One of my responsibilities as tax preparer is helping people find the right resources for their different concerns. This can be difficult because in every situation the research is unique to that person. Below are some general resources. But always remember to ask questions for clarity and confirm any sources you find.
Sifting through the Internet to find the answer to a specific question can be a daunting task. Taxpayers have an array of options for help in preparing and filing their federal and state tax return. While some taxpayers prefer to prepare their return, many others seek help in preparing their tax return and determining tax filing and payment obligations.
If you have questions or need help with your tax questions, please do not hesitate to call us.
Business owners either handle their accounting themselves or they hire someone else to do it. In general, startups and sole proprietors choose the first option to reduce their expenses. Even if you do hire an accountant, you must have a basic understanding of what is involved. Start by learning about the main accounting types and five major accounts, so you know how to read financial reports.
There are two main types of accounting and they include:
Generally Accepted Accounting Principles (known as GAAP Accounting). Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB).
Cash Basis Accounting, Cash basis refers to a major accounting method that recognizes revenues, and expenses at the time cash is received or paid out.
The five main types of accounts are assets, liabilities, equity, revenue and expenses. Each category can be further broken down into several sub-categories.
Here are some examples of financial reports there is:
If you have further questions about accounting, please do not hesitate to call us.
What is Bankruptcy and should I file for Bankruptcy? This is a big decision that an individual or a business should not choose lightly. Bankruptcy is a legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment. Sounds great, right. Well there is a catch. Bankruptcy can allow you a fresh start, but it will stay on your record for several years depending on the type of Bankruptcy filed. The various types of Bankruptcy are commonly referred to by their chapter within the U.S. Bankruptcy Code. These are the Bankruptcy filings in the United States and their definition per the Bankruptcy Code:
Chapter 7, which involves liquidation of assets; Chapter 11, which deals with company or individual reorganizations, Chapter 13, which is debt repayment with lowered debt covenants or specific payment plans. Bankruptcy is handled in federal courts, and rules are outlined in the U.S. Bankruptcy Code. If Bankruptcy is the only option, we do work with an attorney who is licensed in the federal courts and can talk to you about the process. Hollis Joslin, Esq ph: (602) 354-3890, https://hollisjoslin.com
When would I need and estate or a trust? This is such a good question! A person’s estate is about their property owned at death. If they have a Will, that document states who inherits the estate. If they pass without a Will, state law determines who inherits their estate. In both cases, if they have enough assets, a probate court must supervise the settling of the estate. A trust is a legal agreement in which a person states that one or more people hold the person’s assets for certain people (called the beneficiaries) subject to certain duties and the terms of the agreement. The most common type of trust is called a revocable living trust, but there are others. Now you are wondering how do taxes fit into all this? This is another great question! Your estate will have to pay federal estate
taxes if its net value when you die is more than the exempt amount set by Congress at that time. This is something your accountant or tax preparer can research for you. Estate taxes are different from and in addition to probate expenses, which can be avoided with a revocable living trust, and final income taxes, which must be paid on income you receive in the year you die. ... Because few estates have the cash, it has often been necessary to liquidate assets to pay these taxes. If you are looking to draft a Will, Estate or Trust or need guidance through probate court we work with an attorney Stephen Walker ph: (602) 540-6803 www.spwalkerlaw.com
@Designed @ Prodigy.