Outsourced Bookkeeping Services Help Businesses Avoid Sales Tax Issues

Just recently, the sales and use tax rate in Denver was increased from 3.62% to 3.65% in an effort to provide more funding to local preschool programs. While it is not a dramatic increase, it can create some serious issues for retailers who sell products to consumers when they have not prepared their system. Failing to keep up with changes in taxation can land you in hot water when it is time to pay the Denver Department of Finance. Luckily, there are services that can help you avoid the fines that can come with improper sales tax reporting. Read on, and find out how outsourcing bookkeeping services can help you keep a good reputation with state and local tax authorities.
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Professional Bookkeeping Reduces the Stress of Running a Business

Running a small business comes with its fair share of stress. You must focus on handling dozens of tasks each day to make sure your company stays operational and that your customers remain satisfied. In your haste for entrepreneurial perfection, you may overlook an important aspect of owning your own company: Keeping your books updated and accurate. When you want to avoid the financial hassles that come with poorly kept and inaccurate books, you can reduce your stress and run a profitable business by hiring a firm that offers bookkeeping services.
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Bookkeeping Woes: Health Care Reform Ruling Impacting Small Businesses

Small business owners and their employees are being severely affected by the Affordable Care Act (ACA), more popularly known as Obamacare. A 2013 ruling from the IRS, in particular, implements hefty penalties for employers who offer tax-free reimbursement to their employees to help the employees purchase individual health insurance plans. Recently, the ruling sent 150 small business owners to Washington to express their opposition.The small business owners, organized by the National Federation of Independent Business (NFIB), were slated to appear at Capitol Hill on July 23 to convince members from their states to implement legislation that would reverse the rule. Businesses found in violation of the rule are looking at an excise of $36,500 per year per employee.
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4 Most Common Bookkeeping Mistakes to Avoid

Thanks to the proliferation of bookkeeping and accounting software, it’s now easier than ever for Denver businesses to keep a record of where the money is going. Unfortunately, although such tools have made accounting easier, they have also led to costly mistakes that have caused thousands—even millions of dollars in losses. In severe cases, these errors in judgment and practice can push a business toward ruin. You don’t want to mess up your financial numbers, as this can hamper the growth of your business. Here are some common mistakes that every business owner must try to avoid. Inputting erroneous data into an enterprise system. Inputting of incorrect data is a common accounting mistake. The occasional erroneous spreadsheet cell is bound to happen at one point or another. The key is to catch it in time, because one wrong cell may be enough to cause an IRS audit and penalties.
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Why Efficient Bookkeeping Is an Important Part of Property Management

When you have a lot of properties in your portfolio, you know that proper accounting is integral to managing your investments. However, even if you’re just starting to grow your portfolio with only a few properties to manage, you understand just as well that every financial aspect of your assets needs to be efficiently accounted for. Bookkeeping is essential for the proper management and growth plans of your investments. Avoiding Tax Filing or Payment Conflicts Accounting is significantly crucial to property managers because of the tax obligations they need to meet, and properly accomplish. The value of your property, which can appreciate or depreciate based on factors like time and asset improvements or damages, primarily affects your revenues from it. In turn, this will also affect the taxes that you will owe every fiscal year.
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Bookkeeping for Denver Businesses: Top Challenges to Face with a Pro

Any small business or firm needs to be creative in handling their finances, so they can save on operations costs and gain more profits. The business owner operator can sometimes perform multiple tasks on their own as one way to accomplish those goals. In some cases, you might even dabble into doing your own bookkeeping, even if you’re not an accountant. It is important to keep in mind that bookkeeping for Denver businesses shouldn’t ever be a DIY task because of how crucial keeping accurate financial records is. Firstly, the time you would spend doing so (which will be a lot if you do it responsibly) would be best allotted for actually managing your business and attending to other matters.
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Denver Bookkeeping Embracing Change in the 21st Century and Beyond

Gone are the days when businesses had to account for the exact figures by pen and paper. Gone are the days when enterprises struggled to remember when, where, and how much they spent on something. Gone are the days when bookkeeping in Denver used to be a tedious job for nerves of steel. Okay, so the last part hasn’t entirely vanished. However, no doubt that bookkeeping has become advanced and more convenient, thanks to technology.
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Professional Denver Bookkeeper: Don’t Like Bookkeeping? Outsource It

The business sector doesn’t make bookkeeping any less liable, especially come Tax Day. The IRS charges a hefty fine, around 20 percent of what you owe, for small businesses understating their taxable income or exaggerating their deductions. Proving that it was an “honest mistake” would be near impossible. Small businesses in Denver, CO may entrust their bookkeeping woes to Denver bookkeeping services like B2 Accounting and Bookkeeping. When the burden of bookkeeping bears down on the business owner, outsourcing the task could lift the weight off his/her shoulders. Having worked for many businesses, bookkeeping services would find no job too big or small for them.
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Work with a Denver Bookkeeping Pro for Stress-free 2015 Tax Filing

Consult a bookkeeping firm As much as you think doing your taxes yourself can save you money, hiring a Denver bookkeeping professional will be the more cost-efficient method in the long run. Working with a bookkeeping professional ensures you always abide by the rules and take full advantage of your eligible tax saving opportunities. Set aside some funds It’s wise to set aside some money in case you may have overlooked some taxes that you owe. The last thing you’d want is to be surprised by an IRS bill and not be able to afford it. You could also get hit with late payment penalties, which could worsen your situation even further.
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Bookkeeping In Denver: Hard To Live With, Impossible To Live Without

Starting your own business is definitely a milestone in your career. As you get ready to set up shop and take charge, did you ever stop and think about the aspects of the business you are least likely to get involved with? Mike Kappel, contributor for Entrepreneur, writes about the part of any business with the least glamour and probably the most importance: Bookkeeping in Denver. TD Bank surveyed more than 500 small business owners about what they enjoyed the most about being in business. Almost all of them replied that they love the flexibility and control that their position affords them. That, plus being able serve and please customers. When asked which part of doing business did they like least? Almost half responded with bookkeeping.
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A Proficient Bookkeeper in Denver Helps Small Businesses File Taxes

Small business owners, however, should be able to handle all of these challenges so they can properly file their taxes, or else they will face the wrath of the Internal Revenue Service or IRS. By March 16, 2015, the IRS requires that any privately owned corporation, including small businesses, accomplish Forms 1120, 1120A, and 1120S for the year 2014, or request for an extension. If a business fails to submit these forms on or before the deadline, the IRS is likely to charge them with a monthly penalty. To avoid this, small business owners who are unaware of tax filing requirements can enlist the services of a proficient bookkeeper in Denver to assist them. Small business owners can take advantage of a Denver bookkeeping service during tax season when they need help with their taxes the most. Apart from complying with tax filing deadlines, these professionals can also help them make the most out of tax write-offs by embracing strategies that are in line with IRS standards.
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