Tax Trick Me Not

As a Nationwide tax company Professor Tax enjoys finding deductions we can pass onto our clients.  These days online companies like to throw around the word free to reel in new customers and the majority of tax companies are not exempt to this as almost all online tax preparation companies offer some variation of a free tax software.
The “trick” is in which can qualify for free, as with companies the answer is... not many of us.
So which of you have experience with a “free” product and how many of you were quickly up-sold to a paid version that ended up costing you as much as $69..or more. Add to that another $37 or more for your state return and your tax preparation fee quickly adds up to more than $100, when you thought you were doing your tax return for free! Now go ahead ask yourself did this free software get to know you and your business on a personal & professional level so that you were provided with all the deductions available? Did this free software ask you about your vehicles, debts, business entertainment, travel, interest on your purchases, new equipment...?
So after it's all said and done it's like your parents always told you, “If it sounds to good to be true, it probably is.” Be sure to read the fine print and check the state tax price which is where online tax companies make most of their money.

Unlike other companies Professor Tax includes real services at no extra cost including door-to-door pick up services no matter where you are in the US and we provide all our valued clients unlimited communication with our office.  We understand every business is unique so to show value that uniqueness we personalize our services to meet your needs because although taxes are just a number you are never just a number to us!
Professor Tax isn't just here to prepare your taxes we look forward to helping you minimizing your tax liability. You may need to create a new business, buy rental property, or invest in a pension plan. Whatever your situation, Professor Tax is ready to help!
We strive to fulfill our clients needs by always continuing our education and staying on top of all the latest changes so we can maximize your return - we have yet to meet a client that we could not show them their savings potential within moments of reviewing their past returns.  So just say Tax Trick Me Not and call Professor Tax so we can roll out the savings for you today!

Spring Cleaning | Organizing Your Books

Now that tax season is finally over let the Spring Cleaning begin! That’s right, now is the time to get your books organized and begin planning for next year. Maintaining good records will ultimately make filing your return next year a lot easier.  Shred what you don’t need any more and keep the records you need in case of an audit.

If you’re a business owner it is extremely important not to mix personal and business. You should keep your books and taxes separate.

Now let us help you get organized:

1)   Keep all of your tax records in a designated location. This will save you time when looking for important documents.

2)   Keep all CASH receipts.

3)   Hold onto Bank Statements

·         The IRS will want to see Check Stubs and pictures of checks that cleared

·         Sales information - deposits or sales reports (total of invoice) most are cash method and sales tax

·         Payroll Summary - QuickBooks or via a payroll company

4)   Stay on Top of Payroll

·         It is important that your payroll taxes are taken care of, so that you do not receive a penalty.

5)   If you receive your documents electronically, you can simply save them to your computer. Create a file for the current year; then create subfolders for each type of document. This will help you stay organized, while saving paper.

6)   If you are saving important documents to your computer it is important to back this information up.

·       You can save  your  information to an external hard

    drive that simply plugs into your computer

·       Or burn a CD

·       Ideally you backup your data offsite, not only with an external hard drive or CD.

    

If you own a business, below are the types of business paperwork you should keep:

Receivables: All of your gross receipts; cash register tape records, bank deposit paperwork, receipt ledgers, all your invoices, log of all credit card receipts.

Purchase: All canceled checks, credit card records and invoices

Expenses: All canceled checks, bank account statements, credit card records, invoices and all your petty cash slips

Assets: Receipts for all equipment purchases, capital investment or improvements in the business, property records for any real estate purchases.

As you can see, just because tax season has come to an end doesn’t mean you can forget about your taxes and books. “Spring Cleaning” is a great way to be prepared for next year. If you are new… let us help you get caught up on your taxes. Professor Tax USA not only takes care of your personal and business taxes, we will take care of your bookkeeping and accounting needs. Live out of state? We will come to you. We travel all around the United States.