While most people spend their summer vacations exploring new cities or getting lost in new countries, some people decide to play it smarter and work to earn more money instead of spending it. Who says starting a simple business during the summer break can’t be fun? Summer jobs aren’t always easy to find these days; and if you do chance upon an opening, it probably isn’t something your teen is into. So instead of helping teens find jobs, why not help them make one?

Here are some start-up ideas that you or your teenager can build on and implement.

1. Tutoring

If your teen is skilled in scholastics, why not offer tutoring services to grade school, middle school or high school students throughout the three-month break? There are a lot of kids looking to improve their grades when the new school year starts, so grab this opportunity to sharpen minds while earning a little extra cash. And the best part is, this job doesn’t have to end when the break is over. Perhaps your teen can continue tutoring others when school opens and he or she will always have a little extra income on the side.

2. Dog Walking and Pet Care

Does your teen enjoy playing with pets? There’s money in offering pet walking, pet grooming, pet training and pet sitting services around the neighborhood. It wouldn’t even have to feel like a job if your teen truly has a penchant for pets!

3. Graphic Design or Social Media Services

If your teen spends most of his or her time in front of the laptop, chances are he or she will be pretty savvy in setting up images or scheduling social media posts across different media platforms. Today’s generation is the Internet generation and there is a multitude of ways that they can make profit from their innate Internet know-how. Lots of companies are looking for freelance graphic designers and social media managers. These jobs can even be added to your teen’s portfolio or resume when graduation comes.
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4. Photography Business

Whether it’s event photography, product photography or even portraits, there are tons of business opportunities for budding photographers during the summer. One can offer to document a family’s vacation or a friend’s wedding. Or if one knows someone auditioning to be a model or actress, offer portrait services and build on both portfolios with this idea.

5. Arts and Crafts

An ongoing trend for handmade products is happening all over the world right now, and if your teen can paint, draw, make jewelry or small furniture, then this is the perfect opportunity to enhance his or her skills while earning potential income. There are a lot of success stories of different “teenpreneurs” around the world and they’ve used the web as their main platform for marketing and sales. No idea is too big or small. Help your teen become a crafty entrepreneur at this early stage and the benefits will multiply in the future!

Once you and your teen have decided on a simple business idea to start this summer, you will need to consult with a professional on the licenses, ordinances and accounting that will be required for your business to become legitimate. This is the perfect opportunity for your teen to learn about responsibility in the real world. And the good news is he or she won’t have to go through it alone.

Hazzouri Accounting offers professional accounting and tax services to anyone starting a business. We maintain strong ties with our clients because we believe in raising the quality of life in our local community. Give us a call at 734-844-1614 and let us help you get that business running!

Stay current with Hazzouri Accounting on our social media accounts:  Facebook fan page / Twitter Feed / Google+ Account

As more and more start-ups and small to medium businesses become aware of how the economy’s dynamics can affect operations, business owners are inclined to hire someone to do bookkeeping and beyond. But one common question that goes around is: why pay extra to hire a Certified Public Accountant (CPA)? Can’t a regular accountant do the same job?

The quick answer is no.

All CPAs are accountants, but not all accountants are CPAs. An accountant is simply anyone with background knowledge on accountancy. He or she may know how to operate QuickBooks or any other accounting software. But beyond bookkeeping, accountants find themselves at a certain disadvantage when compared to the skill set and leverage a CPA has. Here are some basic differences between a regular accountant and a CPA.

1. CPAs are licensed professionals.

To become a CPA, you have to pass rigorous examinations in order to acquire a State license. To do this, one must be proficient in a multitude of areas in business, and this includes economics, information technology, taxation and general accountancy. And the studying and immersion in these fields does not stop the moment a CPA acquires a license. He or she must comply with more education requirements so they can maintain their license. This guarantees that CPAs are always up to date with current issues, policies, market trends and changes that may affect your business.

For example, if there is a policy change regarding your tax bracket, a CPA will be able to deliver a smooth transition whereas a regular accountant does not have the authority to issue the necessary changes.

2. CPAs have the power to make financial statements.

Let’s say your small business is ready to expand and you’ll be needing a bank loan. All banks will require you to submit a financial statement or financial audit. Only a licensed CPA can perform these services.

3. CPAs are more knowledgeable on taxation.

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A large part of the licensure exams covers all fields of taxation, and only a CPA can offer complete advice and comprehensive plans of action for tax compliance. In addition, CPAs must take a new tax course year after year, which makes them fully aware of updates and changes on tax laws.

4. CPAs can represent you before the IRS.

If you need to meet with the IRS, a CPA can represent you and your business, while a regular accountant may not. Only a CPA can offer legitimate audit support before the IRS.

5. CPAs are qualified financial advisers.

Lastly, CPAs are not just ordinary bookkeepers who count, add, subtract and tally totals. They are experienced financial strategists who could provide your business the leverage it needs to fulfill different business goals.

If you are in need of accounting and tax services, consider only the best. Get in touch with Hazzouri Accounting today. We provide professional tax preparation services for individuals and businesses. Khaled Hazzouri is a CPA with over 17 years of experience in helping individuals and businesses with their taxation and accounting needs. Hazzouri Accounting is known for its strong community ties with the locality in Canton, Michigan. We believe in building lasting relationships so you can be assured that you will amount to more than just a mound of paperwork.

If you have plans of starting a business and are in need of proper guidance when it comes to taxation, contact us today. If you are an established company in need of payroll help, bookkeeping services, or other accounting needs, Hazzouri Accounting can do it all for you. We are available by phone at 734-844-1614 or use our on-line contact form and someone will be in touch with you shortly.

You can also come follow us on our social media accounts:  Facebook fan page / Twitter Feed / Google+ Account

If you run a home health care business, most of your patients will probably be from Medicare. This means that there will be numerous rules and regulations to comply with for your home health care business to be admitted to the Medicare program. Private insurance plans usually have the same rules and regulations as well. These requirements cover many different aspects such as record keeping, billing procedures, and even how you screen your patients.

The Office of the Inspector General (OIG) oversees the proper administration of the Medicare program and continuously looks for ways to improve it. Each year, it comes out with a work plan enumerating what potential problem areas of the Medicare program they aim to address to streamline operations and save potentially billions of dollars for the government. Here are some of the highlights from the 2015 work plan.

Provider-Based Facilities

Medical facilities owned and operated by hospitals can be given “provider-based” status even though they are often located off-site. They operate and bill as the hospital’s outpatient departments. However, this usually means that they charge much more than freestanding clinics for the same services, a concern that was raised as far back as 2011. The OIG intends to review whether provider-based facilities actually meet the CMS criteria and whether the higher billings are justified.

Patient Classification

The OIG identified overpayments of up to millions of dollars for short in-patient stays that should have been classified as outpatient. The new criteria now require in-patient stays to be at least two nights (“two midnight rule”). The OIG also has initial findings pointing to the mislabeling of “established” outpatients as “new.” “New” patients should not have been registered as a patient of the facility within the previous three years.

Salaries and Wage Index

The OIG intends to review whether limits should be set on the salary amounts reimbursed by Medicare. While there are currently no specific limits set, they should only, to a “reasonable” extent, cover operations in line with patient care. The OIG also previously identified hundreds of millions of dollars overpaid for incorrect wage indexes for Medicare payments, leading to policy changes by the CMS. The OIG intends to assess whether these policy changes have addressed the problem, and may again review the wage index data used by facilities in their reports.

Duplicate or Excessive Education Payments
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OIG plans to review data from the CMS Intern and Resident Information System (IRIS) to assess how effective it is in identifying and preventing any duplicate or excessive payments for graduate medical education (GME). They will also review the calculation of indirect medical education (IME) payments and their compliance to set regulations and guidelines.

Compliance to Billing Requirements by Independent Clinical Laboratories

Independent clinical laboratories have been increasing exponentially, totaling over $8 billion worth in 2010. With the OIG “following the money,” so to speak, they’ve increasingly subjected these laboratories to audits and investigations. They will probably continue to do so for the foreseeable future, with a report on this expected within the year.

Specialization-Specific Claims/Payments

Dental services are generally not covered by Medicare – with some exceptions. The OIG has identified many cases of reimbursement for dental procedures that are not supposed to be covered. This includes improper record keeping or reporting. On the other hand, the OIG also aims to assess whether children with Medicaid are getting all their needed dental benefits, while also reviewing a proliferation of unnecessary procedures being carried out on them.

Anesthesia services are also being reviewed by the OIG, since services personally performed by an anesthesiologist (AA) are billed double that of services performed under an anesthesiologist’s direction (QK). Starting last year, it has been required that only services performed by the actual anesthesiologist be coded and billed as AA while QK should be used at any time the patient is left with a nurse anesthetist or other health care professional. Like dental procedures, only certain chiropractic services are covered by Medicare. These are limited only to certain conditions and only those that are necessary. This does not include, for example, maintenance procedures.

Hazzouri Accounting has over 16 years of expertise in helping local home health care businesses comply with government requirements. We specialize in Medicare / Medicaid cost report preparation for home health agencies. Call us at 734-844-1614 or use our online contact form to get started!

Visit our social media accounts to stay up to date with us:  Facebook fan page / Twitter Feed / Google+ Account

This year’s tax deadline is right at your doorstep. If you heeded good advice, you should have been done long before today. Basic of course is checking the math for the actual tax that you owe (or the refund that you’re owed).

For example, make doubly and triply sure that your W-2 and 1099s are all correct. Mistakes are costly. Make sure you put your SSN on all pages, just in case. Also ensure that you’ve claimed all dependents, including retired parents not living with you. If however, for some reason, you’re still doing the paperwork, here’s a quick checklist of possible deductions to look out for before April 15.

Retirement Savings

Individual retirement accounts (IRAs) can be contributed to any time before the April 15 deadline. These can be claimed against your yearly income tax return. There are arguments for going for the Roth IRA, but only the traditional IRA is tax deductible.

Child and Education Deductions

The Child Tax Credit (CTC) can help parents by reducing their federal income taxes by up to $1,000 for each qualifying child under 17 years old. To qualify, said child must be claimed as a dependent, be under 17 years old at the end of the year, and is a U.S. citizen or permanent alien. He or she must also be a son, daughter, adoptee, grandchild, stepchild, foster child, sibling, stepsibling or other descendant. Check the IRS rules to be sure.

Working parents with a dependent under 13 years old may also be eligible for the child and dependent care tax credit (CDCTC) of 35% of qualifying expenses. The deduction cap is $3,000 per child or $6,000 for two children.

Tuition deductions are also allowed for parents, up to $4,000 for college fees. This is limited to filers at $65,000 for single filers and $130,000 for joint filers. The “Hope Credit” can also be claimed for up to $2,500 for the first four years of college education expenses, depending on qualifications. The Lifetime Learning Credit, on the other hand, has no age limit and can be worth $2,000 per year for education expenses in certain schools. This in turn is capped at income levels of $55,000 for single filers or $110,000 for joint filers.

Business Deductions

Business-related expenses may be deductible from your taxes whether or not you actually own a business. For example, travel is usually deductible. You may also have overpaid your Social Security taxes if you work for multiple companies.

Charitable Donations

Felt generous this past year? I hope you got receipts. Not only are donations helpful to the end recipients, they can be deducted from you federal income tax.  Aside from cash or checks, donations of a car, clothing, shoes, or furniture – basically anything that has value – is tax deductible.

Miscellaneous Tax Deductions

Others we may have missed:

• Alimony
• Student loan interest
• Prescription eyewear or hearing aids
• Orthopedic aids, including crutches and canes
• Transportation costs for medical issues
• Alcohol or drug abuse treatments
• Local and state income taxes
• Real estate taxes
• Mortgage or refinancing charges
• Business expenses
• Volunteer work expenses
• Losses from theft or casualty
• Tax preparation expenses

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The bottom line really is that everyone is in a different situation, and figuring out how much you actually need to pay depends on a lot of factors. Trying to do everything yourself can, not only lead to costly penalties, but can also have you miss out on actual deductions you could be entitled to. When it comes to taxes, it’s always best to get the help of the professionals.

Hazzouri Accounting has almost two decades of experience in helping both individuals and businesses with all their tax needs. We focus on building lasting relationships with the Canton, MI and surrounding communities, putting priority on helping local people and communities – unlike large institutions that focus on profit. Call us today at 734-844-1614 or visit us during regular office hours for more information!

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April 15 is a huge deal each year since this is the deadline for filing and paying your annual income tax. This deadline should be treated as absolute! The government will have its due, they will have it on time, and there’s no way around it that doesn’t have serious consequences.

In past blog posts, we repeatedly stressed that filing early is always best. Any expert you ask will tell you the same thing. Yet, each year, around 25% of taxpayers wait until the last week, around 12 million file late, and another 7 million fail to file their taxes at all.

Deadline

It cannot be stressed enough – April 15, as mentioned, is the absolute deadliest deadline. Each year, accountants and other tax experts across the country get dozens of calls asking if they absolutely need to file by April 15. One such expert, Forbes’s Tony Nitti, puts it this way: “What has the IRS ever done to lead you to believe that they are in the business of making requests rather than demands?”

If you owe the IRS taxes this year, you need to file and pay your return by the deadline. If for any reason you cannot file your return by then, you still need to file for an extension, and you still need to pay an honest estimate of the taxes you owe, by the deadline.

Probably the only time you can file late without penalties is if you’re expecting a refund. Be absolutely certain however – if you make a mistake and find out you owe taxes, the same penalties will apply. Plus, why would you want to delay getting your money?

Penalties

As with most numbers we encounter when dealing with government, tax penalties and interest can be complicated. Late filing penalties are some of the heaviest the IRS can drop on your lap – at 5% of the taxes owed per month up to a maximum of 25%. In contrast, the late payment penalty is only at 0.5% of the taxes owed per month, again up to a maximum of 25%. If you’re late to file and pay, you’ll get hit with both penalties. Tax controversy lawyer Robert E. McKenzie does the math for us, showing that late filing and late payment penalties add up to over 75% of the tax owed per year.

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Exemptions

Believe it or not, 26 U.S. Code § 6651 actually provides an exemption from late penalties if your failure to pay “is due to reasonable cause and not due to willful neglect.” Reasonable cause is further described as “if the taxpayer exercised ordinary business care and prudence and was nevertheless unable to file the return within the prescribed time.”

Unfortunately, the code stops there, being quite vague and open to interpretation. For example, there was a case in the mid-80’s (U.S. vs. Boyle) involving the late payment of estate taxes. The respondent was assured by his lawyer that the taxes would be paid on time, but due to a clerical error, the taxes were paid three months late. The respondent argued that he “exercised ordinary business care and prudence” in arranging everything with the lawyer long before the deadline, and that it was reasonable for him to assume that the lawyer would take care of it. Ultimately, however, the courts ruled that “It requires no special training or effort on the taxpayer’s part to ascertain a deadline and ensure that it is met. That the attorney, as respondent’s agent was expected to attend to the matter does not relieve the principal of his duty to meet the deadline.”

For its part, the IRS lists a few examples of situations where the exemption may apply:

1. Death of the taxpayer or immediate family member, provided that the taxpayer had no one else to file the return
2. Taxpayer’s records were lost in a fire or other accident
3. Unavoidable absence or being unable to get the needed files
4. Being misinformed by the IRS itself

As you can see, you’ll probably (hopefully) never really be exempted from the penalties of filing or paying late, so it’s best to get things done early and properly. Spare yourself the headaches and trouble and let the professionals handle your taxes today! For help with all of your 2015 Michigan tax needs contact Hazzouri Accounting at 734-844-1614 or fill out our on-line contact form and we will be in touch shortly.

You can also learn more on our social media accounts:  Facebook fan page / Twitter Feed / Google+ Account