Category: Business Taxes

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    Five Ways Your Business Can Benefit By Outsourcing for Accounting Services

    alphausr / April 13, 2018 / Business Taxes, Services / comments

    The accounting department’s recording and reporting of cash flow transactions are one of the most important functions of your business. Managing invoicing, cash receipts, disbursements, payroll, budgeting, taxes, and the controls that govern these operations is what keeps your business financially healthy. However, for many small and mid-sized businesses, managing cash flow can be overwhelming. And especially for businesses that operate in multiple locations, inefficiencies and redundancies may result in wasting precious time and resources. Should your business outsource its accounting functions? Here are five good reasons why the answer to that questions should be yes.

     

    1. Reduce operating costs --By outsourcing for your company’s accounting services, you will immediately reduce significant overhead expenses such as benefits, training, hardware and software, and office supplies that would normally be allocated to your accounting department. When you save on these expenses by outsourcing, you can use the savings to reinvest in your company’s operations.

     

    1. Adjust service levels --Outsourcing for accounting services gives you the flexibility to pay only for the services you need -- when you need them -- and not when you don’t. For example, the cost of maintaining specialty accounting professionals on your staff year round is about 30 percent more than having them available only when you need them. As well, as your company’s budget, objectives, or goals change, the accounting services you require may also change. Having service level flexibility allows you to make necessary changes without adding or eliminating staff.

     

    1. Simplify audit and tax filing -- When the IRS, a bank, or other financial institution requests your company’s financial records from an outsourced accounting services provider, the integrity of the data is often assumed to be of high quality. Why? Because it is being managed by professionals who are most interested in doing the job correctly – not quickly – independent of the company’s management. When financial data is of high quality and the professionals who prepared it are of high integrity, audits and tax filings will go more smoothly.

     

    1. Access to experts --When your company decides to outsource its accounting services, you will discover that you are working with professionals who can objectively make financial decisions that strengthen your business. Their objectivity often creates an environment where these same seasoned experts can make helpful recommendations to your company’s leadership that may improve efficiency, save money, and minimize financial risks.

     

    1. Improve operational efficiency –By outsourcing your accounting functions, you can do what you do best: focus your time and attention on growing and running your business. When staff and management have less stress, fewer deadlines, and fewer responsibilities, they’re more productive and more efficient. More goals are accomplished and communications improve. Short of calling it a shortcut, outsourcing for accounting services is one way you can improve operational efficiency by taking some of the financial burdens off of your plate.

     

    Want to learn more about how Alpha Tax can help your business thrive? Call us today at 513-832-0026. We are a professional tax preparation organization dedicated to quality service for more than 25 years. We work for you -- our clients -- not the IRS. We believe in providing accurate, quick, and reliable service. Unlike other national tax preparation companies, we are open year round, available for all your tax needs in any season. We are dedicated to becoming your trusted local tax service.

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    When to Expect Your Refund This 2018

    alphausr / March 13, 2018 / Business Taxes, Fast Refund Products, Tax Planning / comments

    We're in the middle of the first quarter of the year, which means one of the things you're likely thinking about a lot is getting your taxes filed. And after you finish filing your taxes, you'll probably want to know when to expect your refund this 2018 season.  

    Understanding the Filing Process

    To fully answer this question, let's add a little context. This year, the IRS announced that their first official acceptance date was 1/29. That date was for e-File applications. Not that long ago, the only way to file taxes was by mailing in a return. Then once the IRS received your return, a computer had to scan in all the information. Going even further back, the entry was done manually by an office worker.

    Once the return was entered and confirmed, the IRS could mail a refund check back. If that sounds like a long and convoluted process, it's exactly what it was. Fortunately, e-filing has completely changed things. Not only can all tax return information be filed online, but there's now an option for a refund direct deposit.

    Factors That Affect Getting Your Refund in 2018

    For filers who go with the direct deposit option, it can take as little as eight days to get a refund. Just keep in mind that's if everything is exactly in line and there aren't any credits claimed that require extra time to confirm. The official estimate the IRS gives for receiving a refund is twenty-one days. 

    There are two main credits that require a hold by the IRS. Those are the EITC and ACTC. Anyone who claimed either credit and filed before 2/15 had their refund held until that date. Most likely, it wasn't released until 2/27.

     One thing to keep in mind about filing taxes on your own with the use of the software is even though they may claim to let you submit early, your return isn't actually filed with the IRS until the first date of acceptance, which as previously mentioned was 1/29 this year.

     The other issue with using software to file your own taxes is it only takes a single mistake for your return to be automatically rejected by IRS filters and sent back to you. When this happens, a filer has to dig through their return, find their mistake and submit again. That can easily delay how long it takes to get a refund. 

    If you want to work with an experienced and affordable professional to get your taxes filed as soon as possible, we're here to help. We provide an instant $50 check when you file with us. And we can also provide a refund advance of up to $2500. For more information, give us a call in Anderson at (513) 832-0026 or in Georgetown at (937) 378-3111. You can always visit Alpha Tax online too!

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    5 Benefits of Having Your Tax Return Prepared Professionally

    alphausr / February 21, 2017 / Business Taxes, Individual Taxes, Services, Tax Planning / comments

    With a wide variety of software and forms available online, it seems easier than ever to prepare and file your own tax returns. However, this process can quickly get complicated, which why you may want to put your taxes in the hands of professionals. Here are five benefits of having your taxes professionally prepared and filed:

    1. Extra Deductions

    The cost of having your taxes professionally prepared is often offset by returns you didn't even know you were entitled to. Even just the time it might take you to research available deductions and find the right forms to claim those deductions may cost you more in time and effort than it would cost you to simply have Alpha Tax Services handle them.

    2. Speed and Simplicity

    The companies that make tax software do a great job of marketing their tools as fast and easy to use. However, most people who have spent time trying to file their taxes in this way know that the experience often takes much longer than expected. If you are looking for a truly fast and simple experience, there's no match for a knowledgeable tax professional.

    3. Valuable Ongoing Relationships

    A tax professional can not only help you with this year's taxes, but they can also help you plan and prepare for your future. You may have done or not done something this year that could have saved you significantly if you had just done it a bit differently. In addition, a tax professional can help you figure out how to get the best tax advantages for any future plans you may have.

    4. Reduce Errors & Costly Delays

    Something as simple as entering a number on the wrong line or even mixing up one or two numbers can cause you to believe you owe far less than you actually do or lead to significant delays in getting your return. Hiring a professional significantly minimizes your risks of sending in a return that contains costly mistakes or errors.

    5.) Minimize Your Own Liability

    If you are audited and the IRS finds any errors in your returns, you could face serious financial and legal consequences. Although hiring a professional to prepare your taxes doesn't automatically clear you from all liability, it does add a significant level of protection.

    Tax time is generally a dreaded event for almost everyone. However, it doesn't have to be. Turning your taxes over to a professional can not only save you time and potentially a significant amount of money, it can also save you a great deal of stress. Rather than spending your free time laboring over a complex labyrinth of codes and forms, you could spend it doing something you genuinely enjoy!

     

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