mysba-us

[mysba-us]

[mysba-us]

Getting Your Tax Return Prepared? 3 Essential Documents Required

As we approach the end of the year, it is smart to start mulling over taxes. Even though the tax deadline is still a few months away, however, the sooner you get your return filed, the less you’ve to worry about it. While signing up a certified accountant in Falls Church, you will be required the following essential documents to get the tax return ready:

1. Copy of Most Recent Tax Return

Even though you may not meet the criteria for the same tax deductions or write-offs as previous year, providing the accountant with the last year’s return can help them easily access information and work out certain deductions without having to call you over and over again. If you are meeting a new accountant for tax preparation services in Virginia, this could even be a good opportunity to talk about any discrepancies that may exist between previous tax returns.

2.  Additional Income Statements

Did you accumulate any extra income throughout the year? This may include interest and dividend income from investments, unemployment income, or social security income. You are supposed to get statements for each of these sources of income, if applicable. You will need to bring these in as well to the accountant.

3. Identification Information

It is imperative that the accountant has access to some specific credentials and information that can be used to confirm that you’re who you say you are. The social security card is the most excellent preference, since the firm for accounting services in Falls Church will need your social security number for each member of your family.

Filing a tax return is one of the more complex financial tasks you’ve to deal with each year. Rather than making it a DIY and getting frustrated over the process, it is always best to hire a licensed CPA in Virginia such as My Small Business Accountants.

[mysba-us]

Are you in search of a licensed accountant in Fairfax County for your small business bookkeeping? Make sure you get in touch with My Small Business Accountants. We are the specialists for tax preparation solutions in Fairfax County. Our tax professionals make sure to provide you complete peace of mind. Contact (202) 293-4032 for details!

[mysba-us]

[mysba-us]

Your search for a certified accountant in Falls Church will definitely finish once you get in touch with us at My Small Business Accountants. We are a results-driven outsourced accounting firm that makes every effort for your profitability, productivity and peace of mind. To discover more about our tax preparation services, call us at (202) 293-4032.

[mysba-us]

At My Small Business Accountants, we provide you with a professional and experienced certified public accountant in Washington DC to help control costs of your business, deal with the financial decisions of your company, and increase profits successfully. Give us a call at (202) 293-4032 to know about some tax saving strategies.

[mysba-us]

What Makes You Appoint A Licensed Accountant?

US taxation is one of the most complicated systems worldwide. Tax preparation is more complex for individuals with diversifying income sources, investment, or purchase properties in a given year. To make it much simpler, it makes sense to hire professional tax accountant in Falls Church. The following are benefits of hiring a tax preparation specialist:

Ø  Peaceful Experience

When you mull over hiring certified bookkeeping services in Falls Church and attorneys, you can rest assured of a hassle-free tax filing experience digging out the entire deductions and credits to lower the tax liability of taxpayers. In case of an audit and other concerns, they can provide you with professional suggestions and support to lessen the stress of filers.

Ø  Minimized Likelihood of Inaccuracies

New tax codes and guidelines often come for taxpayers to follow in filing an income tax return. The entire authorized certified public accountants in Falls Church go through extensive training and stay current with the tax environment, which lessens the possibilities of committing mistakes that invite an audit from the IRS.

Ø  Monetary Savings

One of the key reasons that the majority of individuals turn to online tax preparation services by one of the licensed accounting services in Falls Church is because upfront, the cost is probably going to be less. Tax specialists remain abreast of the latest tax rules and find out deductions and credits for tax payers to save more money in the income tax return. The professionals make sure that taxpayers get a hassle-free experience and save their money and time.

Filing tax within the deadline is very important taxpayers complying with the tax codes and guidelines to keep away from problems. It is always good to hire a certified accountant in Falls Church from My Small Business Accountants since the experts are aware of everything associated with filing tax returns and you can get benefits of the things mentioned above.

[mysba-us]

If you are looking for a professional certified public accountant who is ready to remotely supervise, guide or oversee the financial side of your business, economically, accurately, and quickly, simply hire My Small Business Accountants. To get more details about our specialized accounting services in Arlington Virginia, make sure to call us at (202) 293-4032!

[mysba-us]

Make Bookkeeping Simpler – 4 Expert Tips

Are you one of the small business entrepreneurs who simply lobe poring over spreadsheets? Your business’s books are a scorecard of how well you are doing – but if you aren’t a “numbers person”, you must take licensed accounting services in Falls Church to do bookkeeping for your small business. The following are some expert tips that are sure to make bookkeeping simpler:

1. Ask a professional

Have a detailed word with one of the certified public accountants in Falls Church to understand if you can make use of off-the-shelf accounting software or you would benefit from getting it tailored. The accountant should be capable of not just providing recommendation but even setting up the software for you and demonstrate the right way to use it.

2.  Automate whatever you can

It has become so old school to punch in data into spreadsheets and merging numbers yourself. These days, the specialists for bookkeeping services in Falls Church recommend making use of cloud-based bookkeeping software with the business bank account so you always have precise, up-to-the-minute records. In addition, with the cloud, the vital financial data is backed up safely off-site.

3. Keep documentations of business expenditures

So many amendments to the tax code were made for 2018 that you should check with the accountant for assistance on what sorts of expenditures you can take away next year. For anything you think you will be claiming, keep full documentation, save time by scanning and digitizing receipts. You can even make expenditure tracking simpler by always making use of a business credit card for business purchases.

4. Keep a close eye on accounts receivable

When customers do not pay on time, the cash flow of the business can dry up quickly. Be cautious about when the receivables are due and get in touch with late-paying customers without ado to push them along. Even if a customer is having monetary issues, you may be capable of setting up a payment plan to get at least some of what you are owed.

To hire a licensed CPA in Falls Church, approach “My Small Business Accountants” today!

[mysba-us]

My Small Business Accountants are a highly qualified group of professionals has the expertise to provide tax planning & bookkeeping service in Washington DC.

[mysba-us]

[mysba-us]

The Right Time To Issue 1099s

According to the specialists for accounting services in Fairfax County, after failing to pay the taxes, failing to file the proper returns is the 2nd easiest approach to invite the wrath of the IRS. Your reporting obligations go beyond issuing W-2s to your staff. A lot of other outgoing expenditures are supposed to be reported on Form 1099.

Form 1099-MISC

It is also known as Miscellaneous Income for the reason that it is a catch-all form that envelops several kinds of income. There are four common rules for when you require filing a Form 1099. Your professional for bookkeeping services in Fairfax County can help you track the expenses and issue the right forms.

Purpose of Payment

General expense purposes covered by Form 1099-MISC include the following:

Ø  Legal fees

Ø  Fishing boat proceeds

Ø  Broker payments

Ø  Royalties

Ø  Rents

Ø  Services rendered

The purpose of goods and other tangible assets is usually not covered by Form 1099-MISC.

Who You Are Paying

In general terms, Form 1099-MISC is issues to everybody but corporations. This includes the majority of professional business entities, partnerships, and individuals. An LLC is just regarded as to be a corporation if it has elected to be taxed as a corporation. If it has not, the LLC should get a Form 1099-MISC.

Method of Payment

As per experienced certified public accountants in Fairfax County, you should only include expenditures made by cash, ACH transfer, check or other direct means on Form 1099-MISC. Expenses by credit card or through 3rd-party transaction networks that are reportable on Form 1099-K are particularly excluded from Form 1099-MISC reporting.

The bartering of goods or services instead of a monetary transaction may still trigger Form 1099 reporting requirements as outlined in Topic 420.

For more details on 1099s, approach a licensed tax accountant in Fairfax County, which is “My Small Business Accountants”.

[mysba-us]