Showing entries for category: ‘Tax News’

Our New Ann Arbor Office!

Saved in: Michigan Business, Tax News

As this year winds down to a close, we would like to proudly announce that with your continuous support, we were able to secure a new  location in Ann Arbor! We will be offering the same professional accounting services that you trust, and at the same time, we will be expanding our services to better fulfill your personal and business accounting needs.

 

What To Expect From Us

 

We are fully committed to helping you in more ways possible than before. We are ready to accommodate all types of professional accounting needs, whether it is for you, a family member, or your business. Our range of services fall under the following categories:

 

Individual Tax Services

 

We understand that staying updated with all the tax policy changes can be a tedious task, especially when you are also preoccupied with running your business. This is where we come in. We can help you stay on top of all your tax requirements by doing all the filing and submissions for you. We provide tax consultation and tax preparation services to help you make better business decisions. Here are the individual tax services that we offer:

 

  • Professional Tax Return Preparation
  • Federal, Multi-State and Local Taxes
  • Quarterly Tax Preparation
  • Amendment of Previous Year’s Returns
  • Earned Income Credit
  • Express Tax Refunds
  • Solutions and Representation to State and IRS Issues
  • Basic Tax Planning For Individuals

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Business Tax Services

 

No one understands your business tax needs more than us. We can keep your bookkeeping, budgeting and financial records in order so you can stay focused on your business goals. We have more than 15 years of experience in helping companies get out of troubling situations, and we have offered an effective solution for many kinds of financial issues and tax problems. For your business, we offer the following professional services:

 

  • Business Income Tax Return Preparation
  • Sole Proprietor (Schedule C)
  • Limited Liability Company (LLC)
  • Partnerships (Form 1065)
  • S-Corporations (Form 1120S)
  • C-Corporations (Form 1120)
  • Personal Property Tax
  • Multi-State Business Tax Preparation
  • Michigan Business Tax
  • Solutions and Representation to State and IRS Issues
  • Sales Tax Filing
  • Tax Planning and Budget Management For Businesses

 

Professional Bookkeeping Services

 

Aside from keeping your taxes in order, we also believe that maintaining order and structure in your day-to-day operations is the key to better tax planning and preparation. This is why we also offer the following bookkeeping and record-filing services for you and your business:

 

  • Data Entry of Financial Transactions
  • Allocation of Finances to Distinct Categories
  • Bank Account Reconciliation and Record-Keeping
  • Monthly Income Statement
  • Monthly Balance Sheet
  • Collection of Expense Receipts
  • Monthly Payroll Services

 

Home Health Agency

 

We also provide special tax and accounting services for health care providers. We understand that health agencies have diverse and extensive tax preparation needs. Let our expertise in accounting regulations and software such as QuickBooks Certified Pro Advisors work to your agency’s advantage. We can do the following for you:

 

  • Annual Accounting and Reports
  • Monthly Payroll Services
  • Tax Return Preparation
  • Chief Financial Officer (CFO) Outsourcing

 

Get us on board and we’ll help your company sail smoothly throughout another financial year. From major tax preparation and documentation to basic bookkeeping, we have what it takes to do the job for you. With accounting out of the way, you can use your time and resources to drive your business toward successfully hitting targets and meeting other goals.

 

Our new website

 

www.AnnArborCPA.com

 

Where To Find Us

 

You can expect to get the same excellent accounting and tax services from us at our new office located at 180 Little Lake Drive, Ann Arbor, Michigan 48103. We are dedicated to providing Michigan with unparalleled CPA services. Get in touch with us at 734-663-1313 to schedule a consultation today.

 

Visit our social media sites to learn more: Facebook fan page / Twitter Feed / Google+ Account

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December 22nd, 2016
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2016 End of the Year Accounting To-Do’s

Saved in: Accounting Services, Tax News

All business owners know that the end of the year is a very important period when it comes to finances and taxes. Not only will your company experience a growth in year-end sales, you will also find yourself busier attending to other aspects of the business. This is why it is necessary to ready the list of things you need to prepare for next year’s tax season.

 

Here is a basic guide to help you prepare your business for end of the year accounting:

 

  • Compile all your business expenses.

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One of the things you should prioritize is your business expense. If you have been diligent with your transaction records, you should be able to easily pull up a table of your total expenses per month. If you were able to do this throughout the year, then, congratulations! You can consider the hardest part already done.

 

If you are not ready with your end of the year computation of total expenses, you will need to do a lot of paper work and computer work. You will need to look for order slips and match them with the appropriate invoices. After which, you will have to attach the corresponding receipt of the transaction. Once you have all these together, you can promptly submit them to your accountant.

 

To expedite your year-end accounting, be sure to implement a good filing process for your company. This could be a traditional paper filing system or a more convenient digital system through the use of accounting software or apps.

 

  • Check if any of the tax laws in your state have changed.

 

Another way to stay ahead of the game is to check as early as now whether or not your tax policies for the next business year will remain the same. Remember that tax rules change periodically; if you wait until the last minute to read up on these changes then you’re going to have a hard time adjusting, and this could lead to delays that will affect your ability to meet the deadline.

 

One example of common changes is the type of requirements asked to be submitted. Keep your company’s permits, licenses and other records handy so you can easily file them together with your business expenses and other tax exemption requirements.

 

  • Study what your tax exemptions really mean.

 

Believe it or not, there are still a lot of business owners that submit their tax requirements without really understanding what they mean. When asked about exemptions, many of them are unsure about just how much they will get deducted, and how much they should be expecting in return.

 

This discrepancy will create a problem in your books because you will not be able to project the proper amount for deductions and reimbursements. Tiny details like these will create holes in your business report, and this could affect the credibility of your business from the standpoint of financial integrity.

 

  • Allot a budget for costs on tax liability.

 

Sometimes, business owners get shocked when they are charged certain penalties or fines. However, there is no way of knowing if you need to pay these fines until after you’ve submitted your tax report and it has been reviewed. It would be a wise financial move to safeguard an amount for these costs early on, so you won’t have to worry about creating an imbalance in your cash flow later in the year.

 

If you are a business owner in need of professional assistance for your year-end accounting, look no further than Hazzouri Accounting and Tax Service. We are fully capable of delivering your accounting and taxation needs, especially during these busy months of the holiday season. Call us at 734-844-1614 to know more about our services!

 

To stay connected please visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

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November 14th, 2016
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How To Prepare For The Incoming 2016 Michigan Tax Season

Saved in: Accounting Services, Michigan Business, Tax News

Tax season is one of the most stressful times of the year for small business owners. Not only are there too many steps involved in the filing of your taxes; as the business owner, you’re probably going to be focused on a lot of things at once. If you find yourself deeply overwhelmed by the entire taxation process, it is highly recommended that you seek the professional services of a CPA or tax attorney. You could also benefit from the tips listed below so you can alleviate some of the pain points felt during tax season.

 

  • Start absolutely now.

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One of the leading causes of delays in the tax filing process is that most business owners choose until the very last minute before they start the long and tedious process of filling up forms and counting receipts. To avoid this mess, you have to promise yourself that you are going to start preparing for tax season today. Do it right now. Print a copy of all the necessary forms. Store them in one place. File your receipts. Start today so you are not running around like a headless chicken tomorrow.

 

  • Put everything on digital record.

 

It’s time to get rid of that box or drawer you use to keep all your receipts. The hoarding process simply does not work. If you keep postponing the process until the last minute, you’re never going to have enough time to meet the tax-filing deadline. Instead, have an online archive ready for all your receipts and transactions.

 

  • Keep a digital backup of your electronic database.

 

In this digital era, it’s no longer acceptable not to have a backup of your most important files. Since you’ve already put all your receipts and transactions on digital record, do the extra but easy step of creating a backup for this database. You will thank yourself later when the unexpected happens and you might lose your files to a crash. Back up your files in Cloud storage so they remain accessible even when your hardware is damaged.

 

  • Take advantage of online banking.

 

All banks will allow you to print out a history of your transactions when you access your account online. Here, you can already highlight or mark the transactions that are deductible by tax so it is easier for you to declare them when the next tax filing season comes. This will also ensure that you don’t miss out on a single transaction because you already noted it down almost as soon as the transaction was made.

 

 

It is recommended that you get in touch with a CPA or a tax attorney so you will have a seamless tax filing experience. Hazzouri Accounting can help you and your business submit the necessary documents and meet all the important deadlines. Don’t think twice about seeking professional tax advice. Get in touch with us by calling 734-844-1614 today.

 

For more information visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

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October 16th, 2016

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Why You Need a CPA For Your New Michigan Business

Saved in: Accounting Services, Michigan Business, Tax News

Being a brand new business owner typically means you are working on a tight budget. We seek to cut expenses by handling most of the tasks on our own, from construction to marketing, or sales to customer service. However, there is one aspect of launching a startup that direly requires the employment of a professional; and that is accounting.

 

Not all business owners have a robust background in business finance and accounting. For most of us, this can be the most tedious part of starting up. If you are not fully confident with your accounting skills, seek the services of a CPA or professional accountant. This will prevent your business from suffering from unwanted errors that could affect not only present-day operations but also long-term plans.

 

Here are among the key things that a CPA will do for you and your new business:

 

  • Set the appropriate business structure for you, whether it is a sole proprietorship, a partnership or joint venture, a limited liability company (LLC) or a corporation. Each type of business structure has its own advantages and disadvantages and your CPA should be able to help you determine which one you are qualified for, and which one is most suitable for you.

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  • Build a financial analysis for your business as part of the final submission of your business plan.

 

  • Ensure that proper taxation measures are in place.

 

  • Confirm that all aspects of the business are in compliance with government ordinances. Beyond taxes, your CPA will help you accomplish all the requirements needed for a permit and license to operate a business.

 

  • Establish a straightforward tracker for the flow of cash in and out of your bank account. This will make it easier for you to keep an eye on daily business activities and how much they are costing you. This is an important figure for your profit and loss statement.

 

  • Help keep your personal expenses segregated from your business transactions. No matter how simple this may seem, delineating between personal and company expenses will have to be strictly mandated to avoid messy calculations that lead to inaccurate answers.

 

As your business takes off, your accountant will help you maintain the accounting processes that they put in place for you. This includes the following crucial tasks:

 

  • Separate independent contractors from actual employees or staff. This way, you will not get into trouble with the IRS.

 

  • Coordinate meetings with you so you can discuss financial statements at length. This will provide you with the leverage and insight needed to come up with sound business strategies for both the short-term and the long-term.

 

  • Assist in the disbursement of the company payroll. Do not run the risk of delayed payroll as you and your company could be sued under the labor code.

 

  • Prepare you for annual tax payments so you can already set up a revenue stream that will directly take care of this yearly expense.

 

  • Help you acquire and accomplish W2 and 1099 forms, as well as other forms necessary.

 

  • File your taxes and collect all necessary requirements way before the April deadline. If you let a CPA do this for you, you can enjoy the peace of mind that comes with not having to deal with the nitty gritty details of income tax filing. Moreover, you can concentrate on other aspects of the business so you can optimize all avenues and opportunities for growth.

 

Even as a tenured business owner, you can still gain a lot of benefits from hiring an accountant. You will automatically have someone to assist you with overall inventory management, and at the same time, you get to hear the opinion of an experienced business adviser who is also exposed to the cash flow patterns and sales trends of your business. Together, you and a CPA can take your business to the next level—an achievement that could take twice as long, or could never even be reached, if you had to do everything yourself.

 

Interested in hiring a licensed accountant? Look no further than Hazzouri Accounting and Tax Service. We are fully capable of carrying out all the accounting services mentioned in this article. Call us at 734-844-1614 today!

 

To stay connected with Hazzouri Accounting visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

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June 24th, 2016
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What To Do If You Miss The 2016 Tax Deadline

Saved in: Accounting Services, Michigan Business, Tax News

If you have already filed all of last year’s taxes then you are good to go for another year! Your tax refund should be deposited to your account soon. However, there are countless reasons for missing the tax deadline and for failing to file a tax extension, such as waiting on financial forms, travel and other important life events.

 

Here is a quick rundown of everything you need to know and do if you are one of those who couldn’t make the cutoff this year.

 

  • File your taxes as soon as you can.

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Some individuals think that once they’ve missed the deadline, there is no longer a need to rush. This cannot be more wrong. The longer it takes you to file and pay your taxes, the higher the interest and penalties will be.

 

If you miss the April 18 deadline, you have until October 15 to file and pay for your taxes if you file for a tax extension right away. If you owe the IRS money, you still have to pay that amount or an estimate of what you owe on April 18. Not being able to file for an extension will result in higher fees. However, if you do not owe the IRS any money, you will not be penalized for missing the tax deadline.

 

Remember, the sooner you file, the sooner you can get your refund.

 

  • File for an extension / make an estimated payment.

 

If you owe the IRS money for the previous tax season, then you will need to do three things:

 

  1. File for your extension,
  2. Make an estimated payment of how much you owe,
  3. File your return before October 15.

 

You still have to pay the IRS as soon as possible; otherwise, you will be racking up an unnecessary amount of penalties. The easiest way to ensure this is by filing your extension online. There are numerous websites that will allow you to fill up and submit digital versions of the IRS forms, so be sure to scout around or ask a recommendation from any tax attorneys you know.

 

  • Figure out how much you owe in penalties.

 

There are two types of penalties that are immediately assessed by the IRS. These are: (1) failure to file or FTF penalties, and (2) failure to pay or FTP penalties.

 

The FTF penalties can amount to 5% per month, maximum of 25% a month.

 

The FTP penalties can amount to 0.5% per month, maximum of 25% a month.

 

The sooner you can settle these penalties, the less you will have to pay in total compared to prolonged and protracted penalties due to neglect.

 

There is also a penalty for underpaying your taxes. Underpayment penalties are typically assessed per individual case, so there is no base computation that would apply in general. The IRS also needs to investigate if there was criminal intent in the underpayment, therefore underpayment penalties can be anything from a small additional fine or a more complicated case of criminal charges.

 

  • Get professional assistance.

 

Although the Internet can provide you with online forms so you can e-file your taxes, the entire process of filing for an extension and computing how much you owe the IRS can be a long and tedious process. Oftentimes, it is our lack of free time that causes us to miss these important deadlines.

 

To save yourself from the trouble of missing more deadlines or underpaying taxes, you can hire the services of a trained and licensed tax attorney to help ensure that you don’t leave loose ends hanging.

 

Hazzouri Accounting provides professional tax and accounting services in Canton, MI and surrounding areas. We will be happy to answer your inquiries and lay out the process for missed filing and penalties so you can focus on other important things. If you need to know more about how we can assist you in your tax situation, give us a call at (734) 844-1614 today!

 

Learn more by visiting our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

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April 18th, 2016
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