Accounting News and Notes

Duluth/Gwinnett CPA: Personal Returns Are Due October 15th.

Be Sure You Do Them Right

Though Personal Returns Are Due October 15th; Be Sure You Do Them Right so you will avoid unnecessary IRS audits, liens, collections, amendments, penalties and interest. The below is a sample letter we might send to a taxpayer critiquing the data they originally forwarded to ensure that a proper return is filed reflecting only their lowest legal possible tax:

For your returns I need:

For Your Personal Income Tax Return

Your daughter’s birth-date

Any Interest Income, Dividends, Capital Gains/Stock/Investment Sales

Property or cash contributions to Charity

Mortgage Interest

Property Taxes on personal cars

For your Corporate Return

What/How much is medical insurance premiums.

Although You did forward the amortization schedules they are not posted current nor were all payments listed for the three notes in the auto expense categories. Please get to me confirmation from the bank what the debt the company owes at 12/31/09.

Find a CPA who is not transaction oriented. Anyone can do what you ask or perhaps even file your returns for a few years while striving to keep your tax bill as low as legally possible. You will want to find a CPA whose ambition matches that of your own including your zeal and temperament and one who is a forward thinker. His practice and focus should be forward thinking and insightful, while consistently giving advice focusing on the future of your business and not solely an interpreter of its past. No CPA can change what has already transpired but a wise and sage CPA can help you and your business avoid pitfalls which will befall you otherwise. A CPA can help strengthen your management team, if used wisely and often, and can help guide you through many of business most thought provoking issues while offering counsel to both maximize your time and efforts.

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/ 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, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.

Duluth/Gwinnett CPA Provides Directory of Accounting, Tax & Bookkeeping Services

Get Bookkeeping Help When You Need it. Full Service CPA firm Offers:

-Accounting Services for Business Owners including Tax & Financial Advice

- New Business Start-Up Consulting

- Cash Flow Analysis and Budgeting Analysis for Small Business

- Comprehensive Corporate & Individual Income Tax Return Preparation

- Preparation of State, Federal and State Tax & Licensing Returns

- Sales Tax and Payroll Administration

-Business Valuations and Business Acquisitions

-Sourcing of Business Capital & Bank Lending Sources

-Compiled Financial Statements

-Help with Back Taxes and Amending of Prior Returns

-Loss Carryback and Loss Carryforward

-Business Consulting

-Forensic Accounting

-Tax Representation including Tax Audits, Appeals & Collections, Offer in Compromise, Tax Liens and Levies & Tax Advocacy

-Entity Selection/Incorporating in Georgia

-Business Return Preparation Including S Corporations, C Corporations, LLC, LLP and Proprietorships

-Tax Planning

-Software Analysis

- QuickBooks Consulting & Financial Statements

-Part-Time CFO, Controller, Virtual Chief Financial Officer

-24/7 Access to Free Tax & Business Advice

-Presentations/Speaking for Your Civic or Church Group

-Published Christian Author

Call today for your Free Initial Consultation

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/

Duluth/Gwinnett CPA: Incorporating Your New Georgia Business

Incorporating 101: Ensure the Incorporation Process Works for You

Incorporating in Georgia
Starting your business off with the best tax elections for your business are amongst the most important business decisions you will ever reach. Discover how you can best set yourself up for business success as you consider this critical part of your business start-up. See http://www.hiscpa.com/incorporating-articles.html

Nevada and Delaware Incorporation
The incorporation of your business may cost you thousands in unnecessary registration and filing fees. Discover the ins and outs of this important decision and how to avoid unnecessary pitfalls and headaches. Visit http://www.hiscpa.com/incorporating-nv.html

Determining Where to Incorporate
The decision of where to incorporate your business is a critical component of getting your business started. Learn what you need to know to make a well-informed decision. Visit http://www.hiscpa.com/incorporating.html

John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com Incorporating in Georgia, Setting up an LLC in Georgia, Setting up an S Corporation in Georgia, Georgia Entity Selection, Converting Your GA LLC to an S Corporation, Converting Your GA C Corporation to an S Corporation, GA LLC, GA S Corporation and Converting Your Georgia Business to an S Corporation

Duluth/Gwinnett CPA: Personal Returns Are Due 10-15-13

Be Sure You Do Them Right

Though Personal Returns Are Due 10-15-13; Be Sure You Do Them Right so you will avoid unnecessary IRS audits, liens, collections, amendments, penalties and interest. The below is a sample letter we might send to a taxpayer to ensure that a proper return is filed reflecting only their lowest legal possible tax:

Before you mail the data please make the below changes to the spreadsheet you forwarded and then resend to me.

For the spreadsheet:

Please list your total revenue for your LLC on the Profit and Loss Statement.

Please set up a separate category for fixed assets and put all individual purchases of items over $1000 each (such as office chairs, computers etc.) in that category.

If the amount you list as a deposit has not yet been earned by the payee, please take it off your profit and loss schedule as it would still be an asset for your business and not deductible until/if the monies are earned by the payee.

Take prescriptions off the recap of your LLC data, as they are personal, but be sure to list the total in the items that you forward for your personal return.

Please separate out Meals & Entertainment and set up a separate account for them.

For your medical insurance please list the total paid for both you and your family out of your LLC.

Please forward me everyone in your families birth-date.

Please do not hesitate to call might you have any questions.

John Dillard, CPA of His CPA, PC (An Atlanta CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.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

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, Back Taxes, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.

Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!

Duluth/Gwinnett CPA: Starting an Atlanta Home Based Business for the Tax Deductions

First and Foremost Advice is. Don’t start a home based business for the tax deductions. The only valid, just and smart reason to start a home based business is to make a profit and to provide a living for yourself and your family.

Home based business’s starts and success stories have soared over the years as the negative mystique of having a home based business has all but disappeared. With all of the advances of technology ranging from the Internet, laptops, e-mails, text messaging and cell phones you can now have a virtual office anywhere. In fact, the last statistic I saw in Gwinnett County indicated that nearly one-third of all of the local business’s were home based.

I recently fielded a call from an individual who was looking to start a home based business. They were hoping to start a business that was not only based upon the possibility of making money but also the probability of taking tax deductions and in so doing lowering your tax bill as a result. This has many financial and providential problems that include:

-Tax Law. Tax Law says that anything that one does solely to reduce taxes is not legal. Thus, if your sole desire is to created deductions out of thin air, not only is it against taw law, it will create tax problems rather than helping to reduce your tax liability. Thus, you will want to invest in ventures that are economically viable.

-Success. Foremost I want to succeed. I want to work with those who want to succeed. I want to have friends and associates who want to succeed. Secondly, I cannot feed my family with a tax deduction. The grocery store, the bank, my mortgage company or my car note does not accept tax deductions as valid legal tender. Set about surrounding yourself and using mentors who have succeeded and not those who attempt to “squeeze the system.”

-Prudence. In order to serve my family, my obligations and my Lord I have to have a means in order to provide for myself but also others. In these tough economic times, there are many of us who need special assistance with whom the profits of our labors cannot only benefit ourselves but also many who are less fortunate.

Being good stewards is a critical part of our “Faith Walk” and an essential component of this is being wise to those who would attempt to lead us down the path to our destruction. Seek out only investments and business opportunities where there is a proven, tracked and verified record of success as your best defense to sound financial planning. So next time you hear that “slick presentation” flee with your hands on wallet as you walk out the door!

Tax Deductions for Businesses

Finding (and Tracking) Business Tax Deductions
Whether you are a new business owner or have owned your company for years, missed business deductions are a consistent cause of concern. Discover new ways and methods to improve your business tracking skills. http://www.hiscpa.com/maximizing-deductions.html

Business Expense Documentation
Business expenses and their adequate documentation is key to running a successful business. Learning the ins and outs of what is required will both raise the efficiency of how you run your business and ensure that you always have proper documentation in the event of an audit.  http://www.hiscpa.com/business-expenses.html

Handling Automobile Expenses
Vehicle expenses are perhaps the most discussed while still being the least understood of all the tax code sections. Read how this section of tax law can be made simple so that all might understand.  http://www.hiscpa.com/autos.html

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Dunwoody, Sandy Springs & Tucker as an Award Winning CPA

Duluth CPA:  Join us This July as we Go on a Family Mission Trip to Navajo Indian Reservation

Thanks to everyone who was able to make the meeting on Tuesday. Hopefully we got a lot resolved and got some questions answered. Some decisions that were made were:

• Wednesday Night: Community Night – we are not going to have a full night of bingo, we are going to split it up and have bingo at the beginning with dinner, a short musical  performance along with a prayer walk, and for those who complete the prayer walk, dessert, coffee and a raffle.
• We will not be hiring a band for Wednesday night as in the past – Jeff and his musical crew will be playing along with some of the Navajo’s – and Leigh will be singing with John as back up
• We are selling school supplies beginning this Sunday and here is the list of volunteers to work the  table- it would be best to have at least two people so one could stand at the table and one could stand outside in breezeway between the student      life and worship center. Even if you are not signed up and can work, PLEASE do so!!!!! We rely on this money to cover the cost of the school supplies and the bookbags that the Navajos HAVE to have. SIDE NOTE: People will donate a lot more when they are being approached by children rather than adults so if any of your children want to help out, I will have extra posters available.

4/28 Tami and John

5/5 Tami and John

5/12 Susan Lantz

5/19 Pam Lewis

6/2 Lilli Mimbs

6/9 Mary Heatherly

6/16 Tammy Artosky

• We are going to have to redo the encouragement partners because the team has changed quite a bit. We will do this at our next meeting.
• Now is the time to start thinking about donations…we need them. I will send out a list separately that list the type of donations that we need. Please don’t be afraid to ask people for donations, most of them are more than happy to help out      when you tell them what you are doing and you are blessing them as much as you are the Navajo people.
• We also need a volunteer who would be willing to pick up donations each Sunday (or whatever day works best) and coordinate with Pam Lewis to get them to her house. PLEASE – if you have a truck and have an hour a week, we could use the help!
• Please hold on to magazines that are gently read and appropriate to take out there with us for our ”Penny Book Fair”
• We will be booking tickets on May 1st and I need an updated list of people that will be using group travel (group travel = I make your flight reservation, you reimburse me, and you travel with the other people on the team). Remember if you are not flying group travel, you need to be at the Albuquerque airport no later than 12:00 Albuquerque time.

That’s it for now. Have a great Thursday!

Feel  free to call John Dillard CPA at 770 814 9304 for more information on the trip and how you/your family can go with us the Week of July 6, 2013

Duluth/Gwinnett CPA:  Critiques to Personal and Corporate Income Tax Returns for Atlanta/Gwinnett Business Owners

When your CPA is preparing your corporate and personal income tax returns, it is at this point that a teaching CPA has the best opportunity to teach and educate clients. It is at this time when a client ask many specific questions relative to their corporate and personal income taxes, expenses, and deductions where a CPA can do much to help educate and therefore elevate a clients understanding of how potential tax deductions affect and influence their return. Having served a CPA to Atlanta business owners for decades, it has proven again and again that taking the time to teach a client will pay both short and long term benefits for both the client and the tax preparer. CPA’s who ‘hurry through” to prepare the return lose this valuable opportunity to truly server their client. Below is a sample letter that might be used.

Below are Critiques to Data for your Personal Income Tax Return: 

-It appeared that you had substantive amounts of mileage that she was not reimbursed by your employer while you are an employee. Please advised that tax law requires that you have a by-day log to support the business miles claimed. FYI, tax law has long required taxpayers to keep a by day log to support business miles and that the IRS is intensifying their collection efforts and enforcing documentation requirements to substantiate business mileage claimed. To learn more visit http://www.hiscpa.com/autos.html 

-You did not forward your original W-2 in the package so be sure to attach it to the returns when I forward. 

-Please mail to me copies of the signed receipts for the property contributions to charity and a detailed itemization/valuation at flea market/garage sale prices. Please advise what you paid in ad valorem/car tag taxes.  

-To ensure that you obtain all of your legal business deductions visit http://www.hiscpa.com/maximizing-deductions.html

-For the Office Equipment please let me know if you have any individual items over $1000, as these will be capitalized and depreciated for tax purposes. Please be reminded that to qualify for Section 179 Depreciation that your business has to have profits equal to at least the Section 179 Depreciation claimed. Otherwise a fixed asset should be depreciated over its useful life in accordance with tax law rules and regulations.

 -For your cash donations please give me a recap by organization being sure that you have a year-end receipt for all amounts claimed. 

-For the $3000 Office Rent/Utilities please advise how much is rent and how much is Utilities. As discussed about your prior returns, please advise what percent of your home is solely used for business use. For general advice on the home office deduction visit http://www.hiscpa.com/home-office-deduction.html

-Please be advised that as you are using car mileage that all car expenses (including gas, maintenance, insurance, and payments should be paid personally) and therefore not listed as a business deduction.

 -Please be advised that business gifts are limited to $25 per recipient per year. 

-Please be advised that the $1,000 check to the IRS was for, whether an estimated tax payment for the current tax year or for prior tax years.

Contact HIS CPA PC (A Christian CPA Firm) today.

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html

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 & Bookkeeping.

Duluth/Gwinnett CPA Provides Tax Checklist to Pull Your Personal & Corporate Tax Information Together

Preparing Tax Returns for Atlanta Taxpayer for Decades

The first step of being sure you pay your lowest legal possible tax is being sure you have the base building blocks in line. Therefore it is essential that you do not miss any legal deductions and to report all of your income. Having your prior filed return readily available and a checklist will do much to ensure that you pay only the legal tax that you owe. The below checklist is one that you will want to refer back to again and again.

To complete your monthly financials, please forward:

• Your year to date Balance sheet, Profit & loss
• Year end Bank Statements and Bank reconciliations
• A schedule reconciling your bank deposits (recapping items that are not transfers) to the revenue as detailed on the Standard Profit and Loss for the month.
• Year to Date Payroll Records by Employee
• Notes Receivable and Payable Balances Reconciled
• Copies of new Notes

• Detailed general ledger and Journal Entries for the Month
• You advise of any fixed assets that have been acquired or disposed of during the period.
• That ALL of the balance sheet and profit and loss accounts are correct.
• That you have only one retained earnings account and that the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed.
• That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings.

Please be sure to keep by month a hard copy of in your office, under lock and key:

• A detailed general ledger for the month.
• A list of all journal entries posted for the month.
• A copy of all bank statements and reconciliations.
• The standard balance sheet and profit and loss for the month.

Please be sure each month that you are ensuring that the daily backups on all of the corporate data are being made and taken off site (to another physical location) daily.

This is to confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success!

Duluth/Gwinnett CPA: Income Tax Preparation

Duluth/Gwinnett CPA: Financial Statements & Bookkeeping

Duluth/Gwinnett CPA: IRS Representation, Back Taxes, Offer in Compromise

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/ 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!”

Duluth/Gwinnett Christian CPA Teaches How to be a Business Catalyst

A catalyst is an event, substance or individual that when added to an environment or dynamic causes a disported reaction in terms of size, well in excess of what was originally added. One of the best examples of this is found in nature as a small amount of rolling snow can cause a avalanche. Though just a few ounces or flakes to start leaning in a downward direction they soon become a cascade of downward motion that will flatten all that lays in its path leveling trees, houses, covering roads and killing all in its way. To be a catalyst you have to possess something unique when added to an environment that we mixed with the existing base components causing an unusual reaction to occur. Being a change agent for good and a positive catalyst involves some basic tenants for which we can all practice to make a big difference in our lives.

-Hearing. If we do not first hear and listen we limit ourselves only to what we know ignoring the wisdom, insight and learning of others and availing ourselves of only what we know. Hearing is the basic building block of knowledge.

-Change. Repeating the past and expecting a different result is impractical, impossible and illogical. To be a positive contribution we have to be able to set aside our bad habits, repent of our past ways and look for new and invigorating ways of seeing the world and opportunities.

-Understanding. Looking to see how the pieces interact, knowing both your strengths and weaknesses are the beginning tools one will need to know their limits and abilities. Surrounding yourself with people who emphasize your talents and mitigate your failings are critical to being a positive contributor.

Leverage. If you opt to go it alone and to always do things yourself you are limiting yourself to the power of one. However if you look to work with others with a similar vision and to use tools to use your time and talents efficiently then you dramatically heighten your ability to reach many more people and to accomplish much more in a substantially reduce amount of time.

-Modeling. If you walk the walk and talk the talk, then others are much more apt to follow you than if you merely give tasks, goals and obligations lip service. Modeling also allows others to see how you do it so that they might adjust their lives, talents and skills accordingly.

-Persuasive. Being able to tell others what you are doing in a concise and enthusiastic manner are essential to getting people excited about your ideas and concerns. Being able to talk logically, teach methodically and to lead with charisma are worthy attributes to be obtained.

Sensitive. Being sensitive to environments, situations and people is an integral part of the process. Just as none of us works in a vacuum, so should we get a feel of the “lay of the land” before setting out on a path to ensure we are efficient and effective.

Working for the good of others and for noble efforts are much more apt to get the attention of others than your own self serving interests. Being a catalyst for good is not only a great way to change your business or ministry but also a vehicle to see outside of yourself and to change our world for the better.

www.HisCPA.com A Christian CPA Firm in Duluth GA Proudly Serving Suwanee, Lawrenceville, Snellville, Lilburn, Duluth, Norcross, Peachtree Corners, Atlanta, Gwinnett, Johns Creek, Roswell, Forsyth, Flowery Branch, Buford, Dunwoody, Grayson, Alpharetta, Roswell, Dunwoody, Sandy Springs & Tucker as an Award Winning CPA