keeping
•    Payroll preparation, accounting and management
•    Income tax preparation, analysis  and timely  filing
•    The  establishment of  Human Resource Management systems
•    Time sheet development and workers compensation reporting

But the list does not end there..... As a team leader at GBC SERVICES, LLC., Ghraizi can also offers clients a large variety of relatively new financial services online.

Benefits offered by GBC  to small and larger sized businesses are as follows:

•    Online payroll services and human resource database management
•    Tracking employee scheduling and payment processing
•    Web based client bookkeeping systems and tools
•    Varied structured CFO services like forecasts and business plan analysis 

These are among the many options provided by Ghraizi at GBC SERVICES, LLC.

KNOWLEDGABLE AND DEDICATED

When seeking the assistance of a Certified Public Accountant, experience is key. 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.

Online Payroll Processing and Human Resource Management System Specialists
Whether you are a workforce of one or of thousands,your business can greatly benefit from the numerous services GBC Services in Atlanta has to offer.
READ MORE

Atlanta Georgia Income Tax Preparation,
With GBC Services income tax preparation services, you can rest assured that your taxes will be done right and on time every time.
READ MORE

READ MORE about his experience and skill set:

GBC Services LLC and GBC Tax is now on Facebook and Twitter

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What Small Business Needs Should Accounting Services Meet?

A high-quality accounting firm
will address the concerns of
your company.

There are many consulting firms that promise comprehensive Atlanta accounting services, but not all are the same. Indeed, if you are in the market for someone to take care of the tax and payroll aspects of your business, it pays to investigate the company you decide to work with.

Think about it. Anyone handling your company's finances is handling the life-blood of your business. Would you hand that responsibility over to just anyone?

Selecting the right accounting solutions in Atlanta, Georgia, may seem a bit challenging at first...

READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232