October 16, 2019
There are a few telltale signs that you need to fire your current Tax Pro and start looking for someone new.
When you’re running a business every day, searching for an accountant doesn’t always rank high on the priority list. It’s work to transfer everything over, or even find someone new. But what if you could be saving thousands of dollars every year in taxes? If your tax accountant isn’t doing their job properly, it might be worth your time to make the switch.
If your accountant is hesitant to explain your financials, that’s a red flag. You should always know what’s going on with your own business. A misguided sense of job security on the part of an accountant shouldn’t prevent you from getting all of the information you need.
Any time you have a question, your Tax Pro should be available to you. In fact, the best accountants are proactive, contacting you and setting up appointments quarterly or monthly to sit down and go over your books. After all, if you don’t have an updated view of how your business is trending, how can you accurately plan your next steps?
One of the most important ways a Tax Pro can help a small business is by maximizing deductions. You should never just “repeat what you did last year.” You want accountants on your team that work hard for you, educating themselves on the latest tax code updates, and discovering how to make them work to your advantage.
Good bookkeepers should provide insight and strategies to improve your company’s bottom line. They should be familiar with your industry and your organization’s standard business processes. Some industries have specific tax codes and breaks that can improve the profitability of your business. Your bookkeeper should understand those intricacies and approach you with ideas on a regular basis.
Your Tax Pro should provide more than just accurate financial statements; they should be a valuable asset to your strategic decision-making process. If that is not the case, it may be time to fire them.
BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.
We understand that the countless number of tasks associated with running a successful practice leaves you with little time to deal with your numerous accounting and tax responsibilities. That is where ...read more
With proactive tax strategies and industry-specific expertise, we have a proven track record of helping property management firms succeed from...read more
If you contract your services as a salesperson, freelance writer, graphic designer, real estate professional, or other profession contact us to learn about the comprehensive, affordable...read more
Morgan & Associates has extensive experience in nonprofit accounting, currently providing audit and tax return services to a growing number of...read more
Since the Tax Cuts and Jobs Act (TCJA) passed into law, the deduction for personal exemptions is suspended for tax years 2018 through 2025.
Although the exemption dollar amount is zero, eligibility to claim an exemption may make you eligible for other tax benefits.
If you have retirement on your mind, the big question is this: Are you in a financial position to do so? While nothing replaces the advice of a seasoned advisor, you can take your first step to answering this question by applying a simple 5-step calculation.
It could be that QuickBooks is still the best choice for you. It’s an excellent product and many owners use it successfully.
But it’s definitely worth a conversation with your accountant. Ask what other solutions on the market might better align with your business structure.