Information Articles

Why you should Hire a Professional to Help File Your Taxes

With the ability to do your taxes online and electronic forms that do the math for you, who needs a professional to do your taxes?

Maybe you do. If you only have one job, and no other income to report, then maybe you can get by doing your return yourself. But once you get beyond a single-source, all reported on W-2 form income, things can get complicated pretty quickly. Any of the following issues should have you considering turning to a professional tax repairer. If more than one of these situations applies to you, you shouldn’t hesitate turning to a pro.

Self-Employment Income: Self-employment income is tricky to report, and the deductions are trickier. On the surface, it should be simple. How much money did your self-employment business take in, and how much did you spend on your business? But since many people try to stretch the definition of a legitimate business expense, the IRS pays special attention to Schedule C where profit and loss is reported, looking for abuse. Reporting the correct amount of self-employment tax can also be complicated. If your self-employment income comes from a partnership, you have to understand how to attribute its income to each partner. If your income comes from a Limited Liability Company, you have choices on how you’re taxed, including being taxed as an S or a C corporation … But let’s not even go there. A tax professional who understands self-employment income and the unique tax strategies available to you can be essential in guiding you through an IRS morass.

Investment Sales: The sales of stocks or mutual funds in non-retirement accounts will have you completing Schedule D, Capital Gains and Losses. But to figure your gains and losses, you must come up with your cost basis, including what you paid for the stocks or funds originally and any dividends you reinvested over the years, often very many years. You may not be able to locate all your records. A tax pro can help track down the information you need and even help prepare a good-faith estimate of your investment cost that the IRS can live with.

Rental Income: Nothing comes simple when you’re talking IRS regulations, so it should be no surprise that the rules for rental property deductions are complicated, especially if you lived in the house for part of the year, then decided to rent it when you couldn’t sell your home in a down housing market. The IRS requires some expenses to be apportioned over the period of the rental, while other expenses must be classified as repairs or capital improvement. A tax professional will know how these expenses can be deducted, and when.

When Should You Turn to a Tax Professional?

If you just completed your tax return and realized what a struggle it was, now is a pretty good time to call for help for next year’s return. The Kalamazoo accounting firm A Adonu Idahosa, with experience since 1981 in providing accounting and tax help for hundreds of businesses in the region, can provide year-round tax advising and planning. The CPA’s at Idahosa can even check your prior returns for mistakes and missed deductions that you may still be able to claim.

If April 15 is fast approaching and you realize you’re in over your head, now is still a pretty good time to call. It’s never too late to call a tax professional for help.

The Importance of Reliable Kalamazoo Accounting Services

When it comes to your business, there are countless things you have to keep track of every day. Between staff decisions, customer service and ordering and managing inventory, there’s plenty to keep you busy all day every day. That’s why it’s so important to find a great Kalamazoo accounting service to take care of all of your financial needs. After all, if you want your business to thrive, keeping track of your finances has to be a top priority. Fortunately, just because it is important doesn’t mean that you have to be the one dealing with your Kalamazoo accounting needs. Instead, you can hire a trustworthy and reputable business like A. Adonu Idahosa C.P.A., PLC to take care of these things for you so you can focus on where you’re really needed.

The great thing about utilizing a reliable Kalamazoo accounting service is that you never have to worry about keeping track of finances, filing taxes or managing payroll. These are traditionally some of the most complicated and time-consuming tasks on the plate of any business owner. Sadly, they can also lead to the untimely demise of your business if you aren’t sure what you’re doing when it comes to your business finances. Even extremely competent business owners don’t know all the ins and outs of business finances, which is why it’s critical to find a Kalamazoo accounting firm that you can trust to handle all of your ledgers, banking, payroll and tax needs.

Without the worry of handling finances, you can spend more time devoted to helping your business grow and thrive, training and retaining great employees and nurturing great customer service and custom relations. These are vital aspects of any business, and having a Kalamazoo accounting service taking care of all your general ledger services, payroll tax reports and bank reconciliation needs is the best way to ensure that you can give the proper attention to each of these areas.

How Kalamazoo Bookkeeping Services Help Your Business Thrive

Bookkeeping is one of those things that just about every business owner dreads at the end of the day. In some cases, bookkeeping is even put off so often that it becomes something that a business owner dreads at the end of the month. No matter what the case, no business can risk putting off their bookkeeping needs since they are essential to not only having proper records but also to the success of your business.

That’s why A. Adonu Idahosa C.P.A., PLC offers top-notch Kalamazoo bookkeeping services for businesses of all sizes. That includes nonprofit organizations, big corporations and small local businesses. Bookkeeping will always be an important task regardless of the size of a business, and having experts take over that responsibility will give any business owner much needed relief and the extra time to devote to other pressing business matters.

There are a number of great Kalamazoo bookkeeping services offered at A. Adonu Idahosa C.P.A., PLC. For working with clients, their customer billing and invoicing, check writing and collections services are always timely and thorough. In addition, they have accounts payable and accounts receivable services that rival any other Kalamazoo bookkeeping service. As any business owner knows, payroll (and the associated payroll taxes) are also critical to hiring and retaining great employees, so this Kalamazoo bookkeeping firm offers those services as well.

Another important part of Kalamazoo bookkeeping is keeping great records and getting concise, easy-to-understand reports whenever you need them. With A. Adonu Idahosa C.P.A., PLC, you’ll always have access to these documents, whether it’s balance sheets, profit and loss statements, revenue reports, expense variance reports or bank account information.

Having a great Kalamazoo bookkeeping service is important for so many reasons, but the most important is to make sure your business thrives and is successful in today’s competitive market.