Accounting News and Notes

Atlanta CPA Provides Top 10 Tax Tips for Atlanta Business Owners for 2010…A Financial Survivability Series 

This is the First of a Series of how you can look to the future by analyzing the present to help plan both short and long term for the future. Looking not to our own devices but to serve the needs of others is always on the forefront of our advice as be both start a New Year and Prepare for Tax Season. These time tested techniques will do much to help ensure that you Keep Your Tax Bill as Low as Legally Possible, Avoid Unnecessary Fines and Penalties and Operate Your Business & Administration Issues Efficiently: 

1.      Check your Entity. Tax Entity Choice in Georgia and Throughout the U.S. is one of the most critical issues in determining if you are operating your business in a tax and liability model that is most applicable and efficient for your business.

2.      Utilizing a Payroll Service. Payroll is perhaps the biggest bane of many who strive to go it alone. Also a payroll service is going to be able to offer the processing of your payroll checks and 1099’s at a price that is the most competitive in the marketplace. Going directly to the source, the provider is your best option for competitive pricing.

3.      Plan for the Future. Business Owners that fail to plan are preparing to fail. Know that everything will change; we just do not know whether it will be for the better or not. Know that every great deal, every profitable venture and every good business run will eventually run its course. Being prepared for this eventually will help ensure your business survives the tough times.

4.      Keep a mileage log. The IRS has increased their sensitivity towards business owners keeping a by day log to support their business miles. Frequently the best place to do this on your business day timer or calendar, where you could also record the business miles driven.

5.      Retirement Planning. Although this is a variable that requires you to thing long term, which is not in our basic nature. Planning for Retirement is an essential part of a business owner’s responsibility to both his family and his employees. Like Joseph in the Old Testament, we are to look to the future and to plan accordingly both in fat times and in lean.

6.      Live Below Your Means. There is perhaps no bigger suggestion that to live below your means. I believe I can say with certainty that in the course of Human History that all generations have experienced substantial changes in their lifestyles due to uncertainties in both economic and political times. Those who fail to consider this in both their spending and saving habits will be dramatically more likely to have their financial plans derailed.

7.      Have Contingency and Reserve Funds. Having excess monies available for both your business and personal needs is essential to both surviving lean times as well as to have the capacity for growth, for in times of rapid expansion, cash flow will be strained to the maximum.

8.      Have a Back-Up Plan. Just as we should back up our computer by having off site data storage, so should we have a backup plan for our finances. If you are a homeowner it is widely recommended that you set up an equity line on your home, which you can use in times of financial distress. Also having a backup plan will allow your business to survive and even thrive in otherwise economic down periods.

9.      Have Adequate and Well Thought Out Insurance. Financial hiccups will always occur and it is the good steward that will contemplate this well in advance. Being sure to consider the right types of medical insurance, property coverage, liability limits and an umbrella policy are essential to both individual taxpayers and homeowners but also business owners alike.

10.  Keep Your Balance. Just as our lives are to be balanced so should our finances. Too much planning for the future while not taking care of the           present             and vice versa are deal killers that will ensure and rob you and your         business of financial peace and security. Keeping a broad perspective and   understanding will do much to ensure your business future viability. 

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 Proudly serving Duluth, GA, Gwinnett County and Beyond. 

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!” What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31 Why are these verses here? Learn how His CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html

 We advise clients on: IRS representation, Offer in Compromise, Tax Problems, and Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.   

 Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Related posts:

1. Atlanta CPA Provides Tax Tips for Atlanta Business Owners to Prepare Their Georgia Corporate Income Tax Returns…A Financial Survivability Series
2. Atlanta CPA Provides Top 5 Financial Tips for Atlanta Business & Individual Taxpayers for 2010 as You Plan for Retirement…A Financial Survivability Series
3. Atlanta CPA Provides Top 10 Business Resolutions for Atlanta Entrepreneurs for 2010…A Financial Survivability Series
4. Atlanta CPA on What Atlanta Taxpayers Need to Know Before Your Buy Tax Software …A Financial Survivability Series
5. Gwinnett CPA Teaches Bookkeeping to Metro Atlanta Business Owners & Financial Statement Preparation

This entry was posted on Tuesday, January 5th, 2010 at 7:39 am and is filed under Financial Planning...Planning For Your Future, Financial Statements & Bookkeeping for Atlanta Business Owners, Small Business Consulting & Resources for Atlanta Entrepreneurs.
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