Neglected Bookkeeping & Back Taxes

Has it been awhile since you did your business bookkeeping or had profit and loss, balance sheet statements done? Years? Decades? It’s the law: you have to keep financial & accounting records of your business. Your business could be shut down if you don’t.

Our Whittier, Los Angeles based bookkeeping service can get you caught up and legal. And what if you haven’t paid taxes in just as long? Our tax, accounting, bookkeeping service will walk you through the process of going legit.

Paying a bookkeeper to keep track of your business isn’t a business expense. It’s an investment. Not paying one isn’t saving you money. It’s costing you money, and more.

Billing systems, payroll, profit and loss, balance sheets, business plans, and taxes: there’s a lot to know about bookkeeping, accounting and taxes. The rules change all the time. If you’re not an expert in accounting, bookkeeping and taxes, shouldn’t you hire professionals who are experts?

Get a free evaluation today by calling us at 1-877-788-2937.

What Can a Bookkeeping Service Do for Your Business?

• Let you focus on what you do best: run your business.
• Create a budget based on your income and expenses.
• Assess your business and identify its strengths and weaknesses.
• Keep track of who owes you money.
• Create profit and loss reports, balance sheets, and income statements: documents you need to evaluate your business financially.
• Write a business plan for you, a must for soliciting investors.
• Organize your messy records, backing up the numbers you write on your tax returns.
• Help you plan your company’s future.

Common Mistakes a Bookkeeping Service Can Save You From Making

First mistake: trying to do it yourself. If you’re not a trained bookkeeper, accountant or tax preparer, stick to what you know: your business. Leave the bookkeeping to professionals who went to school to study the art and have been doing it for years.

Are you mixing your personal and business finances? That’s a problem. It’s difficult to be sure where your income and expenses are coming from. Mixing finances can mean you miss out lucrative deductions. Our Whittier, Los Angeles based bookkeeping service will keep your business finances separate for you.

Do you reconcile your bank statements every month? Neglecting to reconcile may be costing you money, but you won’t know that until your accounts are reconciled. The bank may even have made an error against you! How will you find out? Let a professional reconcile your backed up bank and credit card statements.

Failing to track reimbursable expenses can cost you big time in lost deductions. Not having a paper backup of your financial information can and will create problems for your business. While keeping track of your accounts online is good practice, always print out your records, too, and keep your receipts. A bookkeeping service will organize all of this mess for you and print out informative reports.

What a Bookkeeping Service Can Tell You:

• Where is your money coming from?
• Where is your money going?
• Are you making a profit, or losing money?
• What does your business future look like?
• What might trigger an IRS audit of your business?
• What solution to a financial challenge should you take?

Get a free evaluation today by calling us at 1-877-788-2937.

Back Taxes / Messy Books

When business owners decide to catch up on their back taxes, it is usually because they have received an IRS notice. Another reason to straighten the books up is that you’re getting married! Or maybe you’re applying for a mortgage. You need years of recent tax returns for that. Or maybe you’re starting a business.

If the IRS audits your business, you must have the financial documents they need to do so. Our Whittier, Los Angeles based tax, bookkeeping, accounting firm know what tax forms you need to file, and when you need to file them. If you miss IRS filing deadlines, you may be fined, or an audit may be initiated.

Without investing in a professional to help catch up on your back taxes, you may not create your financial documents in the way the IRS expects you to, triggering an audit. This is a problem professionals can help you avoid.

If you don’t keep careful books and records, when it comes time to file taxes, you won’t have a clear financials, and you could miss out on many tax deductions. Our bookkeeping & accounting tax firm can prepare your back taxes and negotiate with the IRS about payment due, possibly reducing your debt.

How many years of unpaid back taxes can the IRS bill you for? Ten years from the assessment date. The IRS is like the Big Bad Wolf blowing down your house, your business, your retirement. Your future. They are relentless and powerful. Don’t face them alone.

If the IRS has already struck, garnished your wages and levied your assets, our tax professional, Mike Habib, can help you lift the levy and free up your assets, like your bank account.

When you owe the IRS money for your back taxes, you have several payment options:

1. Appeal
2. Go to tax court
3. Pay in full
4. Pay installments monthly
5. Make no payments at all
6. Make an Offer in Compromise
7. Declare bankruptcy

Don’t let your tax appeal get kicked out on a technicality because you filed it yourself, and you made a mistake. Invest in a professional tax accountant bookkeeper to fill out the forms correctly. When you negotiate for lower taxes, you benefit from the services of our financial professional based in Whittier, Los Angeles County. They’ll put you in a better negotiation position, and this will help you win.

You can’t just ignore the IRS. It won’t go away. Your bookkeeping service can legally reduce your tax bill, account for all your expenses and help you choose the best method for paying off your tax debt.

Your financial service is an asset, and also an ally. Investing in it isn’t just about keeping your business records straight. It’s about being able to meet your goals in life. It’s about being able to go to college someday, or to send your children to college, to buy your own home, to grow your business.

You can’t get to where you’re going if you don’t know where you are. Invest in our tax, accounting, and bookkeeping service to put your best foot forward and to set you off in the right direction.

Get a free evaluation today by calling us at 1-877-788-2937.