Did you file an extension on your taxes?

Published on Mon, Jun 4, 2012 by in Blog

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tax extension

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If you filed an extension on your taxes, then you have until October 15th to get the return prepared and sent to the IRS.  However, there are several reasons to get the return completed as soon as you are able:

The sooner you get the return done, the sooner you can get it off your mind and in the past.

You don’t want to wait until the last minute to get the information to your tax preparer.  There are a limited number of returns that anyone can complete during any one day, and tax preparers usually prioritize their work on a first come first served basis.  So don’t expect to be able to bring your return in to them on the 14th and have it prepared on time.

The IRS will shut down e-filing after October 15th to get ready for the following tax year, so any return after that date will have to be sent as a conventional paper return. This leads to the possibility of lost paperwork, and if you have a refund due, will delay your receipt of the money due even longer than if the return is sent via Efile.

If you have outstanding taxes that still need to be paid, the longer you wait the larger the penalty and interest imposed.

If you can’t pay all the tax due it is still better to go ahead and file the return.  Only after you have filed the return can you work with the IRS to set up a payment plan schedule with them.

For questions or help in filing a tax extension, feel free to call us at 334-246-1164 or send us a message at [email protected]

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How Important is Bookkeeping?

Published on Wed, Aug 31, 2011 by in Blog

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In a nutshell, bookkeeping is the process of keeping records of the financial aspects of a business. It deals with anything financial such as purchases, sales and cash transactions. Think of it this way, it’s everything a person who hates math hates.

If you have a business, whether it’s big or small, it’s very important that your books are in order. Aside from knowing how much money you are earning and how much money you are spending, it’s important for a number of other reasons.

If you are planning to seek outside capital, or feel that you would need it in the future, it’s important that your books are in order.  Lenders and investors require complete and accurate financial data before granting your request for financing.

Taxes – this is one of the most important reasons for keeping balanced books. In order for you to know how much to pay the IRS, you must have an accurate account of your income as well as your expenses. Bad documentation of these could result in fines or penalties.  But more frequently, it results in the overpayment of taxes due to the incomplete documentation of legally allowable expense deductions.

Bookkeeping shows the business owner where the business stands, which is necessary in order for a business venture to grow. Once the bookkeeper prepares necessary information, he/she would then submit this to an accountant who would analyze the record and come up with a financial statement.  There are financial firms that provide both bookkeeping and accounting services.  This alleviates the need to have two professionals in order to obtain complete accounting services available.

These are only some of the reasons why EVERY business should maintain proper bookkeeping techniques. There are some business owners who are only interested in making profits and handling the business.  This is not a reason to ignore bookkeeping. If you are such an owner, you can always opt to hire a bookkeeper instead, thus freeing your time so that you have the hours available to work on your business’s revenue producing areas.  Many times a business owner is able to generate more revenue in the time he saves by hiring a bookkeeper than he actually spends on paying for those services.

There should be more than a handful of bookkeeping firms in your area, but you should make sure to look for the best.  Your bookkeeper should also be a person who you are able to communicate with easily and who you are comfortable working with on a regular basis. The people that you hire should be experienced in the field, and be willing to provide references so you know what you’re getting.

Call us today at 334-246-1164 or email us at [email protected] and let’s talk about how we can help you do your best.

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Call Newstart Bookkeeping and Payroll today at 334-246-1164 for more information concerning your payroll and bookkeeping needs.

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