When you first start a business, you can often save time and money by filing your own year-end tax return. But as the business grows, there comes a time when it makes more sense to use a professional tax preparation or accounting services firm. If you’re wondering about the best way to file your … [Read more...]
1099 Reporting Requirements for Year-End
Timely 1099 tax reporting is an important part of completing year-end taxes. Otherwise, your business can be subject to IRS penalties ranging from a few hundred to thousands of dollars. To avoid these penalties, it helps to understand the requirements for 1099 tax reporting. IRS 1099 instructions … [Read more...]
Are you ready for year end closing?
Year-end closing procedures are an annual requirement for every business. Taking the time to do them properly will ensure that you don’t overpay or underpay your taxes, and can help to avoid potential fines from the IRS due to incorrect tax returns. To make your fiscal year-end accounting procedures … [Read more...]
Why We Love Tax Day and You Should Too
Although the vast majority of Americans, roughly 56 percent according to Pew Research Center, hate doing their taxes, we are among the small majority who love tax season. While only 29 percent like doing taxes and only 5 percent generally love filing taxes, we look forward to tax season every year … [Read more...]
Worst Advice We’ve Ever Heard About Tax Preparation
With tax season in full swing, business owners and individuals everywhere are trying to get their taxes prepared and filed quickly and without trouble. Unfortunately, the “fast and easy” route often comes with bad advice, filing mistakes, and additional fees and expenses for you. The best thing you … [Read more...]
Checklist for Closing Your Accounting Books for Year End
If you are just now starting to close out your books for last year, you may be a little panicked because you’re a bit behind. Don’t stress out too much though—Back Office Support Solutions is here to help you. Not only can we offer you this checklist for closing your company’s books, but we can also … [Read more...]
The Only Way to Handle Tax Preparation—Do It Once, Do It Right
Tax preparation can be a stressful process, particularly if whoever is doing it is not especially experienced or qualified in the realm of tax preparation. Doing your own taxes may seem like a great way to save time and money, but you’re more likely to spend far more time trying to learn exactly … [Read more...]
Very Real Challenges CFOs Face in Today’s World
Chief Financial Officers have to wear many hats, and they face and overcome many challenges on a daily basis. With so much of their companies’ success based on their knowledge, skills, and ability to lead, CFOs must stand strong in the face of these challenges and overcome them to the best of their … [Read more...]
Is Your Tax Team REALLY Doing Its Job?
Most companies’ fiscal year end is around the start of a new calendar year. That makes sense for tax purposes and for making sure all of your yearly financials are recorded, but it can be an added stressor when it comes to tax preparation and filing. January through April is, without a doubt, the … [Read more...]
8 Signs You Should Hand Off Year-End Accounting to the Pros
If you’re a small business owner, you likely have a lot on your plate. With managing employees, controlling work flow, and delegating tasks to keep yourself sane, thinking about doing your year end accounting and tax preparations is probably the last thing on your mind. But like all good business … [Read more...]
