This small business in Virginia benefits by using Professor Tax to help with their accounting needs. So remember you can definitely make things easier by using Professor Tax USA for you Small Business Accounting Services.
Thursday, October 20, 2011
Another Satisfied Client With Professor Tax USA
All you business owners! Look at this video! Will at Cabinet & Appliance Center in Berryville, Virginia has been a very satisfied and successful client of Professor Tax USA since October 2003.
Wednesday, October 05, 2011
An assortment of simple tips for business owners
..........1) Using QuickBooks does not make you an accountant. If you are an experienced bookkeeper then the software can be useful in your business. If not, then you might want to use an accounting firm.
..........2) If you are new in business and want to succeed, consider finding an accountant who will provide you with FREE consultations.
..........3) Once you are established, then consider becoming an "S" corporation. Currently corporation profits are exempt from social security taxes.
..........4) You want your accountant to be aggressive otherwise you will pay more taxes than necessary.
..........5) You need an accountant who will respond to phone calls and willing to visit you on a regular basis.
..........6) It is important that your accountant's personality works well with your personality. You need to feel that your accountant is working for you not the Internal Revenue Service.
..........7) Watch out for scammers. If someone wants several thousand dollars from you before they will fix your problem or offering you FREE money from government grant programs use your common sense. If it sounds suspicious, avoid these offers.
..........8) When you send important mail to the Internal Revenue Service consider using Certified Mail. This way you can prove you sent the package timely.
..........9) How long to keep your records. The IRS usually audits income tax returns for 3 years, payroll tax returns for 4 years and the state usually audits sales tax records for 5 years.
........10) Deduct your business mileage. As of July, 2011 it is 55.5 cents per mile.
........11) Most times it is better not to have corporations own Real Estate property. LLCs are usually better for real estate ownership. When closing down corporations, real estate becomes taxable, not so for LLCs.
........12) At age 66 you can collect social security while still working full-time without wage limitations.
........13) Please pay attention to deadlines, file taxes on time, especially payroll. If your payroll taxes exceed $2,500 per quarter, then you must pay on line monthly to avoid penalties.
........14) Need cash flow, how about trying Bartering. And do not forget about networking!
Henry (CEO)
..........2) If you are new in business and want to succeed, consider finding an accountant who will provide you with FREE consultations.
..........3) Once you are established, then consider becoming an "S" corporation. Currently corporation profits are exempt from social security taxes.
..........4) You want your accountant to be aggressive otherwise you will pay more taxes than necessary.
..........5) You need an accountant who will respond to phone calls and willing to visit you on a regular basis.
..........6) It is important that your accountant's personality works well with your personality. You need to feel that your accountant is working for you not the Internal Revenue Service.
..........7) Watch out for scammers. If someone wants several thousand dollars from you before they will fix your problem or offering you FREE money from government grant programs use your common sense. If it sounds suspicious, avoid these offers.
..........8) When you send important mail to the Internal Revenue Service consider using Certified Mail. This way you can prove you sent the package timely.
..........9) How long to keep your records. The IRS usually audits income tax returns for 3 years, payroll tax returns for 4 years and the state usually audits sales tax records for 5 years.
........10) Deduct your business mileage. As of July, 2011 it is 55.5 cents per mile.
........11) Most times it is better not to have corporations own Real Estate property. LLCs are usually better for real estate ownership. When closing down corporations, real estate becomes taxable, not so for LLCs.
........12) At age 66 you can collect social security while still working full-time without wage limitations.
........13) Please pay attention to deadlines, file taxes on time, especially payroll. If your payroll taxes exceed $2,500 per quarter, then you must pay on line monthly to avoid penalties.
........14) Need cash flow, how about trying Bartering. And do not forget about networking!
Henry (CEO)
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