admin, Author at Bridge Group Tax

January 11, 2022

Right after the holiday season, comes tax season, filing your personal or business taxes requires a good amount of attention to the details. It doesn’t matter if you hire a professional or do it yourself for the filing. It is a must to know a few things BEFORE you proceed.

Here are the five things we advise you to bear in mind before filing your taxes:

1. Year End Is The Most Important Time

last minute tax filing rush

December end – to be precise, 31st December, is the date on which the IRS “closes and resets.” So, try to avoid paying in excess or receiving significant transactions which may carry over in year end. Plan the big transactions for your personal/business in advance and wrap up by November end. Be proactive in filing sales and employee tax withholdings by year end. In January it would be too late. After all, you don’t like that last minute rush, do you?

2. Make A Document Checklist

If you’re a full time employee, your employer is most likely to give you either a W2 or a 1099. You will need your ID, your SSN too, a prior-year tax return, and any applicable information on your dependents. Always remember to keep the IDs of dependents along with birth certificates and SSNs handy (whether digital copies or hard copies).

3. Keep A Clear Track Of Income And Expenses

tax-return-filing

As we discussed earlier, filing requires you to pay special attention to all the details. This mainly involves keeping a clear track of your income and expenses classified in applicable sections of your books. If you’re self-employed or a business owner, this becomes even more essential. You can also plan to hire a tax professional ahead of time.

4. Personal v/s Business Tax Filing

personal-and-business-tax-filing-difference

Have a clear understanding that personal taxes are only applicable to your income and your expenses as an individual. While your business is a totally separate entity in the eye of the IRS. Even when you’re a Sole Proprietor or owning a company individually such as a single member LLC, any expenses or income to the business should be utilized through the business bank account and documented separately to be produced as a Business Tax Filing.

5. No Question Is Silly When It Comes To Tax

Taxation rules and regulations in the USA are ever changing. At the same time, each filing is different based on individual or business type, circumstances and applicable rules to the business category (in case of business filing).

general-tax-filing-questions
So, it’s always a smart thing to ask your questions & share concerns with a Tax Professional. Even when you feel that it’s a silly thing not to know. Search online.

There are plenty of resources on Google and YouTube to help you with Tax Preparation readiness and Documentation preparation.

You can also Contact Us and schedule a Free Consultation for your Tax Filing and Financial Planning.
Explore Frequently Asked Questions on Tax Filing for a better understanding.

by admin

January 31, 2020

It is an age of stiff competition and every business wants to stay at the top. In doing so, it is imperative to maintain systematic financial transaction records. The main reason for the failure of most of the businesses is poor accounting. A business will run at a loss if a proper bookkeeping method is not followed. Let’s take a look at the following reasons why bookkeeping is must for a business to expand:

Budget

If a proper budget is not followed, then it indeed becomes difficult to maintain harmony between income and expenses. When these two are put together, the gains can be estimated and if the result is not in favour of the company, then necessary adjustments can be made and this is only possible with accurate bookkeeping. Eventually, the business will become more profitable.

Analysis

Bookkeeping helps in business analysis. It is highly used by the management for analyzing business performance. It also makes sure that financial transactions are up-to-date, correct and complete. Bookkeeping is vital for the growth of any organization. Thus, precision is an essential step. Bookkeeping gives vital information which helps in preparing the accounts.

Helps in planning

When any organization includes bookkeeping in their finances, they are in a position of setting up future business development. The past performance knowledge will give the management insight as what they should do for achieving the results which will subsequently lead to better performance in the future.

Complete peace of mind

When proper accounting record is maintained, it will give complete peace of mind to the businesses.

Bookkeeping plays an essential role in business sustenance in the competitive world. This creates more value in the organizations making it investor-friendly. To climb the stairs of success and to have an edge over the competitors, it is necessary that every organization must maintain proper bookkeeping methods.

by admin

January 31, 2020

Filing tax returns can be a daunting task every year and involves hassle, particularly if you are not familiar with how to do it as well as forget some steps. Here arises the need to get in touch with a professional tax preparer that can do the job with precision. It is the utmost priority of the individuals and organizations to file tax returns every year. In recent times, it has been found that the majority of people choose a tax preparer to do the work for them rather than doing it themselves online.

When you hire a tax preparer, there are certain mistakes while filing the tax returns that can be avoided. They take account of the nitty-gritty, though there are several reasons why one must choose a professional tax preparer for handling the taxes over electronic methods. Some benefits are as follows:

Accuracy- tax returns filing involves numerous calculations, receipts gathering, invoices, and other essential documents. Thus, it is indeed very easy to make mistakes; a simple mistake might lead to severe problems. This is the reason why most people now prefer hiring a professional tax preparer. Precision is guaranteed when a professional tax preparer works on the taxes.
Speed- tax returns filing takes a lot of time when you think of doing it yourself. But when you hire a tax preparer, the work will be done in the quickest possible manner.
Professionalism- tax returns filing must be done professionally. Hiring a professional will not give you anymore headache and they will follow the tax laws while filing the tax returns on your behalf.

Now, it is clear the importance of hiring a tax preparer. You must not think twice and hire the professional at the earliest to do the job on your behalf while you sit back and relax.