Pittsburgh Financial Consulting Services
Tax Return Preparation
We service most types of accounts:
- Limited Liability Company
- Not-for-Profit Entities
- Payroll Taxes
- Donor of Gifts
Income Tax Preparation
Let AccountMaster maximize your refund
Preparing income taxes is a frustrating and time consuming task, not only because you see your money slipping right through your fingers, but also because it’s practically impossible to comprehend today’s tax forms without proper assistance from tax professionals. You’ve got paper work to gather and then you need to fill out several forms, file the taxes, and so much more. This can obviously stress any individual or business owner. Professionals like the staff at AccountMaster can help you prepare and file taxes, assist you in the process, maximize your refund, and make tax-preparation easier for you. However, when you are all set to lower your tax burden and payment by hiring tax preparers, there are certain points to keep in mind. Rest assured that AccountMaster employees are aware of all the current tax policies in order to save you from IRS penalties and fines and to help you keep more of what you earn. You can entrust all of us at AccountMaster to save you from tax liabilities, maximize your refund, and ensure that your taxes are prepared with expertise. For people who don’t enjoy preparing taxes and want accuracy in the results, you can count on AccountMaster to ease your stress and maximize your refund.
Tax Tip of the Month
Tax Tips for Self-Employed Individuals…
If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your Form 1040.
Here are five things the IRS wants you to know about self-employment:
- Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job.
- If you are self-employed you generally have to pay Self-employment Tax. Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using a Form 1040 Schedule SE. Also, you can deduct half of your self-employment tax in figuring your adjusted gross income.
- If you are self-employed you generally have to make estimated tax payments. This applies even if you also have a full-time or part-time job and your employer withholds taxes from your wages. Estimated tax is the method used to pay tax on income that is not subject to withholding. If you don’t make quarterly payments you may be penalized for underpayment at the end of the tax year.
- You can deduct the costs of running your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold but can deduct in the current year.
- To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be indispensable to be considered necessary. In addition, you must be able to substantiate your expense.
For more information see IRS Publication 334, Tax Guide for Small Business, IRS Publication 535, Business Expenses and Publication 505, Tax Withholding and Estimated Tax, available at http://www.irs.gov or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).
NOW is the time to prepare for tomorrow!
Planning and investing for your future, your family, or your business doesn’t have to be complicated. Especially when you have someone that you trust, and someone who has taken the time to get to know you and your specific situation, helping guide you along the way. From determining your investment timeframe to understanding your tolerance for risk. From buying your first home to taking steps to safeguard your retirement. AccountMaster can help you identify the questions, determine the answers, and ultimately reach the solutions that are right for you. For more information about our financial planning programs, check out our Money Concepts® site today.
One of the biggest lessons of the recent economy is that many people who thought they were financially ready for retirement…weren’t. The amount of money, investments, and government support you’ll need to retire comfortably is as individual as you are. Some people plan to work in retirement. Others have health issues or other financial responsibilities – like kids’ college bills or financial support for a senior relative — to juggle with the everyday living expenses they’ll face in retirement. However, one thing is true for every future retiree. It makes sense to get customized advice from qualified financial, tax, and estate planning professionals at least one year before a retirement date is set. In fact…the sooner, the better.
“Account Master, Inc. is an independent firm not affiliated with Money Concepts Capital Corp.”
Teaming up with us is an investment in the future success of your company.
AccountMaster has experience working with a full range of businesses and has broad experience with over twenty-five years in the field. First and foremost, AccountMaster gets to know and understand your business. As the business owner, you know more about your business than anyone else. We then go to work identifying problems and opportunities and bring fresh eyes, fresh experience, and an open mind to your business enterprise. This provides a completely different perspective than that of someone who has been running the company for some time or even to an individual or group looking to start a new venture. AccountMaster listens to the opinions of your other professional advisors… including accountants, lawyers, and bankers. Then a final business plan is agreed upon and we help you implement, track, and re-work the plan as needed.
When an entrepreneur is thinking about starting up a new business, the staff at AccountMaster can apply a start-up analysis to determine if it is a feasible opportunity.
For those considering an existing business acquisition, AccountMaster will employ a business analysis…including a product and service analysis, management team appraisal, functional analysis, market position, competitive factors, financials, and risk assessment. Teaming up with AccountMaster is an investment in the future success of your company.
Your FULL SERVICE Payroll Provider…
- Small Business
- W-2 Wage Forms
- 1099 Wage Forms
- Direct Deposit
- QuickBooks Data Entry
- Profit & Loss
- Balance Sheet
- Financial Statements
Let our staff get you on the right track
The more variables involved in your payroll, the more it makes sense to outsource payroll. AccountMaster can calculate payroll, adhere to the ever-changing tax obligations, print and deliver checks, provide your employees with electronic direct deposit, and even supply you with detailed management reports. For small businesses, processing payroll can be a complicated and time-consuming task. Among other things, payroll functions can include anything from determining employee wages and withholding taxes, to updating vacation and sick pay and deducting employee-contributed payments for benefits. In general, outsourcing payroll can cost half of what it would to do it in-house. Hiring AccountMaster also eliminates the need to hire a full-time payroll manager, and you’ll free up time to work on other aspects of your business.
Ask yourself the following questions. If you can’t answer YES to all of them, call AccountMaster today and see what we have to offer you.
Can you handle the calculations and details of your payroll with complete confidence that it is precise, timely, and accurate?
Do you understand all of the details related to filing your payroll taxes as a company and for each of your employees?
Do you have a system in place that will issue payments effectively and on schedule?
Do you have the time and staff to verify the accuracy of all these operations?
Despite the potential savings, cost is not the primary reason why most firms make the switch to AccountMaster for their payroll. Rather, they want to get rid of the hassle of internal processing. Often, it’s only after they become our Client that they realize they’re actually saving money.