Why A Startup Tax Review For The Middle Of The Year?

Tax time has come and gone and most likely, you’ve banished taxes from your mind until next year. But as a startup, things can change at the drop of a hat. Estimated tax payments can change, the structure of your business could no longer make sense, and things like retirement plans could be pushed to the back burner to focus on other things.

Getting a startup tax review for the middle of the year can help you be more prepared when tax season rolls around again. You’ll face fewer surprises, be better prepared, and can minimize your tax liability. Hiring an experienced CPA can help get you ready for next season with a variety of services.

How To Prepare For Your Business Taxes Now

Ready to start preparing for next tax season? That’s great. Here are a few steps to help you get started today:

• Schedule the appointment. You can’t get started with an experienced CPA until you make the appointment. Schedule it today and don’t wait.
• Get close with your expenses. If you’ve been neglecting in tracking your expenses and documenting your receipts, now’s the time to get caught up.
• Retirement plans make a difference. Making contributions to your retirement plan can offer significant tax breaks. If you haven’t started one for your business yet, do it now.

Tax Planning Early For BIG Rewards

Getting a mid-year checkup and starting your tax planning early can provide BIG rewards. BIG Financial can ease the burden and increase the chances of success of your start-up by helping with the accounting, operational, strategic planning and tax areas of your new and existing business.

We have many years of experience with startups and many of us have also have started our own small business. This gives us added insight and experience that is invaluable to the new business owner.

This experience can help us foresee what potential issues you could run into and make adjustments now to make the most of tax season next year.

Contact BIG Financial today and schedule your startup tax review today.

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Tax Filing Tips For Small Business Filing The First Time

First year in a new business? That’s great. It’s an exciting time filled with possibilities, heartaches, and endless learning experiences. And while you’re probably expected to be the jack of all trades, filing your taxes isn’t always one of those skills. Depending on the size and type of your businesses, you can end up spending a lot more time and money learning how to do it yourself than just hiring a professional.

But, if you’re determined to file yourself the first time, there a few tips and tricks you should know to make the process easier. While the U.S. tax code contains more than 3.7 million words, there a few tips that all first-year business owners should be aware of.

Small Business Tax Tips

• Keep Track of Automible Expenses - Especially in the beginning, automobile expenses can be a major liability. When you file your returns, you’ll need to report when the vehicle was used, how much it was used, and how many personal/business miles you put on it.
• Pick an Accounting Basis - As a small business owner, you’ll have to make the decision to prepare the tax returns on the cash or accrual basis. Under the cash basis, income is recognized when received and expenses are acknowledged when paid. Under the accrual basis, income is recognized when received and expenses are acknowledged when incurred.
• Review The Tax Return In Full - Like your teacher always told you in school, read all the instructions. You’ll need to know which questions you need to answer and how to answer them.

CPAs Specialize In Filing Business Taxes

At the end of the day, there are four basic questions you have to answer when paying your taxes.

1. What types of taxes need to be paid?
2. How much do you have to pay?
3. When do you need to pay?
4. And how will you pay?

While these may seem simple on the surface, things can get complicated in a hurry. Here at BIG, we’ve got CPAs that specialize in filing business taxes.

We can help navigate the choices of proper expensing of items, how to legally minimize your tax obligation, and help you to implement proactive tax reduction strategies as the business grows. We can file all required tax returns, business, personal, employer, sales tax, and CAT.

Paying your small businesses taxes for the first time can seem overwhelming. Let BIG’s expert CPAs lend a hand.

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Top Tax Preparation Mistakes A Small Business Makes

Tax season is already a stressful time for most small business owners. Throw in some easily avoidable mistakes and it becomes a full-time headache. Overpayments, lack of tax knowledge, and costly penalties add unnecessary stress to small business owners which can lead to paying more than needed.

From accounting blunders to paperwork nightmares, small businesses can make a variety of mistakes. These can lead to not only overpaying and unnecessary penalties, but can actually leave money on the table. Every year, countless deductions are missed simply because most small business owners don’t know they exist.

Hiring a CPA can help clarify what your tax obligations are, where you’re losing money, and how to maximize tax season instead of fearing it.

CPA Can Help You Avoid These Tax Filing Mistakes

The U.S. Tax Code is over 74,000 pages. There are volumes of the possible mistakes small business owners can make. While it’s not expected that small business owners know these pages, a good CPA will make them work for you. A few of the more common tax filing mistakes a CPA can help you avoid are:

• Mixing Personal & Business Expenses - Personal expenses can’t be deducted if they’re not business expenses. Mixing the two can lead to extra confusion and time wasted.
• Taxable Income - The IRS is not forgiving when it comes to taxable income. If you’re not sure what counts as taxable income, you could open your business up to an unwelcome audit.
• Business Tax Obligations - If you’re not sure what your tax obligations are, you’re playing a risky game. A CPA can help clarify what your obligations are to prevent any surprises in the future.

Professional Business Tax Services In Ohio

If you’re a small business in Ohio, you should know that you may qualify for up to a 75% tax deduction on the first $250,000 of business income. Do you qualify? Our expert CPAs at BIG Financial know the Ohio tax laws inside and out and can find the deductions your business needs.

At BIG, we are consistently ranked as one of the top CPA & Tax Accounting firms in North Royalton and Cleveland. We offer a variety of services for small businesses including strategic business planning, business financing, and business mentoring. If you need reliability and experience, you’ll find it at BIG.

Save BIG by avoiding these key tax preparation mistakes.

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What is a Tax Consultant? Why Do Businesses Need One?

“Do I need a tax consultant?”

That’s one of the most common questions we hear. While we could give you a simple “yes” and move on, let’s put this in perspective. The actual size of the U.S. tax code is 2,600 pages long, but with accompanying explanations and all past tax statutes, that number is pushed north of 70,000 pages.

Those 70,000+ pages hold the tax breaks that your business needs. We don’t expect you to know where to find every single tax break in those pages, but a professional tax advisor would. In addition to that, you’ll be saving money at tax time without pulling out the records to do it yourself. And if you’re one of the unlucky ones to be audited, you can put your mind at ease knowing you’ve got a professional on your side.

While having a tax consultant is in your best interest, there are a few strategies you can implement to help your business.

Top Tax Consulting Strategies For Businesses

Want to take proactive steps that can maximize your deductions? While a tax consultant can get you every deduction possible, here are a few strategies you can use to get started:

• Keep Your Records Organized -- clean books and detailed supporting documentation will ensure you take advantage of all tax incentives and avoid late filing penalties.
• Hire Independent Contractors -- You can exclude them from your employment costs, such as Social Security and Medicare taxes, company retirement plans, and other employee benefits such as medical, life and disability insurance, and vacation or holiday benefits.
• File Your Taxes on Time -- Penalties can come in a variety of forms depending on your entity. Filing your taxes on time can help you avoid these.

Tax Consultancy Services & Tax Return Filing With CPA

At BIG, we can help navigate the choices of proper expensing of items, how to legally minimize your tax obligation, and help you to implement proactive tax reduction strategies as the business grows.

We can also file all required tax returns, business, personal, employer, sales tax, and CAT. When you work with BIG, you are the direct beneficiary of more than 25 years of experience in dealing with difficult business issues from all perspectives. Our professionals have been where you are, as employees and C-level managers, business owners, and consultants, and we understand your position. That helps us put ourselves in your shoes and make the most out of your deductions.

Save big this tax season with professional tax consultants.

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Tax Filing With A CPA Has Huge Benefits For Small Businesses

As your business grows, simply “balancing the books” no longer does the trick. In fact, you could make mistakes that not only cost you this tax season, but can affect the next few years as well. Hiring a CPA to file your taxes has huge benefits for your small business whether you’re in the start-up phase or an established business.

Don’t make the mistake of just hiring a friend or local accounting guy. CPAs have the background, experience, and training to make your money work for you. They are experts in areas that directly impact your business. They know how to perform research and analysis of your finances to find the best tax breaks based on their extensive ongoing training.

Advantages Of Using CPA Tax Experts

CPAs can bring massive tax benefits to your small business. A few of the more popular include:

• Expense deductions - CPAs help you examine your expenses, discovering ways to save money and find deductions that you might have otherwise missed.
• Maximize profits - CPAs can look over your yearly expenses and find areas where you may be overpaying and how you can turn that into a profit.
• Income reporting - Failure to report revenue can lead to trouble with the IRS. CPAs will help you find hidden revenue so that you can avoid fees and penalties.

CPA Services For Small Businesses

BIG can ease the burden and increase the chances of success of your start-up by helping with the accounting, operational, strategic planning and tax areas of your new and existing business. Several of our experienced CPAs have also been small business owners themselves. That gives them added insight and experience that is invaluable to any small business owner.

If you’re looking to maximize your deductions while eliminating costly fees and penalties, our experienced CPAs can help.

Trust the CPAs with BIG to maximize your deductions and eliminate costly fees this year.

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Tax Preparation Tips For Small Business

Tax preparation can be difficult for many small businesses. Between day-to-day operations, marketing your product, growing your team, and customer service, tax prep is the last thing on your mind. Finding time can be hard, but knowing a few tips can make tax preparation a much easier endeavor.

To keep it simple, we’ve organized these helpful tips into five easy-to-follow steps. That way regardless of how what issues your business throws at you, tax preparation won’t be one of them. Keep reading to discover the five simple steps that will simplify tax prep and allow you to focus on the more important parts of your business.

Tax Filing Tips To Prepare Businesses

Tax filing doesn’t have to be hard with these five tips:

• Get organized. By making quarterly tax payments, separating your accounts, keeping receipts, and keeping detailed notes, tax time becomes much less time-consuming.
• Technology makes life easier. By using technology to digitize receipts and utilizing tax software, it cuts down on the paperwork and keeps everything organized.
• Seek a pro. While you could search for hours on a particular topic, it’s easier just to hire a professional. You’ll end up saving money in the long run and won’t run the risk of messing anything up.
• Ask questions. The more you know, the better. If you’re hiring a professional, make sure you understand how taxes affect your business and what you can do going forward.
• Stay up-to-date. By keeping up with current sources and following similar businesses, you can continually learn which will make every year a little easier.

Tax Preparation Services With BIG

While these tips will take you far, professional tax preparation services can help maximize your deductions this tax season. With BIG, you’ll have access to one of the highest ranked CPA & Tax Accounting firms in the entire Cleveland area.

Whether you’re a small business, start-up, or even an individual, we can help. Our experienced CPAs have years of experience and many of even run their own businesses. Our professionals have been where you are, as employees and C-level managers, business owners, and consultants, and we understand your position. We pair this with detailed operational and technical knowledge for a multi-dimensional approach that solves problems from all angles.

Tax preparation can be a breeze by using these tips. For everything else, BIG is there for you.

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How Does CPA Management Consulting Help Your Business?

CPA management consulting can do more than “check your books”. You’ll get help finding hidden assets, overlooked opportunities, and underperforming activities in your business. You’ll discover they find ways to convert problems into opportunities, weaknesses into strengths, and potential debts into valuable assets.

After just a short time with CPA management consulting, you’ll quickly see all of the areas that your business can improve financially and operationally. Now I get it -- you’re probably thinking, “Well that sounds great, but exactly HOW can CPA management consulting help my business?” CPA management consulting can help make the most out of your business regardless of whether you’re growing, changing, or in financial distress. Keep reading and we’ll give you the 10 most valuable things a CPA business consultant can do for your business.

10 Things A CPA Business Consultant Does

While a CPA business consultant can provide a variety of services, here are 10 of the most valuable:

• Turn Around Management
• Forensic Accounting
• Receivership
• Financial, Operational & Strategic Advice
• Business Check Up
• Cost & Profitability Analysis
• Raising of Capital/Financing
• Crisis & Interim Management
• Out of Court Liquidations
• Strategic Loan Partnership Services

While some of these services may not seem applicable to you at the moment, don’t think they won’t ever apply to you. Much like avoiding going to the doctor when you aren’t sick, playing the guessing game with your business can lead to disastrous results.

Cleveland Business Consultants Deliver BIG Results

When you’re looking for high-quality Cleveland Business Consultants, look no further than BIG. We have over 25 years of experience in dealing with difficult business issues from multiple angles. In fact, many of our experts have run businesses themselves so they know exactly where you’ve been and where you’re heading.

The solution to your problem begins with correctly identifying the problem. Our experience allows us to do this most important first step efficiently and accurately. Our end goal is always to deliver the highest value opportunities to you while allowing your entrepreneurial spirit to not only remain intact, but to thrive.

CPA management consulting can help make the most out of your business regardless of whether you’re growing, changing, or in financial distress.

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Crucial Business Start-Up Requirements A CPA Can Help

Starting up a business is no small task. It takes knowledge of accounting, operational, strategic planning and various tax areas. This may seem a little daunting for some of you. Who has time to learn all of that? Fortunately, there is a much easier (and much less time-consuming) way do this. Hiring a CPA can help ease the burden and increase your chances of success. Not to mention, they have years of experience in the exact areas you need to make sure your business starts off on the right foot. Whether it’s advising on crucial tax decisions or hashing out the overwhelming paperwork, a CPA can help reduce the learning curve and get your business moving.

Requirements For Starting A Business

What does it actually take to start a business? Besides a great product, market fit, extensive market research, and a team of passionate people, you’ll also need some of the legal aspects covered. These include: File for a federal ID number Set up bank accounts Register and open employee tax accounts Advise on credit & credit card services Those are just the essentials to get up and running. As you continue to grow, you’ll encounter new issues that a CPA is perfectly equipped to help with.

CPA Services In Ohio

While you have countless options for CPA services in Ohio, you won’t find better than BIG. We’ve had many years of experience with small businesses and many of us have started our own small business. This gives us unparalleled insight and experience that is invaluable to any new business owner. We take pride in our ability to get businesses off to a strong start and greatly increase your chance at success. Don’t leave the fate of your company in the hands of a CPA that doesn’t have experience helping small businesses just like yours. A CPA can help get your business off on the right foot and you won’t find more experienced professionals than with BIG.

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Looking To Buy A Business? How CPA’s Can Help

Looking to buy a business? That’s great -- but where do you start? You need to determine what the legal aspects of purchasing the business are, how to get business financing, and figure out what type of business you want to buy. An experienced CPA can help answer these and questions and more by helping you make a savvy business decision based on facts, not speculation.

A CPA’s usefulness doesn’t end with the acquisition. They’ll also help you determine how to set it up and operate it under new ownership to ensure the business continues to thrive. A CPA can play a critical role in the purchase of a business while taking the accounting burdens off your shoulders.

CPA Benefits In Purchasing A Business

A CPA can play several roles to makes sure that you are making a savvy business decision. Purchasing a business is a long-term commitment and a CPA can help reduce the risk by:

• Analyzing financial reports to determine any underlying issues
• Provide advice on the company’s current structure and the tax implications that accompany it
• Compare past and future debt/equity ratios to understand future earning possibilities
• Verify the company’s assets and debts

These are major issues that can greatly influence the the value of a company that a CPA can help you discover.

Financial Advisory Services For BIG Results

At BIG, we know how important proper accounting is to the success of your business endeavors. Whether you are starting up a new business or have been in business for years, BIG can help you in all areas of business including financial, operational, sales, or personnel based. A few of our more popular financial advisory services include:

• Business mentoring to help you convert problems into opportunities
• Strategic business planning and consulting to help you meet day-to-day and long-term goals
• Business check ups to ensure your business is running smoothly

Hiring an experienced CPA can help you make the best of your business purchasing decision.

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Critical Business Tips To Avoid Disasters

What are the ingredients needed to make a successful business? You need a good idea, a lot of hard work, and a product or service that people actually want. But what happens when the business has been up and running for a few years? The ingredients evolve. You need innovation and growth while avoiding pitfalls and disasters.

While innovation and growth are certainly important for long-term success, most businesses fail due to avoidable disasters. Most of these issues revolve around one thing -- money. Without it, most businesses fail and fail fast. To overcome these disasters, there are a few critical business tips you need to know.

Business Advice For Successful Entrepreneurs

What makes a successful entrepreneur? Keeping your books in check so you can take advantage of that big opportunity when it comes. Finding an experienced CPA is your best bet, but there are a few things you things you can keep an eye out yourself. These include:

• Profit margins. At the end of the day, every entrepreneur is out to make a profit. If you notice your profit margins slipping, take a step back and figure out why.
• Accounts receivable. If you have too many customers with delayed payments, it makes it almost impossible to keep growing. Stay on top of unpaid invoices.
• Cash flow. Plain and simple -- if you don’t have enough cash to get you from month to month, you won’t have a business for long.

CPA Services With Solutions

Running a small business is no easy task. Product innovation, customer service, and time management are all crucial components that push a business forward. At BIG, we know how important your business is to you. That’s why our experienced CPAs not only have years of accounting experience, but most have run their own businesses as well.

Because of this unique experience, we can offer in-depth services that will help your business grow. These include:

• Accounting & Administrative Tasks
• Business Mentoring
• Strategic Business Planning & Consulting

Avoiding financial pitfalls is essential for success and BIZ can help you avoid them.

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