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A Guide To Form 990 For Tax-Exempt Organizations

What is Form 990? Although many nonprofit organizations are exempt from paying federal taxes, the IRS requires tax-exempt organizations to file Form 990 for informational purposes. The IRS uses this informational return to determine whether you're still exempt from...

5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....

THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

Your Business’ January 2019 Tax Checklist

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January is a big month for businesses (and accounting experts) everywhere. It’s the time when the previous financial year is officially over, and the moment when gathering all necessary tax documents kicks into high gear. Here’s a quick checklist of the most important items to consider when preparing for tax time.
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Collect All Necessary W-9s

Make sure to gather W-9s from any vendors, contractors, or freelancers you worked with during 2018. You’ll need these forms to submit with your taxes, and collecting them now will save time and frustration. Tracking them down later in the season can be time consuming.
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Gather Financial Documents for Your Accountant

Your accountant or CPA will likely be reaching out in January for any financial documents they don’t already have access to. The earlier you can gather all relevant financial documents and bring them to your accountant, the more time they’ll have to be thorough in putting you in the best possible situation regarding your taxes.
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Make Sure Financial Statements Reconcile with Fact

If there are any discrepancies between your financial statements and actual data or inventory, now is the time to reconcile your books—not right before or even after tax deadlines have passed. The more diligent and thorough you can be in January, the less stressed you’re going to be around tax deadline time.
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Don’t Forget the TCJA

The Tax Cuts and Jobs Act is still a relatively new piece of tax legislation with deep and far-reaching effects. We’ve covered the TCJA in depth here, but below are just a few of the most basic points to keep in mind.

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New Deductions

Owners of S-corps and pass-through entities can now access a 20% qualified deduction in business income.
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Lower Corporate Tax Rate

Remember that the overall corporate tax rate has been lowered from 35% to 21%.
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Effects on International Businesses

The U.S. has shifted from a worldwide taxation system to a semi-territorial system. This means that some foreign income from your business is subject to taxes in the US, while other income is not. You can learn more details here.
January is a big month for businesses (and accounting experts) everywhere. It’s the time when the previous financial year is officially over, and the moment when gathering all necessary tax documents kicks into high gear. Here’s a quick checklist of the most important items to consider when preparing for tax time.

Ready To Talk? We Are Too!

If you’re ready for comprehensive accounting services aided by superior technology, we are eager to work with you. Contact us today about your Fresno accounting needs.

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