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Posts Tagged ‘tax preparation’

Amy used to get the 1040 forms from the post office to file her own taxes. One day her neighbor, Becky, asked Amy if she wouldn’t mind filing her taxes as well. Amy thought Becky was a great neighbor and didn’t mind at all. Becky bragged about how helpful Amy was that the following year, Becky’s co-workers asked Amy to file their taxes in return for cash. Five years down the road, Amy rented office space in town on the corner by the street light. Her client list is well above 50 people. Now the IRS wants to tell Amy that she needs to pay them a fee and take a test in order to file other people’s taxes. Read more...

One common error small business owners make is failing to create recurring month end Managerial Financial Statements. Typically you can pull your financial statement information off your tax returns at the end of the year. However, there are a few good reasons why you should consider doing an internal monthly financial statement. Read more...

You don’t do it on purpose. You throw your receipts in a box throughout the month with the intention of recording them at the end of the month. When the end of the month comes, you think quarterly won’t be too horrible. Summer comes, you’re halfway through the year and you’re starting to think about getting the receipts recorded before year end. Before you know it, you’re walking into your accountant’s office with the shoebox full of receipts for tax year. Read more...

During the fall months, VBO is busy getting our client’s prepared for year end and tax season. Spring time is spent focusing on tax filings. This leaves summer free, right? Not at VBO! Read more...

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