What is the 20% QBI Tax Deduction?
In the tax world – and at Robert P. Russo, CPA – everyone is talking about QBI. QBI stands for qualified business income, and it’s the key to unlocking a 20% QBI tax deduction for certain business owners.
7 Questions to Ask Before Hiring an NYC Accountant
Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.
From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:
Tips for Getting Paid on Time
For many business owners, collecting on your accounts receivables can be challenging especially as more people switch from established collection procedures to online payment methods. The good news is that you can take positive action to improve collection rates, shorten the aging days of your accounts receivable, help your business improve its cash flow and tighten up its credit and collections policies. While some of the tips discussed here may not be suitable for every business most can serve as general guidelines to give your company more financial stability.
Tax Tips: Obtaining Prior-Year Tax Information
Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of fraud they have the authority to go back six years in an audit. Furthermore, some documents including those related to real estate sales should be kept for three years after filing the return on which they reported the transaction.
Ask Bob: Should I Hire an Accountant or Do Taxes Myself?
The big question: Is hiring an accountant to do my tax return really worth it?
At this time of year, we’re all bombarded with ads promoting the simplicity and savings of using online tax software or walk-in tax prep centers. For people with a simple W2 form and maybe an investment account or two, these services will get the job done.
However, there are many situations where hiring an accountant can save you thousands of dollars, help you avoid an audit and fines, and set you up for an even more profitable year ahead. The question is: which category do you fall into?
In our latest edition of “Ask Bob,” we answer frequently asked questions about whether it’s really necessary to hire an accountant, or if you can go it alone. Here’s what Bob had to say…
Who Can Represent You Before the IRS?
Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN.
If you choose to have someone prepare your federal tax return, then you should know who can represent you before the IRS if there is a problem with your return. Here’s what you should know: