Accountant Naples, FL – Awesome Benefits Of Professional Accounting For Small Businesses
Small businesses sometimes do not take the professional services of an accountant Naples, FL seriously. Staying away from professional accounting as much as possible, unfortunately, is the way some businesses do but bookkeeping and documentation are not the only two jobs that a professional accountant Naples, Florida can do for her clients. There are quite a few useful things that an accountant can do to ensure that a small business is flourishing. One of the most important things about running a small business is strategizing tax filing. Remember, filing tax is one thing and coming up with a productive tax strategy that is useful for both the business owner and the government is a very smart job, something only a professional accountant Naples, FL can pull off. Sometimes small businesses operate from a home office but fail to file the expenses a legitimate business expense. If your small business heavily depends on operations from your home office, a lion’s share of expenses are probably associated with the place. This is the same with overlooking the expenses at a regular office too. For example, even small businesses with a regular office setup fail many times to file their office supplies.
Without A Professional Accountant Naples, FL, Tax Filing Is a Job Too Hard
Office supplies may not cost more than 5 bucks a piece. Ink toners, staplers, pins, printing paper, ink and DVDs are all bought by small businesses regularly but most businesses do not buy these items in bulk so their spending will be small amounts. The end result is that businesses often lose a record of items they purchase. Keeping a financial record of supplies is not only important for tax filing but it also helps companies to get an accurate cost estimate of everything going down in their organization. For instance, coffee vending machines can become a commercial burden without proper management because there is no way for the owner to know about the wasted resources. The worst part of not hiring an accountant Naples, FL to keep your small expense records filed is failing to recognize the money overspent. Keeping a track record of office supply purchases may not look like a big deal in improving a business financial situation but the same can’t be said about travel expenses. If you do not have a straightforward record of your employees using company money for gas and taxi fare, mismanagement is going to be on the way.
Dan Ariely, the famous author and researcher, proved this concept in his latest book ‘The honest truth about dishonesty’ where a study revealed that when employee activities are monitored closely, mismanagement of funds came down drastically. Hiring a professional accountant Naples, FL has two advantages. Firstly, it helps you to deduct tax in many areas. For example, any travel costs – plane, bus and taxi fare, airport parking, rental car and other commercial transportation for business – is eligible for a tax deduction if you are not charging your client for the same. Even food expenses are deductable by up to 50%. This is why companies that maintain a track record of their miscellaneous expenses and travel expenses see a quick reduction in tax amount. The second advantage is the less likely scenario of workers misusing office resources knowingly or unknowingly. Even if an employee is honest, he may be wasting resources due to poor planning. If you keep a record of expenses with the help of a professional accountant, Naples, Florida to track records, you can help employees cut on spending excessively.
If you are currently working from home, you definitely cannot deduct any of your daily commuting expenses -you won’t even be able to deduct your morning trip to the local coffee house. However, if you are traveling to meet a client or do a job-related to your work outside your house, buy some business supplies, do some market research or any such activities related to your job – you can deduct this travel expense. On the other hand, if you are taking a client out for lunch which is considered as a time honored tradition; it causes a fair share of issues in your taxes. First off, you will not be able to deduct for the meal and the IRS will be on the lookout for any extravagant deductions in tax. Being an individual, you would never be able to know how to deduct your expenses while filing your tax, but only a professional can do the job for you. This is exactly where Perfect Accounting Service is considered to be the best accountant Naples, FL that can perfectly understand your expenses and do the necessary tax filing so that you do not undergo a major financial commitment. Likewise, situations when you want to upgrade your office or want to try out the new furniture or fixture, you might not know that these are allowable deductions. On the other hand, you might want to go for a new painting which may not be counted for tax deductions. Self-employed individuals have an opportunity to deduct the cost of health insurance for them as well as their family, but you will not be able to deduct insurance if you participate in the employer subsidized plan. These are a few minor details that an individual would not know, but a professional is in command. Hiring a professional is always recommended to make sure that you stay away from any tax obligations.