Tuesday, August 31, 2010

Planning Pays Off….Especially when it comes to Taxes!

Florida tax preparation services can save you a bundle. So many tax laws are out there and are changed each year that no one wants to read up on everything! Leave that to the professionals. In choosing a tax preparation service, keep in mind that many of the retirement community have a home in Florida that is used for a vacation home. Just like many other states, you are required to pay property tax. Now, due to the median home valuing at $189,900 the taxes average out at around $1,500. Seems a bit high, right? Well, Florida is ranked at 29th out of the 50 states for highest tax amounts.

If you need to reduce the amount you would need to pay based on your income guidelines, there are a couple of avenues you can take and that your tax preparation service can assist you with. The first is that Florida wants to know if you use the home for living year round or using part time as a vacation home.
If you do own a vacation home, full property taxes will need to be paid. However, the IRS made a change to law 1031 which states that using the property as an investment can be sold and the proceeds of the sale can be tax free if then reinvested as a property in a similar fashion. This strange change means for homeowners that they were not permitted to stay at their own home in Florida because the property could be sold tax free.

This is just one law…imagine all the others. Don’t mess around…call a Florida tax preparation office today.

Thursday, August 26, 2010

Understand How an Accounting Firm Works

In searching for the best Florida accountant to take care of your needs, it helps to understand the processes and background of an accounting firm. Pricing, for any business is a hot topic. Setting a cost for each service is a very significant factor to define if the business will take a profit or loss. Different pricing strategies are created and are usually clearly defined.

At the beginning of a business, the strategy of selling services at a high price and obtaining the maximum profit before other members of the accounting community take notice is huge in making an impression in the market. This type of strategy is often used when a company is looking to protect a patent under time constraints.

Next is the premium price bracket. This type of strategy is a common thinking practice among people. They think just because something costs less, that it is of lower quality. This is one reason that companies put value/premium/gold pricing packages. Bigger and more expensive isn’t always better. People are always prepared to pay a bit more for a “better” service package than the no frills option.

Lastly, we have the promotional pricing category. This is a quick sale option. The listing of promotions is a short term pricing approach to get a certain service instant exposure and to gain popularity.

A number of different accounting firms exist to take care of your needs. Educate yourself on the process so you are aware of what you are choosing and pick the best Florida accountant to handle all your accounting needs.

Monday, August 23, 2010

How do you Choose the Best Accounting Firm for your Needs?

In selecting a Florida accounting firm to take care of your business and personal financial needs, you need to consider important information before handing over the reigns, so to speak. Even if you just need to take care of tax paperwork for the years end, ongoing services through the years or investment information, your accountant can assist you. The chosen accountant should have an excellent personal relationship with you or with your business and be in good spirits with the Internal Revenue Service.

When selecting a firm to handle your needs please consider a few things:

• How is their staff trained? Do they all have a bachelor’s degree in the financial field? Are they all certified public accountants? This is important to know as you want someone with the best expertise in the arena to handle your money or your businesses money for you. How much experience do they have in dealing with tax laws? Once thing that you never want to mess up on is your taxes!

• Is the firm you are looking at registered with the Better Business Bureau? Are they in good standing? How long has the firm been in operation and can they give you references from past customers?

• Do they have a specific area of accounting they like to deal with? Some prefer the corporate atmosphere, while others prefer to deal with private parties. Not all accounting offices are the same. Small business book keeping, is handled in a different area than a corporate account.

• Where is their office located? Can you make an appointment and go see the person handling the account? This is vitally important to the overall relationship with the accountant of choice. You do not want your accountant to be someone that is outsourced to a different country!

• Is the accountant or accounting firm accessible? I mean can you call the team or person handling your accounts directly? A great working relationship not only builds rapport, but keeps the bond strong and a loyal accountant and client!

It seems like so many items to cover when choosing your accountant, but I assure you it is important to the overall growth, success and security of your money and your businesses money. Take aim as well as initiative when choosing your Florida Accounting firm.