Friday, May 25, 2018

Why a business appraisal may be your best friend


For many business owners, business appraisals can provide vital planning information and help mitigate risk. Consider what it may be able to do for you:
  • Establish a verifiable value for your business. This can show whether assets have appreciated at a reasonable rate. If not, you may need to adjust your firm’s strategy.
  • Create documentation to support new financing. Lenders need strong evidence that their loans are properly secured. A business appraisal can supply that evidence. An independent evaluation of business assets may also encourage lenders to offer favorable interest rates.
  • Set a reasonable selling price. Without a detailed and defensible appraisal, owners selling their businesses sometimes entertain unreasonably low offers. On the other hand, an appraisal can keep owners from overpricing the firm and thus discouraging potential buyers.
  • Avoid litigation after a death. What happens if one owner dies or otherwise leaves his or her share of the business to others? In some cases, litigation follows. To ensure that the remaining owners’ interests are protected, the business needs to be appraised beforehand.
  • Support proper estate planning. If your estate is audited, the IRS is more likely to accept valuations that include a clear and reasoned appraisal. In fact, if discounts are adequately supported by an appraisal, estate taxes may be reduced.
  • Figure out capital gains. For example, if you inherit a business from your father and decide to sell it, the business can be valued as of the date of your father’s death. A good appraisal can help establish a supportable value for the business and may result in lower capital gains taxes.
PLEASE contact our office if you have questions about selling your business. We’re here to help you make the most of it!
For More Info : Visit Here : https://www.bas-pc.com/

Monday, May 21, 2018

How to get your marriage off to a good financial start


Wedding season is upon us!
Did you know couples often enter into marriage without ever having had a discussion about financial issues? As a result, they find themselves frequently arguing about money. If you are planning a wedding, here are some steps you can take to get your marriage off to a good financial start:
  • Determine your financial compatibility. Take some time to discuss your finances before you tie the knot. Talk about your assets, debts, credit ratings and your financial attitudes, including your spending and saving habits. Do you share the same goals? Talk it out and see where you two align and where you differ.
  • Make a plan for how to handle finances after you say “I do.” This means figuring out day-to-day stuff, like who will pay the bills and whether or not you’ll maintain joint or separate checking accounts.
  • Involve your financial advisors. Every couple needs to work out their own style for handling money. Call us to assist you in setting up a budget, controlling your taxes and mapping out a financial plan for your future.
  • Discuss any related legal matters. If you have substantial assets, talk about the merits of a prenuptual agreement with your attorney. And ask your attorney how you can protect yourself from your partner’s credits if they have substantial debt. Perhaps you plan on buying a house together or combining financial accounts. Your attorney can advise you on the best way to hold title to your assets.
Discussing your finances before you wed may increase your chances for living happily ever after. Give us a call if you would like assistance in this area.
We love accounting (and happy couples)  =)
For More Info : Visit Herehttps://www.bas-pc.com/

Thursday, May 3, 2018

Sometimes Success is Spelled D-E-L-E-G-A-T-E!


It’s easy to get in the mindset that if you want things done the right way you have to do them yourself. But that isn’t always the best approach at work, even if you firmly believe you’re the best person for the job. There simply isn’t enough time in the day, especially if you have a business to run.
Like it or not, you must learn how to delegate work to your employees. Here are some helpful hints:
  • Develop a game plan. Start by deciding which tasks to delegate and which employees will be assigned responsibilities. The workload doesn’t have to be etched in stone, but you need a basic plan to subdivide jobs.
  • Find your most reliable, autonomous employees. You will need to rely on people who can think for themselves. Don’t rely on employees who you anticipate will be constantly seeking your guidance. If you have to show someone what to do every step of the way, it defeats the entire purpose.
  • Don’t hinder your employees. Give them the authority to act independently and make decisions on the fly. Don’t hinder the process by requiring employees to obtain your approval on every decision. This will only turn into a variation of doing things the same old way.
  • Keep track of work progress. This aspect must be handled with sensitivity. You’ll want to keep an eye on employees, but you can’t keep looking over their shoulders either. Find the proper balance.
  • Analyze the results. Do this to determine if the work met your expectations. If it didn’t, offer constructive criticism for improvements. Make this a learning experience for both of you.
As you become more comfortable delegating work, you can continue to loosen the reins. When you spend less time on routine matters, you’ll have more time to devote to growing your business profits.
Ready to delegate your payroll, accounting, and/or tax prep to a firm that’s been delegated to take those one for 100’s of businesses since 1971?
Find the time that works best on your calendar and schedule a consultation today at www.bas-pc.com/schedule.
For More Inof : Visit Here : https://www.bas-pc.com/

Monday, April 30, 2018

Should you incorporate or not? What’s best for your business?


If you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate.
The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade off is that there is a cost to incorporate and, in some cases, tax consequences.
So, should you incorporate?
Truth be told, you might not need to incorporate. Depending on the size and type of your business, liability may not be an issue or can be covered by insurance. If so, you could join millions of other business owners and operate as an unincorporated sole proprietor.
If you do decide to incorporate, you’ll face a choice of corporate forms. All offer limitation of your liability, but there are differences in tax and other issues. Take a look at the options:
  • C corporations. The traditional form of corporation is the C corporation. This type of corporation has the most flexibility in structuring ownership and benefits. Most large companies operate in this form. The biggest drawback is double taxation. First the corporation pays tax on its profits; then the profits are taxed again as they’re paid to individual shareholders as dividends.
  • S corporations and LLCs. These forms of corporations avoid this double taxation. Both are called “pass-through” entities because there’s no taxation at the corporate level. Instead, profits or losses are passed through to the shareholders and reported on their individual tax returns.
S corporations have some ownership limitations. There can only be one class of stock and there can’t be more than 100 shareholders who are U.S. citizens or U.S. residents according to tax law. State registered LLCs have become a popular choice for many businesses. They offer more flexible ownership rules than S corporations, as well as certain tax advantages.
Whether you’re already in business or just starting out, choosing the right form of business is important. Even established businesses change from one form to another during their lifetime.
Find the time that works best on your calendar and schedule a consultation for guidance in selecting the form that is best for your business at www.bas-pc.com/schedule.
For More Info : Visit Here : https://www.bas-pc.com/

Wednesday, April 25, 2018

How to Make the Most of Your Tax Refund

Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that work for you.
The more important consideration right now is what you do with the money you get back. Here are ideas for making the most of your refund:
  • Stash it away. When the unexpected happens, it’s your job to figure out how to pay the resulting bills. Putting part of your refund in a readily accessible location such as a checking or savings account will help you weather temporary setbacks without incurring penalties or transaction fees.
  • Use it wisely. Using your refund to invest for the long-term is usually a good idea. For instance, energy-efficient windows or a new water heater may result in lower electric and insurance bills. Ditto for paying down high-interest credit cards, as long as you resist the urge to reload them.
  • Invest in yourself. Using your refund to refresh your career skills or to learn new ones can provide a double benefit: more employment opportunities and tax savings. If you’re unsure of your job security, put your refund to work by financing a home-based business and creating a second stream of income.
Want to know other options for your tax refund that may provide tax breaks this year?
Find the time that works best on your calendar and schedule a consultation today at www.bas-pc.com/schedule.
For More Info : Visit Here : https://www.bas-pc.com/

Tuesday, April 17, 2018

Taxes Not Ready to File for 2017? Here’s what to do

If you need more time to file your 2017 income tax return, you can get an extension — no explanation is necessary.
There are a lot of reasons why you may need more time to file your 2017 individual income tax return. For instance, you might want to hold off funding a retirement plan until you can save more money. Perhaps you’re waiting for a tax form from a trust, a partnership or an S corporation. Or maybe you’ve just been busy.
Whatever the reason, you can usually put off filing for up to six months beyond April 17. That means you will have until Oct. 15 to finalize your return.
Here’s what you need to do:
  • Estimate your total tax liability for 2017, subtract what you’ve already paid in withholding or estimated payments and remit most or all of the balance.
  • File an extension request form (generally Form 4868 for an individual return) by April 17. You can file the extension request form online, by phone or by mailing it to the IRS. If you owe taxes, you can pay with an electronic funds transfer, your credit card, or a check.
Requesting an extension for your personal return also gives you additional time to file a gift tax return for 2017. The gift tax return extension is automatically included. But if you owe gift tax (or generation-skipping transfer tax), or are requesting an extension only for a gift tax return, you’ll need to use Form 8892.
If you have special circumstances such as military service, or think you might have difficulty paying the tax due with your extension, give us a call. We can help you work through the rules.
BAS clients have enjoyed not filing for tax extension since Lee Elwell originally founded the firm in 1971.
Are you ready to join in that feeling of not having to worry about articles like this?
Find the time that works best on your calendar and schedule a consultation to see how we may be able to help you at www.bas-pc.com/schedule.
For More Info : Visit Here : https://www.bas-pc.com/

Friday, March 30, 2018

Thinking about putting your tax refund into a retirement account? Read this first!


If you plan on having the IRS deposit your tax refund into one or more individual retirement accounts (IRAs), most of the hard part is already done: You’ve already decided that you want to save the money instead of spending it on new patio furniture or a trip to Jamaica.
Still, you’re not in the clear yet. Here are a handful of possible obstacles that might mess up your tax refund on its way through the direct deposit process:
  • Wrong account number. If you accidentally use the wrong account number and it belongs to another customer, that mistake could take weeks or even months to correct. The IRS maintains that correct input of financial information on the tax return is the taxpayer’s responsibility, so make sure you check and recheck the account numbers you are using for your refund.
  • Manual revisions. If the IRS gets your tax return and finds that the routing numbers have been manually revised, your direct deposit request has a higher chance of being rejected. You may get an old-fashioned refund check in the mail.
  • Wrong type of account. It’s up to you to verify that your financial institution will accept direct deposits into an IRA. Some banks, for example, will reject direct deposits to anything other than a savings account.
  • Refund adjustments. Sometimes the IRS corrects a taxpayer’s math or makes other adjustments that can affect the refund amount. In some cases, these adjustments may result in a direct deposit that exceeds the allowable IRA contribution amount. If so, you could be stuck with a penalty for excess contributions.
Putting your tax refund into an IRA can be a great idea, but remember: Double-check your return and be aware of the rules your bank or credit union has about IRA direct deposits.

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