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Running a small business or managing personal finances can be a challenging task. From budgeting to planning for the future, there's a lot on your plate. And when tax season rolls around, it can feel like you're in over your head. That's where a tax accountant comes in. Here are some telltale signs that it might be time to hire a professional. You're Spending Too Much Time on Taxes If you're spending hours poring over paperwork and trying to decipher tax codes, it's a clear sign you need a tax accountant.

For many people looking to retire comfortably, their Self Managed Super Fund (SMSF) is a major part of their financial future. While it can seem overwhelming, with the right help, setting up and managing your SMSF can be a smooth process. Still, an accountant is a valuable asset to help you understand the complexities of SMSFs, so what do you need to bear in mind?  Understanding the Rules and Regulations of an SMSF 

If you want to start your own business, then you need a strong business plan. This plan is especially important if you want to raise funding. While you can create a plan yourself, professional help improves your prospects of success at this stage in your new business's life. For example, an accountant can give you valuable advice and guidance that could get your company up and running sooner. How can an accountant help with new business planning?

Most small business owners will want to avoid having to pay more in taxes than they need to. While this may seem to be common fiscal sense, some people do not take tax planning as seriously as they should and may be missing out on many opportunities. What are some factors to take into account as you plan for the new tax year ahead? Constant Attention Tax planning is not a one-time exercise, nor should you treat it as seasonal.

Many people decide to launch a business around an idea. They may have a plan to create an unusual product or service and feel that they have a "killer" USP. However, when the business takes off and becomes successful, they may wonder how to keep the momentum going, and one solution is to consider a franchise. Is this something you should think about in your case, and what do you need to bear in mind?

Even for the savviest of entrepreneurs, the tax season can be pretty stressful. Some business owners take huge risks by handling their tax affairs without the help of a professional. As a result, that ends in costly mistakes and errors. However, working with a professional tax accountant comes with numerous benefits. Read on to learn more below.  Ability to Manage Your Complex Financial Systems Tax accountants have a wide range of accounting skills.

Most business owners understand that taxation is a statutory requirement. However, very few know the in-depth details. Because of that, they often run into taxation errors and fines they could otherwise avoid simply by learning a little more about the process. This article explains a few basic things about taxation services every business owner should know. Check them out below. Tax Requirements for Your Business There is no one-size-fits-all when it comes to tax requirements.

Tax deferral is a creative way of managing your business tax obligations and liabilities. It means taking deductions and recognising them in an earlier year. It also means accruing some of your business income to a later month or year. The objective is not to reduce or eliminate your tax obligations, but to get some short-term benefits for the good of your business. Managing your tax deferral properly reduces your current tax obligations, enabling you to benefit from the concept of the time value of money.

Are you running a business from your home office? If so, you should prepare early for your tax return. One crucial step when filing taxes is ensuring you're getting all the write-offs you are entitled to. Unfortunately, work-from-home entrepreneurs may miss out on these benefits due to lack of information on how to go about the process. Keep reading for some valuable tips on how to get better tax refunds as you do your taxes.

The accounting industry has seen a dramatic shift towards the integration of technology and the automation of many processes. Some of these trends are positive overall for both the consumer and firms, but with automation and other technologies making many responsibilities obsolete, the question many accounting firms are asking is what the future for the accounting industry is. Below are the top four trends that are affecting the accounting industry in 2019.

Are you a more hands-on type of person who really doesn't like paperwork and all of those numbers? You may have set up your own business so you can reap the rewards of your labours, but you've still got to focus on administration and, crucially, develop a budgetary plan. As you take a deep breath and sit down to work on your projections, where do you start? Paying Yourself First

It goes without saying that proper accounting is one of the most important functions of a business. It allows for your company to identify how its operational costs are translating into profits over a certain period of time. For many years, accounting has been done via a separate system that doesn't necessarily integrate with other business functions. This means that data from multiple departments of the business would have to be collected on a regular basis and submitted to accountants for review.

Many individuals manage their own tax filings if they have a regular job where taxes are held from the check and if they don't have any unusual forms of income, deductions, or costs that need to be included on their returns. However, tax returns are not always that simple, and there are times when it's best to bring those taxes to an accountant for him or her to prepare. Note when that is and why their services can be beneficial for you.

Taxes are often a nightmare for many start-up entrepreneurs. Unfortunately, there are no two ways about it if you intend to remain in business legally.. The Fringe Benefits Tax (FBT) is a category of taxes that you'll be required to pay on fringe benefits you provide to your employees. It's important to understand this category of taxes as you work on your business activity statement. Below is a brief introduction in question and answer format.

Starting your own freelance business allows you to set your own schedule, be your own boss, and control what work you do and when. While there are many benefits, you also need to plan carefully for this type of career path. Make sure you avoid the following mistakes people tend to make when first starting their freelance business. Not Planning For Deductions When you run a freelance business, you are responsible for all taxes.

Instead of contacting an accountant right before your taxes are due, you may want to consider working with these professionals throughout the year. This is especially important if your business is growing and you have more financial elements to track than you did before. Here are five ways an accountant can help your company throughout the year: 1. Setting up bookkeeping and accounting systems As your business grows, it becomes increasingly important to have a reliable way to track income and expenditures.

When you run your own business, it is important that you have all your affairs in order, including your taxes. If you aren't doing your taxes properly, it could be costing you money and increase the risk of getting an audit done later down the road. Here are some common small business tax mistakes people tend to make that you need to try and avoid. Failing to List All Your Deductions

If you have kids, it's wise to begin planning many years in advance for the cost of their further education.  And it's not just the university fees alone that you'll have to pay for; there are other items to consider, such as books, exam fees, stationery, and specialist trips and equipment. There are a number of different savings plans that are designed to help parents fund their children's future educational aspirations.

It's typically legal for an individual and even a business owner to prepare and file their own tax returns, and for many persons, they can handle this on their own. However, there are times when it's good to have a qualified accountant take care of your taxes for you, as things might be more difficult and involved than you realize and there may be details that complicate your return overall. Note a few times when you might want to consider having an accountant handle your taxes versus going it alone.

When you start hiring employees, you must either sort out their wages yourself or hire a payroll service. While outsourcing this seemingly simple task may seem like another unnecessary expense – especially when your overheads are increasing – it could be well worth the investment. Here are five reasons why. Accountants Know the Law Inside Out If you aren't particularly well-versed in payroll tax laws, you are placing yourself and your business at risk.