accountant

Five Things You Thought Your Accountant Was Doing

Five Things You Thought Your Accountant Was Doing

Accountants are smart, hard working, and they basically do everything for you, right?

Well, yes and no.

Typically your tax accountant (maybe you call them an EA or a CPA) is focused solely on filing your federal and state income taxes. This means there’s still a lot of “financial admin” you’ll have to take care of on your own to keep your business running.

Here are five financial tasks you’ll need to get done to keep your business running smoothly.

You’ll need to take care of these yourself or commission your accountant to do in addition to tax filing.

How to Get Out (and Stay Out) of Tax Debt

If you owe taxes to the IRS, but you don’t have the money to pay them, it can be an overwhelming feeling. That sucks. But the good news is, you can totally come up with a plan to pay it off. The IRS is good like that. As scary as their certified mail notices can be, they definitely want you to be able to settle up with them.

Tax Strategies for Entrepreneurs

Tax Strategies for Entrepreneurs

Tax season is in full swing. And in celebration of today's tax deadline (March 15, 2017, is the deadline for filing 2016 S-Corp and partnership tax returns, or extensions, 2017 S-Corp elections, and 2017 Section 475 elections), here are my tax strategies for entrepreneurs. 

Why You Need Year-End Tax Planning with Your Accountant

Why You Need Year-End Tax Planning with Your Accountant

Full disclosure: I'm not an accountant. I just get to hang out with them, which makes me dangerous to myself and others. This isn't tax advice. It's advice to seek tax advice.

We should all show our accountants some love. They bust their asses reading, interpreting and applying the tax laws. They file our taxes. They walk through the fire of dealing with the IRS and other tax authorities. And they help us at the end of the year with tax planning.

Accountant vs. Bookkeeper. Know The Difference.

Accountant vs. Bookkeeper. Know The Difference.

Not all accountants are bookkeepers and not all bookkeepers are accountants. Each play a role vital to your business.  Both bookkeeping and accounting rely on each other and share a common goal, but the processes for each varies.

Enrolled Agent vs. CPA. Know The Difference.

Enrolled Agent vs. CPA. Know The Difference.

When I started my career in consulting, I started to meet people with the title Enrolled Agent. As if the tax code isn't confusing enough, I discovered another layer of WTF when it came to the people who help prepare and file tax returns. Which lead me to ask myself, "What's the difference between an Enrolled Agent and a CPA?"