Monthly Archives: February 2016

It Is Better To Give… Less to the IRS

Discovering what your refund is going to look like… is like opening a present. Except there is a lot more anxiety and paperwork. The one good thing about tax time (we hope) is getting that fat refund. You know… money back into your account. So how can I maximize my tax refund? At the very least, we want to make sure we don’t end up owing any money. Let’s start with the obvious–the number of exemptions you claim will matter. Following your financial adviser or CPA’s advice, if you have one, is always best. So is simply following the instructions. Fine print can go a long way in explaining how many exemptions you should actually claim.

Deductions, deductions deductions! There are more available than you might expect (though there will always be a hard limit on how much you can deduct–even if more could quality). Claiming deductions comes down to asking yourself questions. Do I own a home? Do I have children? (you should know this), Have I paid interest on student loans? Did you move recently to take a new job? Basically, claim all deductions. How do you know you’ve done it right? Rely on the careful analysis of a professional.

In 2013, the average refund was about $2,600. Now, do you think you can beat that? For many of us, even half of this amount would be desirable. When discussing the issue with a professional, it’s important to note that refunds can be used by the IRS to pay against overdue back taxes. If you own or are a small business, it is particularly useful to consult with an accountant who is experienced and skilled. Small businesses account for a very large proportion of taxes owed to the government

Getting the largest refund possible also means making sure you’re not paying any penalties you shouldn’t have to. In order to get the best refund possible and take complete control of your tax situation call a specialized accounting firm like Business and Financial Solutions. We’re structured to keep overhead low so you can get higher quality tax consultation for less.

Financial Adviser to Maximize My Tax Refund

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 client from all 50 states.

Should I Use Free Tax Preparation Services?

You know someone who can do your taxes for free? That’s great!—Maybe you even qualify for a free tax preparation services. Dale Carnegie’s magnum opus declared that a person’s own name is among the sweetest sounds for them to hear. One can’t help but argue that “Free” has got to be a close second. Let’s face it: everyone likes the idea of getting their tax preparation done free. And many will qualify. There are several types of options if you’re willing to do a little research…

There are a number of non-profits and government agencies that can provide resources related to free or discounted tax preparation. For example, the main IRS page points out that VITA (Volunteer Income Tax Assistance) program “offers free tax help to people who generally make $54,000 or less, persons with disabilities and limited English speaking taxpayers who need assistance in preparing their own tax returns…” Similarly, the TCE program offers free tax help to many individuals, especially those over 60 years of age.

In recent years, we’ve even seen an expansion of state agencies collaborating with nonprofits to start free tax filing websites. So besides from VITA and TCE, what are your options? Well the AARP offers some help in the form of several resources such as the Tax-Aide Site Locator. All of these programs and resources have their benefits, and certainly all of them can help you save a pretty penny.

However, when you have a complicated or urgent tax situation that you need to make sure is resolved correctly, it can be frustrating or even impossible to wait for oft-overwhelmed non-profit organizations or sluggish government agencies. While pessimism is best avoided, it’s important to also be realistic. Even if you qualify for one of several programs that can help you file your taxes and save some money, these programs are typically on a first-come, first-serve basis—not everyone who applies will be helped. This is an important fact that is naively overlooked all too frequently.

Free Tax Preparation Services?

At Business and Financial Solutions, we take a solid stance that when you have the time, you should research these programs and more fully to learn what you qualify for and if they’re right for you. For those who don’t qualify, don’t want to wait, or don’t’ want to take the risk of something going wrong, our mission remains to offer affordable tax preparation services for everyone else.

Call BFS at 855-557-2222 or email info@bfswebsite.com and find out more about how we can make tax preparation easy!

We have offices located in Rockville, Frederick, and Vienna Virginia and proudly service clients in all 50 states. Call us now at 855-557-2222.

Your Bookkeeping Assistant

Self-employed or own a small business? Then you know that a major burden that comes with the hectic lifestyle is the grind of accounting and bookkeeping. Unless it’s your passion, keeping track of dollars, charts, tables and graphs—is either overwhelming or tedious. Hiring an in-house accountant isn’t always feasible. And there’s usually not the time to give the matter the attention you want when you have a business to run. Even with QuickBooks: the relatively user-friendly software can be a Goliath to the average person. This is applicable, especially when they want to utilize the program to the best effect. Let Business & Financial Solutions be your personal, yet professional bookkeeping assistant.

We provide the accurate and reliable bookkeeping and accounting you would expect from a professional full time accountant, but at a fraction of the price and without the energy and effort required to train a new hire. As a team of well-trained Enrolled Agents, CPAs, and accounting experts, the agents of BFS specialize in offering this important niche service for your business to streamline your day-to-day workload and make things easier for you.

A recurring problem for managers who try to hire a bookkeeping assistant to reduce their daily workload is affordability. Most of the affordable individuals offering their services in this manner are little more than data entry clerks. Entering values into fields is certainly a huge chunk of this work. However, a business owner can only have true peace of mind when the person managing their books has the knowledge and observation that comes from specialized accounting, training and experience. In short, BFS is your way to get accountant-quality work for a price closer to an in-house data clerk. By reducing overhead and maintaining a streamlined process, BFS is able to keep costs down. And we do this without sacrificing quality or accuracy.

BFS proudly serves all 50 states and has physical offices in Vienna VA, Frederick, and Rockville MD. Beyond bookkeeping, BFS can assist your company with experienced bookkeeping, tax preparation and accounting services. We can help with filing amended income tax returns and show you how you can take care of back taxes and get on the right track with the Internal Revenue Service and state taxing entities. Learn more by calling us now at (855) 557-2222, or email us at info@bfswebsite.com.

Personal Bookkeeping Assistant