5 Ways a Local Accountant Can Help Your Business – Business CPA
There are different ways your CPA should be saving your small business money. Good accountants can make the difference between being “in the black” or “in the red”. If your business is located in a small town like Traverse City, Michigan you may think that you CPA options are somewhat limited, but even if you have to travel to get the services your business needs it’s worth it, and if you can find a local accountant they may be more in tune to the economic opportunities and challenges of the area. Here are 5 different ways your Traverse City CPA should be helping you save money.
Save money on taxes. Tax planning is one area in which he or she can be very beneficial. Accounts should be working tirelessly throughout the year to find ways to give your business the best tax advantages possible. In Traverse City there are a variety of special tax considerations to take into account, for example the tax incentives available to the business owners located in the Village at Grand Traverse Commons, and special historic rehabilitation tax credits for some downtown Traverse City locations.
People may at first, not relish the thought of hiring one because it cost money, but attempting to complete the process themselves will certainly provide more stress on top of the existing stress arising from the debt. The cost of a settlement attorney pails in significance when compared to the stress of completing a tax settlement with no knowledge.
How does the HIRE Act affect American expats? The HIRE Act can affect you in a number of ways, but the two main ones are: 1) Your overseas bank may decide that US citizens are too burdensome to deal with and close down your account (this is happening with many Swiss banks and more UK banks are starting to do this as well) AND 2) if you have not been filing your US tax return, the IRS will now know that you exist and that they have no record of you, meaning you are not up to date with your tax filings.
The clauses that they can use are – Offer in compromise – Penalty abatement – Partial payment installment agreement – Innocent spouse relief – IRS tax bankruptcy
Executing this task properly the first time can save your business from making costly mistakes based on poor information. Although somewhat sheltered, the economy has affected Traverse City businesses, and many cannot afford to make the expensive mistakes that often accompany unprofessional accounting practices. Thankfully, although a small town Traverse City has over 30 certified public accountant offices located in the area to choose from, and each CPA must pass rigorous testing before being licensed.
Assist with special budgeting concerns. In addition to these primary areas of focus there are some special budgeting concerns that Traverse City CPA’s should take into consideration. Traverse City is nestled on the northwest shore of the lower peninsula of Michigan and enjoys the benefits of being a tourist location for Chicago and the surrounding area. It also has four dramatically distinct seasons that have a huge impact on the local commerce. Businesses located here must be able to maximize their busy seasons, and find ways to budget for the long slower seasons. A quality Traverse City CPA can help business owners find ways to budget their money and manage their cash flow so they can get through the highs and lows throughout the year without a cash crunch.
There are many additional potential implications of the HIRE Act, such as decreased foreign investment in the US, but for American Expats the key point now is that the time is right to enlist an experienced expat tax accountant get your affairs in order to avoid any negative implications in the future. Visit http://www.greenbacktaxservices.com for more information or assistance with these topics.
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