Managing a small business isn’t for the faint of heart! Even if you’ve found success when it comes to turning your terrific idea into a reality with people clamoring for your products or services, the financial obstacles associated with running small businesses can escalate rapidly.
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Top Financial Challenges for Small Businesses and Ways to Overcome ThemRead More »
Payroll is much more than just paying the employees the hours worked or their salary. It comprises health insurance, social security, and taxes, among other factors affecting remuneration. Effective payroll management requires ensuring the employees receive accurate payments on time and in compliance with the applicable laws.
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Payroll is a time-intensive process because you have to complete the necessary tasks and ensure compliance with tax and legislative requirements.
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Are you ready to take your innovative business idea to the next level? The thought of being your own boss is exciting, but before starting your journey, you need to decide the right structure for your business. Your decision will have far-reaching repercussions for your business, so it requires careful selection. Factors like tax treatment, regulations, personal liabilities, etc., are governed as per the business entity’s form. It could be a partnership, corporation, sole proprietorship, or you could take the formal step of forming a Limited Liability Company (LLC).
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Regardless of how far the deadline for filing your taxes may be, the two best times to get a jump on tax planning are ‘now’ and ‘all the time.’ Taxes are the last thing overworked business owners want to think about once they’ve submitted their returns. However, thinking about tax season and planning early can make a monumental difference for your bottom line. Depending on the circumstances, it could also lead to a significant reduction in taxes, which means the availability of more money for streamlining business growth. Before diving into the sea of benefits outsourcing tax planning offers, let’s understand what the term entails.
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Do Business Owners Really Need Tax Planning Services?Read More »
Use tax planning targets to evaluate your income, establish strategies for the best tax returns, and reduce the overall amount that you pay in taxes for your company.
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Sustaining a successful investment is all about looking for ways to reduce your expenses and increase your gains. One simple way to achieve this is to invest in tax-efficient avenues which reduce your tax burden by increasing the tax returns and helping you deduct tax credits from your taxable income.
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Filing your taxes for the first time isn’t as bad as you think; most first-time tax filers just need to learn a few tax filing basics.
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If you just started your business, filing your taxes will be one of the most troubling things to deal with. Compared to personal taxes, business taxes are more complex and require comprehensive knowledge of the tax system to avoid mistakes and benefit from possible tax breaks.
That’s why it’s better to hire an expert tax consultant who will take care of your business taxes and maximize your tax returns.
If you choose to file your business taxes yourself and end up making errors, here are some things you could do.
If you accidentally made a mistake, there’s no need to panic. The automated systems of the IRS often catch simple mathematical errors. They can automatically fix it and notify you of the said changes. If a math error suggests that you either overpaid or underpaid your taxes, the IRS will also notify you about that.
If you need to amend the tax returns, you’ll either need to file the Form 1040-X or the Form 1120-X, depending on your business’s structure. However, at this point, you must take the assistance of a professional tax consultant to avoid repeating any errors you initially made. Moreover, filing an amendment involves too many complex steps that are best left for the tax experts to deal with.
If your errors meant that you end up underpaying the IRS, they may penalize you with additional interests and penalties. However, sometimes they may offer you a break on the legal penalties.
Filing taxes require diligence and an eye for detail. One of the simplest ways to avoid mistakes on your business taxes is to hire a tax filing service. Not only will this save you from the trouble of legal penalties, it will also save you a lot of time that you can rather spend on improving your business strategies.
At Nidhi Jain CPA we offer professional personal and business tax services. Our certified public accountant in USA ensure that your taxes are accurately filed to avoid any issues with the IRS.
We also offer strategic tax solutions that ensure your business taxes are kept to a minimum while your tax returns are maximized.
Our team also has certified public accountants to help you with payroll accounting, bookkeeping, and much more.
Call us or email us now to learn more about our accounting services.
If bookkeeping takes too much of your time, you should consider hiring a professional bookkeeping service for your business.
It doesn’t matter whether your business is fairly new or well-established; you will greatly benefit by outsourcing your bookkeeping.
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Benefits of Hiring a Professional Bookkeeper for Your New BusinessRead More »
If you are a business owner and highly value your peace of mind and time, consider outsourcing your payroll.
By hiring a professional payroll service, you do not have to spend time calculating wages, tax deposits and tax withholdings, reporting, etc.
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Reasons Why You Should Outsource Your Payroll ServicesRead More »
Withholding tax refers to the income tax your employer pays to the Internal Revenue Service (IRS) after withholding it from your income. If your employer withholds too much during the year, you will be eligible for a tax refund.
On the other hand, if your employer withholds too little, then you might owe IRS the remaining amount of the tax.
Most employees need to pay the withholding tax. However, your employer has the burden of sending this tax to the IRS.
If you want to exempt yourself from the withholding tax, then you must have no federal income tax owed in the last year, while you’re also not expected to owe any of the federal income tax in the current year.
To determine the amount that is withheld from your income, you’ll need to fill out Form W-4 and provide it to the employer when your job starts. The W-4 includes the following information:
Note: if your status is “married” and is filing jointly with your spouse, then you’ll probably have a lower amount of money withheld in taxes by your employer.
Estimated taxes aren’t paid by your employer. Instead, they’re paid by those who earn their income that’s not subject to a withholding tax. For instance, a person who is self-employed might be required to estimate the total tax liability and make quarterly payments to the IRS.
If you want to file a tax refund for your withholding taxes, we can help you. At Nidhi Jain CPA we offer professional personal and business tax filing services. Our certified accountants ensure that your taxes are accurately filed to avoid any issues with the IRS.
We also offer strategic tax solutions that ensure your business taxes are kept to a minimum, while your tax returns are maximized.
Our team also has certified public accountants in USA to help you with payroll accounting, bookkeeping, personal tax filing and much more.
Call us or email us now to learn more about our accounting services.
Strategic tax planning allows a business to analyze and arrange their financial situation in such a way that they can maximize their tax breaks and efficiently minimize their tax liabilities.
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Tax Planning for Beginners: 3 Strategies to AdoptRead More »
If you’re among the smart fellas who always pay their taxes on time to get tax refunds on time, you need to read this post carefully because your responsibility doesn’t just end here. You may have hired the best CPA firm in the US to file your tax returns, but now it’s your responsibility to properly utilize the tax refund amount for better returns in the future.
If you’re expecting a generous tax return from the IRS, don’t start making plans of spending the hard-earned money on reckless shopping. Tax consultants at Nidhi Jain CPA want you to know that tax refunds are crucial for your company’s brighter future. Here are a few things you can do to ensure you don’t spend your tax returns on anything unnecessary.
There’s nothing more straining for your bottom line than lugging around high-interest debts with interests compounding month after month. If you’ve got outstanding high-interest debts, start crafting the debt payoff plan.
Whether it’s a mortgage or a credit card debt, paying it off with the tax refund is the best investment you can make, as it can save you hefty interest in the long run if you were planning on making the minimum monthly payments.
Even if the refund amount doesn’t cover the entire outstanding balance, try rolling over the remaining debt to a balance transfer with a lower interest rate. A lower-interest debt consolidation loan is a much more feasible option for those with less-than-optimal credit scores.
While opportunity knocks at the door just once, emergencies don’t knock at all before wreaking havoc in people’s personal and professional lives. Having spare cash is key to handling emergencies efficiently. Creating a small emergency fund with tax refund money will help deal with various personal and professional emergencies without the added stress.
If you plan to fight the company’s insecurities with the tax refund money, buying a risk investment to insure the precious assets is an excellent idea. For instance, companies operating in an earth-quale or flood-prone area should secure their premises against natural calamities so that they never have to worry about the damages. A small yearly contribution can help secure the company from a range of risks for a lifetime.
If you’ve been holding off on purchasing work-related items like tools, computers, and work equipment, using the tax refund money as an investment could be an excellent option, leading to a better deduction on next year’s return, too. However, since heavily priced equipment needs to be depreciated over the item’s useful life, buying them at the end of the fiscal year will mean the tax return benefit would be relatively smaller. Reach out to tax planning consultants at Nidhi Jain CPA to learn more about the best time to make the investments to streamline better tax returns and save more while spending more on the right items at the right time.
If you’re looking for more efficient ways to utilize your tax refund money or have questions regarding personal or business tax filing in Bay Area, CTC-certified tax accountants at Nidhi Jain CPA are your best bet. We offer comprehensive tax resolution services, along with comprehensive bay area bookkeeping and accounting services to clients in the Bay Area, Sans Francisco, USA.
Call us or email us now to learn how spending your tax refund wisely can help claim a better rebate the next time.
Accounting and bookkeeping tasks are typically handled by one person who often also holds the tax filing responsibility in most SMEs. While small business bookkeeping and accounting are simple, things can become complicated when the accounting workload increases once the business grows. It’s simply not possible for one person to handle the accounts efficiently, but at the same time, it’s not feasible for a growing business to set up an entire accounting department from scratch. In such circumstances, the best solution for small-scale expanding organizations would be to outsource bookkeeping, tax, and accounting services from certified public accounting professionals like Nidhi Jain, CPA. This helps growing businesses in plenty of ways. Let’s look at a few of them.
By hiring virtual accountants and bookkeepers to automate the business operations, you can reduce the complexities and burden from your shoulders as you hand it over to the professionals. It allows spending the spare time on other important business operations to enhance efficiency and boost productivity, leading to increased revenue
Your decision to streamline outsourced bookkeeping services will assist you in properly maintaining vital financial records. These records can help analyze the present financial condition and plan future investments, allowing the elimination of risk factors. When you hire CTC-certified professionals from Nidhi Jain CPA, the experts offer highly reliable services that can aid in making important future decisions efficiently.
Accounting and bookkeeping technologies have evolved significantly over the past few years. It’s next to impossible for SMEs to keep up with all the latest tools. However, top outsourcing companies have access to all the latest tools and software, along with a highly qualified talent pool well-versed in the best industry practices and the latest technological advances in the bookkeeping and accounting industry. Opting for automated bookkeeping services means reducing the level of accounting errors almost to nil. It can make the accounts much more functional and efficient than manual bookkeeping practices.
SMEs are always on the hunt for cost-cutting solutions, and outsourcing bookkeeping and accounting can be one of the most effective options. The cost of hiring an experienced in-house team, along with benefits, bonuses, infrastructure, training, and other costs to accommodate the new employees in the firm, can put a dent in the finances. On the contrary, outsourcing bookkeeping services remotely means having to pay for the rendered services only. Moreover, hiring professionals from CPA firms in the US further streamlines cost-saving, given the low wage rates of highly qualified professionals offering top-notch accounting and bookkeeping services across the Bay Area.
The assistance of a highly professional accounting and bookkeeping staff can help the business grow at a constant rate. Experts at Nidhi Jain CPA, an outsourcing firm run by Nidhi Jain CPA, CA, CTC, MoC, offers expert guidance and a full range of professional services, from personal and business accounting to tax filing and payroll services in Bay Area. Based in California, the outsourcing firm serves clients across the Bay Area, focusing especially on San Jose, San Francisco, East Bay, Dublin, South Bay, Milpitas, Pleasanton, Sunnyvale, San Ramon Trivalley, Livermore, and Fremont.
Our experts are responsive, dedicated, approachable, and keen on helping businesses and individuals alike. They pay attention to detail and stay updated with the latest compliance laws and regulations to ensure maximum returns for clients.
Reach out to us at 925-952-7891 or email us to learn more about our comprehensive cloud-based solutions or schedule a consultation with high-qualified tax consultants.
CPA, CTC, CA, Master of Commerce (India)
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Nidhi Jain is a CPA and Indian CA providing services in US and India. We serve Bay area including South Bay, Sunnyvale, San Jose, Milpitas, Fremont, East Bay, Trivalley, Pleasanton, Livermore, Dublin and San Ramon. We specialize and have extensive experience to best serve our clients with complex tax situations like: Asset Inheritance and Gift from Foreign countries, Repatriating Money from Foreign countries, FBAR Filing (Foreign Bank Account Reporting), Incorporation of US Entity by International Clients, International Tax reporting and compliance of selling property abroad, Tax Planning and Advisory Service
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