by cforick

This Sunday Feb. 7^th, the world will gather to watch the New Orleans Saints take on the Indianapolis Colts. Every play will be watched.  Every player will be scrutinized.

Millions and millions of fans can recite stats, game plays, facts and trivia.  Vegas  has statistical data that astute gamblers have put into an art form in trying to determine their betting odds on the outcome of the actual spread of the resulting final scores.

There are more experts and self –proclaim pundits on the Super Bowl and the game of football that can fill a multiple of stadiums.

Ask these same people what they know about taxes in general or even their own taxes.  All of a sudden,  they  turn into that kid that is always chosen last to play on the team.

So with the excitement of Super Bowl Sunday upon us, don’t forget we are in the midst of tax season and it is still the 1^st Qtr.

Find a good tax services firm to do your taxes.  You know you don’t have the skill sets to even be picked up on the final round of draft picks in the world of tax experts.  To make a touchdown with your taxes, you need best tax strategies from the best tax coaches.

They are usually found in firms that offer you a full round of services from bookkeeping, accounting, CFO consulting, payroll, tax services in one shop.  They are at the top of their game.

To really enjoy the Super Bowl with no worries, put your taxes in the winning team…your tax experts.

Tax season is upon us and employees must receive their W-2 form where wages have been earned and Income, Social Security or Medicare tax was withheld.  Also, a W-2 must be issued if income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not exemption from withholding on Form W-4, Employee’s Withholding Allowance Certificate.

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If you are working with a Tax Services firm, an Accountant, or Tax Preparer who does not give you an E-File option, choose another provider.  For the most part, there should not be any reason you should not be filing your taxes electronically.

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Many of us will be  barely putting into our consciousness that tax season will soon be upon us when our W-2 forms start arriving at the end of the month.  As an individual or a business person, when you are working with your tax preparer to complete your tax return for 2009, you need to also finalize your tax strategy for 2010.  If you never have created a tax strategy, this is the year to do it.

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When you work with your bookkeeper or your accountant one of the reports that you receive to help analyze the financials of your business is the Income Statement.  This is different from your Balance Sheet.

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There is something most of us cannot avoid is filing our tax returns in the United States.  The Federal Government requires it and there is a governing agency called the Internal Revenue Agency (IRS) that manages as well as enforces it.

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Most businesses and individuals select a tax preparer to complete their tax returns. In some cases their Bookkeeper or Accountant will also be the same individual(s) who would also prepare their tax returns. This is an advantage since it allows all historical data to be accessed readily.

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Many companies have used the excuse for their failures that times have been  “tough all over”. Yes, it has been a more difficult economic time period.  However, there are many companies that have done well for themselves.

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Education and skills enhancement for small business owners and their employees need to be included as line items on the budget each year as strategic mechanisms to optimize business success. Targeted participation in relevant educational programs allows a business to stay relevant, incorporate ideas and remain competitive.  Education is an investment in the most important resource of a business – its people.

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A successful start up venture needs to include in its strategy a strong accounting/ bookkeeping partnership.  This can be accomplished either by hiring a bookkeeper or an accountant internally or by outsourcing it.  The outsourcing option is typically better so additional personnel costs and liabilities are not incurred.

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