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A well established Philadelphia accounting firm, Dale S. Goldberg, CPA & Associates, prepares for yet another busy tax season and offers free tax advice to new businesses who may be filing taxes for the first time. Philadelphia, PA - There are numerous types of taxes that are filed each year, and depending on what kind of taxes are being filed, the due dates for when to turn in these important documents can vary. For most people who are filing tax returns, the date to keep in mind is April 17, 2012. Today, almost sixty percent of the 140 million tax returns filed each year in the United States are filed using a computer or through a tax professional. And even if you claim to know a thing or two about filing your own taxes, it never hurts to become more “tax educated”. In other words, familiarizing yourself with how the tax system works will help to ensure that you get the most return for your hard-earned money while also making sure that you don’t get into any entanglements with the IRS. That said, the following are some tips to keep in mind when prepping for this upcoming tax season. Preparing for the 2012 Tax Season • Gather your tax records ahead of time. Too often, business owners wait until the last minute to try to organize the information that they need in order to file their taxes. This results in a mad scramble to find misplaced documents, receipts, papers, etc. Instead, make sure that you have all of the necessary paperwork that you need ahead of time. Invest in a file folder and keep documents labeled and filed so that they are easy to retrieve when the time comes.
• Keep track of income and expenses. Have you been keeping track of your business expenditures throughout the year? Make sure that all of your business expenses are categorized properly and well documented. It will make filing your return that much easier!
• Use and accounting firm or tax service if you’re unsure. There is no shame in admitting that you have no clue what you’re doing when it comes to filing taxes. Dale S. Goldberg, CPA & Associates is a full service Philadelphia accounting firm that assists individuals and businesses all of the time with the sometimes complex taxes in Philadelphia and surrounding areas.
• Plan ahead. Even if you do decide to hire an accounting firm to assist you with your tax needs, this doesn’t mean that you can wait until the last minute. Often times, as tax season rolls around, accounting firms are extremely busy, and it may be more difficult to get your questions answered or to book an appointment for proper assistance, all of which can lead to costly mistakes on your part. Do your taxes early if you can!
• Did you make any charitable contributions? Depending on what type of business classification you fall under (i.e. S-Corporation, Partnership, Limited Liability, etc.), you may be able to deduct the charitable contribution from your business. Check with your accountant first if you’re not sure!
• Double check everything. DON’T RUSH! If you have a problem, consult your accountant/CPA. According to the IRS website, there are a number of common mistakes that people often make when filing taxes on their own. From filling in your social security number wrong to copying information off of your W-2 incorrectly, double-checking all of the numbers on your forms is crucial to making sure your taxes are filed properly.
• File early; Get your refund earlier. It goes without saying that the earlier you file your taxes, the better chances you have for receiving your tax refund earlier. That said, you may want to consider using direct deposit, which will deposit your refund directly into your bank account. This is a faster option for collecting your refund than if you were to wait for a check in the mail.
Whether you’re a small business that’s just starting out, or a corporation that’s been around for a while, tax laws are prone to change from year to year, particularly where deductions are concerned. The web of tax rules, accounting jargon and forms can often leave people feeling overwhelmed and exasperated even before tax season rolls around. And while the IRS has worked hard towards simplifying the tax process, a great number of people still find the entire process confusing. If you are a new business owner with a complicated tax agenda living in the Philadelphia area or a veteran business owner, it may benefit you to hire a certified public accountant in Philadelphia. A well established Philadelphia Taxes CPA firm, Dale S. Goldberg, CPA & Associates, will help guide you through the tax process one-on-one, ensuring that your finances are in order by the time tax season arrives. Press Contact
Dale S. Goldberg
Dale S. Goldberg, CPA & Associates
7600 Castor Avenue
Philadelphia, PA 19152
(215) 342.4200 About Dale S. Goldberg, CPA & Associates: Dale S. Goldberg, CPA & Associates
(http://www.dalesgoldbergcpa.com/) is a well established, full service accounting firm based out of Philadelphia, PA. From individuals with complicated tax situations to small businesses and large corporations, Dale S. Goldberg, CPA & Associates assists their clients with all of their tax and accounting needs no matter what the situation or circumstance.
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