Accounting News and Notes

Duluth/Alpharetta/Roswell/Atlanta CPA Guides Taxpayer in Fixing Prior Tax Mistakes 

What You Don’t Know Can Hurt You: Avoid Unnecessary Financial Setbacks 

How to Avoid the Top Five Tax Mistakes  

God challenges all to do all we do as if doing it for the very glory of God. I believe that this relates to our church, home and work life alike. Though none of us will ever be perfect, work, for many of us, is an environment that has fairly consistent and predictable results. Accordingly, it is one area of our lives especially that Believers are afforded an opportunity for excellence at all levels. Though clearly there will be environments and situations where we will not be able to predict or even influence the intended outcome, we should always strive to do our very best. 

Mark 12:33 To love him [Jesus] with all your heart, with all your understanding and with all your strength, and to love your neighbor as yourself is more important than all burnt offerings and sacrifices.” 

It is widely recommended that all Atlanta Business Owners and Entrepreneurs should use the services of a Certified Public Accountant. For it is when I most often see miscues, and missteps are when the services of a well qualified CPA are not utilized. Some of the most frequently repeated errors that we review and correct include the below. Just as we are reminded in the Bible that “plans fail for the lack of [good] counsel, so are business owners called to be good stewards of their business, employees and their clients. 

Top 5 Tax Mistakes  

1. Choosing the wrong entity. Before you dash off to either incorporate yourself or to the attorney’s office, be sure to stop by and see your CPA first, because “what you don’t know may cost you.”  As tax and legal business entities are typically available in a wide variety of circumstances choosing the right one will do much to ensure you both limit your tax bill as much as legally possible and to chose a legal entity type that is best suited for your business and both its operational and legal liability limitation issues. 
2. Recording of Depreciation. Tax law generally allows taxpayers to chose from a wide variety of tax methods. Choosing one that is both within the confines of tax law and to maximize you legally allowed deductions. Tax law allows on business tax returns for fixed assets, subject to prescribed limitations and your company’s profit, to write off the amount in full in the year of purchase. 
3. Poor Bookkeeping. Over the decades of experience as an Atlanta CPA, I have seen business after business fail as a result of the owner not seeking to consistently maintain current and adequate books and records that correctly depict the company’s operating results. Just as a ship at sea without a GPS and a rudder is doomed to disaster, so is a business that fails to keep their bookkeeping current and to make wise and judicious business decisions to correct and negative trends and to gain financial insight to making management decisions. 
4. IRS Audits. The adage I am most reminded of is “that the person who chooses to represent himself has a fool for a client.”  Frequently we are called in “after the war is fought so that we can help bayonet the wounded.” I will never forget the pearls of wisdom I heard some years back from a client who said “it is very difficult to do one thing well.” In our world of specialization and the  many myriads of tax law and their interpretation, hiring a CPA is your best first choice in addressing IRS Representation Issues. Back Taxes, Tax Advocacy and an Offer in Compromise. 
5. Going It Alone. There is no perhaps any greater exposure in life than we chose to go it alone. Just as we are all part of the Body of Christ and each part as a different function, so are we to seek out others who have strengths where we ourselves are weakest. Rather than seeing this a failing, you are most strong, prudent and wise when you are most able to seek guidance and wisdom thereby multiplying your strengths and abilities. 

CHARLES COTTON: “WE OWE ALMOST ALL OF OUR KNOWLEDGE NOT TO THOSE WHO HAVE AGREED BUT TO THOSE WHO HAVE DIFFERED.”

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097  Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304. “Dare to Attempt Something so Great for the Kingdom of God, that it is Doomed to Failure Lest God be in it!”

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, 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. Gwinnett GA, Duluth/Alpharetta/Atlanta CPA: Understanding Your Options in Addressing open IRS Monies/Back Taxes
2. Duluth GA CPA on Fixing Back Taxes and Installment Plans with the IRS
3. Duluth GA/Alpharetta/Atlanta CPA on Finding the Right Atlanta CPA for Your Back Taxes & IRS Representation Issues
4. Alpharetta/Sandy Springs/Roswell/Grayson Christian CPA Serving Christ…By Serving Others
5. Gwinnett CPA Provides Real Tax Relief Saving Client Over $30,000 for Metro Atlanta Taxpayer

This entry was posted on Tuesday, May 4th, 2010 at 8:03 am and is filed under Amending Income Tax Returns, Atlanta Back Taxes & Tax Assessments, Atlanta Corporate Income Tax & S Corporation Return, Atlanta IRS Tax Audit, Lien, Levies & Garnishment, Atlanta IRS Tax Problems & Offer in Compromise, Atlanta Tax Problems & Tax Advocacy, Small Business Consulting/Resources for Atlanta/Gwinnett Entrepreneurs.
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