It’s commonplace for people to wait until April before they start thinking about filing their taxes. Although many get away with filing taxes on the last minute, there are several benefits that only early tax-filers enjoy. We have enumerated some of the perks below.

#1 – You can get your tax refunds faster.

The earlier you file your taxes, the sooner you can get your tax refund. This is the most common incentive for filing taxes as early as January.

#2 – Buy time to pay taxes you still owe.

Filing your tax return early January will buy you extra time to pay for any balances you may still have with the IRS. Filing your Form 1040 this early will give you up until the middle of April to pay for the taxes you still owe.

Additional tip: This is good for anyone still waiting to find out how much they owe the IRS in back taxes.

#3 – Avoid having to pay fines for tax extensions.

Filing your tax refund involves gathering heaps of receipts and other additional documentation. Pushing your tax refund date too close to the deadline will increase the likelihood of you not being able to finish all the paperwork in time. As a consequence, you might have to shell out more money to ask for an extension.

Additional tip: If you do end up filing for an extension, be sure that you are able to pay all balances to the IRS on or before the given date for extension. If you still manage to miss this deadline, you will be charged interest on top of other penalties on your outstanding tax balance.

#4 – Protection from identity theft. 

 
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There have been numerous cases of identity theft through the tax refund system. When a criminal gets a hold of your Social Security Number (SSN), he or she can use that information to file a tax refund under your name. In return, you will be robbed of your annual tax return amount. This scam happens more frequently at the start of the year because most taxpayers would not have thought about filing their tax refund just yet.

Additional tip: Do not give away sensitive information such as your SSN to parties you do not trust or cannot verify the credibility of. Moreover, when you file your tax refund as early as January, you are thwarting any potential theft on your account. 

#5 – Gather important documents needed for other applications.

The Form 1040 is needed in other important processes such as applying for a student loan and buying a house. Those looking to buy property will need to show their proof of income, which is recorded in the Form 1040. Requesting for financial aid also requires information from this form. The sooner you can file your taxes, the quicker you will be able to complete the requirements needed for your other applications.

Additional tip: Make sure to produce several copies of your completed documents so you won’t need to photocopy or scan them on the last minute.

#6 – Are you aware of the new rules and regulations regarding health insurance this year?

There are new rules in place regarding proving your health insurance coverage this year. Don’t find out at the last minute and scramble for the proper paperwork.  Hazzouri Accounting and Tax Services can advise you early on to avoid any potential disasters.

Keep in mind that the deadline for filing federal income tax returns and state income tax returns is on April 18, 2016. This is also the final day to request for extensions.

If you are looking for a certified public accountant to assist you in filing your tax refunds or in signing up for an extension contact us today. We offer individual and corporate tax preparation services in Canton, Michigan, as well as in the surrounding areas. Call us for more information at 734-844-1614 today!

Visit our social media accounts to stay current with all the latest business and tax news and events: Facebook fan page / Twitter Feed / Google+ Account

Many small business owners and start-up entrepreneurs don’t realize that many of the reasons why small businesses fail start from the owners themselves. When you ask a business owner why you think their business failed, they’re likely point to other causes like the government, the economy, an estranged business partner, and so on. While these reasons are disappointingly valid, many don’t see that if they had known what they were doing wrong in the first place, they would have been able to find a solution to the problem.

Here is a quick list of all the long frustrations that many entrepreneurs, start-ups and hopeful businessmen and women have had to deal with.

Poor math.

The demand does not match the supply or vice versa. Budget forecasting is off. Costing is erratic. When the numbers don’t add up, the business will hardly ever make sense too.

Most of the time, hiring a “numbers guy” will save you the trouble of things—especially profit and expenses—falling through the cracks.

Stubborn owners.

Most business owners don’t see that their own stubbornness is the root cause of the failure. They can be too proud, too conservative or risk-averse, and even too worried about what other people think about them that they often neglect to look at the aspects of the business that really matter, such as driving up sales.

For example, if you know that numbers is not your strength, don’t be too proud to hire a professional. You have to think of the wider scope of things. It might be an additional expense to add a numbers guy to the payroll, but this strategy could save you thousands of dollars in the future.

Too much growth, too little money.

This is a very frustrating problem to have because on one side, your business is bursting at its seams and you have no choice but to expand. However, the other side shows that you are not capable of sustaining the momentum. Many small businesses die because of over-expansion. This involves widening your target market to the point that you can no longer capture it. To be able to sustain your growing operations, you are driven to borrow money that you don’t have the capacity to pay back. This causes your loans to pile up and your profit to dwindle down. What now?
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This is another problem that could have been solved if proper costing and accounting were in place. Forecasting growth and identifying the resources to sustain it are part of a professional accountant or business consultant’s job. Most owners don’t realize this because they think their business know-how is enough. However, many sad stories have shown otherwise.

No back-up savings.

All businesses are cyclical so you have to know when your low season is, and when it happens, you have to have cash reserves to cushion the blow. Moreover, there are unpredictable factors that could strike when you least expect it. An important customer could move. A new competitor could open shop in your area. Or you can be facing a lawsuit.

These are all stressful times for the company’s funds, and if you don’t have enough cash stored in your savings, you’re going to face multiple bottlenecks or, worse, the ultimate brick wall of going bankrupt.

Lack of good accounting.

At the heart of all these start-up problems is the lack of proper business accounting. You cannot run a good business if you don’t even know what’s going on under the hood. Whether you’re operating on false numbers, or no numbers at all, the results can be tragic.

If your start-up is a simple one, you probable won’t have a Chief Financial Officer to oversee the flow of money in and out of your company. This is why hiring an accountant, even for the interim, is always better than having none at all.

Hazzouri Accounting offers a full range of start-up taxation and accounting services for new businesses in Michigan. We are a company established on good community ties, and we specialize in helping small businesses and start-ups get their feet off the ground. Contact us at 734-844-1614 to inquire about our accounting services today. You can also stop by our social media accounts to learn more:

Facebook fan page / Twitter Feed / Google+ Account

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

The home health care business is growing rapidly due in part to the country’s aging population. As far back as 2008, U.S. News & World Report listed it as one of the best small businesses to start. This is saying a lot in the midst of a small business explosion from many other industries. As usual, however, there are tradeoffs.

First of all, the home health care business is highly regulated. This is hardly surprising since we’re dealing with people’s lives and wellbeing here. The services and quality of care provided by each home health agency must meet strict standards set by the government. This includes many licenses and other requirements not needed in other types of businesses, even before starting operations.

Most of your patients will be on the Medicare program, which has additional rules and regulations. Probably the biggest headache related to Medicare faced by home health agencies is the annual cost report preparation. The reports themselves are notoriously complicated. In fact, the Centers for Medicare and Medicaid Services (CMS) themselves, to whom these reports are submitted, estimated that over 200 hours of work are needed for these cost reports. The laws and procedures also change significantly almost every year. Failing to keep abreast of these changes can be very costly in the form of suspended payments or missed reimbursements.

In a related blog post, we discussed the aspects of Medicare already being reviewed for this year. In this one, we will discuss some of the changes being proposed right now. These entail the collection of information from the public for improvements in Medicare/Medicaid, especially in line with the Affordable Care Act, which are currently up for comments.

CMS-10410 Medicaid Program: Eligibility Changes under the Affordable Care Act of 2010

For people eligible for Medicaid based on their Modified Adjusted Gross Income (MAGI), eligibility will now be redetermined only once each year unless there is a change in circumstance. This limit is also applied to redetermination of eligibility for the Children’s Health Insurance Program (CHIP). Agencies mandated to redetermine eligibility are also required to first use information already available to them rather than wasting time collecting the same data all over again. In line with the Paperwork Reduction Act (PRA), all information for collection, dissemination and sharing will be primarily done in electronic form.
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CMS-2552-10 Hospital and Hospital Health Care Complex Cost Report

The CMS is proposing changes involving the worksheets to be accomplished by hospital-based federally qualified health centers (FQHC) and hospital-based hospices for their annual cost reports in line with the ACA. For cost reporting periods starting October 1, 2014, FQHCs no longer need to complete Worksheet S-8 as well as Worksheets M-1, M-2, M-3, M-4 and M-5, but rather will complete Worksheet S-11, Parts I-III and Worksheets N-1 through N-5. This is for FQHCs that meet the requirements under 42 CFR 413.65(n).

Hospices will no longer complete Parts I and II of Worksheet S-9, but will still complete Parts III and IV. The K series Worksheets are now replaced with the O series Worksheets for hospices. Medicare rules and regulations are complex and ever-changing. The cost reports themselves are already complicated, time-consuming and costly annual undertakings that all home health care providers need to go through. This is why almost all thriving home health care businesses know to leave this aspect of the business to the experts.

Hazzouri Accounting has over 16 years of expertise in Medicare cost report (MCR) preparation, processing, and filing. We serve the local communities and businesses of Michigan and the surrounding areas. Our focus is on building lasting relationships with our clients as a sincerely helpful friend. We are open at the regular 9 to 5 weekdays, with after hours and Saturdays by appointment. We are closed on Sundays. Please call us at 734-844-1614 or use our online contact form for any questions.

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