The way you prepare your taxes could be changing?

No matter what you think about our President, I'm willing to bet that his stance on taxes has caught your attention.

In fact, I can guarantee you that this latest developments has caught the attention of the H&R Blocks and “tax prep focused” CPAs around the U.S.

President Trump and the IRS has recently revealed a new way for Americans to file their taxes and it has something do with a form the size of a postcard.

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Are You Remembering These 5 Tax Deductions?

Granted, nobody loves the Internal Revenue Service (IRS), but the tax code provides a fair number of deductions for small-business owners.

Following are five not-to-be-missed tax deductions that can lower the annual tax bill for small-business owners.

As always contact your tax professional at Washington Advisory to go through your specific situations.

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Business Owners Should Track These Monthly

Mentioning accounting and finance may be a sure way to clear a room full of members of the public. But a room of entrepreneurs? Not so much. Entrepreneurs realize the failure of small business ventures is primarily attributable to poor accounting practices or improper financial management.

Monitoring your small business’s financial statements is the only way to know how well you’re doing and where improvements are most urgently needed. So carve out a little time each month to conduct a proper financial analysis, and begin by focusing on the basics:

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Tax-Deductible or Not? Ask Your Expert

Certified Public Accountant - Lafayette

Thoughts from our experts

As business owners prepare to file tax returns, many find they have to reconstruct some of last year’s expenses. This is usually a result of paying business expenditures by personal means instead of through a checking account or credit card used exclusively for business. Delays and frustration result when there isn’t sufficient information, or you can’t remember the details required for some write-off claims.

By hiring an accounting professional, you can be sure every expense deduction your business is entitled to will be captured in a timely manner. Our CPA's are both experts in cloud accounting software and the Internal Revenue code. Our Bookkeeping experts know how to record expenses regardless of the payment method. And they understand the conditions that make certain types of expenses tax-deductible.

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Ever wonder how the 1% live?

Ever wonder how the 1% live? For most of them it's not all about caviar, yachts, and champagne.

There was an interesting study published by the IRS that sheds light on the financial characteristics of the 1 %.  

There's some interesting numbers in this issue that helps debunk the stereotypes of what the "Lifestyles of the Rich & Famous” and MTV Cribs portray.

Also in this issue are tax tips that help address the common situation of having lost a receipt for a business expense and whether to claim the expense on your return. 

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‘Tis the season for tax tips for small businesses

'Tis the season for Tax Tips

It’s that time of year once again. Besides family visits, christmas gumbos and trips down memory lane, it’s also another special time of year. You guessed it - Tax Time.

With Tax filing season and the end of the year rapidly approaching, hopefully you’ve already met with your CPA to discuss what you could be doing to keep more money in your pocket.

And if you don’t have a CPA, come see us, because you're probably leaving money on the table.

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How much will it cost to bring my business into QuickBooks

QuickBooks implementation by a professional

Let's discuss your unique needs

Would a physician prescribe you medication without an exam?

One of the first questions I’m asked from business owners is: “How much will it cost to set my company up on QuickBooks?” This is a good question, but it’s also a difficult one to answer. I will try to do my best here to explain why the short answer is, “it depends.”

During my time at Deloitte, many clients called to revisit an implementation that was put in place by a low-cost provider who rushed in and out as quickly as they could. Rather, our approach involves quality planning that produces quality results. Quoting a price without fully knowing the details could result in a situation where the system delivered is not the system your business actually needs. 

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