Being a brand new business owner typically means you are working on a tight budget. We seek to cut expenses by handling most of the tasks on our own, from construction to marketing, or sales to customer service. However, there is one aspect of launching a startup that direly requires the employment of a professional; and that is accounting.

Not all business owners have a robust background in business finance and accounting. For most of us, this can be the most tedious part of starting up. If you are not fully confident with your accounting skills, seek the services of a CPA or professional accountant. This will prevent your business from suffering from unwanted errors that could affect not only present-day operations but also long-term plans.

Here are among the key things that a CPA will do for you and your new business:

• Set the appropriate business structure for you, whether it is a sole proprietorship, a partnership or joint venture, a limited liability company (LLC) or a corporation. Each type of business structure has its own advantages and disadvantages and your CPA should be able to help you determine which one you are qualified for, and which one is most suitable for you.

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• Build a financial analysis for your business as part of the final submission of your business plan.

• Ensure that proper taxation measures are in place.

• Confirm that all aspects of the business are in compliance with government ordinances. Beyond taxes, your CPA will help you accomplish all the requirements needed for a permit and license to operate a business.

• Establish a straightforward tracker for the flow of cash in and out of your bank account. This will make it easier for you to keep an eye on daily business activities and how much they are costing you. This is an important figure for your profit and loss statement.

• Help keep your personal expenses segregated from your business transactions. No matter how simple this may seem, delineating between personal and company expenses will have to be strictly mandated to avoid messy calculations that lead to inaccurate answers.

As your business takes off, your accountant will help you maintain the accounting processes that they put in place for you. This includes the following crucial tasks:

• Separate independent contractors from actual employees or staff. This way, you will not get into trouble with the IRS.

• Coordinate meetings with you so you can discuss financial statements at length. This will provide you with the leverage and insight needed to come up with sound business strategies for both the short-term and the long-term.

• Assist in the disbursement of the company payroll. Do not run the risk of delayed payroll as you and your company could be sued under the labor code.

• Prepare you for annual tax payments so you can already set up a revenue stream that will directly take care of this yearly expense.

• Help you acquire and accomplish W2 and 1099 forms, as well as other forms necessary.

• File your taxes and collect all necessary requirements way before the April deadline. If you let a CPA do this for you, you can enjoy the peace of mind that comes with not having to deal with the nitty gritty details of income tax filing. Moreover, you can concentrate on other aspects of the business so you can optimize all avenues and opportunities for growth.

Even as a tenured business owner, you can still gain a lot of benefits from hiring an accountant. You will automatically have someone to assist you with overall inventory management, and at the same time, you get to hear the opinion of an experienced business adviser who is also exposed to the cash flow patterns and sales trends of your business. Together, you and a CPA can take your business to the next level—an achievement that could take twice as long, or could never even be reached, if you had to do everything yourself.

Interested in hiring a licensed accountant? Look no further than Hazzouri Accounting and Tax Service. We are fully capable of carrying out all the accounting services mentioned in this article. Call us at 734-844-1614 today!

To stay connected with Hazzouri Accounting visit our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

If you have already filed all of last year’s taxes then you are good to go for another year! Your tax refund should be deposited to your account soon. However, there are countless reasons for missing the tax deadline and for failing to file a tax extension, such as waiting on financial forms, travel and other important life events.

Here is a quick rundown of everything you need to know and do if you are one of those who couldn’t make the cutoff this year.

• File your taxes as soon as you can.

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Some individuals think that once they’ve missed the deadline, there is no longer a need to rush. This cannot be more wrong. The longer it takes you to file and pay your taxes, the higher the interest and penalties will be.

If you miss the April 18 deadline, you have until October 15 to file and pay for your taxes if you file for a tax extension right away. If you owe the IRS money, you still have to pay that amount or an estimate of what you owe on April 18. Not being able to file for an extension will result in higher fees. However, if you do not owe the IRS any money, you will not be penalized for missing the tax deadline.

Remember, the sooner you file, the sooner you can get your refund.

• File for an extension / make an estimated payment.

If you owe the IRS money for the previous tax season, then you will need to do three things:

1. File for your extension,
2. Make an estimated payment of how much you owe,
3. File your return before October 15.

You still have to pay the IRS as soon as possible; otherwise, you will be racking up an unnecessary amount of penalties. The easiest way to ensure this is by filing your extension online. There are numerous websites that will allow you to fill up and submit digital versions of the IRS forms, so be sure to scout around or ask a recommendation from any tax attorneys you know.

• Figure out how much you owe in penalties.

There are two types of penalties that are immediately assessed by the IRS. These are: (1) failure to file or FTF penalties, and (2) failure to pay or FTP penalties.

The FTF penalties can amount to 5% per month, maximum of 25% a month.

The FTP penalties can amount to 0.5% per month, maximum of 25% a month.

The sooner you can settle these penalties, the less you will have to pay in total compared to prolonged and protracted penalties due to neglect.

There is also a penalty for underpaying your taxes. Underpayment penalties are typically assessed per individual case, so there is no base computation that would apply in general. The IRS also needs to investigate if there was criminal intent in the underpayment, therefore underpayment penalties can be anything from a small additional fine or a more complicated case of criminal charges.

• Get professional assistance.

Although the Internet can provide you with online forms so you can e-file your taxes, the entire process of filing for an extension and computing how much you owe the IRS can be a long and tedious process. Oftentimes, it is our lack of free time that causes us to miss these important deadlines.

To save yourself from the trouble of missing more deadlines or underpaying taxes, you can hire the services of a trained and licensed tax attorney to help ensure that you don’t leave loose ends hanging.

Hazzouri Accounting provides professional tax and accounting services in Canton, MI and surrounding areas. We will be happy to answer your inquiries and lay out the process for missed filing and penalties so you can focus on other important things. If you need to know more about how we can assist you in your tax situation, give us a call at (734) 844-1614 today!

Learn more by visiting our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

The Internal Revenue Service (IRS) has set new policies for the filing of taxes this 2016, and one of the major changes they want to enforce is that only CPA’s, tax attorneys, and certified enrolled agents (EAs) can represent taxpayers when they file for their tax returns.

The 2016 IRS Tax Code Law

More than 50% of official taxpayers in America resort to the services of tax preparers to compile and file their taxes. Should they become targets of audit, these tax preparers are also there to represent them. However, it should be noted that more than 60% of these tax preparers have no official background or professional license to do what they are doing. This has prompted the IRS to review their policies and mandate new regulations regarding this matter.

As of January 1, 2016, the IRS Tax Code Law is requiring any person that shall signify a taxpayer to be qualified according to IRS specifications. Starting this year, only CPA’s, licensed tax attorneys, and certified EA’s can stand in for you when you become the target of an audit or tax review.

“The audits are becoming more thorough,” says Bill Smith, the managing director for CBIZ MHM’s National Tax Office. With stricter policies and processes, only those with credentials in the field of taxation can represent clients when it comes to cases of tax collections, yearly audits, and appeals.

You deserve professional representation

Why is it important to hire a professional CPA, EA or attorney to represent you? Imagine having to face an IRS agent by yourself. If you get called into a hearing, will you be able to appear before the IRS with sufficient tax knowledge and experience and achieve a favorable result?

This is why hiring a professional from the beginning of all your tax procedures is important. Trust in someone who excels at this highly individualized service so you will be represented well. A professional will also be able to answer all of your questions as timely and as clearly as possible. If there are areas that may be too technical for you, a professional will be able to make you comprehend the matter by explaining it to you well.
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The Federal Tax Code is a compilation of more than 70,000 pages of tax procedures, exemptions, and regulations. Hiring a professional will save you the trouble of having to sift through such a hefty and tiresome task. Your hired CPA, EA or attorney should be able to help you reduce your tax liabilities by picking out the rules that can help your particular case.

Ask your hired professional about itemized deductions and contributions for your retirement plan. He or she should be able to walk you through the steps of being even less liable for taxes.

If your have a complicated financial history or tax situation, it will benefit you even more to hire a professional. If you have a more straightforward situation, you can attempt to do the tax preparations yourself under the careful guidance and mentorship of a professional.

Our country’s tax laws are always changing and it is part of these professionals’ jobs to stay updated with all the changes to stay in compliance with IRS codes. CPA’s, EA’s and attorneys can simplify the long-winding process of tax preparation, as well as make it possible for you to further minimize your tax liability through masterful planning.

Remember that this year’s tax season requires a level of professionalism that was not required in previous years. If you are behind on your tax preparations, or if you are being called for an audit, make sure to get in touch with a trained and licensed professional so you can maximize your time and resources.

Hazzouri Accounting offers professional tax preparation services as well as in-depth consultations regarding all kinds of tax situations. Get in touch with us by calling 734-844-1614 and we’ll take care of IRS compliance and getting the job done as soon as possible.  We can help!

To stay connected join up with Hazzouri Accounting on our social media accounts: Facebook fan page / Twitter Feed / Google+ Account

It’s commonplace for people to wait until April before they start thinking about filing their taxes. Although many get away with filing taxes on the last minute, there are several benefits that only early tax-filers enjoy. We have enumerated some of the perks below.

#1 – You can get your tax refunds faster.

The earlier you file your taxes, the sooner you can get your tax refund. This is the most common incentive for filing taxes as early as January.

#2 – Buy time to pay taxes you still owe.

Filing your tax return early January will buy you extra time to pay for any balances you may still have with the IRS. Filing your Form 1040 this early will give you up until the middle of April to pay for the taxes you still owe.

Additional tip: This is good for anyone still waiting to find out how much they owe the IRS in back taxes.

#3 – Avoid having to pay fines for tax extensions.

Filing your tax refund involves gathering heaps of receipts and other additional documentation. Pushing your tax refund date too close to the deadline will increase the likelihood of you not being able to finish all the paperwork in time. As a consequence, you might have to shell out more money to ask for an extension.

Additional tip: If you do end up filing for an extension, be sure that you are able to pay all balances to the IRS on or before the given date for extension. If you still manage to miss this deadline, you will be charged interest on top of other penalties on your outstanding tax balance.

#4 – Protection from identity theft. 

 
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There have been numerous cases of identity theft through the tax refund system. When a criminal gets a hold of your Social Security Number (SSN), he or she can use that information to file a tax refund under your name. In return, you will be robbed of your annual tax return amount. This scam happens more frequently at the start of the year because most taxpayers would not have thought about filing their tax refund just yet.

Additional tip: Do not give away sensitive information such as your SSN to parties you do not trust or cannot verify the credibility of. Moreover, when you file your tax refund as early as January, you are thwarting any potential theft on your account. 

#5 – Gather important documents needed for other applications.

The Form 1040 is needed in other important processes such as applying for a student loan and buying a house. Those looking to buy property will need to show their proof of income, which is recorded in the Form 1040. Requesting for financial aid also requires information from this form. The sooner you can file your taxes, the quicker you will be able to complete the requirements needed for your other applications.

Additional tip: Make sure to produce several copies of your completed documents so you won’t need to photocopy or scan them on the last minute.

#6 – Are you aware of the new rules and regulations regarding health insurance this year?

There are new rules in place regarding proving your health insurance coverage this year. Don’t find out at the last minute and scramble for the proper paperwork.  Hazzouri Accounting and Tax Services can advise you early on to avoid any potential disasters.

Keep in mind that the deadline for filing federal income tax returns and state income tax returns is on April 18, 2016. This is also the final day to request for extensions.

If you are looking for a certified public accountant to assist you in filing your tax refunds or in signing up for an extension contact us today. We offer individual and corporate tax preparation services in Canton, Michigan, as well as in the surrounding areas. Call us for more information at 734-844-1614 today!

Visit our social media accounts to stay current with all the latest business and tax news and events: Facebook fan page / Twitter Feed / Google+ Account

Many small business owners and start-up entrepreneurs don’t realize that many of the reasons why small businesses fail start from the owners themselves. When you ask a business owner why you think their business failed, they’re likely point to other causes like the government, the economy, an estranged business partner, and so on. While these reasons are disappointingly valid, many don’t see that if they had known what they were doing wrong in the first place, they would have been able to find a solution to the problem.

Here is a quick list of all the long frustrations that many entrepreneurs, start-ups and hopeful businessmen and women have had to deal with.

Poor math.

The demand does not match the supply or vice versa. Budget forecasting is off. Costing is erratic. When the numbers don’t add up, the business will hardly ever make sense too.

Most of the time, hiring a “numbers guy” will save you the trouble of things—especially profit and expenses—falling through the cracks.

Stubborn owners.

Most business owners don’t see that their own stubbornness is the root cause of the failure. They can be too proud, too conservative or risk-averse, and even too worried about what other people think about them that they often neglect to look at the aspects of the business that really matter, such as driving up sales.

For example, if you know that numbers is not your strength, don’t be too proud to hire a professional. You have to think of the wider scope of things. It might be an additional expense to add a numbers guy to the payroll, but this strategy could save you thousands of dollars in the future.

Too much growth, too little money.

This is a very frustrating problem to have because on one side, your business is bursting at its seams and you have no choice but to expand. However, the other side shows that you are not capable of sustaining the momentum. Many small businesses die because of over-expansion. This involves widening your target market to the point that you can no longer capture it. To be able to sustain your growing operations, you are driven to borrow money that you don’t have the capacity to pay back. This causes your loans to pile up and your profit to dwindle down. What now?
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This is another problem that could have been solved if proper costing and accounting were in place. Forecasting growth and identifying the resources to sustain it are part of a professional accountant or business consultant’s job. Most owners don’t realize this because they think their business know-how is enough. However, many sad stories have shown otherwise.

No back-up savings.

All businesses are cyclical so you have to know when your low season is, and when it happens, you have to have cash reserves to cushion the blow. Moreover, there are unpredictable factors that could strike when you least expect it. An important customer could move. A new competitor could open shop in your area. Or you can be facing a lawsuit.

These are all stressful times for the company’s funds, and if you don’t have enough cash stored in your savings, you’re going to face multiple bottlenecks or, worse, the ultimate brick wall of going bankrupt.

Lack of good accounting.

At the heart of all these start-up problems is the lack of proper business accounting. You cannot run a good business if you don’t even know what’s going on under the hood. Whether you’re operating on false numbers, or no numbers at all, the results can be tragic.

If your start-up is a simple one, you probable won’t have a Chief Financial Officer to oversee the flow of money in and out of your company. This is why hiring an accountant, even for the interim, is always better than having none at all.

Hazzouri Accounting offers a full range of start-up taxation and accounting services for new businesses in Michigan. We are a company established on good community ties, and we specialize in helping small businesses and start-ups get their feet off the ground. Contact us at 734-844-1614 to inquire about our accounting services today. You can also stop by our social media accounts to learn more:

Facebook fan page / Twitter Feed / Google+ Account