Category Archives: CPA Services

Don’t Pay the IRS more than yourself! The Advantages of Monthly Accounting Service

Monthly Accounting Services Benefits for AZ Business Owners

Are you overwhelmed with trying to run your day to day operations, manage your employees, generate new sales and also stay on top of your books? Stressing over tax laws, profit and loss statements, and learning the correct documents to file with the tax authorities is done much easier with the assistance of a quality small business accountant! A number of factors affect business taxes such as health insurance, 401K plans, payroll, depreciation, inventory, etc- and it can be confusing for the business owner!

Financial reporting is essential but most businesses prefer focusing on the growth of the business rather than concentrating on tax codes, and keeping books. However, unpaid taxes cause many problems for business owners. Therefore, having professionals manage your financials and monitor your tax situation is the best way to avoid delinquency and tax fines.

Plus, when financial information is necessary for loans, audits and inventory, accountants are skilled at knowing what information you should have organized for accurate tax assessments.

4 BENEFITS of using our monthly accounting service:

  1. After we are done with our monthly work, your company’s financial health can be seen at a quick glance.
  2. Year-end summaries are less difficult to acquire because they are up to date on a monthly basis.
  3. Individual taxes: Besides small businesses, our local CPA firm prepares annual taxes for individuals, trusts, and estates.
  4. Less stress: our knowledge, education and experience working with small business owners means that our clients are compliant with Federal and state tax law.  

As your business grows, your needs will change. New employees are hired, inventory grows, and finances increase and the need for accounting services for your small business will grow accordingly too!

Small business tax accountant advice for small businesses

Summer time means tax time…Successful Businesses invest time to develop prudent tax planning strategies in the slow season

Tax specialist for retail in ArizonaYes, summer in Arizona brings a sudden decrease in revenues for many retail businesses and restaurants – which can be tremendously painful to our bank accounts!  But if you have been in business for a length of time, you already know how the “AZ Summer Slowness” can actually work to our advantage long-term. Since summer is often slow, it  means that we business owners can dedicate much needed time to focus on US, and our own businesses! Besides recharging our batteries, summer  gives us time to strategize, re-organize, plan and prepare for the upcoming business season.

Summer is an excellent time to talk business tax strategies, revenue growth and tax planning with us….. before it gets busy again – when you only enough time to keep your head above water.

Meet an Arizona small business tax accountant who works with many types of Phoenix area businesses

Arizona CPA specializing in retail taxes

Sean Core CPA PLLC works extensively with small businesses in many industries, and retail businesses are one of our specialties. We understand that even the most successful small businesses owners don’t always have the time or expertise to master the fine points of inventory management, and we’re here to help. We provide a full range of business tax and accounting services, new business start-up planning, business entity consultation, financial planning, payroll and tax return preparation.

Many new retailers don’t fully understand how the lifeblood of their business—buying and selling inventory—is treated by the IRS for income tax purposes. If you pay an employee, or buy an advertisement, or purchase a qualifying piece of equipment for your store, that’s usually a deductible business expense. But when you receive a shipment of inventory and write a check to your vendor, you have not incurred a deductible expense. Instead, you’ve “traded” one business asset (cash) for another asset (inventory). You don’t deduct the cost of your inventory until you sell it, when the price you paid becomes part of your Cost of Goods Sold calculation.

As the owner of a retail store or other product-based business, you probably devote most of your time and energy to marketing your business, engaging with customers, and making sure you have the right product mix and stock level to ensure a smooth—and profitable—flow of inventory. This isn’t always easy, especially if your retail business deals with seasonal fluctuations of product supply and customer demand. How do you manage your inventory so you always have just the right product mix and stock level, sourced from the best vendors at the most favorable terms possible?

Our local small business tax accountant team excel at giving retail entrepreneurs the accounting and tax-planning tools you need to be successful. Contact us today to learn how we can help you achieve your business goals and dreams.  We  know… it is hard to believe it in this Arizona heat, but fall “busy-time” is right around the corner!

 

We moved in December