How to Verify Tax Prepare Credentials

Every year it seems that tax preparation gets more complicated. Since there have been more changes to the tax code this year choosing your tax prepare is even more important. Whether you are an individual or a small business owner filing as an individual, you need to read this article to make sure that the tax prepare you choose will have your best interests in mind.

Whether you are using the tax preparer from last year for your income tax return or are planning on hiring a new one, be sure to thoroughly evaluate them. There have been more changes to the tax code this year than perhaps any year in history, so having the right tax preparer is extremely important.

Here some guidance on how to evaluate a tax prepare 

Verify Their Tax Credentials

When you first meet the tax prepare, look for a CPA or Enrolled Agent license in their office. If you don’t see a license, then red flags should immediately go up but be sure to first ask if they have a tax or accounting license. If they don’t, then you should not use them for any type of tax work. If they do, quickly write down their license number so that you can verify them later.

• Verifying CPA Licenses 
• Check the AICPA List of State Boards of Accountancy or contact the state board directly. 
• Verifying Enrolled Agent Licenses 

Check the National Association of Enrolled Agents or contact the IRS directly. The databases will list the status of the licensee and if any disciplinary action has been levied against them. If you cannot find the preparers in the database, don’t be alarmed yet, first contact the state board or the IRS directly.



                                           



Check the Database Again

Even, if you are using the same tax preparer from last year, you should also check the database again as their status can change from year to year.

They Should Also Be Evaluating You
It is a bad sign if the preparer isn’t asking any of these types of questions during the meeting.

1) Who were your previous tax preparers and why are you no longer using them?

2) What type of income and expenses do you normally report?

3) Are there any previous tax liens against you?

4) How is your credit report?

5) Do you invest capital in any businesses?

6) Do you have a family with children & how many homes do you have?

7) When do you plan on retirement and what is currently included in your estate?

Just as you are evaluating the tax preparer, they should be evaluating you to reduce the risk of any issues with the tax return. So, in a way, you both should be acting as IRS agents, asking relevant questions. Also, even if you are using a tax preparer from last year, be skeptical if they aren’t asking new tax questions this year. Your financial condition can change from year to year so they should be cognizant of this possibility since it can impact your income tax return.

Ask who will be doing the Tax Work

Often times, especially at larger firms, the senior partners will have accounting staff do most of the tax work. This is okay as long as the firm has a thorough review process and the partner or senior accountant signs off on the return before it is filed. But, ask about their process and who you would be contacting if you need tax help at any time.

Ask About the Fee Structure
Most accountants charge a flat fee for an income tax return. Anywhere from $150 to $500 per return, depending on the complexity. Generally, the price tag goes up if it’s a tax return for a business. Also, ask what the fees are for consulting type tax help since those are usually set on an hourly basis and can add up quickly. Lastly, remember to ask your tax prepare if their fee structure changed at all from this year to last year. You have a right to know how much more they are going to charge for tax help, so ask! If they changed their fee structure ask why it has changed.

Inquire About Recent Changes in Tax Law

All tax prepares should be fairly familiar with changes to the tax code that would impact taxpayers. For instance, they should know whether or not it is smart for you to convert a Traditional IRA to a Roth IRA, the details of the first time home buyer tax credit and other new tax credits available as a result of the American Recovery Act. If they don’t have an opinion or seem uninformed on any of these tax topics, you should probably seek tax help elsewhere.

Ask About the Types of Clients They Serve

You want to make sure that the tax prepare has tax experience with similar businesses and individuals in a similar position to yourself. Ask about the industries they serve & the complexity of the clients they serve. You want it be the right fit. Also, if you know someone that has used this tax prepare before, you should ask them about their experience.

What they liked and what they didn’t like? This is a Starting Point have highlighted the steps you should start with when evaluating a tax prepare. However, each situation is different, so you may need to do additional due diligence to find the right prepare for tax help.

For more detail visit our website Westmidlandsaccountants.co.uk

Read More

Quality Bookkeeping for your Growing Business

In 2008 West Midlands Accountants LTD was formed to offer flexible bookkeeping services to small businesses in the West Midlands, UK. We help businesses from starting, managing business data, generating payroll as well as filing the required taxes in a timely and organized manner.

We pride ourselves with integrity and a strong work ethic, which have been key elements to our success. Our services are flexible, unique and accommodating to our client needs. 

Accurate Records 

As a new small business owner you have employees to pay, bookkeeping records to keep accurate and financial statements to create for possible interested investors. If accounting and finances aren't your strong points or you want an accounting service that's tailored to your customers' needs, 

West Midlands Accountants LTD can help with all of your accounting, financial statements and tax services needs.

Client Reviews.....

West Midlands Accountants LTD has been a great change in my business. West Midlands Accountants LTD team always willing to help me when I need.

–Mercedes Garcia–Isla

Excellent to work with, listens incredibly well, and ponders the various possibilities to make accounting

Work for the client. Honest, Reliable, Responsive, Detail Oriented, Ethical, and "Fun" to work with!

–Chris Smith–Intellegration, LL

We would gladly recommend Accurate Accounts. They are honest, trustworthy and very professional.

They have helped us organize our paperwork and therefore our business has grown

– Celestino Felix–Felix Plastering

Read More

Accounting & Bookkeeping Services for the West Midlands People

West Midlands Accountants LTD has Fast and very efficient IT savvy ways to process your records no matter how organized they may be. Then we have great time-saving clever ways to keep your records up to date in the future. West Midlands Accountants LTD aim to remove the stress.

• Tax Returns in Birmingham and online Tax Returns 
• Company formations online and other accounting needs 
• Company and Trust and SMSF setup 
• Bookkeeping Services in Sydney 
• MYOB, QuickBooks accounting software setup installation 
• MYOB experts, we are Debtors and Creditors data entry and management 
• Bank and Credit Card Reconciliation 
• Payroll, Superannuation processing 
• Preparation and lodging of BAS, IAS & FBT 
• Fixed Asset Register and depreciation 
• Weekly and monthly P&L, Balance Sheet and Cash flow reports 
• Budget v Actual comparisons 
• Bookkeepers & Accounting can streamline your Payroll in Birmingham savvy ways that will save you time and dollars. Reduce the cost burdens of doing the payroll yourself. 
• In-house at your place or remotely 
• Pay as you go (PAYG) MYOB and QuickBooks Professional Partners 

MYOB and QuickBooks Training, Installation Professional Partners, which means that we are recognized professionals that can, offer businesses products, updates and complete ongoing support. Initial audit of your existing systems. 

Monthly P&L analysis

You’re Place or Ours? If you’re a Small to Medium sized business, bookkeeping can be a time consuming challenge. It’s too much to handle yourself, but not enough to justify a full-time bookkeeper/accountant.

We provide Online Bookkeeping Services & Accounting Services in our office, remotely or at your place. Whether MYOB or QuickBooks our experienced people will help. We give you:

• A free one hour initial appraisal / consultation 
• Peace of mind 
• MYOB, QuickBooks experienced personnel 

We provide both onsite and offsite Accounting/Bookkeeping services. If you would like to talk to us about what solutions we have you can contact us.

Read More

How to Find The Cheapest Merchant Account For Your Business

Choosing the best merchant services for your company is a complicated process. Factors such as customer service, account fees, transaction rates, terminal equipment, and the network are all important pieces to making the correct decision. If you have already begun doing your research into merchant account processors you have likely already considered or looked into a number of credit card processors. If you are looking for comprehensive Merchant Warehouse reviews I highly recommend you check out WestMidlandsAccountants.co.uk. Unlike other review websites this site does a full breakdown of all the categories that small business owners should look into. Along with the rates and fees the processors advertise covered, but also the lifetime costs merchant can expect to see (ie any hidden charges). They also compare customer service and the treatment of their customers once you’ve signed the contract.

                          


If you are looking to do your own research independently then I have some recommendations that you should consider before finalizing your decision. Filtering through the industry terminology and sales techniques that credit card processors use, involves first knowing what defines a quality merchant service provider. In order to do that you must first become aware of the various ways that merchant service providers handle the transactions for your business, whether they are attempting to save you money in the process, and how/if they handle any concerns you might have. At the end of the day every company is different, and the best merchant account for you is your company may differ from another company’s.

It falls to you as a responsible business owner to review all these factors before making your decision. As a business owner you know that at the end of the day the focus will end up being your bottom line. Unfortunately this does place pressure on you as the business owner to either understand your merchant statement, or have complete faith in your merchant account processor. Making matters more difficult is that if you are new to being a business owner you don’t have the experience of reading those statements and understanding what rates you should expect. However you can aide yourself and your business by doing your due diligence and searching for qualified reviews online. After you’ve gotten a strong sense of the rates and terms to look for, your next challenge will be to figure out if what you are being told and presented in the sales process will match what you are being sold.

While one might think it is that simple, sadly this industry is full of poor contracts, and expensive cancellation fees. However you have the benefit of learning from those business that came before you, the are enough online resources and review sites for you to learn which merchant service providers have a history of misleading their customers during the sales process. On a similar vein, being satisfied with the ability for a merchant provider to handle any of your concerns as a customer should be very important. You want a merchant provider that has 24 hour customer service to handle both technical and billing concerns at any time. Dispute handling often requires prompt attention, and having a broken numeric pin pad or swipe scanner is quite costly for business. Be sure and make at least one test call to any candidates for your business, this assures you of quality of service. Quality merchant providers will often survey you for excellence in customer service following a customer call, as well.


Lastly, when narrowing down your list of possible providers, make sure that the provider does not have long term contracts. Long term contracts can quickly make a mess of your previous fees and rates calculations, skewing your bottom line and leaving you wanting out. Often such contracts include hefty termination fees as well, which force you to eat a loss when you find a better provider.

At West Midlands Accountants LTD, Accountants services panel realize that every company has unique requirements. And that your payroll services must be flexible enough to accommodate these needs

Read More

Facts That a West Midlands Accountants Bookkeeper Can Have For the Company

A business owner that knows what it requires to operate an enterprise certainly has an plan which accounting is the not-so-exciting part of getting a enterprise.  Many of the time, these people hire an individual else to do job for them. 

Sadly, small establishments are generally at risk from employing unskilled bookkeepers.  This is mainly because they look at to reduce charge and also compromise with a average one.  What they don’t realize in the beginning is that they get a lot more expenses in such means. Don’t allow this to occur with you and also your business.  Employ an effective bookkeeper not having plunging into expense of training, incomes as well as advantages.

 Indeed, having West Midlands Accountants LTD bookkeepers it can be feasible. 

Permit me explain exactly what West Midlands Accountants LTD bookkeeper are able to do for you:

1. West Midlands Accountants LTD bookkeeper will get all your organization monetary dealings as well as organize these on an accounting system.  Monetary transactions incorporate activities on your bank accounts, cash withdrawals, account receivable, accounts payable and other connected tasks.  They is going to record all of these dealings through efficient accounting solution.
2. And then this accountant should counter check their output compared to other documents like every month bank and credit card claims.  That is the process named account reconciliation.  Having this method, flaws or perhaps omissions with the bookkeeping process is going to be identified quickly – certainly not when it is already a tax season when it becomes too late.  Once a discrepancy is found a accountant will take corrective actions.
3. With posting, analyzing or validating monetary details, the bookkeeper will start generating reports that provide necessary monetary information to the administration.  A stated report comprise of balance sheet, income statement, cash flow statement and other records which evaluate the present phase with the previous times.  These might you a perception how nearer or farther you might be in your goals.
4. It should be expected with an excellent accountant like WestMidlands Accountants LTD bookkeeper to find an structured program of declaring records that sustain a accounting entries.  For instance, reconciliation records are attached to bank statements.  With every single balance is substantiated with documents, any argument about figures will be settled instantly without having to go to the bank and dig up evidences.
5. Utilizing the contract out accountant, things are all upgraded every day.  You may get your account every time there’s a need or maybe you simply want to review the figures. 

Read More

Common Questions about Property Tax Sales | R R Accountants LTD

Many individuals are talking about the term “property tax sales” which has change into a brand new buzz-phrase in the true estate world. With the present monetary shake up in realty circles, investors and potential householders are looking for low priced properties to acquire. One way they are doing just this is by buying by way of property tax sales.

What are these properties precisely? 

These are houses, condominiums and enterprise real property which have come onto the market by a forced sale attributable to non-fee of property taxes.

How does this differ from a foreclosure?

A foreclosures is also a forced sale however for a distinct reason. A house is foreclosed upon when the proprietor has did not make the mortgage payments. The bank is the social gathering who holds the be aware and takes motion to foreclose. When a homeowner fails to pay property taxes, the federal government steps in and forces the sale in an effort to recoup their unhealthy debt.

What’s a short sale and the way is it the same or different?

A brief sale is totally different from both of the above hardship cases. In a brief sale, the house lumber liquidators coupons remains to be owned by the mortgage holder, but he or she is trying to sell it for an quantity less than what is at the moment owed to the bank. The brief sale is a bargaining tactic to launch the house owner from an the other way up debt, forgive the remainder of the current steadiness and find a new owner.

How do folks get behind in these taxes?

Usually this expense is a part of a monthly mortgage payment. “PITI” refers to a total month-to-month obligation which is “fee together with taxes and insurance.” Generally individuals choose to pay their own annual tax bill and when the large quantity becomes due, they don’t seem to be ready and fall into delinquency.

What do property taxes pay for?

Providers which can be typically considered “free to the general public” are actually paid for by the owners’ compulsory property tax. Examples of companies lined embody the police, fireplace division, sheriff, elementary and high faculties, community schools, public libraries, roads, sewer plants and highway maintenance. All of these amenities make homes and neighborhoods livable and are nicely worth the money.

How are the quantities due determined?

Every year, the government assesses and assigns values. A proportion of the assessed worth is the amount that the homeowner is charged.

How are these properties offered?

Householders are given many probabilities to make good on their debt but sometimes it simply is not possible. In these circumstances, public auctions are held and traders are capable of make bids to be able to purchase. The opening bids are normally the overall amounts of all late taxes, penalties and any promoting charges that will have accrued for the sales. Property tax sales could also be unfortunate occasions for homeowners however can provide alternatives for investors.

West Midlands Accountants LTD is a top accountants firm in West Midlands, UK. We offer online accounting + accountants for freelancers, contractors, small businesses and medium size Business in West Midlands, UK. Call us now at 01217 665 477 or email us for complete detail info@westmidlandaccountants.co.uk

Read More

Small Business Payroll – Part 2

How to Do Payroll

Do it yourself: If you have more time than money, this might be your only choice. This is the most time consuming option and also most like to result in penalties.

Do it yourself (with help): Most commercial accounting software offers a payroll add-on. The time saved on calculations and tracking and reminders about deadlines should more than offset the fee. You still have to make sure the forms get filed on time, but the software should at least complete them for you.

Outsource: Pay someone else to do it for you. This is the option I recommend (and use myself). It will cost a little more than the other choices, but the time savings and peace of mind is definitely worth it. All you do is submit time or salary information and the payroll company does almost everything else. If you offer direct deposit, you don't even need to pass out checks!

Catch Mistakes Early

Because of the serious and complex nature of small business payroll, you should double check everything on a quarterly basis. This is an example of the spreadsheet

I use: Quarterly Payroll Worksheet.zip (right click to download)It compares the payroll related general ledger balances with the payroll and unemployment tax returns. If your books match the tax returns, then you are probably in good shape. If not, then go back and find the difference. Another nice thing about outsourcing is that you can usually assume the tax returns are accurate and that you are either missing a transaction or need to reclassify something on your books.

• Additional Small Business Payroll Resource
• Be sure to keep these on hand for each of your employees

West Midlands Accountants LTD offers you different accountants services in reasonable package like payroll service, Bookkeeping service, online Personal taxation, Business start ups, Self assessment and more

Read More

The 9 Common Tax Audit Triggers – Part 2

5. Claiming Business Losses Every Year

Business losses are part of the small business world. The first few years are tough and sometimes you’ll go through a rough period after enjoying profitable years. However, if you are constantly claiming losses, year after year, you’ll be on the IRSs radar. They might assume you’re taking deductions you’re not entitled to or under-reporting your income.

6. Filing a Schedule C

Most small businesses report their income and expenses on a Schedule C. This form does increase your odds of being audited but don’t let the fear of an audit prevent you from filing this form. One way to avoid filing this form is to have your business setup as a corporation. This can have its own set of issues but you won’t need to file this form anymore.

7. Excessive Entertainment or Charitable Deductions

Some business owners feel entitled to deduct entertainment or deduction expenses and if they are legitimate and fall within the guidelines of the IRS than you should absolutely take those deductions. Taking your family out for dinner or donating to your local religious organization for a purchase of a piece of art is not an allowable deduction. If your tax return has higher than average entertainment or charitable deductions, this will set off an alarm with the IRS and a possible tax audit will follow. For this reason, if you are going to be taking large deductions of the kind listed in this section, make sure you have excellent records. To take the deduction for entertainment you must substantiate where it occurred, with whom, and for what purpose. Deductions of higher than $75 must be accompanied by a receipt.

8. Claiming Your Vehicle As 100 Percent Business Use

Most people get confused when it comes to properly deducting your auto expenses. Basically there are two ways to do it. The choice is based on which one gives you a higher deduction. You can use the IRS standard mileage deduction or the actual expense. You can’t deduct both of them. Finally, if you claim 100% deduction of your automobile or you’ll need to have all records on hand. This deduction is scrutinized quite a bit. When deducting for business use of a car, you’ll have to choose between the IRS standard mileage rate and actual expenses. Deducting both of these on your tax return will bring the IRS knocking. In addition, if you claim 100 percent business use on the depreciation form for your vehicle, you’ll need precise records that include mileage logs, dates, and the purpose of every trip.

9. Drastic fluctuations in income from year to year. 

This one is hard because plenty of small businesses have had an unusually good or bad year here and there. If you’re reported taxable income this year is dramatically higher or lower than in previous years it might send a red flag to the IRS. Fluctuations in income can signal that something went unreported in prior years. However, if you keep proper records and have a good bookkeeping system, you don’t have to worry. As long as you can substantiate your expenses and income, you can be ready even if the IRS does have to audit your books.

Have questions about your taxes? Contact us to discuss them. 

West MidlandsAccountants LTD, we are here to offer you support, help you save time, and ensure your records are up to date. Ultimately, we can help you save money. Contact us by phone at 01217 665 477 or email info@westmidlandaccountants.co.uk for more information

Read More

The 9 Common Tax Audit Triggers – Part 1

1. According to statistics, just 0.9 percent of people who make under $200,000 were audited last year, compared to 10.9 percent of those who made over $1 million. If your schedule C shows more than $1 million in sales, the odds of being audited increase substantially. With such increased odds of being audited, you must keep meticulous financial reports.



2. Large deductions that look out of proportion to your sales or income. Deductions that reduce your taxable income substantially are a red flag if they seem too high when compared to your income. The IRS uses tables to decide if your deductions are too high for your income bracket. But don’t go searching for these tables because they aren’t made public. We know that at times, those out-of-proportion deductions are legitimate. For instance when you’re just started your business or during times of slow growth. For this reason, you must keep track of all your deductions and have detailed records if you ever need to substantiate them.                                               

3. Reporting rounded number show likely is it that your investment returns were exactly $1500, or that your mortgage interest deduction was $12,000? Reporting too many round numbers are deemed fishy by the IRS and can trigger an audit. If you made $72,532.65 don’t report $72,500. This kind of reporting is deemed inaccurate and sloppy and if you are found to be inappropriately rounding in one area the IRS will assume you’ve done that in another area of the return. They’ll deem the entire return questionable.


4. Home Office Deductions

Because home office deductions can be so easily abused, last year, the IRS simplified how small business owners can calculate the deduction. But to take this deduction you’ll need to satisfy numerous criteria. This deduction is a big red flag so make sure you’re satisfying every requirement, one such that the home office area be used exclusively for your business.


Have questions about your taxes? Contact us to discuss them. West Midlands Accountants LTD, we are here to offer you support, help you save time, and ensure your records are up to date. Ultimately, we can help you save money. Contact us by phone at 01217 665 477 or email info@westmidlandaccountants.co.uk for more information

Read More

Should we outsource our bookkeeping?

Is your small business growing rapidly? If so, you might soon require the services of a professional bookkeeper. West Midlands Accountants LTD, Return to Reality, has been supplying top-notch bookkeeping services to clients in the West Midlands area for years!
Those who use our services find that we work tirelessly to satisfy them, and they return to us because they are always ultimately happy with how we manage their books.

We take pride in being meticulous with our bookkeeping service in West Midlands. When you put your books in our hands, we diligently record every transaction using your preferred system. 

With West Midlands Accountants LTD you get clean, tax-ready books fast! We always loved numbers and data, and jump at every chance we can to work with them. Return to Reality makes it possible for us to connect with clients who can genuinely benefit from our passion.
West Midlands Accountants LTD services are very affordable because we love our work; to a great extent, it is its own reward. If you are a business owner and prefer that your books be kept on-site, that is absolutely no problem! We will travel to you and set up shop in any space allocated to us. We want to be where we can best serve your needs.
For the best bookkeeping in the West Midlands, choose Return to Reality. We do a better, faster, and cheaper job than our competitors. Put us to work for you today!

Call us 01217 665 477 or send us detail in email at info@westmidlandsaccountants.co.uk

For more detail please visit our website Westmidlandaccountants.co.uk

Read More

Tax Return Preparation with West Midlands Accountants LTD

Payroll Firms Electronic Tax Services West Midlands Accountants LTD is an income Tax service company with over 17 years of experience in the area. Our office brings an exciting change to the traditional method of tax preparation and filing.

Our mission is to provide professional income tax preparation with cost effective solutions. We offer each of our client’s personal attention, speedy turnaround times, and detailed explanations of how we maximize their deductions to increase their tax return.

Income Tax Returns West Midlands Accountants Electronic Tax Services West MidlandsAccountants LTD capable tax prep help customers can get a loan on their anticipated tax returns in as little as 12-24 hours through a RAL.


         
                                       
The Refund Anticipation Loan provides taxpayers with a check in the amount of their anticipated tax refund, less suitable fees. Customers can choose to have the Refund Anticipation Loan funds deposited direct into their bank account or pick up a check at the office where they filed their return.

Tax Return Preparations Service West Midlands Accountants LTD company provides appropriate feedback and reports incorrect entries so that you get an chance build necessary changes and developments for the tomorrow progress of the organization. Many organizations make an strain to train their staff on the job, but a whole new division and recruits take up valuable business time and money in the bargain.

Accountants services West Midlands Accountants LTD Accountants and auditors keep track of a company’s money. The company’s managers and people outside the company scan their reports. Managers look at the accountants reports to see how well their companies are doing. Governments use the reports to tell how much tax a company should pay. Some people review them to decide if they want to do business with the company. Others use them to settle if they want to lend money to the company or not.

Choosing a payroll service doesn’t have to be hard. With the right facts, you can smoothly associate several payroll services and select the best one for your companionship. Bookkeeping Firms in West Midlands Accountants LTD is your location to learn how Bookkeeping services work, what services they propose, and how much you can expect to pay.

Call us for more detail 01217 665 477 or Email us info@westmidlandaccountants.co.uk

If you are looking Accountants Services in Birmingham then Visit RRAccountants.co.uk

Read More