We want to wish everyone a Happy and Joyful Thanksgiving. Our offices will be closed November 26th and November 27th.
It is now the time to start preparing your information for your tax return. Tax planning prior to 12/31 could possibly reduce your 2015 tax bill. Please give us a call to set up an appointment to go over your year end.
We will be closed on Friday, 10/2/2015 as we move into our new office. Our new location will be:
100 West Main St,
Lansdale , PA 19446
There are only two weeks left until the corporate tax filing deadline.
If you own a business and want to reduce your tax bill for 2015, March 15th is also the deadline to elect S-Corp status for this year. This election can lead to HUGE tax savings- one new client from last year will be saving $20,000 PER YEAR from this election alone!
Want to pay less income taxes? Every taxpayer's situation is different, so call us today at 267-999-9002 to schedule a free tax planning session.
The 2014 tax filing season is now underway. Call us today at 267-999-9002 to schedule your appointment.
BuxMont Accounting will be closed June 30th-July 4th, 2014 to celebrate the holiday. Have a safe & happy 4th of July, and we'll see you when we get back.
If you use QuickBooks, it's important that you are using bank reconciliations to ensure that you aren't missing transactions or duplicating entries in your software. Here are a few quick pointers about how to best utilize this functionality:
1. The starting balance of the most recent month’s bank statement (and the bank reconciliation starting balance) should always be equal to the ending balance of the previous month’s bank statement and bank reconciliation. Any differences are typically because a transaction was voided or changed that should not have been. If there’s a difference, you can try to fix it yourself by running the reconciliation discrepancy report under the banking section of the reports menu. If that report shows no changes were made, or if identifying and correcting the errors are beyond your abilities, try undoing and redoing the previous month's reconciliation or contact a professional.
2. The ending balance of the bank reconciliation should always match the bank statement exactly. Don't be tempted to force the reconciliation, even if it is only off by a few dollars- it's often a symptom of other errors. If you are diligent in your data entry, this feature can help identify duplicated charges, fraudulent activity, and miscategorized transactions.
3. Every transaction in QB should match what was ACTUALLY done in the bank accounts. If a transaction was done the wrong way or something was deposited into the wrong bank account, both the incorrect bank transaction and the correcting bank transaction should show up in QuickBooks instead of just the transaction that was meant to happen.
4. When you are doing the reconciliation, keep an eye out for the following, which are indicative of errors:
a. Debit (ACH) transactions that have not cleared the bank account by the end of the month they’re entered in QB, unless they are at the end of the month- in which case they may clear the following month.
b. Bank deposits that have not cleared the bank account within a few days of the actual transaction.
c. Checks that you’ve written and are still outstanding 90 days after they’re written.
Individuals and businesses in areas affected by hurricane Irene may have additional time to file their tax returns and estimated tax payments this year. Due to the complications brought about by hurricane Irene and tropical storm Lee, the IRS has allowed for an additional extension of filing time for those taxpayers in Pennsylvania counties where a state of emergency was declared. They include Bucks, Montgomery, Delaware, Philadelphia, Union, and others. If you live in one of those counties and filed for an extension of time to file your tax return, you automatically have until 10/31 to file your tax return and avoid late filing penalties. If you have a place of business in one of those counties or if your tax preparer is located in the affected area, you may also have additional time to file. Take advantage of this today!
A second benefit for those directly affected with casualty losses (flood or wind damage to their property) is that they are allowed to include the casualty loss as an expense on their 2011 tax return OR their 2010 tax return. If the 2010 tax return was already filed, the taxpayer can amend the tax return in order to get the benefit immediately. This is a great option for taxpayers who had uninsured flood losses.
IRS penalties for late filing of a tax return can be as high as 5% of unpaid tax liabilities for individuals and $195 per owner for an S-Corporation, for each month the return is late. These penalties add up quickly, but there is still time to act. If you have specific questions, need assistance filing an original or amended return, or preparing your estimated tax payments, please feel free to contact Mark Breon, EA of BuxMont Accounting at 267-999-9002.
For more information, see the IRS bulletin on Hurricane Irene here : http://www.irs.gov/newsroom/article/0,,id=245668,00.html
For more information, see the IRS bulletin on Tropical Storm Lee here : http://www.irs.gov/newsroom/article/0,,id=245668,00.html
I offer bookkeeping services to help business owners and managers spend more time on the things that make them money and less time being burdened with the day-to-day operations of the business. If you are behind on invoicing, paying bills, or recording your expenses, the pile is only going to grow while you try to figure out where to start. Processes that take you 10 hours a week might only take me 1-2. Call me today to see how I can help you streamline your operations. Here are some examples of ways that I can work with clients...
The first version of my 2010 Drake Professional Tax Software was delivered yesterday, so the next three weeks (before 12/31) are the best time to review your tax situation. There is still time for year-end tax planning that can help you reduce your tax bill for THIS YEAR. Let's project your income & expenses to find out if you'll owe money or get money back. Let's work to shift income and expenses, or talk about moving retirement assets into vehicles like a ROTH IRA. January is too late to make significant changes!
Business Owners: Let's review your books NOW, so that you can avoid the last minute rush. Is now the best time to purchase a new piece of equipment, hire a new employee, or lease a car? I can help you figure out the tax implications. Call today to schedule an appointment. 267-999-9002
Mark Breon, EA
Mark is an IRS Enrolled Agent with a focus on the tax issues facing small businesses and individuals.