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    GLOBAL TAX & ACCOUNTING SERVICE INC.

    GLOBAL TAX & ACCOUNTING SERVICES INC.

    GLOBAL TAX & ACCOUNTING SERVICE INC.

    Click here for the client portal

    OFFICE -516-558-0065

    Email:omaida@globaltax.info

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    Your Personal Accountant Wherever You Are. Se Habla Español

    Contact Person

    Name: Omaida Fishman

    200 Broad Hollow Road, suite 203,
    Melville, NY 11747

    Cell: 516-784-7227

    Fax: 516-679-1964

    Email:omaida@globaltax.info

    Get Directions

    Start Planning Now for 2014 Income Taxes

    We know that you’re in some stage of preparation for your 2013 income taxes. It may seem odd to start thinking about 2014 taxes just now, but actually, this is the ideal time to start planning and making business decisions with their tax implications always in the back of your mind.

    As you look at the data that will be entered in your 2013 tax forms, you’re likely to come across some expenses that you might have handled differently, or some income that should have been deferred. If you begin your planning process for 2014 while 2013 is still in the works, you can start making smarter, more tax-advantageous business decisions now, instead of late in the year when everyone is rushing to take actions necessary to lower their tax obligation.

    Here’s how QuickBooks can help you with this new approach.

    Overhaul your Chart of Accounts. The mechanics of doing this in QuickBooks are fairly uncomplicated, but changing this critical list–the backbone of your company file–requires solid knowledge of which accounts should be added, deleted or changed. You also need to know which accounts and subaccounts will have impact on your income taxes. They must be structured accordingly.


    Figure 1: QuickBooks’ default Chart of Accounts can be easily modified to meet your company’s unique needs. But let us help you with this task. 

    For these reasons, we ask that you consult with us if you think your Chart of Accounts could use an overhaul. Our early involvement will be much more economical for you than if we have to come in down the road when your accounts have become dangerously tangled.

    Devise an effective system for estimated taxes. As you well know, there’s no magical formula for estimating how much income tax you’ll owe when all of your income and expenses have been tallied. We can make this an ongoing task by creating monthly or quarterly financial reports for your business and working from those.

    If you’re self-employed, you might want to open a low-fee checking account that will serve solely as your tax fund. Because you have no employer to pay a portion of your Social Security and Medicare obligations, it’s critical that you’re putting enough away. Consider putting one-third of your taxable income into that account and see how it goes. You may get a pleasant surprise at tax prep time, or you may have to dip into other savings to be compliant.


    Figure 2: You may want to set up a separate bank account to park estimated tax funds, so you know they’re committed. Ask us about numbering new accounts. 

    You can submit federal payments online on the Electronic Federal Tax Payment System site. Check with us to see if your state has an electronic system. Of course, the IRS will accept a check.

    Run reports on everything. And keep running them. We’ve already mentioned that we’re happy to create and analyze your most critical financial reports on a regular basis. You may have tried to understand the Trial Balance, Statement of Cash Flows, etc. in QuickBooks and been puzzled. Don’t feel incompetent because of that: It often takes an accountant-level individual to understand what they mean for your business.

    You can define and build your own reports using QuickBooks’ customization tools. If you have employees who travel, consider bringing in an automated expense report application (we can help you find one and implement it). Stress the importance of adhering to IRS rules about travel. Same goes for your local salesforce, off-site technicians and other service providers, etc.


    Figure 3: Help your staff help you by involving them in budgeting and expense management. 

    For employees who come into the office every day or are telecommuting, you can give them some ownership of their contribution to expenses by bringing them into the budget process and/or requesting that they submit their own monthly mini-reports on any company funds they spend. The more employees are aware of and accountable for expenses, the easier it will be for you to work toward minimizing your tax obligation. And having some information about the considerable sum you pay in taxes may help staff understand your tightening of the purse strings.

    Consider retraining accounting staff if necessary. You may be paying a portion of your taxes unnecessarily, simply because your company’s bookkeeping is less than precise. Nip that in the bud.

    The more you micro-manage your reporting, stay aware of the consequences of every expenditure and bring employees into the process, the more prepared you’ll be for 2014 taxes.

    Start Planning Now for 2014 Income Taxes
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    • Long Island Location
      65 East John St.
      Hicksville, NY, 11801
      sal@salalbanese.com
      Phone: (516)417-8504
      Fax: (516)213-4895
      Cell: (516)987-9850
    • NYC Location
      2200 Broad Hollow Road, suite 203
      Melville, NY 11747
      sal@salalbanese.com
      Phone: (212)714-0064
      Fax: (212)629-9553
      Cell: (516)987-9850

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    Contact Info

    Address: 200 Broad Hollow Road, suite 203
    Melville, NY 11747

    516-679-1964

    516-784-7227

    516-558-0065

    omaida@www.globaltax.info

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    • Home
    • About
    • Services
      • Services For Individuals
        • Personal Financial Planning
      • Business Services
        • Small Business Accounting
        • Payroll
        • Business Valuation
        • Succession Planning
        • New Business Formation
        • Internal Controls
      • Tax Services
        • Tax Preparation
        • Tax Planning
        • TAX PROBLEMS
          • IRS Audit Representation
          • Non-Filed Tax Returns
          • Back Taxes Owed
          • Payroll Tax Problems
          • IRS Liens
          • IRS Levies
          • IRS Wage Garnishment
          • IRS Seizures
          • Offer In Compromise
          • IRS Payment Plan
          • Innocent Spouse Relief
          • Get Your IRS File
      • QuickBooks Services
        • WHY QUICKBOOKS
        • QUICKBOOKS SETUP
        • QUICKBOOKS TRAINING
        • QUICKANSWERS
        • QuickBooks Tips
        • Buy QuickBooks and Save
    • Newsletter
      • Previous Newsletters
      • News & Weather
    • Financial Guides
      • Life Events
      • Business Strategies
      • Investment Strategies
      • Tax Strategies for Business Owners
      • Tax Strategies for Individuals
      • Frequently Asked Questions
    • Tax Center
      • Track Your Refund
      • Tax Due Dates
      • Tax Rates
      • IRS Tax Forms and Publications
      • Record Retention Guide
      • State Tax Forms
      • 1040 Tax Calculator
      • Marginal and Effective Tax Rates Calculator
    • Resources
      • Financial Calculators
      • News & Weather
      • SecureSend
      • Internet Links
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