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Worcester accountant

Tax tips for starting a new business

October 19, 2015 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA and NEWPORT, RI…

Many people dream of owning their own business. It probably goes without saying that dream does not include paying taxes. Yet for new entrepreneurs, how you plan for taxes can greatly determine whether or not your new business can survive and, ultimately, grow.

“Thomas Edison said that genius was 1% inspiration and 99% perspiration. The percentages might be a little different for becoming an entrepreneur, but tax planning would definitely fall into the perspiration category,” said Paul Dion, owner of Paul Dion CPA. “When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules.”

For getting a new business venture off to a good start, Dion recommends several initial steps. The first is deciding on the type of structure for your business. The most common types are sole proprietor, partnership and corporation. The type of business you choose will determine which tax forms you will file.

You will also need to clarify the types of business tax you need to pay. There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax your business pays depends on the type of business structure you set up. You may need to make estimated tax payments.

Another question new business owners have is whether or not to get an Employee Identification Number (EIN). The IRS has several criteria for whether or not you need one. Those can be found at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employer-ID-Numbers-EINs.

New business owners must also choose an accounting method.  An accounting method is a set of rules that you use to determine when to report income and expenses. You must use a consistent method. The two that are most common are the cash and accrual methods. Under the cash method, you normally report income and deduct expenses in the year that you receive or pay them. Under the accrual method, you generally report income and deduct expenses in the year that you earn or incur them. This is true even if you get the income or pay the expense in a later year

If you have employees and you provide healthcare benefits, you are eligible for tax credits. The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees. A small employer is eligible for the credit if it has fewer than 25 employees who work full-time, or a combination of full-time and part-time. The maximum credit is 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers, such as charities.

The employer shared responsibility provisions of the Affordable Care Act affect employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees). These employers’ are called applicable large employers. ALEs must either offer minimum essential coverage that is “affordable” and that provides “minimum value” to their full-time employees (and their dependents), or potentially make an employer shared responsibility payment to the IRS. The vast majority of employers will fall below the ALE threshold number of employees and, therefore, will not be subject to the employer shared responsibility provisions.

Employers also have information reporting responsibilities regarding minimum essential coverage they offer or provide to their fulltime employees. Employers must send reports to employees and to the IRS on new forms the IRS created for this purpose.

“There are two parts to any business. First, there’s the actual business—e.g. selling widgets—and then there’s the business of running the business—all the bookkeeping, bill-paying and, of course, paying taxes,” said Dion. “Most entrepreneurs don’t think too much about the latter, even though they know it comes with starting a new venture. That’s why it’s recommended that new businesses include a consultation with a tax planning professional prior to opening their doors.” That’s why it’s recommended that new businesses include a consultation with a tax planning professional prior to opening their doors since taxes will typically be their biggest expense.”

For an initial consultation or for more information on tax planning and small business deductions, you can call Paul Dion CPA at (508) 853-3292 or visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

Tax tips for starting a new businessRead More

Category: Client NewsTag: Worcester accountant

Summertime tax planning

August 18, 2015 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA and NEWPORT, RI…

Most self-employed people or small business owners would never list tax planning as a favorite summertime activity. Yet for those small business owners looking to enjoy a vacation in the next year and some tax-deductible outings during the summer, it makes the most sense.

“Many small business owners don’t even think about their taxes until it’s time to meet with their accountants and file,” said Paul Dion, owner of Paul Dion CPA. “It is to the small business owner’s benefit to meet at least quarterly to analyze how you can take full advantage of the provisions, credits and deductions that are legally available to you. What better time than summertime when things tend to quiet down a bit for many small businesses.”

When it comes to tax planning, Dion cites several overlapping goals that the small business owner should strive for: reducing the amount of taxable income; lowering your tax rate; controlling the time when the tax must be paid; claiming any available tax credits; and controlling the effects of the Alternative Minimum Tax; and avoiding the most common tax planning mistakes.

“Lowering taxable income is the most obvious place to start because if you can accomplish that, you can possibly lower your tax rate,” said Dion. “Three of the better areas to find additional deductions are business entertainment expenses, business auto expenses and the home office expenses.”

One often overlooked deduction for business entertainment is that the IRS allows up to 50 percent deduction of meals. Business must be discussed during that meal and a receipt of the dinner will be needed for tabs greater than $75.

Another is use of more than one personal vehicle for business use. While the 2015 mileage rate of .575 applies, you can deduct business miles from more than one automobile should you use both for business. To figure business use, divide the business miles driven by the total miles driven. This strategy can result in significant deductions.

One last key deduction is the home office, particularly if you need to buy new equipment. Section 179 expensing for tax year 2015 allows you to immediately deduct, rather than depreciate over time, up to $25,000, with a cap of $200,000 (down from $500,000 and $2,000,000, respectively, in 2014) worth of qualified business property that you purchase during the year. The key word is “purchase”. Equipment can be new or used and includes certain software. All home office depreciable equipment meets the qualifications.

For more information on tax planning and small business deductions, you can call Paul Dion CPA at (508) 853-3292 or visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

Summertime tax planningRead More

Category: Client NewsTag: newport accountant, Worcester accountant

Work combined with play help small business owners get away

May 19, 2015 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA and NEWPORT, RI…

The approaching Memorial Day weekend has left many small business owners wondering how they can afford to go away for vacation this summer. If they choose to include some business, it’s possible to turn a five-day excursion to the Cape, a retreat to the mountains or some other trip into a tax deduction and vacation.

“Many small business owners are unclear as to what is business travel and what is not. A simple definition is that if a trip for business causes you to leave your place of business overnight, it’s a business trip and deductible,” said Paul Dion, CPA. “There are some parameters business trips must adhere to. Done correctly, an entire ‘business trip’ can be written off as a business expense.”

The IRS states that travel expenses are 100 percent deductible as long as your trip is business-related and you are traveling away from your regular place of business longer than an ordinary day’s work and you need to sleep or rest to meet the demands of your work while away from home. If the trip meets that definition, you can deduct 100 percent of lodging, tips, car rentals, and 50 percent of your food.

For example, let’s say a small business owner from Millbury spends two days meeting with prospects on the Cape. The first meeting is on Friday morning and the second meeting isn’t until Monday. According to IRS regulations, both days can be deducted as business expenses, even if after the meeting on Friday morning the small business owner spent the rest of the day at the beach.

“The beauty of this deduction is that not only are Friday and Monday deductible, but so are Saturday and Sunday,” said Dion.

Though the IRS does not require receipts for travel expenses under $75 per expense—with the exception of lodging—Dion advises keeping a tax diary of your expenses while you’re away. A good tax diary is essential in order to audit-proof your records. Adequate documentation includes amount, date, place of meeting, and business reason for the expense.

When planning an extended business trip, Dion advises consulting with your tax preparer or accountant.

Adds Dion, “Better yet, pay a visit in person. It’s tax-deductible.”

For more information, call Paul Dion CPA at (508) 853-3292 or visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

Work combined with play help small business owners get awayRead More

Category: Client NewsTag: newport accountant, Worcester accountant

Small businesses beware: Bartering income is taxable.

April 29, 2015 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA and NEWPORT, RI…

For small businesses starting out, bartering services can be a way to get your foot in the door, generate some positive word-of-mouth advertising and get some needed services without cash out of your pocket. It can also be a way to get into hot water with the IRS if you do not declare what you received for your product or services as taxable income.

“According to the government, barter and trade dollars are the same as real dollars for tax purposes and must be reported on a tax return,” said Paul Dion, owner of Millbury, MA-based Paul Dion CPA. “So, if a plumber does $1200 worth of work for a dentist in exchange for dental work, he/she must declare the $1200 as income on their tax return. The dentist must do the same for his/her return.”

Bartering is taxable in the year it occurs. The tax rules may vary based on the type of bartering that takes place. Barterers may owe income taxes, self-employment taxes, employment taxes or excise taxes on their bartering income.

How small business owners report bartering on a tax return varies. If you are in a trade or business, you normally report it on Form 1040, Schedule C, Profit or Loss from Business.

The need for reporting has also grown in recent years with the advent of barter exchanges and organized bartering. A barter exchange is an organized marketplace where members barter products or services. Some exchanges operate out of an office and others over the Internet. All barter exchanges are required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions. The exchange must give a copy of the form to its members who barter and file a copy with the IRS.

“I’m sure more traditional bartering still goes on where one person provides a product or service in exchange for another and nobody needs to be the wiser,” said Dion. “In this age of heightened attention to small business filings and audits, it’s better to be safe than sorry and declare your barter properly.”

For a free consultation on how to claim barter income, please call Paul Dion CPA at (508) 853-3292. For more information, you can also visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

Small businesses beware: Bartering income is taxable.Read More

Category: Client NewsTag: newport accountant, Worcester accountant

To amend or not to amend your just-filed taxes

April 13, 2015 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA and NEWPORT, RI…

You’re a small business owner and you just filed your taxes. Whether you had to pay or are receiving a refund, there’s a tremendous sense of relief. But what if you made a mistake on your taxes after you file? Can you correct the mistake or do you have to file an amendment?

“It’s not unusual for a taxpayer to realize they forgot to include something in their return after it’s been filed. For example, a charitable deduction was not included or the taxpayer received an updated 1099 form or K1 after they filed. If you catch it in time and you can submit a corrected return to supersede the previous return,” said Paul Dion, owner of Millbury, MA-based Paul Dion CPA. “The danger in filing a corrected return is twofold. First, you have to be able to submit it before April 15. Second, the possibility exists that the IRS may get the two returns confused. An amended return filed after April 15 leaves no doubt.”

Surprisingly, the IRS does not require taxpayers to file an amended return, even if you receive information after your filing that makes it pretty clear the original return has mistakes.

“If you submitted your return with the most accurate and complete information you had available at that time, an amendment is not required by law,” said Dion. “Also, math errors are not a reason to file an amended return. The IRS will correct math errors on your return. Nor should you file an amended return if you discover you omitted a Form W-2, forgot to attach schedules, or have other glitches of that sort. The IRS may process your return without them, or will request them if needed.”

Still, Dion says there are many reasons to file an amendment and that business owners should seek counsel from a professional to make that decision.

“A tax return becomes like the historical record of your life or company and can be used as a reference for numerous other things—loans, mortgages, etc.,” said Dion. “Leaving errors in your return may have an impact on such things down the road and an amendment might be worth it in the grand scheme of things.”

For a free consultation, please call Paul Dion CPA at (508) 853-3292. For more information, you can also visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

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Category: Client NewsTag: Worcester accountant

How to reduce the biggest tax bill of your life

February 23, 2015 //  by admin

Paul Dion PHOTOMILLBURY, MA and NEWPORT, RI…

Selling your home or business represents two of the largest monetary transactions most people will be a part of. It also represents their largest capital gains bill they will ever pay as well. Or will it?

“The top rate on capital gains is up to 20 percent; the new “net investment income tax” is 3.8 percent, and state taxes can eat up 13.3 percent more. Depending on where you live, that means the government confiscates up to a third or more of your hard-earned gain,” said Paul Dion, a CPA with offices in Millbury, MA and Newport, RI. “Charitable trusts avoid tax on that gain, but that means giving away the principal or the income from the proceeds. Section 1031 exchanges defer tax on real estate gains, but that forces you to re-invest the proceeds into a ‘like-kind’ property and impose tight deadlines for identifying and closing on a replacement.”

Dion recommends a little-known strategy to cut the effective cost of selling your asset valued at $500,000 or more to as little as 6.5 percent. It’s a monetized installment sale, and it uses a third- party dealer in capital assets to defer receiving sale proceeds (and the tax on those proceeds) for up to 30 years. It’s based on tax code rules dating back to 1913 and supported by a 2012 IRS memorandum.

While deferring tax is great, how does that help you if you want the proceeds from your sale now?  With this strategy, a third-party financial institution can lend you a non-taxable amount equal to 95 percent of the sale price (93.5 percent after loan-related costs). You can re-invest those proceeds or spend them however you like.

At the end of the installment period, the dealer will pay you the agreed selling price that will provide you the money to repay the loan, and you’ll pay the tax with significantly discounted dollars.

“The beauty of this strategy is that it offers significant estate-tax advantages,” said Dion.

How? The seller transfers the asset to the dealer in exchange for lump sum payment of the purchase price payable in 30 years. The dealer simultaneously transfers asset to the buyer in exchange for agreed-upon price. Then, the third-party lender extends nontaxable cash equal to 93.5 percent of sale amount to seller. After 30 years, the dealer pays the agreed sale price, the seller uses that money to repay the loan, and the seller pays tax with discounted dollars.

Adds Dion, “While this strategy may seem fairly straightforward, for most if will require the assistance of a tax professional.”

For more information on this strategy, please contact Paul Dion CPA at (508) 853-3292. You can also visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292 in Massachusetts; 401-490-3193 in Rhode Island.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527 and 580 Thames Street, Newport, Rhode Island.

How to reduce the biggest tax bill of your lifeRead More

Category: Client NewsTag: newport accountant, Worcester accountant

What small business owners can expect from changes to tax laws in 2015

January 19, 2015 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA…

You probably have heard the expression, “No news is good news.” As it pertains to tax changes for businesses, little news is probably also good news—and bad news.

“Right now, the changes for the 2015 tax year are few and relatively modest,” said Paul Dion, owner of Millbury, MA-based Paul Dion CPA. “While this checklist outlines important tax changes for 2015, additional changes in tax law are more than likely to arise during the year ahead.”

2015 changes are as follows:

The standard mileage rate will go up from 56 cents per mile to 57.5.

The Section 179 expense deduction for equipment purchases will be decreasing to $25,000 of the first $200,000 of business property placed in service in 2015.

For employee health insurance expenses, the dollar amount is $25,800. This amount is used for limiting the small employer health insurance credit and for determining who is an eligible small employer for purposes of the credit.

Finally, if you provide transportation fringe benefits to your employees, the maximum monthly limitation for transportation in a commuter highway vehicle as well as any transit pass is $130 (same as 2014). The monthly limitation for qualified parking is $250 (same as 2014).

“Planning is the key ingredient to tax preparation. The businesses that are handcuffed by tax payments are typically the ones who don’t plan far enough in advance,” said Dion. “Working with a tax professional year round not only helps you plan but prevents additional changes to the tax laws from sneaking up on you.”

For a free consultation and planning tips for the coming tax year, please call Paul Dion CPA at (508) 853-3292. For more information, you can also visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

What small business owners can expect from changes to tax laws in 2015Read More

Category: Client NewsTag: Worcester accountant, Worcester CPA

Look here! The most commonly overlooked deductions by small business owners

December 17, 2014 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA…

As a small business owner, there are a number of tax deductions available to you. In fact, the deductions are one of several strong arguments for starting your own business—particularly a home-based one. Yet even with that as part of your mindset, many small business owners do not take advantage of all the deductions that are available to them.

“There are certainly enough challenges for small business owners so it certainly behooves entrepreneurs to be fully aware of the benefits,” said Paul Dion CPA, a Millbury, MA-based accountant who specializes in working with small business owners. “A store owner wouldn’t leave the day’s receipts unattended on the counter, right? Many small business owners are figuratively doing the same thing by not knowing what they can and cannot deduct.”

Adds Dion, “Many times business owners think they can’t deduct something because they have not seen it on some list of acceptable items to deduct. The IRS rules state that to be deductible the item should be an ‘ordinary and necessary’ business expense. If the item is an expense of conducting your business and not lavish it most likely is deductible and fits the ‘ordinary and necessary’ rule.”

Dion notes home office deduction is one of the more overlooked. In fact, of the 23.4 million returns filed by sole proprietors for tax year 2011, only 7.6 million filers claimed a home office deduction, representing 32 percent of eligible filers. Says Dion, “Many people who operate businesses out of their homes are fearful of audits. This is nonsense. Home office deductions are legitimate deductions that the IRS is well aware of.”

Startup costs are another overlooked deduction. For many new businesses, they start calculating expenses once they open their doors for business. Research costs, mileage looking for locations or  Business owners are able to deduct up to $5,000 in startup expenses before opening your doors for business in your first year.

Inventory is another thing that small business owners may be able to deduct. Typically, a business with inventory uses the accrual method of accounting and subtracts inventory items from the cost of goods sold, which reduces the amount of income recognized on the sales. Under a special rule, however, certain small businesses can use the cash method of accounting and opt to treat inventory items as materials and supplies, which are currently deductible.

Some of the more common deductions overlooked by small businesses include: accounting fees; bank fees; interest payments; self-employment taxes; health insurance premiums; and carryover costs.

“Most small business owners have a decent idea about what is deductible and what is not. There are a number of things that are deductible that might not consider—like bank fees or interest payments. That’s why whether you’re just starting your business or been open for 20 years, it’s important to work with a tax professional to ensure you maximize your deductions,” said Dion.

For a free consultation and planning tips for the coming tax year, please call Paul Dion CPA at (508) 853-3292. For more information, you can also visit www.pauldioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

Look here! The most commonly overlooked deductions by small business ownersRead More

Category: Client NewsTag: Worcester accountant

Tis the season to start your taxes? It is for small businesses—or should be.

November 28, 2014 //  by admin

Paul Dion CPA
Paul Dion CPA

MILLBURY, MA…

April 15 is synonymous as the day to pay taxes. Yet as a small business owner, the day you pay and the day you begin preparations should not be in the same calendar year. Particularly given the new tax laws over the past few years.

“The increases in several taxes last year—for example, the top tax rate for the top federal wage jumping from 35% to 39.6% in 2013—should have small businesses in the be prepared mindset now,” said Millbury, MA-based CPA Paul C. Dion. “But unless you earned that much last year, you probably aren’t thinking about that right now unless you are working with your accountant throughout the year.”

The top federal wage tax rate is but one tax increase Dion cites as having an impact on small business owners. For those who had to sell stocks or mutual funds to pay taxes for 2013 taxes, the capital gains tax rose in 2013 to 20 percent with a Medicare tax on those gains of 3.8 percent for some. That can make this year’s tax bill even steeper.

“Having your accountant come up with a tax projection before the end of the year can be very helpful in putting your finances in order for when it comes time to pay your taxes by April 15,” said Dion. “Yes, it’s true you might not have your final numbers but you can put together some sort of estimate to help plan. Even something as simple as working with your accountant to get all the forms you’re going to need together is something you can do now to make getting your taxes done easier.”

One headache-saving exercise Dion recommends small businesses undertake is going through the employee base and make sure all the information is up-to-date to ensure all the termination documents from former employees are filed with the proper arms of the government.

Early preparation also benefits small business owners who do business in multiple states. According to Dion, companies that do business across states have to deal with all types of notices and announcements regarding sales tax, income tax, use tax and various property taxes.

“If you do business in multiple states, it really is imperative that you begin your tax preparations now,” said Dion. “Otherwise, as a small business owner, you could be looking down the double barrel of large tax bills from both federal and state government.”

For a free consultation and planning tips for the coming tax year, please call Paul Dion CPA at (508) 853-3292. For more information, you can also visit www.paulcdioncpa.com.

ABOUT PAUL DION, CPA

Beyond simple “bean counting”, Paul Dion, CPA and associates work side by side and speak in common English to help clients fully understand their tax situation and take proactive steps to pay the least amount of tax legally allowed while minimizing the risk of an audit.  Clients save money and sleep well as night.

Business services include small business accounting, payroll, cash flow management, strategic business planning, new business formation, internet controls, QuickBooks, part-time CFO, bank financing, succession planning and non-profit organization direction.

For a free book, more information or a complimentary consultation, please visit www.PaulDionCPA.com or contact Paul Dion CPA, via Info@PaulDionCPA.com or (508) 853-3292.  Offices are conveniently located at 22 West Street, #6, (Felter’s Mill), Millbury, MA  01527.

Tis the season to start your taxes? It is for small businesses—or should be.Read More

Category: Client NewsTag: Worcester accountant, Worcester CPA

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