3 Reasons to Outsource Accounting & Bookkeeping Services

 Whether you have recently started a business or are an entrepreneur running a well-established organization, accounting and finances can be a major headache!  So, it's good to outsource your accounting in order to ensure that you comply with various guidelines, such as tax regulations.  In addition, it's a great idea to hire an online professional accounting firm providing affordable accounting for freelancers, to keep track of your expenses and income and to make wise financial decisions.

Let's take a look at the three main reasons to outsource accounting and bookkeeping services:

1. Reduces the Chances of Fraud and Errors

There can be a greater possibility of incurring errors if your business has recruited employees who lack the accounting experience to perform tasks like filing taxes and managing the preparation of financial statements.  Thus, it's best to work with experienced accountants who are well-versed in the tax codes and laws.  A professional accountant ensures the accuracy and integrity of your financial statements.

2. Easier Tax Filing

If you handle taxes on your own, then you can easily make mistakes while preparing and filing your taxes.  It's also good to stay updated on the tax code changes, while failing to do so can lead to costly mistakes.  So, hiring a professional accountant who is well-aware of your business needs can be of great help when filing your income taxes for freelance workers.

3.   Analyzes Your Business Performance

An expert accountant helps maintain your business's financial records, to show your business' operational efficiency and position.  You can hire accounting and bookkeeping services to understand the financial strength of your business.  Also, an accountant can help you compare and analyze current data with previous accounting records.

Wrapping Up

Accounting and tax filing services are crucial in providing accurate information and reports about your assets, debts, and profits.  Thus, outsource your accounting tasks to drive your business towards long-term success and growth.

You can count on Agro Accounting CPA to get exceptional income tax services for freelancers.  Agro Accounting CPA also offers services like accounting and bookkeeping.  For more information, visit agroaccounting.com!

Important Things You Should Know About a Tax Audit

 Tax season is stressful for taxpayers.  From the fear of missing a deadline to ensuring everything is done right, various things can keep you on your toes.  One thing that can add to your fear is a tax audit.  However, when you understand what a tax audit is and consult with a professional for tax preparation for entrepreneurs, tax audits will become less scary.  Here are some important things you should know about tax audits:

• There are three main types of tax audits – office audits, mail audits, and field audits.

• The major reasons for an IRS audit include errors while filing taxes, reporting too many losses, and failing to report income.

• Filing taxes electronically and taking up the help of a tax professional reduces the risk of errors and tax audits.

If you need help with tax audits, then you can contact Agro Accounting CPA in order to hire a skilled professional who can make things easier and hassle-free for you.

Why You Should Hire a Tax Consultant ?

People are often unsure about accounting and tax matters, and they cannot decide whether to hire a tax consultant for freelance workers or manage their tax-related issues on their own.  Hiring a professional accountant to handle your tax matters will offer you more benefits than if you were to file your taxes independently.

Some of the benefits of hiring a tax professional are:

• Knowledge of the Tax Rules

While performing tax preparation for freelance workers, there are certain legal rules that must be followed.  Your professional accountant will know such requirements, as they have knowledge of all the tax rules and regulations.  They may ask you some questions to make sure that you do not miss any important information.  You will be able to avoid fines and penalties this way!

• Help you Save Time

The tax filing process demands a lot of focus and time.  As a business owner, you may not want to waste your time managing these tax matters.  Thus, you should hand them over to a professional accountant.  They have years of knowledge and experience, and will be able to perform such tasks more efficiently than you can.

• Assist in Business Planning

Your professional tax consultant can provide you with assistance in your business plans.  They will keep reminding you of all the required actions and plans.  Generally, people have a tendency to file their taxes and to forget that they need to do it again the following year.  With a professional tax consultant by your side, this would never happen again.

Wrapping Up

Apart from the above points, some other benefits of hiring a professional tax consultant include earlier tax return filing, time-saving efforts, and a fundamental understanding of tax rules and regulations.  Hire a professional accountant from Agro Accounting CPA for income tax services for freelancers and witness the difference yourself!

4 Best Tax-Saving Strategies for Freelancers

 Working as a freelancer and handling everything on your own is challenging!  Managing your financial accounts and filing taxes is like getting a major headache.  So, that is why hiring an experienced tax consultant for freelance workers is a good choice to make.  They offer many strategies to reduce your taxes.  Some of the main strategies are: 

1. File your taxes on time.  With the help of good tax filing software, you can accurately prepare and file your tax forms online.

2. Always keep track of your receipts.  It can help you better understand how you have spent your money throughout the year.

3. Hire family members and relatives as employees to reduce your taxes significantly.  Thus, you can get business tax deductions for reasonable compensation paid to family help.

4. It's best to determine what records you need in order to deduct all the expenses related to your business.

To hire professional income tax services for freelancers, get in touch with Agro Accounting CPA today.

Top 2 Reasons Why Freelancers Need a Professional Accountant

 Freelancing is a great job opportunity that allows you to manage your time, earn income on your terms, and get maximum returns on your labor.  However, it might be stressful and troublesome to do your own bookkeeping and accounting work.  So, it’s a good idea to hire a professional accounting firm to keep track of your finances.

This said, let’s take a look at the top two reasons why freelancers need a professional accountant:

 Time-Saving

Hiring a professional accounting firm that renders affordable accounting for freelancers can help you devote more time to earning money and honing your skills, instead of burdening yourself with accounting tasks.

Tax Preparation

Filing your taxes without any professional assistance can increase your chances of errors.  So, it’s good to hire a professional accounting firm that can make tax preparation for freelance workers hassle-free and smooth for you.

Wrapping Up

Experienced accounting professionals can not only guide you in managing your financial accounts and filing your taxes, but they can also guide you in making important business decisions in complex situations.

Agro Accounting CPA is one of the most renowned online accounting firms, providing affordable professional accounting services and guiding you in filing your tax returns in a way that will save you money on taxes.  Visit agroaccounting.com today!

Things Artists Should Know Before Filing Their Taxes

Like any other freelancer, an artist who has the intent to make a profit from their products or services is considered to be a business.  This means they are eligible to report earnings and losses and to deduct expenses.

1. Behave Like a Business

When artists report their income on Schedule C, they are agreeing with the IRS that they operate like a business, meaning they run the business to make profits.  However, people who make art without a profit are considered hobbyists and cannot deduct their expenses.

Keeping track of expenses can benefit artists.  These expenses can include things like studio rent or home studio space; art supplies, internet and phone bills, and more.  So, you can also include museum trips, research expenses, and travel expenses.  As an artist, you can even deduct travel expenses from visiting art fairs!

2. Use a Separate Bank Account for Your Art Activity

The IRS expects you to operate like a business, so you should refrain from mixing your personal and professional expenses under a single bank account or credit card.  This will also help you to calculate your taxes much more easily.  PS: Purchases you make on your business credit cards are a deductible business expense.

3. Find an Accountant Who is a Good Communicator

Finding a good accountant who helps with company income taxes for artists that won't leave you in the dark.  An accountant or tax advisor ensures that you don’t miss out on any deductions and also adhere to the tax code.

Agro Accounting is a trusted name in doing accounting for artists, freelancers, and small businesses.  You can contact us for tax preparation, accounting and business consulting, sales tax, bookkeeping, estimated tax calculations, tax relief options, and more.

2 Bookkeeping & Accounting Tips for Small Business Owners

You might be a small business owner that takes charge of various business operations.  However, keeping an accurate record of your finances and maintaining your accounts can be burdensome.  So, it's crucial to get affordable accounting for freelance workers to organize your financial accounts, whether you are keeping track of your monthly expenses, preparing your tax documentation, or paying your bills.

Let's explore two bookkeeping and accounting tips for small business owners.

1. Keep Business and Personal Finances Separate

As a freelancer, it's good to keep your personal bank and credit card accounts separate from your business ones.  Removing personal transactions from your business accounts can help reduce the number of transactions your bookkeeper needs to categorize and reconcile, for one :)

 

2. Get Reimbursed for Paid Business Expenses

 

You might face a difficult situation where you need to use your personal funds to pay for business expenses.  The company will then need to prepare a check to reimburse you for the expenses that you paid with your personal funds.

Wrapping Up

Managing your startup can be challenging, but you can reduce the workload by maintaining an accurate record of your finances from the very beginning.  Agro Accounting CPA is a renowned online accounting firm offering affordable accounting for freelancers.  Visit agroaccounting.com today for more details!