Do You Qualify For These Weird Tax Exemptions?

There are approximately $5 million dollars worth of tax exemptions ready and waiting for Americans who are lucky enough to qualify for them. (That figure is up from $1 million just a few years ago.) Taxpayers have plenty of time to prepare for next season, and -- with that in mind -- the best tax preparation services know that it can be helpful to be familiar with all legitimate tax deductions, even the weird ones. Starving Artists Are In Luck! According to tax accountants, you can get a sizable tax deduction simply by being an artist who is a little hard up for cash. Be warned, though, that the qualifications for this particular deduction get very specific. "Performing artists get a deduction for expenses they incur while employed under certain circumstances, which seem almost ridiculous in their specificity: They have to have at least two employers and receive at least $200 in income from each; job-related expenses are more than 10 percent of income from performing artist jobs; and their adjusted gross income cannot exceed $16,000," The Fiscal Times explains. Can You Write Off Body Oils? A quarter of American households use a financial planner to map out their budget. If you are a professional body builder, tax services recommend keeping track of every expense -- large and small. Why? Professional body builders can actually write off any body oils they use prior to competitions, The Fiscal Times continues. Let The Government Help Pay For You To Quit Smoking Quitting smoking may seem like a smart move for managing your money -- and now you can get the government to help you pay for it, too! If you can get your doctor to officially state that smoking is not good for your health (hint: that shouldn't be difficult), the IRS will reimburse you for any cessation aides, patches, products, or programs. What are the top accounting tips and tricks? Americans hire one million accountants, including some best tax preparation services, with good reason. These tax preparers recommend getting any legitimate deductions that you can -- whether that means quitting smoking or cashing in on being a starving artist.

How to Handle Small Business Taxes

It is estimated that Americans spend around $28 billion dollars a year filing tax returns in the United States. If you own a small business, that money might seem like it could be better used somewhere else; why pay someone when you could do them yourself? But the truth is that hiring a small business tax accountant or financial analyst can have more benefits than simply completing your small business taxes.
Around a quarter of all Americans between the ages of 30 and 69 have a financial planner to manage their assets. This means that a quarter of all Americans are making a smart financial choice, because certified financial accountants and financial analysts help with more than managing your money; in addition, financial advisers help companies and individuals organize and analyze their finances for better financial success. By hiring an accountant for small business taxes, you won't simply file your taxes; instead, you will have an accurate record of all your financial data. This data can then be used in the future, with help from these same tax services, to make better business decisions. This means that your company could potentially profit from investing in financial services.
So if you're considering whether or not you should hire a financial expert to help with your small business taxes, examine your choices: you could invest in your financial future by hiring a financial analyst help help with your small business tax prep, or you could be one of the many Americans wasting money by attempting to handle your finances alone. Don't miss out on a better business future: hire a small business accountant today.

Why Does Your Small Business Need an Accountant? Three Reasons....

Did you know that by the third year of business, 44% of start-ups have folded? According to Statistic Brain, some of the top reasons this can occur include having "no knowledge of financing" as well as "nonpayment of taxes."
There is one big mistake many small business owners tend to make when it comes down to tax time -- they don't bother communicating with their accountant (if they have one to begin with). A tax accountant shouldn't just be there for last minute consultations. Instead, they should be a key voice in business operations throughout the year. This is the single best way to avoid becoming one of the 44% before you even know what's happening. What should know about planning your taxes this year? Here are three things you should keep in mind.

1. Having Current Financial Statements is Needed for Lenders
If there's one thing small businesses often need -- especially new ones -- it's money. This means you will need to go to a lender for a loan. If your financial statements are outdated or ill-prepared, you're going to be less likely to qualify for a business loan. An accountant for small businesses can help keep track of information like this.
2. Using Accounting Software Without Understanding the Mechanics Behind it Isn't Enough
There are some great automated tax services out there, but they aren't always enough. As an article in the small business section of Fox.com points out, "throwing data into QuickBooks without knowing the key elements of the bookkeeping process can create some disastrous results, and those results may adversely affect your tax return." It's a good idea to seek a professional's opinion in any area you're not quite sure about.
3. Cloud Computing Can Help You Track Real Time Finances
SmallBizTrends points out that cloud accounting software can help both you and your small business tax accountant better understand your company's real-time finances. This will both cut down on how long you need to spend talking to them, as well as improve your ability to make business decisions based on your current financials. Meetings are more effective when everyone is on board with your current status. Says SmallBizTrends:"One of the benefits is that your accountant gets to know your business. The busy work is already done."
Do you plan on hiring a small business tax accountant? Let us know in the comments.

How Can Your Business Benefit from a Small Business Accountant

In 2011, over 145 million individual income tax returns were filed in the United States. These tax returns showed earnings of over eight trillion dollars for the year. For businesses, the Internal Revenue Service states that over six million tax returns were filed. Many individuals filed their own taxes electronically, but businesses had to spend more time on their filings throughout the year to account for estimations in payroll and profits. This generally means that an accountant for small business is used.

A small business tax accountant takes all quarterly profits and losses into account to make sure that tax payments are complete by the end of the calendar year. Tax laws and regulations for the state are followed when taxes are completed. If you own a small business, then you should know that a tax accountant offers the best tax preparation services. These professionals also provide other benefits to your business.

1. Tax laws and regulations change every year, and the vast majority of these differences effect businesses. A small business tax accountant can verify that you and your business are in compliance with all tax laws. Also, the accountant can explain to you how the variations in the law affect the way that you plan financially throughout the year. With tax knowledge up front, you can change your business model and product prices to account for tax loses that you may incur.

2. A small business tax accountant is knowledgeable about technology and how to implement financial and tax software to assist your business. Computer programs are utilized by accountants that calculate taxes, revenue, loses, and payroll costs. Also, financial software can help to establish a long-term plan for your business. Current financial information used by the accountant can show future outlooks concerning your business. This can help you to see potential problems and issues well in advance that concern your business.

3. Tax accountants can assess your assets properly. This is incredibly important when taxes are filed, because deductions and business costs can be used appropriately when taxes are prepared. Asset assessments reduce small business taxes considerably. Your accountant will use your receipts, financial records, and expenses to provide the best tax outcome for you. Most individuals lose hundreds of dollars each year due to the improper filing of taxes. The same can be said of a business that says no when they ask, do I need an accountant for my small business?

4.Tax accountants can help you network with other businesses. Small business accountants and financial planners work with a variety of businesses. This means that the professionals can be a great asset when you are looking for new vendors, business partners, or clients who are interested in your business. Your accountant also will speak highly of your business after seeing reputable business practices and a good financial outlook.