How often should you talk to your Tax Specialist?

If you have had any financial or tax situation changes during the year, you should talk to a Tax Specialist.

Some changes can be, but not limited to:

• Change in pay from your current employer
1. You may need to increase your Federal and State Tax Withholdings if you have had an increase in pay
2. If you have had a decrease in pay, you might be able to decrease your Federal and State Tax Withholdings.
• Purchase of a new home
1. There are a number of deductions that could be on your escrow papers that you could use.
2. You might be able to decrease your Federal and State Tax Withholdings, depending on your deductions.
3. If this is your first home, there are other deductions (ie. Personal Medical expense, Medical miles, Charitable Contributions, Unreimbursed Employee Expenses) that you may be able to deduct.
• Starting a new business
1. Do you have a Profit and Loss Statement?
2. Have you been keeping track of your expenses?
3. Have you been paying estimated quarterly taxes?
4. Do you know all the deductions that you could be expensing?
5. Are you using a room in your home, this could be a Business Use of Home Expense?
• The birth of a child or adopting a child
1. You could be eligible for the Child Tax Credit of $1,000
2. You will be able to have another exemption credit of $3,800
• A child going to college or moving out of the house
1. If you have a Child that has turned 17 you are no longer eligible for the Child Tax Credit of $1,000
2. If you have a Child attending College, there are Education Credits that you may be eligible for up to $2,500
• Change in Filing Status (Married, Married Filing Separate, Single, Head of Household, or Qualified Widow/er)
1. This is a huge factor in your taxes, and can either have a positive or negative outcome. 

As you have read, there are many things that can change your Tax Situation and since it is almost the end of the year, you would want to do this sooner than later, the more you wait; the harder it will be to correct the situation.

Give us a call and make an appointment so I can go over your paystubs, escrow papers, Profit and Loss Statement, etc. and make sure that you are on track, and/or give you some advice on your tax situation. 

Also, if you know anyone who owns a Small or Medium size Business or is Self-Employed, please give them a business card and have them give me a call for a Free Consultation of their Bookkeeping and/or Tax Situation.

Thanks for reading my blog, and when you get a chance check us out on Facebook – Pina Business Services, Twitter - Gabe the Taxguy and of course our website - Pina Business Services Webpage

Give us a call at (619) 726-1158 to make an appointment for a free consultation. 

Have a great day!!!!

What is Piña Business Services?

Hello and Welcome to Piña Business Services Bookkeeping and Tax Blog!

My name is Gabriel J. Piña and I started a Bookkeeping and Tax business in 2007 to provide a service for small to medium size businesses.  Providing Bookkeeping and Tax Services to Self Employed, Corporations and Non-Profits alike over the last 5 years have been a great joy.

My company slogan “Bookkeeping is like a Puzzle, do you know where to put all the pieces?” this is how I look at your company: A puzzle.  Every puzzle is unique in its own way.  My goal is to show you how your company is doing on a weekly, monthly or quarterly basis, and to show you how it will impact your yearly tax return.

There are many facets to provide a Bookkeeping service, and a lot of it depends on you the client.  The basic of Bookkeeping is creating a Profit and Loss statement based on your receipts and Bank Statements.  This will tell you if you are profitable or not, as well as where you spent your money.  To take it to the next level we look at a yearly budget, and categorizing your income and expense to specific categories (as you can see in the example below, the Job Workshop had a net income of $1,850, while the business as a whole had a net income of $21,150), and we look at your budget on a monthly basis to see if you are spending more or less then you budgeted. 

           

                        Income

                                    Sales                                      $25,000

                                    Job Workshop                       $  2,000

                        Total Income                                      $27,000

                        Expenses

                                    Advertising                             $     500

                                    Office Supplies                      $     200

                                        Job Workshop Supplies   $     150

Rent                                        $  5,000

                                    Total Expenses                                 $  5,850

                                    Net Profit                                            $21,150

                                               

Other facets of Bookkeeping Services are but not limited to: Bank and Credit Card Reconciliation, Financial Statements, Accounts Payable and Accounts Receivable, and Sales Tax Reporting. 

On a quarterly basis, I analyze your Profit and Loss Statement and your Balance Sheet and come up with a report of your self employment taxes and income tax for the following year.  If you pay quarterly estimated taxes, you are more than likely paying off of your last year tax return, instead of paying off of actual numbers.  Which means you can still be underpaying or overpaying, either way, wouldn’t you rather pay off of actual numbers?

 

I have an office in Santee and am mobile throughout the San Diego County. 

Piña Business Services was named Santee’s Favorite Tax Preparer by the Santee Patch in April of 2012.

Thanks for reading my blog, and when you get a chance check us out on Facebook – www.facebook.com/pinabiz , Twitter - www.twitter.com/gabe_the_taxguy and of course our website www.pinabiz.com

Give us a call at (619) 726-1158 to make an appointment for a free consultation. 

Have a great day!!!!