Showing entries tagged: ‘hazzouri accounting’

2014 Medicare Cost Report Preparation Accounting Services

Saved in: Home Health Agency

Owners and managers of home health agencies and healthcare providers know that preparing the annual Medicare cost report is a crucial part of running a business.

 

Medicare cost reports, which are basically a series of forms that indicate the costs and charges linked to healthcare treatment activities, are submitted by hospitals, hospices, skilled nursing facilities, home health agencies, and other such institutions to determine if Medicare paid sufficient amounts to the healthcare provider in question. It contains information such as facility characteristics, expenses incurred, gross and net revenue, payer mix (referring to the number of patients eligible for Medicare, as well as data on those who do not qualify or have private insurance), wage indices, and total number of patient visits. Required cost report pages and supplementary documents include – WS A (Summary Trial Balance of Expenses), WS A-6 (Reclassifications), WS A-8 (Adjustments), WS B-1 (Statistical Allocation of Overhead Expenses), WS C (Patient Treatment Revenues – Total Charges), Settlement (Charges and Data), WS S-2 (Provider Questionnaire), WS S-3 Part 1(Census Data), WS S-3 Part 2 (Wage Index), and WS S-10 (Uncompensated Care).

 

While Medicare uses the data collected to gauge the scope and impact of the program, the efficient submission of cost reports is equally important for individual home health agencies because cost reports determine the rates of both past and future reimbursements that home health agencies can obtain—the CMS and Congress use the data obtained from cost reports to set industry rates and implement possible policy reforms.

 

Given the importance of preparing accurate, complete, and comprehensive Medicare cost reports, many home health agencies spend inordinate amounts of time, money, and effort to making sure that they answer all report questions in a satisfactory manner. In fact, research done by the Centers for Medicare and Medicaid Services reveals that an average of two hundred hours is required to ensure the completion of a single Medicare cost report. This can often range from hundreds to thousands of pages, depending on the size of the home health agency submitting it. Because of this, home health agency managers and owners often see the preparation of cost reports as a daunting, complicated task best left to professionals. Even so, not all accountants have the experience and skill set needed to accomplish the job.

 
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To avoid excessive fees and complications, it is best to start preparing your 2014 cost reports early on. You can do this by availing of top-notch 2014 Medicare cost report preparation accounting services from one of the most trusted names in the industry— Mr. Khaled Hazzouri from Hazzouri Accounting.

 

Khaled Hazzouri is a skilled certified public accountant that can help extricate you and your business from the potential quagmire that a Medicare cost report can be and turn it into an efficient, fuss-free, cost-effective process that will save you valuable time, money, and effort. With years of experience under his belt, Mr. Hazzouri has gained an innate understanding of the reporting and filing process, allowing him to effectively evaluate, analyze, and report on the financial status of your home health agency in a timely manner. He is well-versed in industry standards and is able to produce a specialized, detailed report that fully reflects the strengths and vision of each individual client. His reasonable service rates are complete with an assurance of no surprise fees. And because of this, he has left hundreds of clients satisfied with his professionalism.

 

From the start of evaluation to the last day of filing your Medicare cost report, Mr. Hazzouri can take responsibility for the entire process, leaving satisfied home health care agencies with the peace of mind necessary  to focus on what really matters most—providing excellent healthcare services to patients and their families.

 

Click here to learn more about our Medicare cost report preparation services.

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January 6th, 2014

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2014 Michigan Taxes: How You Can Benefit From Early Tax Preparation

Saved in: Accounting Services, Michigan Business

The 2014 tax season is going to be here shortly.  Employers are required to issue W-2 forms to their employees in January, but most people will put off their 2014 tax preparations until just before the April deadline.  Which is understandable as there is nothing pleasant about giving away a chunk of your hard-earned money.  However, as Benjamin Franklin said 224 years ago, “Nothing is certain except death and taxes.”  Do not delay the inevitable!  We at Hazzouri Accounting can show you why you should file your taxes early on.  We are here to guide you through the process to ensure the lowest fees, highest returns, and a stress-free tax season overall.

 

Maximize Deductions

 

Owing taxes can often come as an unplanned expense This expense can put a considerable strain on your normal budget. Preparing your return earlier means you can better plan for a potential bill.. You can also have more time to find and take advantage of any tax breaks and deductions you may be eligible for in the constantly evolving state and federal tax laws.

 

Avoid Penalties

 

Figuring out the exact amount you have to pay and paying it on time ensures that you avoid any costly penalties and interest fees on top of the taxes you may end up paying. Filing early also does not mean that you have to pay early. You can still pay later on in the season after you have made sure that everything is in order. This gives you time to make the necessary corrections before the deadline when penalties become applicable.

 

Waiting until the last minute to prepare everything can make you overlook tax breaks and deductions you are eligible for. Rushing can also lead to honest mistakes and typographical errors that may raise red flags at the IRS. This could lead to an IRS audit, in which case you will likely need to hire a tax resolution specialist to avoid fines.

 
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Get Help While You Still Can

 

The majority of Americans overpay on their taxes. Much of this is from overlooked tax breaks. Most people can avail of deductions such as financial planning and management expenses, education credit, retirement savings contribution credit, losses due to theft or destruction, charitable mileage, personal legal bills, and even hobby expenses. Hiring a professional accountant ensures that you are able to take advantage of any and all deductions you are eligible for without the risk of overstating your deductions and getting unwanted attention from the IRS.

 

Waiting until the last minute to hire an accountant means you compete with all the other people in your area who are trying to beat the deadline. More and more accountancy firms are unable to accept new clients the closer you get to the deadline. To put this into perspective, Wayne County alone, being the most populous county in Michigan and 18th most populous in the country, has a population of around 1.8 million as of 2012. However, only 1,538 accounting firms are listed in the Yellow Pages at the time of writing.

 

If you are eligible for a refund filing early means a faster processing time. You can have your money within a few weeks. If you wait until April there is a longer line of people getting their refund which can lead to longer processing times.

 

Hazzouri Accounting

 

Hazzouri Accounting is ready to assist in your 2014 Wayne, County Michigan tax preparation. After a simple interview and review of your finances we can accurately determine your taxes and deductions. We will then file all of the necessary paperwork for your 2014 taxes.  Hazzouri Accounting is affiliated with and certified by organizations such as the MACPA, Intuit, and AICPA. Khaled Hazzouri has over 16 years of experience as CPA in the area. For more information please visit our website / Facebook fan page or call us at 734-844-1614.

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December 8th, 2013

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The Benefit of Using an Independent Tax Preparer

Saved in: Accounting Services, Tax News

The benefit of using an independent tax preparer instead of a large tax preparation chain

In the last fifteen to twenty years the proliferation of “Tax Preparation Chain” has grown a lot. The growth of these businesses can give the impression that is better to have a “brand” name preparing my taxes than going to an independent tax preparer to get your taxes done.

 

If you choose to have a paid tax preparer to do your taxes, it is important to find a qualified professional.  Even when someone else prepares you taxes, you are still responsible for any penalties, interest, or additional payments that may result from an error.

 

Unqualified tax preparers may overlook legitimate deductions or credits. This can result in a higher tax liability or they can apply a deduction or credit that does not apply to you and you would still be responsible for that error.  Please be aware that the State of Michigan does not require the tax preparer to be licensed however many are licensed and highly qualified for the job.

 

At the time of selecting who will do your taxes you may want to do some research using online tools, professionals organizations, state funded programs where you can find helpful information.

 

The independent Tax Preparer vs. the Large Tax Preparation Chain

 

Independent tax preparation tends to offer lower priced tax services with a focus on the personalized attention. It is also easier to build an ongoing professional relationship with them than with a large tax preparation chain. Hazzouri Accounting believes in forming lasting relationships with our clients.

 

We give you the opportunity to discuss your needs one on one with our staff. You can ask questions, get advice, and develop a trust and relationship.  We make the planning phase more personalized. Customer Service is another advantage of using our firm. You are not only a number – you are a person with specific individual tax needs.

 

A larger tax chain may not be available to you throughout the year if you have questions or need other work done. Hazzouri Accounting is in operation year round and we are always ready to answer any questions you may have.

 

Things to check out:

 

Make sure you are hiring someone with the skills level you need to prepare your taxes within the budget that you have. Here are some suggested questions you can ask before contracting someone for the job:

 

  • What kind of formal tax training do you have?
  • Do you have any licenses or professional designations?  Are you a CPA? Are you a Register Tax Preparer?
  • How long have you been preparing taxes?
  • Is your practice a year around one?  Are you going to be available to assit me with any problem I may have with my tax return later on?
  • Do you offer e-filing as a service?
  • Are you authorized to and will you represent me in an audit or collection matter with the IRS or the Michigan Department of Treasury should the situation come up?
  • How do you stand behind your work?
  • Can you provide me with the names of references I can contact about the quality of your work? Think about checking with the Better Business Bureau in your area for complaints about the services provided by the preparer.

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Don’t be afraid of asking questions.  It is your right and your responsibility to know and to be informed on who is providing the tax preparation services.  If you are trying to find an accountant for the coming 2014 Wayne County Michigan tax season call us today at 734-844-1614.  We are here to help.

 

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October 17th, 2013

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Wayne County Michigan Tax Preparation for 2014 – Are You Ready?

Saved in: Accounting Services, Michigan Business

It’s hard to believe it but 2013 is already starting to wind down. In just a few short days we will be into October and before you know it the year will be turning over into 2014. Then it will become everyone’s favorite time of the year – tax time! Preparing before the crunch can take the stress out of ordeal. Here is a list of the documents you will need to have at the ready to complete your Wayne County, Michigan taxes in 2014. If you are located in Michigan and are looking for a certified public accountant to handle your individual or business taxes give us a call at 734-844-1614 to learn how we can help.

 

Documents you should have to file your taxes in 2014:

Income paperwork:

 

  • W2 forms
  • Interest Income
  • Retirement Income
  • Dividends
  • Misc income, self-employment
  • Social security income
  • Government payments

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Paperwork for deductions:

 

  • Mortgage interest
  • Tuition
  • Student loans

 

Receipts for deductions:

 

  • Donations to charity
  • Mileage for work/volunteering
  • Health care expenses
  • Retirement contributions
  • Self employment income/expenses (Home office, advertising, et cetera)
  • Energy efficient home improvements
  • Moving expenses
  • Rental property
  • Childcare expenses

 

This is a quick list of the items you should bring to your accountant when filing your tax returns. If you would like to speak in more detail or have specific questions please contact us at 734-844-1614 and we will be happy to answer all of your questions. If you have a tax question that you would like us to explain in detail stop by our Facebook fan page wall and leave us a comment. We look forward to helping!

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September 22nd, 2013

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2014 Income Tax Tables from the IRS

Saved in: Michigan Business, Tax News

The end of 2013 is nearing and the IRS has released the official rates for individuals and married taxpayers for filing before the April 2014 deadline. These are the official tax rates for the 2013 calendar year that ends in December.

 

Individual Filer Rates:

  • $0 to $8,925 = 10% rate
  • $8,926 to $36,250 = 15%
  • $36,251 to $87,850 = 25%
  • $87,851 to $183,250 = 28%
  • $183,251 to $398,350 = 33%
  • $398,351 to $400,000 = 35%
  • $400,001 and above = 39.6%

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Married Filing Jointly:

  • $0 to $17,850 = 10%
  • $17,851 to $72,500 = 15%
  • $72,501 to $146,400 = 25%
  • $146,401 to $223,050 = 28%
  • $223,051 to $398,350 = 33%
  • $398,351 to $450,000 = 35%
  • $450,001 and over = 39.6%

 

Married Filing Separate:

  • $0 to $8925 = 10%
  • $8,926 to $36,250 = 15%
  • $36,251 to $73,200 = 25%
  • $73,201 to $111,525 = 28%
  • $111,526 to $199,175 = 33%
  • $199,176 to $225,000 = 35%
  • $225,001 and over = 39.6%

If you are looking for help with your Wayne County taxes please contact us at 734-844-1614 or fill out our contact form and we will reach out to you.

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September 15th, 2013

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