Phoenix Arizona CPA | Arizona Tax Accountant | Arizona Income Tax

The turning of the new year is a time for a new beginning. Unfortunately, January is also the time when the tax season begins in earnest. 1099-MISC filings are on of the first things that come up.

1099 tax forms are known as information reporting forms. They are used to essentially collect data by the IRS on who is paying what to whom. If you received dividends during the year from a company, you’ll receive a 1099 for those dividends.

While there are different types of 1099s, the 1099-MISC is the form that gives the most people the most trouble. Read the rest of this entry »

When it comes to taxes, we all want to reduce the amount we have to pay in. All tax planning basically falls to looking at all of your options and keeping organized records throughout the year. With a little forethought, you can lower your taxes. There are some basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits. Read the rest of this entry »

1. Provide complete and accurate information. Finding missing information and correcting mistakes costs time (and results in additional hours billed).

2. Maintain financial records, receipts, bank, credit card statements, deposit slips. Professionally prepared financial records provide powerful information that enables you to better manage your company. These records and reports enhance your business, so you may have an accurate picture of your financial health to make better business decisions. Read the rest of this entry »

These days a number of business enterprises are being established and this factor is leading to the rise in competition. The corporate world seems to be going through a tremendous change and this has definitely created a difference in all the aspects of the business and the corporate world. Today, where you turn your eyes, you get to see any number of firms. These are of all sizes, larger, medium and definitely small. Even though the sizes and the nature of each business vary from the other, one common factor that prevails in all of them is the role of the accounting or the bookkeeping departments of all these firms. This department is one of the most prominent departments of all organizations and holds an important position in determining the stand of a firm in the global business market. Therefore, it is necessary that each firm takes good and excellent quality of bookkeeping help to solve all their in-house accounting processes. Read the rest of this entry »

Why is accounting so powerful? It is because it is all based off of one simple accounting equation:

Assets-Liabilities-Stockholder’s Equity = 0

Assets = Liabilities + Stockholder’s Equity

Stockholder’s Equity = Assets - Liabilities

Liabilities = Asset - Stockholder’s Equity Read the rest of this entry »

The primary reason behind running a business is to earn maximum profit and to have a good reputation in the industry and the market. Whenever a person establishes a new business, the main thing he keeps in his mind is to earn god revenue from the business and to be able to expand the business. Moreover, definitely the business owner would want to give good competition to his competitors, so that his business gains good reputation in the market. However, the size of a business does not really matter when revenue generation comes into the scene. Whenever the question of revenue generation is brought into focus, the main stress is laid on the accounting department of that firm. Well, a big and successful business does not really need to worry about getting good accounting professionals but it becomes a problem for a small business. In such cases, outsourcing services from a small business accounting firm is definitely one of the most reasonable decisions. Read the rest of this entry »

One of the fundamental accounting principles is matching revenue with cost in any period. This is relatively simpler while dealing with items in cost of goods sold, such as purchase of raw materials, supplies, and cost incurred in conversion to finished goods for sale etc. But this becomes more complex while dealing with assets that have longer lives. There are two different types of fixed assets that a company invests in, tangibles and intangibles. Tangible fixed assets are assets such as Buildings, Plant and equipment that have nearly definite lives. In most cases the value of the fixed assets also depreciates over time. At the end of its useful life assets may have a salvage value. This is true for plant and machinery but not for buildings. Although the value of the buildings might increase from year to year, GAAP requires that depreciation be calculated and accounted as an expense. Read the rest of this entry »

No matter what the size of your business, one truth remains: cash flow is king. It’s the lifeblood of your business. Yet, while most small business owners know this truth, many still struggle with basic cash flow definitions, fundamentals or management strategies that actually maximize benefits. In today’s uncertain economy, characterized by frequent market fluctuations and ever rising interest rates, many small businesses with limited financial knowledge are struggling to stay alive, let alone thrive. So why is poor cash flow management such a large killer of small businesses? Here are the two main reasons: Read the rest of this entry »

Accounting or bookkeeping is one of the most crucial aspects of any business. Whatever the size of the business is, accuracy of the accounting books is very important. A known fact is that it is the accounts department of a business that has the capability of deciding the stand of the business in the market and giving the business the status of a profit-making firm or a loss-making firm. Therefore, it is crucial that the professionals who are hired for this particular department are well qualified and have a good hold on the various aspects of accounting. It is a huge thing and includes many things and calculations that need a lot of expertise on the part of the person who is taking care of the entries. It is very important that each entry is very carefully done because one small mistake can lead to a big problem. However, at times, it becomes quite problematic and in such adverse situations, the best thing to do is to take help of the accounting outsourcing service. Read the rest of this entry »

A known fact in the corporate or the business world is that the accountancy department of any firm or organization is the most vital department. When a business is set up, the person setting up the business thinks about the profits that the firm might make in the future. A successfully running business thinks about making more profits, so that the horizon can be further expanded and the business can further grow. A loss-making firm thinks about turning into a profit-making firm because if it does not happen like that, then the business might have to be shut down. All these concepts of earning more revenue and incurring fewer losses are completely dependent on the accountancy department of a firm. It is this very department of an organization that can help business come out with flying colors. Therefore, a very important decision is to appoint professional accountants who are thorough with their work and can provide the firm with the best financial decisions. However, at times it becomes quite problematic to get all the accountancy work done by the in-house professionals and therefore, one looks out for accounting help. Read the rest of this entry »