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Monthly Archives: January 2016

Individuals Still Need Professional Tax Preparers

Individuals Still Need Professional Tax Preparers

Yes, some individuals still need professional tax preparers. When you’re looking ahead to the April 15th tax deadline, you’re always faced with the important decision. How do I get my taxes taken care of so that I have one less thing on your plate? Many have turned to tax software which is successful for some. For others it has proven complicated and at best, disappointing. The alternative is to have your taxes done by a group of professional tax preparers. We can dot every ‘I’ and cross every ‘t’.

The most common objections an individual might have  to working with professional tax preparers is that the cost. Taxpayers fear that the fees will be too high or the frustration too great. After all, if you have a simple W-2, there’s no point paying a professional to do it for you, right? Wrong! Business and Financial Solutions has seen time and time again. important details fall through the cracks. Deductions are lost, and credits missed. What’s more, even with a simple tax return, avoiding errors can be the difference between peace of mind and an audit just around the corner.

Various polls and studies have shown that even among highly intelligent Americans, the average citizen does not have the knowledge and expertise to reliably do their taxes properly. And in most cases, they do not have the time and resources to learn.

Though we’re headquartered in Rockville, MD and situated close to various federal agencies, BFS proudly serves clients in all 50 states. The differences between us and some of the larger firms are stark:

  1. More hands-on approach—a smaller team means more personalized resolutions
  2. Less overhead—being a small firm means that we are able to focus on what counts: quality service for the lowest viable rate.
  3. Credibility and experience: The expert tax preparers at BFS are seasoned Accountants, CPAs, and Enrolled Agents. We have a passion for quality and service.

Our mission is to work with you and provide the best service possible based on your budget. More complicated individual tax returns may require more work. But even simple ones should be filed with the surety of knowing that they’ve been done correctly.

When weighing the idea of self-prepared taxes, individuals consider the cost of software, the time and effort from your busy schedule, potential repercussions that come with the filing of any income tax return and the almost yearly changes made to the tax code. Is this a job that you really want to take on yourself, or would you better benefit from the services of a professional?

Remember that April 15th can sneak up on you. Whether you self-prepare your tax returns, or get them prepared by a professional, do not procrastinate. Filing returns late can be costly, and add additional stress to your already busy life style. Even professional tax preparers require time, in order to performs this task efficiently.

Individuals Need Professional Tax Preparers

Give us a call today at 855-557-2222 or email at info@bfswebsite.com

Germantown | Somerset | Gaithersburg | Perry Hall | Washington DC | Laytonsville MD | Bethesda | Wheaton | Rockville

Does your small business need a “Virtual CFO”?

Does your small business need a “Virtual CFO”?

One tell-tale sign of a thriving company is the influence of a smart Chief Financial Officer on staff. This person carries the heavy burden (and even heavier salary) of managing budgets and advising on all matters fiscal. At Business and Financial Solutions, we’ve seen business rise or fall on the back of their CFO or accountant. Business owners rely on their precision and wisdom. Let us perform the role of as your accountant and virtual CFO.

“I can do it all myself and save money… can’t I?”

This is a common thought that many naive business owners have. The fact is that unless you’re a trained and experienced accountant, acting as your own CFO is often foolhardy. This is especially so if you plan to grow your business beyond the very small. From our perspective, we don’t blame small business owners for taking this risk in an effort to save money. Again, a CFO, or indeed any full-time in-house accountant is extremely costly. And this is usually the only option a business owner has besides doing it themselves.

That’s where niche firms like Business and Financial Solutions come in. Beyond excelling at the “bread and butter” of accounting and consulting, BFS provides its clients with high quality, reliable, outsourced accounting and financial management. This means you can leave your bookkeeping, accounting, and indeed all budgetary management concerns in the hands of experts.

“Why a ’virtual CFO’?”

The reason you need a virtual CFO is quite simple: it’s worth it to have high-quality financial management and advice on-hand without having to pay the extraordinary costs of hiring your own full-time employee to do the same work. Virtual also means being able to work electronically—through email, phone, fax, and Skype with companies and organizations anywhere in the United States. Access to expertise from the people who know what they’re doing without having to pay an arm and a leg is the calling card of specialized accounting firms like Business and Financial Solutions.

Additionally, there is a major factor causing small business, non-profits, and start-ups of all varieties to turn to CFOs. And that factor requiring such advanced accounting firms is control. Regular CFOs have incentives and motivations to occasionally “butt heads” with company leadership. With BFS, we take on the role of advice, management, and nuanced workload of a CFO. But we never intrude upon your control and sovereignty you’ve worked for as you’ve built your organization. Outsource complex work without outsource your leadership and control. That’s the brilliant win-win that comes from working with virtual CFOs like BFS. Call us now at 855-557-2222 or email us at info@bfswebsite.com Though we have offices conveniently located in Frederick, MD, Rockville, and Vienna VA, we proudly serve clients from all 50 states.

 

Hagerstown MD | Frederick MD  | Woodsboro  | Mt. Airy | Myersville | Harper’s Ferry | Charles Town WV

7 Reminders When Filing Your Business Taxes

7 Reminders When Filing Your Business Taxes

Been a successful year for your business? Been a rough year? The IRS doesn’t really care. They want their money and they want it soon. Luckily, filing taxes for your business doesn’t have to be difficult. We make it easy, whether you’re out in the plains of North Dakota, or your near the nation’s bustling capital in Rockville or Frederick, Maryland. Taking care of your business means being smart.  from every perspective, when filing your business taxes. When filing business taxes, you should include:

  1. Double check your deductions

Whatever expenses relate to your business should be carefully documented. And they can certainly add up in any given year. For instance, standard mileage rate deduction was 56.5 cents per mile in 2013. Have you looked at office supplies? What about upgrades to your equipment? It’s important to not let possible deductions fly under the radar.

  1. Include your business use of home office expenses

Remember that it only “counts” as a home office from the perspective of tax collective agencies if the area in question is utilized exclusively for business activities. Therefore it must be a true dedicated home office. That being said, this can be an important and fruitful deductions as you file your taxes.

  1. Business travel and auto

Don’t forget to include deductions related to travel. Even if it’s just meeting a client for a business lunch, it is deductible. If you work right out of your home then typically auto expenses may not qualify. But any traveling you do related to your business certainly is worth deducting.

  1. Utilize tax deferred retirement accounts

You won’t be able to deduct contributions you make to a Roth account because it’s taxed the same year as the contribution. However, a traditional IRA is tax deferred. And therefore contributions can be deducted. And these may potentially lower the amount of money that you’re paying in taxes for the contribution year. Besides from being useful from a tax perspective, there are many important financial reasons why making contributions to a tax-advantaged account of any kind really pays off.

  1. File for an extension (but beware)

An extension to the filing deadline gives you more time to prepare and plan and moved the date that you must file by, but it doesn’t change how quickly the payments are due. If think you will owe money, it’s best to determine an approximation of how much you will owe and send that money along with the extension to avoid interest and penalties. Our recommendation is to make sure that you look at extensions as a useful tool, but not something to be relied upon.

  1. A business should work with a reputable accounting firm

You may have a “great” piece of software or a “really smart” friend, but at the end of the day, having your taxes done properly is not an area where you want to cut corners. Work with a reliable accounting and tax preparation firm like Business & Financial Solutions who offer value rates for professional, air-tight, tax preparation, business consultation and accounting. Business & Financial Solutions values your business, and wants to add value to you business through excellent services at competitive rates.

  1. Time is of the essence…

If people truly understood how little time they had…for everything, they wouldn’t delay or procrastinate one more hour. Murphy’s law reminds us that things will go wrong, especially if we don’t allow for extra time. We have offices in Frederick and Rockville, MD, as well as Vienna VA. Give us a call now at 855-557-2222 and let yourself rest easy as you move into the new year.

Rosemont | Redland | Montgomery | Hagerstown | Thurmont MD | Bethesda | Vienna VA | Washington DC

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