Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

Benjamin Zander and his wife wrote a book entitled: “The Art of Possibility; Transforming Professional and Personal Life”. Their idea is that “you can create a passionate energy permeating The Art of Possibility that will be a true force in your life. You can make your own rules.” Their book is inspirational. You will be inspired if you buy and read it. The question is: how does this pertain to accounts receivable financing?

It’s all about attitude, enthusiasm and point of view regarding how to conduct your business. Can you make your own rules regarding how banks, commercial finance companies and other financial entities operate? Of course not. Can you make your own rules regarding how you utilize the financial recourses that are available to finance your business? Absolutely! Read the rest of this entry »

Around one percent of the American population gets audited every year- a number the Internal Revenue Service (IRS) states is going to be rising soon. Even if odds are that you won’t see an audit, there are things you can do to prevent such an even occurring- which will save you the hassle and time of going through the mundane process.

The IRS looks for ‘red flags’ when determining who to audit. If you want to stay under the radar, you should avoid such flags. Claiminbg to have a home office is one of the major red flags- as it is widely abused by many. If you do have a home office, make sure it follows the strict IRS guidelines to prevent being audited. Read the rest of this entry »

1) Intuit QuickBooks Accounting Software   

Quickbooks is a popular full featured accounting and payroll program designed for small businesses - or, I should say, a small business accounting software series. QuickBooks is available in Basic, Online, Pro, and Premier editions; the Pro Edition of this accounting program includes management tools such as a Vehicle Mileage Tracker and a Cash Flow Projector.

2) Simply Accounting Accounting Software Read the rest of this entry »

If your business has employees, it’s going to have to account for benefits and payroll. Let’s explore the term ‘payroll’ and look at some things that are included in benefits and payroll accounting.

Within payroll accounting there are specific things that must be accounted for. These include such things as salaries, wages, commissions and bonuses paid to employees, overtime pay and various payroll costs and taxes.

Payroll costs and taxes are made up of Medicare, social security, state and federal income tax, unemployment tax and worker compensation insurance. There are also paid benefits extended to employees such as vacations, holidays, sick days, health insurance, profit-sharing plans and retirement plans. Read the rest of this entry »

IRS audits can be stressful, time consuming and, in some cases, expensive.  This article provides an overview of how to approach an IRS audit.

The first step is always to gather information.  Taxpayers should start by locating their tax returns for the tax year being audited and the tax year prior and subsequent to the tax year being audited.  Taxpayers should then look for documentation to support any tax deduction or tax credit that they claimed on these tax returns. Read the rest of this entry »

Imagine your favorite little retail shop. Think of how many people come in and out of that business establishment in an hour. Now think of the number of people that look at the shop’s products. Take into consideration the variety of products they buy, as well as the amounts they buy.

If you think about it, such numbers could reach hundreds, or maybe even thousands, during busy days. And the figures could double or triple easily if you take into account every single purchase made at the store.

To assist the owners and accountants of such retail businesses, computer techies and number wizards have come up with a great idea: retail business accounting software. Read the rest of this entry »

There is not foolproof method of avoiding an IRS audit. It is also not very sensible to not claim the deductions that you are entitled to receive just to lessen your chances of an audit. There are some practical tax tips that you can apply that will reduce your chance of being selected for an audit.

If you are self-employed, for example, you have a much higher risk of being the target of an audit. It is a good idea to incorporate. The IRS will be much less likely to audit the return of a Corporate entity. Another good idea is to take the full extension. The last date for filing an extended return is October 15. The IRS will usually have filled its quota of returns selected for audit by then. If you do follow this tip, make sure that you have paid any taxes due by the April 15th deadline to avoid any penalties or interest charges. Read the rest of this entry »

IRS audits can be stressful, time consuming and, in some cases, expensive.  This article provides an overview of how to approach an IRS audit.

The first step is always to gather information.  Taxpayers should start by locating their tax returns for the tax year being audited and the tax year prior and subsequent to the tax year being audited.  Taxpayers should then look for documentation to support any tax deduction or tax credit that they claimed on these tax returns.

Particular attention should be paid to expenses listed on Schedules E (for investment property) and C (for small businesses) and items listed on Schedule A (assuming that the taxpayer opted not to itemize their deductions).  Mileage expenses, charitable gifts, contract labor, cost of goods sold, and other unusually large items will draw the IRS auditor’s scrutiny. Read the rest of this entry »

Income tax preparation is an important aspect of everybody’s life. Each April 15th, United States citizens scramble to get their tax return preparation completed in time for the deadline. In order to make income tax preparation easier, there are many tools available to help make the process smoother. Free income tax preparation and online income tax preparation are methods that are readily available to help make tax season a bit easier. Read the rest of this entry »

The nature of this type of enterprise implies that any increase in net assets arising from the activities of the undertaking must be applied to improve the community services rendered by the specific organisation.  The increase in the net assets of the entity does not accrue to the persons supporting the organisation (e.g.  the members).

Depending on the type of undertaking, equity is usually furnished by grants from state or authorities, donations or membership fees.  These contributions to equity do not confer the same rights as contributions to the equity of a limited company confer on shareholders and therefore, different accounting practises apply to these enterprises.

Bearing in mind the typical characteristics of a non-profit organisation, the question arises which particular requirements of accounting systems and financial reporting procedures apply to this particular type of organisation.  The financial accounting must provide economically interested groups with a comprehensive review of what the particular organisation achieved during a specific period or at the end of its financial accounting year.  The accounting records and system developed for an economic entity must be logical and consistent and must be related to the objectives of the entity, as well as the circumstances in which it conducts its activities. Read the rest of this entry »