Posts Tagged ‘tax prep’

Big Financial News Grabs Reader Attention In September

Tuesday, October 4th, 2016

lady on computerThere was certainly a lot to think about in September. From tax prep to QuickBooks tips, it looked like you were using this month to brush up on some critical business issues and important financial news. Here were our top five posts for the month of September.

  1. Fall Into Tax Prep … According to the calendar, summer 2016 has officially come to an end. But, fortunately for you, there are a lot of reasons to smile in autumn! All it takes is a little tax prep on your part.
  2. Help The FBI Find A Defense Against Ransomware The FBI recently released a public service announcement urging victims of Ransomware attacks to come forward and report these cyber infections to federal law enforcement. Keep reading to learn more about what the FBI is doing to reduce ransomware attacks.
  3. What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule? Learn more about the statute of limitations and how you can work to rectify any issues you may have with your business’s retirement plan.
  4. How Can You Track Use Tax in QuickBooks? If you owe use tax for a few separate counties or states, you can set up and use multiple Use Tax Payable accounts in your chart of accounts in QuickBooks. Learn how.
  5.  Late Rollovers May Benefit From New IRS Guidance Did you miss the deadline to rollover your retirement plan or traditional IRA funds due to circumstances beyond your control? In the past, such an issue would have resulted in issues on your tax return and/or an expensive private letter ruling request, culminating in a full-fledged assault on your retirement nest egg. Fortunately, the IRS released new guidance that may eliminate this costly headache by simplifying the way retirement rollovers are managed when they are made outside of the 60-day rollover deadline.

As we make our way into autumn and inch closer to the end of the year, what business and financial questions would you like our experts at Rea & Associates to answer? We’d love to hear from you.

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Fall Into Tax Prep …

Thursday, September 22nd, 2016
tax planning

Today is the first day of Fall, how are you getting your taxes ready for the end of the year?

According to the calendar, summer 2016 has officially come to an end. But, fortunately for you, there are a lot of reasons to smile in autumn! From sipping on a pumpkin spice latte while snuggling deeper into your favorite hoodie to enjoying a great college football game with friends and family; these months certainly seem to bring with them a certain type of comfort and tranquility. Did you know that you can extend this calmness and well-being into the tax season as well? All it takes is a little tax prep on your part. Then, when January rolls around, you can rest easy knowing that you are prepared and poised to take advantage of more tax savings than ever before.

Take a look at these helpful articles to get you started on the right foot.

Organization Is The Key To Your Tax Prep Success

  • File Faster With This Tax Prep Checklist It’s that time of year again – time to gather your information and prepare to file your tax return. If you want the process to go smoothly, make sure to gather and organize your information before sitting down with your tax preparer. You may be surprised how fast the entire filing process goes if you spend a little time preparing!
  • If You Can’t Avoid It, Organize It: Organization Is Critical To Financial Planning and Tax Preparation Tax planning is one of the essentials to personal financial planning and wealth creation. And taxes are one of those things you need to think about all year long, not just during filing season. Having recently filed (or extended) your return, it’s time to take a look back and a look forward and determine how you can be better prepared for next year’s tax season.
  • Stay Organized Year-Round To Make Tax Prep EasierThe best advice to get ready to prepare your taxes is “don’t wait!” Stay organized year-round in accumulating information that will be needed for tax filing.

Wondering what more can do to better prepare the upcoming tax season? Reach out to the team at Rea & Associates for some tips. And while you have a professional tax advisor on the phone, schedule a day and time to meet with them to discuss your unique tax situation. The best way to optimize your tax savings is to work one-on-one with the experts and meeting times fill up fast once tax season begins!

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The 2016 Tax Season Is In Full Swing, Are You Ready?

Friday, January 22nd, 2016
Tax Planning - Ohio CPA Firm

Tax season doesn’t have to be the stuff nightmares are made of. Believe it or not, it can be a smooth, uneventful process. Just remember, preparation is the key to tax season success.

Your holiday decorations have been tucked away, subzero temperatures have found their way to your neighborhood and your W-2’s are in the mail … tax season is upon us once again!

This year, don’t let the hunt for tax forms, pay stubs and receipts stress you out. Instead, take a few minutes to brush up on some of our best tax season tips and avoid becoming a victim of the last-minute filing chaos that ultimately ensues in April.

Top 5 Tax Season Planning Tools

  1. File Faster With This Tax Prep ChecklistIt’s that time of year again – time to gather your information and prepare to file your tax return. You may be surprised how fast the entire filing process goes if you spend a little time preparing before you make your appointment with the tax preparer. Get your tax prep checklist here to avoid missing the filing deadline.
  1. From Toddler To Teen And Beyond: Tax Breaks For Families: With parenthood comes many rewarding experiences – and expenses. You hear about how expensive it is to raise a child, but you never really know what to expect until that little bundle of joy enters your life. From diapers, pre-school, extracurricular activities and saving for college, the costs of raising kids adds up fast. Read on to discover what tax breaks are available to families?
  1. How To Win Tax SeasonBy mid-January, statistically, most Americans have already abandoned their New Year’s resolutions – those promises you make to yourself to hit the gym, get more sleep or become more organized. But hopefully, you’re not like most Americans – especially if better organization is the goal. Today I want to urge you not to give up at least not until April 15. Keep reading to find out how you can win tax season with these four tax prep tips.
  1. Taxes Are Like FishingAre you wondering where I’m going with this, wonder no more. You are sure to find a lot of valuable insight in this episode of unsuitable on Rea Radio. Episode 9, Taxes Are Like Fishing, features Melane Howell, CPA, a tax manager at Rea, talking about the importance of strategic preparation, just in time for tax season. Listen now for great insight and sound tax tips that are sure to make this tax season the easiest one yet!
  1. The Truth About Tax ExtensionsWhile the first four months of the year is a busy time for accountants, we know that things don’t always go according to plan. But instead of enduring penalties for filing a late return, you may find that filing a tax extension is a better option. Contrary to popular belief, tax extensions aren’t as bad as you may have heard. Read on to learn the truth about tax extensions, and don’t forget to check out the slideshow.

Tax season doesn’t have to be the stuff nightmares are made of. Believe it or not, it can be a smooth, uneventful process. Just remember, preparation is the key to tax season success.

Need help filing your individual or business tax return? Email Rea & Associates for help. Our team of tax advisors can help you change your perspective of tax season into one that is more positive for everyone.

By Lesley Mast, CPA (Wooster office)

Check out these articles for more helpful tips for individuals:

Cyber Crime: It Can Happen To You

You Can Still Have The Final Say After Death

Debt vs. Taxes: Should You Pay Off Your Loan

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What companies can do now to get ready for the 2016 tax season

Monday, October 5th, 2015

It’s time to do your business tax planning and, just like a doctor’s check-up, if you decide to skip it, you may regret it.

You could face a larger tax bill because you weren’t in close enough contact with your advisers when you did a transaction, changed a policy or practice, or amended what you are doing with insurance. You may encounter wide swings in income and tax due from one year to the next if you don’t check in with your advisers.

Smart Business recently interviewed Tracy Kaufman and Joe Popp about tax strategies business can implement now to prepare for the upcoming 2016 tax season. Want to learn more and see what you can start doing now? Check out the interview on Smart Business’s website.

What to read more posts about tax planning strategies? Check these out:

The Truth About Tax Extensions

Is Simplicity Worth The Cost Of Peace Of Mind?

5 Tax Deductions To Ease Your Business’s Tax Burden

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