Showing entries tagged: ‘hazzouri accounting’

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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Starting A Business in Michigan – An Updated Guide

Saved in: Michigan Business

We’re almost at the final quarter of the year 2016 and now is the best time to start preparing for all the requirements needed to launch a business in 2017. If you have dreams of starting your own business in Michigan, this quick and complete guide of the basic requirements will be able to help you hit the ground running.

 

Do you get lost trying to remember the business permit deadlines and taxation processes that come with becoming a legal business entity? Do not worry, as this guide will serve to help ease the burden from you.

 

Once you are done doing your market research and firming up your budget plan and marketing strategy, it’s time to get down with the nitty-gritty details. Here are the 6 things you must do in order to officially register your business in the State of Michigan:

 

  • Acquire an FEIN – The Federal Employer Identification Number (FEIN) serves as the tax ID assigned to you. This is also commonly known as your business’s social security number. In order to obtain this, you will need to submit your checking account to serve as the foundation for the required financial transactions in starting a business. For example, you will need to do this when you want to open a credit line with any of your suppliers.

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  • Acquire a UIA Number – The Unemployment Insurance Account (UIA) is a requirement for all businesses and you must already have one set up before you can start hiring employees. You can get your UIA number from the Michigan Department of Licensing and Regulatory Affairs. Be sure to check their website to see if you can start registering for your account online.

 

The UIA number is also needed for all quarterly tax reports. There is no way around it; you have to get this number before you officially start your business.

 

  • Register your assumed business name with the Office of the County Clerk – If you are not using your first and last name as your official business name, you will need to register your business under an assumed name, or a DBA (“doing business as”). This is necessary for straightening out all the official records of your business.

 

  • Get a Sales Tax License – Not all sales are taxable, however every business owner should still register a Sales Tax License because it fully legitimizes your business. Another benefit of obtaining a Sales Tax License is that it will allow you to make purchases for reselling without surrendering the sales tax to the vendor. You can apply for a Sales Tax License under the Michigan Department of Treasury. Make sure to check their website to know about your online filing options.

 

  • Acquire all the necessary permits for your business – Not all businesses need the same number of permits so be sure to check which ones are applicable for your business. You can talk to an accountant to know which permits you should be applying for.

 

  • Finally, register your business under the Michigan Department of Treasury – This is the final step in registering your business. After which, you will have access to making collected tax payments for your business.

 

If you are a new company about to launch a new business in Michigan, you will need the professional services of a CPA or a tax attorney. From advice on startup tax, legal accounting, payroll dissemination, and day-to-day bookkeeping, hiring a professional has many proven benefits.

 

As a new businessman, you will need to devote most of your time in developing your business and making sure that your operations will be as seamless as possible in the early stages after launch. Leave the number crunching and copious paperwork to a professional and enjoy seeing your business run without complicated hitches such as penalties for delayed filing of taxes.

 

Hazzouri Accounting offers a full range of these business start-up services and legal advice on taxation and accounting. Let us help you start your business! Call us at (734) 844-1614 today!

 

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September 22nd, 2016
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How Your Business Could Benefit From Having a CPA

Saved in: Accounting Services, Michigan Business

Have you ever wondered why some very good products or services fall off the market? Many people think that having a solid business concept is enough for any new business to thrive. However, it takes more than just an awesome product or idea to survive past the launch stage. The real reason behind early entrepreneurial failure is the lack of internal structure, from bookkeeping to payroll. After all, data and numbers are the real lifeblood of any company.

 

Hiring the services of a CPA will not only ensure that the proper taxes are filed on time, but will also set up the foundation needed for you to grow your business. Here are some of the benefits your business could have if you hire a CPA:

 

A CPA can save you money.

 

It might be difficult to believe that paying for another person will result in savings. After all, you can learn to file your taxes yourself and you can even download accounting software to help make the job easier.

 

However, CPAs are trained to be fully aware of all tax laws and they can help you file your taxes in the way that will save you the most money. This is not common knowledge; and this will require a thorough knowledge of tax laws and the agencies behind them—which is what CPAs are trained to do.

 

Moreover, tax laws change without your knowledge. CPAs stay updated with all the changes in tax policies, exemptions, deadlines and requirements, so you will never have to worry about paying more taxes than you should actually be.

 

A CPA will save you time.

 

As a business owner, you are constantly meeting new clients, going to meetings, attending conferences and important events to ensure your place in the market. This is just the tip of the iceberg—you may also find yourself visiting different suppliers, going to the bank, and juggling your own personal life.

 

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Hiring a CPA will save you time because you don’t have to worry about sending out the wrong information or submitting beyond the deadline. These instances will stack on penalties and fees, which will be more costly for your business. Sending out wrong or incomplete information may also prompt an inspector to pay you a visit and manually scan through your paper trail—which you further derail you from your already tight schedule.

 

A CPA provides the guidance needed to grow your business.

 

When you want to take your business to the next level, you are first going to need to look at historical data. A CPA can handle all bookkeeping of company sales and purchases, while also overseeing your cash flow. If you need to know how much you have in the bank, or if you need to know how much you spent last month, your CPA will be able to tell you.

 

Before you take your business further, you are going to need a solid housekeeping system. This means that all the bills (e.g. store rent, utilities, cable, phone and Internet) are paid and all the employees are given their due wages. This also entails keeping an eye on attendance, tardiness and leaves. A CPA can develop a streamlined payments system for all bills and the disbursement of payroll according to approved records.

 

Moreover, a CPA can provide astute advice and sound recommendations when it comes to strategic planning, brand positioning, and managing business finance. It is their job to draw out business insights based on the data they see on a regular basis.

 

If this sounds like something that your business needs, you can get in touch with Hazzouri Accounting. We provide professional tax and accounting services to businesses looking for leverage in order to grow. Call us at 734-844-1614 to know more about how we can help you today.

 

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August 22nd, 2016
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