Small Business Action Plan - 2016 ELECTION

Hillary Clinton and her campaign to assist small
businesses by reducing their business taxes with

"Checkbook Accounting."

Clinton Brings a New Action Plan to the table for small businesses to save on taxes.

With the upcoming presidential election quickly approaching, there have been many unanswered questions from the Clinton campaign. Recently Hillary Clinton and her campaign has given us the specifics on her small business proposals if she was elected president for the next presidential election term.

Taxes as easy as 1,2,3....

When it comes to filing taxes for small business owners, one proposal this election is to offer a standard deductible, very similar to a personal standard deductible when filing. At this time, an amount for the standard deduction has not been mentioned, but being able to file standard will separate a small business company from a much larger business owner financially.

Currently, for any business that has a revenue of over $10 million who makes, buys, or sells their product must be accountable for the accrual method when filing. The accrual method accounting requires any business owner to include not only what is sold, but must also include the unsold inventory that is left by the end of the year. This is much more complicated especially in the following years when the product finally is sold. For businesses who accrue over $25 million in sales, they file by a much simpler process known as cash accounting process. By being able to claim the cash accounting process, the income and sales are then recognized when cash is being exchanged. Another plan going into this election year is that the campaign proposes a less aggressive financial tax reduction for businesses who make less than $1 million in revenue. The plan recognizes this proposal as " Checkbook Accounting".

Checkbook accounting is a much simpler way for small businesses to file their taxes. For smaller businesses under the Clinton proposal, instead of claiming the accrual method or the cash accounting process, a small business owner will be able to claim inventory bought earlier in the year, in which it has not been sold yet. Unsold inventory will be considered as a write off for a future year when it is sold. Per the campaign the  "Checkbook Accounting" process is so easy, that a small business owner would not need to keep records, receipts, or inventory list. It is still unclear how this will change any required business tax purpose forms, but according to John Rainey, regional director of the Massachusetts Small Business Development Center at Clark University, small businesses need to keep financial statements. By not keeping any sort of financial statements and fully relying on your tax deductions, a small business owner would not have the slightest clue as to how their business or growing. Rainey suggest that as a small business owner, they should be able to use their financial statements by ends year as a small business owners inventory should be slim to none.

Bigger Deductions for Small Businesses

Currently small businesses have a $5,000 deduction for start up expenses. Another proposal that was made was that there will be an increase in the deduction to $20,000. The business start up expense would start to top out at or around $50,000-$55,000. A plan to eliminate taxes on small business investments and its capital gains would also be included with the revised tax reform for small businesses. There would also be a  cap on Section 179 of the tax code to a $1 million limit. Due to the recession 8 years ago, per Forbes.com, the maximum deduction was set at $100,000 which is not a huge deduction. 

Military Moves Made Easy

One of the main factors that she sees is our military men and woman and their families. When relocating comes about, it is quite hard for spouses and dependent individuals to re-gain a new state license after transferring. A new plan is being made to  focus on easing up the licensing requirements from state to state so we have a continuous work flow for the American families.

Clinton's Affordable Care Act

While she notices that very few are enrolled in the Affordable Care Act due to the number of employees and average wages, she would make a few adjustments to benefit all small businesses. The plan is to  increase the eligibility to 50 employees and would allow more small businesses to offer retirement plans.

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.
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Proper Tax Filing in a Gig Economy

The modern economic landscape is shifting
so abruptly, a small business owner in a gig
economy may falter or misfile, prompting an audit.

Trying to keep abreast of the various ins and outs of tax filing is daunting enough, but can be especially problematic in a gig  economy.

What the heck is a gig economy you ask?  

As the name somewhat implies, it is an economic period where permanent work becomes scarce and most companies rely on hiring independent contractors and temp workers to get corporate work done. 

As can be expected, this makes for uncertain influx of income forth bother employers and employees.

Our current economic climate not only alludes to this growing trend, but it also indicates that it may become a permanent fixture in the corporate sector. A recent study by Inuit indicates that 40 percent of  US based workers will identify as independent contractors by 2020.  There are a number of reasons for this, from  the prevalence of online  jobs, remote  work and tiny entrepreneurial companies that are fueled by internet traffic or revenue sharing ventures.

With so many online businesses, usually sole proprietorships, being established, entrepreneurs will find themselves challenged  on how to adequately file their taxes and avoid the kind of red flags that prompt an IRS audit.  Adding to the potential of an Internal Revenue visit is how relatively new the phenomenon is.  Government agencies are usually slow to adapt to economic and social changes, so they may not have systems in place dedicated to the growing number of gig economy based set ups.

The biggest concern for an e-commerce company, particularly if it is a sole proprietorship or LLC, is the proper reporting of income. 

The best way to ensure proper filing is to do so via the 1040 form, the standard tax return for independent contractors. If the business is technically diversified . e.g., you create arts and crafts as well as sing on the weekends in a money making party band, the business owner will have to keep separate records from each enterprise and designate their income separately on both state and federal forms.

Because the modern economic landscape is shifting so abruptly, a small business owner in a gig economy may falter and even misfile, prompting an audit. To avoid this pitfall, such companies may need to rely on a reputable accounting firm to handle their taxes. A reputable company will offer packages that suit the needs of a wide variety of business. When investigating an accounting firm, ask relevant, in depth questions to see if they understand the specific needs of an independent contractor who is subsisting within a gig economy structure. By hiring knowledgeable accounting pros, an independent contractor can remain reasonable free from the threat of an IRS audit, which will grant peace of mind to any business owner, in any type of economic climate.

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• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• 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

Increase Profits Hire a Payroll Professional

The Right Payroll Professional
WILL Produce You More Profits

Payroll can be every entrepreneur's worse nightmare. To put it simply, you as the entrepreneur and business owner, should not be stressed out about how payroll is even done. As an entrepreneur, you are already well aware of the term leverage. Why not leverage a payroll professional to take care of all that tedious work for you?

You see, a payroll professional is someone who is extremely experienced in this segment of business management. They understand all the in's and out's, all the tricks and gadgets of the payroll software, and since that is their job specifically, you can bet they are a well of knowledge and expertise.

 So how can hiring a payroll professional help you make money? Let us find out:

• You do not have to learn payroll (a huge time saver!)
• You do not need to master any payroll software (also a huge time saver!)
• You can focus on activities that PRODUCE profits (rather than looking at a computer in an annoyed anger and frustration)
• You can focus on what you are good at, while delegating the other duties to people who are good at those duties (such as hiring a payroll professional to take care of your payroll).
• All of your In House staff can focus on profit producing activities when you hire a payroll professional 3rd party company.

I would wager that all those reasons above are pretty good reasons as to why you should consider hiring a payroll professional and get back out there doing what you love best – making money.

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Management Team
• Helpful Payroll Related Articles
• Tax Requirements By State
• Payroll Taxes for Your Small Business

2015 Small Business Taxes: What's New?

Good news: the rumor that no
refunds will be issued until
October 2015 is NOT true!!

To help you get a handle on the critical tax facts, let's take a look at some of the changes that could affect your small-business tax filing in 2015:

There are now seven income tax brackets, which will also break down differently depending on your filing status. Aside from this, capital gains taxes will also expand. These are the profits you earn from the sale of your capital assets, such as investments or property. Gains on investments held for less than one year are considered short-term gains and are lumped together with your ordinary income. Gains on investments held for more than one year receive special tax treatment. For 2015, the tax rate applied to long-term capital gains will depend on the tax bracket you fall into:

• Tax returns in the 10 and 15 percent tax brackets won't pay any capital gains taxes.
• Tax returns in the 25, 28, 33 and 35 percent tax brackets will pay 15 percent in capital gains taxes.
• Tax returns in the 39.6 percent tax bracket will pay 20 percent in capital gains taxes.

Payroll (FICA) taxes, (which consist of the Social Security tax, the Medicare tax and the new additional Medicare tax for higher-income earners,) are also increasing. Here are some details:

• Social Security tax: 12.4 percent of earnings on income up to $118,500
• Medicare tax: 2.9 percent on all earnings
• Additional Medicare tax: 0.9 percent on all income above $250,000 (if married and filing jointly), $125,000 (if married and filing separately) and $200,000 (if filing as single or head of household).

There are also changes to retirement contributions, and in some cases you could put away a lot more than you could last year. IRA's will also be limited to one rollover per person per year.

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READ MORE>> AmericanExpress.com ("Open Forum"): What to Know About Small-Business Taxes for 2015

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

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

Help Your Business: Educate Yourself by Learning Tax Law Details for Your State

Get the knowledge you need to
run your business successfully.

Having knowledge of your state tax requirement can help you avoid problems and help your business save money.

The most common types of tax requirements for small business are income taxes and employment taxes.

Income Taxes - Nearly every state levies a business or corporate income tax. Your tax requirement depends on the legal structure of your business. For example, if your business is a Limited Liability Company (LLC), the LLC gets taxed separately from the owners, while sole proprietors report their personal and business income taxes using the same form.

Employment Taxes - In addition to federal employment taxes, business owners with employees are also responsible for paying certain taxes required by the state. All states require payment of state workers' compensation insurance and unemployment insurance taxes. The following states/territories also require a business to pay for temporary disability insurance:

• California
• Hawaii
• New Jersey
• New York
• Rhode Island
• Puerto Rico
      

Follow the link below for state and territory tax resources and to find out more about what you have to do to register and be open for business in your state:
READ MORE >> www.sba.gov (U.S. Small Business Administration): Learn About Your State and Local Tax Obligations

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

Small Business Owners View Tax Laws as More Important than Actual Tax Paid

Hiring a Tax Professional will save
your business both time and money.

While most small business owners accept the amount of tax they pay, the paperwork accompanying those taxes and other regulatory requirements can cloud their view of the local business environment. Aside from economic conditions, small business owners' perception of the ease of compliance with licensing, regulatory, and tax regulations is the most important predictor of whether or not they considered a state or city friendly to their firms.

A recent survey asked over 12,000 small business owners to rate the degree to which their state or city was small-business friendly. Then it asked a series of questions about the specific business environment in their state or city. By comparing the answers, it found:

• The respondents' view of the performance of their state economy relative to the national economy was the most important factor in their rating of small-business friendliness.
• Those who were aware of training or networking programs offered by their state or local government were significantly more likely to say that their state or city was small-business friendly than those who were not aware such programs existed.
• While the ability to easily file taxes was an important consideration, the amount of taxes paid was not for the majority of small business owners.

The results are consistent with other research, which finds that policies that assist businesses with licensing, permitting, and tax filing; provide technical assistance to help firms grow; and provide well-targeted job training and education, are much more effective than tax incentives in promoting business development and economic growth.

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READ MORE >> www.CSMonitor.com (business tax): What Concerns Small Business More: Tax Laws or Actual Taxes?

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

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

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

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

Certified Public Accountant Ghassan R. Ghraizi, Atlanta's Income Tax Preparer

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.
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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.
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READ MORE about his experience and skill set:

Signs That Your Income Tax Preparer is Bad News : Lies About Tax Breaks

Bad Tax Preparer:
Lies About Tax Breaks

Warning Signs of the Bad Atlanta Georgia Income Tax Preparer:

WARNING SIGN 4

The Big Lie About the Ethnic Tax Breaks...

Anyone that tells you that you get a tax break based off your race or religion, is an idiot or a scammer. Since even idiots know we are all taxed more or less the same, you can bet that this person is a scammer and you need to stay away from this person.

For example in the last 10 years or so, there has been a scam running targeting African Americans stating they get tax breaks due to slave era reparations. This is just absolutely false, and if you get sold some of this snake oil, you know it is time to run away before you get hurt and lose some serious money.

GBC Income Tax Services is honest and upfront about your income tax.   
Read more about GBC Income Tax Services here. We provide Atlanta expert income tax filing services for individuals and small businesses, including partnerships, single member LLCs, and corporations (C and S Corps).

Read Warning Sign 1: Asking You to Lie About How Giving You Are
Read Warning Sign 2: They Look Like They're Officeless...
Read Warning Sign 3: Not Asking For Documentation

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

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• Visit the Internal Revenue Service's Website
• GBC Tax Offer Atlanta Experienced IRS Representation
• Contact GBC Income Tax Services Today! 

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