Our Top 5 Tips To Make The Most Of Your Accountant!

Ever wondered what else your accountant can do to help your business grow? Whilst we know that Accountants can do our income tax, help us with your BAS, GST and PAYG there are a variety of other things that your Accountant can do that you might not know about.

Leverage their knowledge

Accountants who are engaged by small businesses tend to have a greater understanding of their business needs. Chat to your accountant about ways you can make your business better or discuss a challenge you may be having and stay in touch. Accountants have a holistic view to business and can share insights you might be unable to see so close to the centre of things and by staying in regular contact you provide them with the opportunity to provide you with insights and recommendations along the way.

Recognise your strengths (but also the things that limit you)

Simply put, know what you are good at. Outsource non-core components of your business to people who can get it done quickly and easily rather than burning hours that could be spent on revenue-generating activities. By knowing what you are good at you can ensure that you are leveraging your skills and expertise to generate revenue, and allowing an appropriate amount of resource to those things you don’t do as well.

Help us help you

Use your accountants checklists to help you prepare for your appointments, by being prepared you eliminated the need for follow up, delays in your work being finalised and it helps your accountant to make the most efficient use of your appointment time.

Plan, Review, Plan

If you have plans for world domination discuss them with your accountant, it not only creates the opportunity to gain useful  insights into ways you can implement these plans in your business but by involving your accountant in your business planning, they can help keep you accountable to your goal (and help you adjust the course along the way).

Make sure you have the right one

Do your checks and make sure that your accountant is skilled in the areas you know you need. Choose one who not only understands your industry but also has worked with small companies in your sector before.  By matching your accountant to your business, and establishing a great working relationship you provide the opportunities to your accountant to really add value over the longer term

Not getting the most out of your present accountant? If you need a chat about your situation, feel free to contact JSM Accounting and one of our friendly staff can assist you.

Contact us online at www.jsmaccounting.com.au call us on 1800 CALL JSM or simply pop into our store located at Town Square, Redbank Plains.

Benefits of Outsourcing Taxation Services in Your Business

Filing of tax is a monotonous and time-consuming job. However it is an essential activity for all business owners, but the burden of preparing and computing the amount you must pay need not be yours to bear. Nowadays several reputable companies offer taxation services in Brisbane for certain payment. Getting the services of a trained tax agent is a strategy that would transform your outflow, but the benefits that you get in doing significantly offset the operating cost that you might deserve.

Here how!

Minimise the errors

The internal revenue service resources a list of the general tax errors. The list includes computation errors while determining the taxable income, entering payments on the wrong line and simple math errors. However, your error can setback any refund because of you.  In case you create any mistake results in tax liability, interest and fines increase from the date you filed the taxes. While no tax professional is perfect, the chances of making a simple mistake on the return are decreased if you hire expert taxation services in Brisbane.

Professional Tax Advice

 The tax rules are complicated to understand. Outsourcing tax professional will help you to search for deductions and credits. Moreover, they can also provide you with advice on specific tax issues. For illustration, you may be qualified to use both a tuition deduction as well as education credit, but you are only permitted to use one. A tax expert will help you to make your mind up which one to obtain the deduction or the credit.

Head off Adverse Consequences

When you sign your tax return, you state that the information is correct and accurate to the best of your knowledge. If the Internal Revenue Service (IRS) examines your return and discover errors, you could face potentially legal severe penalties. However, if your return will prepare by the tax specialist, it will add a little safeguard to the potential liability.

Save Your Money & time

If you complete your tax return yourself, it will take approximately two days for achieving every year. It includes record keeping, completion of forms and submits of return.  In case you turn to tax professional for your return, they will considerably reduce the amount of time spent on the taxes and possibly save yourself from stress and anxiety. A tax preparation company will save your money on your tax return. They will recognise all possible deductions and credit for which you are eligible.

Peace of Mind 

Year after year of tax filings, there is nothing else that will afford you with the peace of mind that you achieve from hiring a tax agent. Your certified tax preparer will be familiar with your tax circumstances, which save them preparation time every year, assist you in case of an audit, and stumble on your deductions and credits that decrease your tax accountability. If you know your taxes have been filed appropriately every year is the best approach to get relieves from stress and eradicates any worry about filing.

Outsourcing tax preparation services in Brisbane is essentially for offering overall business relief from the tax preparing functions of the business and focus on administering and running the business. Rather than working for bookkeeping record and other transactions, you can redirect your hard work into leading the company into the right path.

How to Start your own Tax Preparation Business in Gold Coast?

Most of the tax preparer experts discover that their passion lies among serving others, going over and ahead to pledge most approving tax outcome potential for families in their area. Sometimes this oblige show the way them to carry out an independent tax business of their own. So if you are planning to become a solo consultant or starting your own business of Tax preparation in Gold Coast, then we are here to direct you the procedure from start to finish for establishing yourself as professional for Tax Preparation.

Have a look on fundamental steps that you need to consider-

 Needs of Local, State and IRS (Internal Revenue Service)

The first step you need to register your business with your state. The best way to register your small business is by filling a form of Doing Business As (DBA) with their state. Moreover, you can form a Limited liability company (LLC) that register your company with the state. When you take the first step towards your registration, your state government can also propose you helpful resources to you.

Preparer Tax Identification Number (PTIN)

Those who charge any cost for tax return preparation services need to get a PTIN for business. You need to register and then apply online simply. It is essential to know that your PTIN is unique for every person. Therefore if you hire anyone as a part of your business, then remember that every employee must have valid PTIN. So you must renew your PTIN every year.

Electronic Filing Identification Number (EFIN)

Internal Revenue Service determined that the entire file 11 or more tax returns should be done electronically by tax preparers or firms. Therefore you need to become an Authorized e-File provider by IRS and get an EFIN. Submit your application and follow the given steps to complete any compulsory appropriateness proves. This may involve a credit check, criminal background check, tax compliance check and IRS e-File non-compliance. However, this step may take 45 days to complete, and it is free of cost. After approval, you will get your EFIN as well as an acceptance letter from IRS.

Determine your Business Model

After registration, you need to determine how your business brings in revenue and business mock-up. You must also select the right tax preparation software for your company. Will you offer business, individual or both the tax services? However if you provide individual tax services, then you need to focus on high net worth individuals. If you go for business tax services, then you could become experts in certain verticals or businesses of a specific size.

Starting yourself as a self-governing tax preparation expert is the best way to acquire financial independence unless you are doing full time or supplement your income from another source. If you select right tools, software, a consumerist drive and understanding, you will become one of the leading business firms of tax preparation in Gold Coast.

Finding A Tax Agents in Brisbane

Are you looking for tax agents in Brisbane to get your taxes done, easy & quick? If yes, I help you to choose the tax agent for your business. The most people hire tax agents because of expediency, friendly support &advice, improved tax refunds and self-reliance of knowing that it was done right with no problems.

Let’s have a look at some basics and essential consumer information that you must know before hiring tax agents in Brisbane.

What is a Registered Tax Agent?

Tax Agents are accountants that are extremely expert in complex ways that we practise as well as lodge Income Tax Returns. They concentrate on Income taxes. Tax agents have a high level of training in accounting, appropriate education in tax and law. If any individual provides the service of tax, then he or she must register with TPB. The Tax Practitioners Board (TPB) is a government organisation that manages all tax agents. Every tax agent who is registered with TBP must have their tax agent registration number. They have particular insurance policies that cover indemnity. It means their insurance protects the user as well as their clients against losses. A tax agent can also be a company that provides taxation services like JSM.

Advantages of Using Tax Agent for business

• Paying tax is not a simple task. People have different types of jobs, investments, deductions and life situations for paying tax. Here tax agents help to figure out how to get a tax refund each person deserves without setting off the government.

• They help to find out mistakes or numbers and then fix it. Moreover, they spend less time each year and help individuals if they get any notice from the government.

• The tax code is constantly changing.Every there is a change in deductions, rules and regulations. Therefore you need to read the tax guidelines. Simply hand over your return and other essential information to your tax agent.

Before you choose tax agents in Brisbane, satisfy yourself on the following issues

• Check whether your tax agent has been registered with the Tax Agent board.

• Does your agent understand tax substantiation rules?

•  However, if your tax situation is complicated, will it available to provide you follow up            service in the next year?

• Does your Tax Agent provide any extra services like superannuation and redundancy payments?

• Will your agent help you with any tax office audits which may eventuate?

• Will the agent take action on your behalf on such issues like private ruling requests and amendments to previous year returns?

• You must ask your agents for fees and any hidden charges

• Ask regarding critical dates as well as timings of your return

• Check whether their websites have a proper level of security?

• Reduce your tax liability by using well qualified and registered Tax Agents who are members of the principal accounting bodies. All these bodies need members to go through regular professional development to keep up to date.

5 Tax Tips For Small Businesses

Every business has to pay taxes to the government. While this does take away a good chunk of your profits, it is something that is unavoidable. However, there are ways to save on the taxes you pay the government. A good accounting firm that does taxation in Brisbane should be able to guide you properly in this regard. Below, we look at a few tips to save business taxes.

Mind The Deductions

Many business owners fail to claim the appropriate deductions like rent, utilities, legal expenses, and so on.  Ideally, you should also try to bring expenses to be pre-July 1 like prepaid rent and so on. But do keep in mind that you cannot simply claim a deduction on all kinds of expenses without proper justification. In fact, the tax authorities are pretty strict on the issue. The expenses have to be related to the income you generate from the business.

$20K Instant Write Off

Small businesses can claim a deduction of up to $20,000 on their asset purchases. For instance, if you buy machinery worth $50,000, you can deduct $20,000 from the taxes you owe to the government that year. This is particularly useful for new businesses who may be struggling to generate sufficient revenues during the initial year. The validity of the scheme is usually decided on a yearly basis by the Senate. Since the lawmakers typically see it as a nice incentive for businesses, they always decide to keep it active. Keep in mind never to over-extend your business just so you could pursue tax benefits as this could shave off a good chunk of operating cash saved in the bank.

Income Tax Offset

For unincorporated businesses, the government allows for small business income tax offset. This lets business owners save $1,000 on their tax bill provided the revenues are below $5 million. The benefit is applicable to sole traders. The offsets provide an excellent way for micro business owners to save money during early stages of their growth. Any service offering taxation in Brisbane can help you with the offset.

Super Payments

If business owners wish to claim tax deduction on the super payments they make to the workers, it is very important to ensure that the payments are made prior to June 30 of the year. Else, your opportunity to claim deduction will be lost. Unfortunately, many business owners are not aware of the rule and wonder why they haven’t received the deductions. You need to pay the supers to your employees 28 days after every quarter end. If you miss the deadline in any quarter, the super payments will not be tax deductible. Keep these rules in mind the next time you pay the supers.

Well-Maintained Records

Always ensure that you maintain accounts the right way. When the tax guy comes to check your books, well-maintained accounts will present fewer headaches to deal with. Properly marinated accounts also ensure that you are able to easily claim deductions and do not miss out on any of them.  

6 Tax Deductions You Can Claim As A Small Business Owner

In Australia, small business owners can get many tax deductions that will ensure that your profits remain with you as much as possible and not with the government. Any service offering tax preparation in Gold Coast will be able to help you identify and take advantage of such deductions. Below, we look at six tax deductions you can claim as a business owner.

Travel

If your business pays for travel expenses of employees, then you can claim such expenses as tax deductions. This will include things like train fares, bus fares, airline tickets, taxi charges, and so on. For overnight travel expenses, keep written evidence of all fares. If travel extends to six nights or more, make sure to have a diary that records all the business activities undertaken during the period. Meal expenses and accommodation costs of overnight business travel are also eligible for tax deductions.

Assets

When it comes to assets, business owners can claim an immediate deduction for the portion of the depreciating assets that cost $20,000 or less. For other assets, you can combine them into a business pool and claim a defined percentage every year over time. However, if the balance of the pool is less than $20,000, you can immediately make a claim at the end of the year.

Repairs

For businesses that use a lot of heavy machinery, all costs like repairs and maintenance can be claimed as tax deductions. Any good service doing tax preparation in Gold Coast will sort out the repairs which are eligible for deductions.  This usually includes things like conditioning gutters, painting, machinery repairs, electrical appliance repair, plumbing maintenance, and so on.

Home Business

If your business is operated out from a home, you can claim a number of tax deductions. For one, occupancy expense like mortgage interest, rent, land taxes, house insurance, council rates etc. are all eligible for deductions. Similarly, running expenses like electricity, gas, cleaning expenses etc. are also tax deductible as per the law. In case you sell off your home, you will have to pay capital gains tax on the business portion of the asset and declare the same in the tax return.  

Motor Vehicle

Many businesses own motor vehicles as a part of their operations. If you too operate a vehicle fleet, you can claim expenses. Calculating such expenses will depend on many factors like the type of vehicle you own, how you use it, the structure of your business, and so on.  

Operating Expenses

Finally, general operating expenses that your business incurs in its daily activities can be claimed for deductions. This typically includes things like stationary expenses, insurance expenses, electricity, internet, phone charges, salaries, and so on. Make sure to maintain an accurate record of all such expenses and you should easily be able to claim deductions on most of them. Keep in mind that you cannot claim a deduction on private expenses. So, if you spend a few hundred dollars from your own pockets for some marketing, then those won’t be considered deductible.