Three Reasons Americans Struggle When Filing Their Taxes

There is a good reason Americans hire more than 1 million tax accountants or small business tax preparation professionals per year. Unfortunately, filing taxes -- on an individual and/or on a company level -- is not necessarily straightforward. In fact, it can be far from it. Why are taxes so complicated? What do individual tax payers and businesses need to know before filing taxes?



There's Nothing Wrong With Asking For Help 

According to Business Insider, the pages of the U.S. tax code has increased by 16,775% over the last 100 years. With all of these tax codes, laws, and nuances, it is no wonder that U.S. tax payers will spend an average of eight hours preparing a single tax form. Moreover, "guess-timating" and writing off tax deductions that you are not entirely sure about can result in an audit. If you don't know what you are doing, hiring a professional can spare you audits, fines, and even potential legal troubles.

Company Taxes Should Not Be Up For Discussion 

One of the best accounting tips and tricks (and particularly for small businesses taxes) is to share financial information and tax information only when it's absolutely necessary. Your employees are not Skylar from Breaking Bad, and they are not likely to cover-up shady practices and tax write-offs for you. In fact, employees can earn up to 30% of business taxes collected when they tip-off the IRS. Pay all taxes on-time, and keep financial matters and financial risk management relatively confidential.

In Nearly All Cases, You Need To Pay Taxes 

Some studies show that as many as 47% of U.S. men and women do not pay taxes. Of course, there are reasonable explanations; some Americans do not meet the minimum income requirements, and therefore they are exempt from paying. However, there are a large portion of Americans who do not pay because they disagree with some -- or all -- federal taxes. This is a grave error. Write to your local politician. Vote. Do not risk legal troubles for tax evasion.

What are the best accounting tips and tricks? Hire tax services and professionals as necessary, always pay your taxes, and keep business taxes as private as possible.

How To Pick Up The Pieces After The Recession

Even though the economy is supposedly on the mend, many Americans are not exactly reaping the benefits. In fact, too many Americans are still pinching pennies, living paycheck to paycheck, and accruing even more debt -- instead of getting out of it. These things are not necessarily the direct results of the Recession, however. Ill-advised spending, saving, and financing definitely have something to do with it, too. If you are currently struggling to make ends meet, here are some things you need to consider while managing your money.


Take Some Accountability

Only 25% of Americans ages 30 to 69 use a financial planner to track their spending and savings -- and that number has actually increased by 21% since 1990! One of the simplest accounting tips and tricks -- and yet one of the most important -- is to be conscious of your spending. Keep track of money in a planner or online. Know how much you are bringing in from work (and any other sources of income), and know roughly how much you'll have left after paying monthly bills and going grocery shopping.

Treat Your Savings Account Like Any Other Bill

Whether you are perusing individual or small business accounting tips, there is always a consensus about at least one thing: some savings are absolutely necessary to have. Living from paycheck to paycheck with absolutely zero leniency can easily pose problems, and a savings account (and one that you keep up!) is your defense against that. Treat it like any other bill. Pick an amount -- $30, $50, $100 or more -- and deposit that amount into your savings account every week or every other week, and don't make any exceptions.

Live A Little

Spending money responsibly is like eating healthy. If you always deprive yourself, you're vastly more likely to mess it up. Just like it's perfectly okay to go out to a restaurant, attend a holiday dinner, or eat a cookie from time to time -- these measures can actually help people stick to a healthy diet the other 90% of the time -- the same is true of spending. If you really want a new book, DVD, a new outfit, whatever, treat yourself once every two weeks or once every month. When you know that you can buy a little something extra sometimes, it helps put an end to impulsive shopping and irresponsible spending.

What is financial accounting? How much does it cost to hire an accountant? When managing your money, you don't necessarily need to know the answers to these questions. A professional can help you when managing your money and when consolidating debt. However, as long as you spend wisely, keep track of spending, and treat your savings account like a bill, you should be okay.

You'd Be Surprised What You Can Write Off As A Tax Deduction

Do you have a deadbeat boyfriend or girlfriend? That's great! At least for tax deduction purposes. "Couples who can claim their significant other as a dependent can also use them as a tax break," ABC News reports. The claimant must also pay half, or more, of their partner's expenses.

When it comes down to it, filing your taxes may seem like a stressful and less than pleasant time. With some creativity and luck, you can successfully (and entirely legally!) write off some pretty surprising things. The best tax preparation services share some of the strangest tax deductions.

It's All About That Work-Life Balance 

Want the federal government to pay you to get a babysitter? It is possible, with some caveats. If you take up volunteer work, for example, you may be able to write off the expenses of a babysitter. Any work must be for a non-profit charity, so keep that in mind.

Do You Feed Feral Cats? Apparently, That's Fair Game For a Tax Deduction 

"A couple who owned a junkyard were allowed to write off the cost of cat food they set out to attract wild cats," MSN writes. There is some bad news, though. This particular couple may have gotten pretty lucky, according to top tax services. Apparently, these particular feral cats also hunted the rats and snakes in the junkyard, doing something of a public service for the owners and patrons.

That's One Way To Win Over Customers

One generous businessman attracted new customers to his gas station with a one-of-a-kind promotion. The promotion involved some sales, but mostly just giving away free beer -- and he was able to write it off on his taxes. A small business tax accountant can work wonders. He or she will be able to help you file small business taxes, write off as many expenses as possible, and receive a higher return. The best tax preparation services will also save you considerable time. It takes eight hours for an individual to file their taxes -- imagine how long it might take a business or organization! With an accountant, you don't have to worry about it.

The IRS received 144,103,375 tax returns in 2012 -- and with some surprising deductions. Talk to a small business tax accountant about getting the most out of your business and your quarterly or yearly tax return.

It's Official; People Make Ill-Advised Money Decisions During The Holidays

It's Christmas in July! Retailer and small business celebrations range from simply having sales to decorating storefronts with Christmas trees and reindeer -- and sometimes even snorkeling Santas. Financial risk management firms and certified financial accountants, on the other hand, celebrate Christmas in July by sharing the bizarre, and sometimes even downright twisted, money decisions people all over the world make on Christmas.



'Tis The Season... To File Your Tax Return?



Apparently, some people suck all of the joy out of the season by taking the opportunity and the paid time off of work to file their tax returns, according to The Guardian. "On Christmas Day last year 1,548 people filed their tax return online -– a 40% increase from 2011," The Guardian continues. (Thankfully, these people only make up a small portion of the population. By comparison, there were 144,103,375 returns filed in the U.S. alone in 2012.)



Are Booby Traps A Sound Investment? These Vacationers Think So!



Sometimes even adults aren't very good at separating fact from fiction. Tax accountants reveal that some vacationers spend shocking amounts of money to literally booby trap their home while they are away for Christmas. "Typical precautions include positioning cardboard cut-outs or dummies behind netted curtains, icing steps and greasing doorknobs," The Guardian writes.



Christmas Spending Makes People Desperate



Only a quarter of American households use a financial planner, according to tax services companies. Another one million Americans will hire an accountant for help with taxes as well as some know-how about other top accounting tips and tricks. They may desperately need it, too. According to The Guardian, taking out loans shortly before Christmas is incredibly common. Moreover, people are most likely to take out loans that are immediate and have high interest rates, such as payday loans.



Should you booby trap your home while your away on Christmas vacation? Certified financial accountants can help you answer some of the toughest money questions, and before the true Christmas and holiday season rolls around.

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.

Employer Reimbursement for Individual Premiums

Employer Reimbursements for Individual Premiums

Is this practice allowed?

In the past, some employers have reimbursed employees for the cost of medical insurance the employees purchased through the individual market.  The reimbursements were made pretax.  In this way, the employer sought to provide health coverage to their employees without establishing a group health plan.

Is this still allowed under the Affordable Care Act?

No!  As of January 1, 2014, this practice is no longer permitted.

We strongly advise that you contact your employee benefits advisor or us with any questions or concerns you may have with this change!

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.