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Posts by Mike Allbright

4 Reasons To File Your Taxes Before It’s Too Late

If I could look at your tax file
Without the IRS looking back,
Would you hire me?

If you’ve been filing your taxes for a while,
Then you understand they are due around
The middle of April, typically on the 15th.
(…It actually says Tax Day on Google Calendars…)

Did you know you can file as early as January 29th?
Now with that being said, let’s talk about some
Reasons why you should file your taxes early

  • Reduce Stress and Worry

Let’s be honest here, no one likes doing their taxes
And almost always push it all the way until the deadline.
(which is April 15th of every year…)
Or…
In the back of your mind,
You know might have to pay a penalty.
That there’s a possibility you may be getting audited.
What about having your assets seized?

Needless to say, having your taxes done in an appropriate amount of time
Can definitely reduce some stress and concern

Which leads to my next point…

  • Late filing fees

It’s already bad enough that you have to pay taxes,
Why would you want to pay some more fees with those taxes?

“The late filing penalty is 5% of the additional taxes owed every month
(or fraction thereof) Your return is late, up to a maximum of 25%.
If you file more than 60 days after the due date, the minimum penalty is
$205 or 100% of your unpaid tax, whichever is less.”

I don’t know about you but I definitely don’t want
To be paying more than I have to.

  • Obtaining financing

Are you starting a business?
Or just launched your start-up?

You’ll have difficulty obtaining financing if you can’t provide your
Financial institution with current income information.
Assessment Notices from taxation authorities give banks more assurance that the income claims you make are true.

As well, if you haven’t filed your current income tax returns,
What hidden tax liabilities exist?
What is the state of your record-keeping?
How do you run your business without adequate financial information?
Your bank may hesitate to loan you money
Or refinance under these circumstances.
These are some things to think about
When you are in a position to obtain any financing for your business.

  • Quicker return in refund

While the IRS is still getting back
To the swing of things regardless of the limited staffing;
State tax authorities are prepared
To process state income tax returns and to issue refunds.

Imagine if you filed your taxes on the early date, January 29th,
You would actually be receiving your refund
Right about the time you read this article was written.
(…yes it can be that quick…)

Now if you get easily distracted on getting organized
You can check out another post I made here.

It’s proven that if you file your taxes early
You are more likely to actually see a more
Positive return, than if you filed late.

IRS data shows that taxpayers who file by late-February get significantly larger refunds than those who file later—around $200 on average. (1,2)

On account that you know you are receiving a refund.
If you know that you are not receiving a refund,
Then this actually allows to speak with a professional
(…I wrote on who to look for here…)
And allows you to structure a plan of action to pay your taxes.

Read more

Make Your Tax Guy Your Best Friend

When you hear about taxes and accountants,

The imagine that comes to mind
Is someone who sits behind a computer all day
And crunches some numbers.

You also picture someone like Mr. Scrooge,
Who is just trying to squeeze every dollar from you
So they can pay their taxes too. (ironic right?)

Not every tax person is like that
And I want to share with you a key difference
To look out for when you are in search
Of tax or any financial assistance.

There are 2 types of accountants:

Reactive and Proactive Accountants

A reactive agent is one who waits for you
To send your financial information over
And then starts to prepare your taxes.

A proactive agent asks you to visit the office
With a dedicated time and asks a million
Annoying questions about your life
And your financial situation.

That’s the guy you want. 🙂

To truly save money on your taxes,
You want someone who is proactive.

A proactive agent recognizes that the best way
To cut out tax bills is to plan ahead.
(Think battle strategy on how you can win)

This agent is not really wanting to see you in April
To talk about last year’s taxes.
Instead, they would want to see every January
To have in-depth discussion about your finances,
Your upcoming changes you might see this year,
Any major changes in your life,
And your plans for the future.
(… really knows your situation)

Once they have this information you shared with them,
They can give you a definitive action plan
With the necessary steps to cut down your tax bills.
They point you in the right direction
With a detailed map of the route you should take.

Despite what you may have heard,
Accountants are normal humans
Just like you and I. (…mindblown)
If you don’t make any effort to get your tax situation sorted out,
They probably won’t give any effort either.

If you took the time and scheduled an appointment,
Discussed your tax situation with a professional
And then a detailed plan is given to you to get it fixed…

Who would be to blame?

The biggest part is to avoid procrastination.

These accountants can save you hundreds, thousands,
Tens of thousands, and hundreds of thousands, of dollars.
Make sure to do your part and follow the plan. 😉

So… I know you’re asking yourself…

“How do I find this guy who can me a butt load of money?”

You can search online for ‘local tax consultants’,
Ask a family member,
Ask a friend if there know anyone,
Or even at local networking event.

Honestly, you won’t know until you start talking with people.

When you meet one…
You need to ask them the steps
they will take to handle your taxes.

If they don’t mention a review on your finances
For the purpose of not making any recommendations,
You might want to move on to the next candidate.

Remember, you want someone who is looking out for your wallet too.

Your Tax Clean Up Guy Out

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The “I need help with my taxes” guide

Have you tried to file your own taxes and it just never worked out?

Organizing your taxes can is like doing the dishes…
You know that they need to get done,
But for some reason you let them stack up

And now you have a sink full of dishes.

Nobody wants a sink full of dirty dishes.

But it must get done.

If you get easily distracted when doing your taxes,
Check out my tax guide here.

What I want to share with you today

Is the different types of professional assistance

You can get for your taxes.

Is it ok that I share that with you?

Great! 🙂

You will definitely want someone who is knowledgeable,

An expert with tax specializations

And most importantly looking out for your best in your budget

Let’s talk about the various types of professional you can seek out.

  • Tax Preparer

Tax preparers are persons that are highly trained and educated. They have no authority to represent clients before the IRS (except regarding returns they prepared and filed). This is like knowing a really good car mechanic that won’t overcharge you for just looking at your car.

  • Enrolled Agents

Compared to tax preparers, an enrolled agent can show you your taxes with an assessment. These are your advanced tax professionals. Enrolled agents are subject to a suitability check and must pass a three-part Special Enrollment Examination, which is a comprehensive exam that requires them to demonstrate proficiency in federal tax planning, individual and business tax return preparation, and representation. They must complete 72 hours of continuing education every 3 years

Enrolled Agents are like personal trainers, they will stick with you the whole way to get the results you want.

  • Certified Public Accountants

Licensed by state boards of accountancy, the District of Columbia, and U.S. territories. Certified public accountants have passed the Uniform CPA Examination. They have completed a study in accounting at a college or university and also met experience and good character requirements established by their respective boards of accountancy.

CPA’s not only can help prepare your taxes, but also help you save on taxes. They can be a little pricey at times, but a good one can help you understand the in’s and out’s of the tax system legally.

And, now you’re probably wondering…

“What about attorney’s?”

Well.

Attorney’s are definitely an important part of the process, but they aren’t ALWAYS necessary.

There’s two major cases in which you should seek out an attorney:

  1. If you’re seeking legal action against the IRS.
  2. If your case would be classified as a criminal case

Most importantly…

Find what’s best in your budget because you need something that won’t break the purse strings, but will also get back on track to achieve the financial goals that you want.

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Tax Guide For The Easily Distracted

To be simple…

No one likes doing their taxes

So why do so many Americans put off doing their taxes until April?

Organization and Procrastination

“It’s that time of the year, AGAIN?”

Use this simple process, and you will be ready for Uncle Sam.

There’s still 2 months until you have to file your U.S. tax forms,

But that’s exactly why now is a good time to file.

“I still have some time.”

“I’m not sure if I’ll even get a refund.”

Most adults would rather watch paint dry, then file their taxes.

Here’s some tips on how to make…

Taxes less taxing (pun intended)

  1. Set up a folder (red, black, blue) or a box (empty cardboard box) Where your tax forms go (receipts, invoices, 1099s, W-2,…)
  2. Find a buddyNOT saying you should share all of your tax information with everyone that you know, but you have friends that have to get their taxes prepared too. Find out what helps them sort their taxes and maybe send a referral or pick up some other tips
  3. Find a Pro – You know that box or folder that you continuously put receipts, statements and invoices in… you can bring that box to a professional and they will help you with your needs. If the IRS is calling or sending you mail, seek a professional.
  4. File Online – There are many places that you file online, Turbotax being the most popular of the online platforms. It’s easy to use and you quite literally just input your numbers from all your tax documents.

Even though this seems really simple, there are still a lot of people out there who don’t file their taxes and end up owing thousands of dollars.

Small as it may seem, but having a system where you put all your forms and documents in for tax purposes can really save you on time.

Time that can easily be gained back by having a box for your receipts.

I bet that you didn’t know that you have a friend that knows a friend of a friend that is in the tax business. Someone who could be in your same situation is getting help and you simply didn’t ask for help.

Seeking a professional is always the best type of advice you can receive. A professional is exactly that; someone who has spent an extraordinary amount of time to learn about this and made a living out of it. (100% true)

Hope that these tips are helpful….

They certainly were when I first started down this path.

Have problems with the IRS because of not filing?

Check out my

5 Secrets that the IRS doesn’t want you know if you’re a non-filer

If I could look at your tax file,
Without the IRS looking back.

Would you hire me?

Your Tax Clean Up Guy

Read more

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EU VAT CHANGES FOR 2015

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.

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USES OF FINANCIAL REPORTS

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures.

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FUNDAMENTAL ACCOUNTING

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that

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