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The Trump of the Tax Return

May 14, 2013 5:16 pm

Paying taxes is both dreaded and confusing.  If you receive a tax return, your federal and state governments are merely giving back the too-much of your money taken from you each payday.  If you have to pay taxes, then you’re among a fine group of less than happy people.   While not a cure, for only death is that, and then there still may be a tax assessed, these quips and quotes and tips are offered as a moment of humorous reprieve from the tax burden.

“The hardest thing in the world to understand is the income tax.” Albert Einstein

“Playing golf is a lot like paying taxes. There’s the hard drive to reach the green, then you drop into a hole.”

“Your children are tax deductions, but they still are taxing.”

“Intaxication—the dizzy condition of the taxpayer on April 15th.”

 

Tax-time Tips:

 

  • Be ready for tax time by having a tax information file for receipts and statements that must be saved.  Contribute to that file year round, and you’ll not be scrambling and searching for scraps of paper in April.
  • Contribute to your IRA.  It’s a tax deduction, and it comes in handy when you retire.
  • Itemized deductions could save you money over the standard deductions.
  • Copy or scan everything you need to give your tax preparer.
  • For the increasingly popular home-business group—save 1/4th to 1/3rd of your business profits in a business account for taxes, so that you have on hand the money you must pay.   Your home office deduction is legitimate when you have a room or area of your home “exclusively and regularly” used for conducting business.
  • Be prepared for an audit by making prudent use of that year-round tax information file.  Keep copies and receipts and statements at the ready.
  • The best tax tip of all is to contact a tax professional.  Call and make an appointment with your trusted accountant.  CPAs are the true heroes of April.  An excellent accountant has up-to-the moment tax information and is ready to take care of your business with your best interest in view.  Wilklow & Associates, CPA C.P.  is a firm of highly skilled tax experts and financial specialists with a trusted reputation in personal and business tax preparation and planning.  Contact us today, and let us do what we do best—provide dedicated, outstanding financial service to you and your business.

“Taxes, after all, are the dues that we pay for the privilege of membership in an organized society.”  Franklin D. Roosevelt

 

Your Accountant, Your Best Friend

5:15 pm

A good accountant is worth his weight in gold.  He sits at his computer, juggling numbers, and outcomes balance.  Sheer magic.  These  mathematical wizards are the unsung heroes of tax time and businesses year round.  Let’s examine the accountant’s profession and discover why these men and women hold so important a position in our lives.

In your business, your accountant carries the primary responsibility for the company’s financial records.  Her job description includes ensuring that appropriate taxes are paid by federal and state timelines, overseeing the efficient use of company funds, payroll, reconciling accounts, report preparation and similarly related duties.  She is also an “early warning system’ for financial “bad weather” for the business, so that precautions may be taken.  The ethical and conscientious accountant is an invaluable asset to her employer.

A CPA may be part of an accounting firm, or have his own office.  He may specialize in tax work, or in handling the assets of his clients and assisting with plans for future investments.  An accountant with experience in tax preparation and planning is of major benefit to his business or firm, and to his clients.  A qualified advocate in an audit is a reassuring presence.

Most accounting positions require a Bachelors Degree in accounting or financial management, and CPA certification.  Ongoing education is required to remain informed of tax code changes and technology updates for various financial software.  Seminars relating to finance are an integral part of the accountant’s life.

Long hours during the tax season are the accountant’s lot.  And we all want our accountant to give proper time and attention to preparing our taxes to our benefit.  Most people are quite loyal to their accountant, and many will recommend a good accountant when you need to find one.

Wilklow & Associates, CPA   P.C. are dedicated to providing professional, personalized service to you as an individual, or to your company. Contact us today for a wide range of business and financial needs.  Let us take the worry out of your tax preparation and planning.

 

 

Freed From Debt Row

5:13 pm

Did you know that debt is the highest pitched commodity in the United States?  And we consumers take the bait–hook, line, and sinker.  Most Americans are horribly in debt, have miserable money-management skills, and no longer differentiate between desire and need.  How did a nation of thrifty savers become a nation drowning in debt?

Historically, credit grows as wealth increases and easy borrowing is encouraged with every advertisement we hear or read.  We spend and borrow, spend and borrow, and then find ourselves in a situation of overextended credit—and financial trouble.  Life on debt row looms.  How do we avoid this for our future, or get off this path that we’re on?

Learn to hate debt.  Stop shopping and spending.  Don’t watch the TV ads. Start paying off debt beginning with the highest interest rate credit card.  Pay all your bills on time.  Monitor your accounts regularly.  Set up a solid savings plan, even if you must start small.  Do everything you can to raise your credit score.

Do you need to reach out for help with financial management?  Wilklow & Associates are qualified experts and ready to help you develop short- and long-range plans to prioritize your financial goals.  You can be freed from debt row, no matter how you got there, with determination on your part and dedicated assistance from Wilklow & Associates.  Call us today, and let us help you defy debt and live free.

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