Ferguson Timar https://fergusontimar.com Certified Public Accounting Firm Thu, 14 Nov 2019 19:44:44 +0000 en-US hourly 1 Prepare for the Holidays with these Tax Tips https://fergusontimar.com/2019/11/14/prepare-for-the-holidays-with-these-tax-tips/ Thu, 14 Nov 2019 19:44:44 +0000 https://fergusontimar.com/?p=4819 As the end of 2019 draws near, taxes might not be on everyone’s mind. Between holiday planning, keeping up with the news cycle, and staying on top of today’s complicated business landscape, it’s easy to forget that many cost-saving strategies are available for taxpayers who remember to take advantage of them. Ferguson Timar wishes everyone...

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As the end of 2019 draws near, taxes might not be on everyone’s mind. Between holiday planning, keeping up with the news cycle, and staying on top of today’s complicated business landscape, it’s easy to forget that many cost-saving strategies are available for taxpayers who remember to take advantage of them.

Ferguson Timar wishes everyone a happy and safe holiday season.

If you would like to explore ways to optimize your 2019 taxes before year-end, or would like advice for preparing for tax season early, please give us a call at (714) 204-0100.

Here are a few ways to prepare your taxes for the holidays:

  • Optimize your deductions strategies.

The fourth quarter of every year means many things: more time with family, lots of rich food, and a flood of donation requests from charities. Nonprofits concentrate on year-end donations, not just because they’re trying to meet their annual financial goals. They also know that donors want to improve their income tax deductions.

Charitable giving is a powerful way to lower taxes while also supporting a cause you care about. Always be sure to get a receipt for any gift you intend to claim. If you have the option, think about giving an appreciated asset, like shares of stock, which nets you a double benefit: not only can you deduct the total value of the gift, but you can also avoid capital gains taxes.

Businesses can also optimize their deductions strategies by loading expenses into profitable years. Buying long-term assets, like new computer equipment, can be a good way to make the business’s cash go further and improve the business’s accounting picture.

  • Investors should be looking for opportunities to harvest loss.

Loss harvesting involves selling investments that have not done well. Taxpayers can reduce the amount of taxable gain on stock sales in a calendar year by up to $3,000 in losses. Anything over $3,000 can be carried forward into future tax years.

  • Begin thinking about complex tax situations now.

Some taxpayers have complicated circumstances that will require sifting through piles of records, analyzing alternative tax strategies, and making difficult choices. Individuals who have sold a home or businesses that have completed major transactions, like an acquisition or significant investments in equipment, will want to begin the analysis process early. By developing a good picture of what you will owe, or what you will be getting back, you can better plan for the future while also getting ahead of the tax filing crush.

Ferguson Timar is here to help you explore these and other tax-saving strategies at year-end. Give us a call today for a personalized review of your tax situation for 2019 and beyond.

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Four Reasons Why Hiring a Tax Pro is the Way to Go https://fergusontimar.com/2019/11/06/four-reasons-why-hiring-a-tax-pro-is-the-way-to-go/ Wed, 06 Nov 2019 19:03:23 +0000 https://fergusontimar.com/?p=4813 Software tax tools can create a false sense of security. Some taxpayers with relatively simple situations—a single source of income, no big family changes, no businesses, and so on—might do fine with an online tool. But for many taxpayers, the assistance of a professional tax preparer can result in a better strategy for lowering the...

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Software tax tools can create a false sense of security. Some taxpayers with relatively simple situations—a single source of income, no big family changes, no businesses, and so on—might do fine with an online tool. But for many taxpayers, the assistance of a professional tax preparer can result in a better strategy for lowering the yearly tax bill.

Want to get ahead of your tax prep? Contact us at (714) 204-0100 for a customized tax projection.

A personalized tax projection is just one of many advantages to working with a tax professional to develop a short- and long-term strategy. Here are a few of the many good reasons for working with a tax pro:

  • Change is inevitable.

The interaction between taxes and life changes can be unpredictable and counterintuitive. Life throws all kinds of surprises at us, like a serious illness or an inheritance, which can influence tax returns in a variety of ways. Sorting out how to account for major changes can be complicated and stressful. A tax preparer takes over the technical work and finds the accurate and cost-saving approach to incorporating change into a return.

  • Developing a personalized plan for the future.

It’s easy to think of taxes as an annual ritual, but the reality is that planning and accounting for a given year’s taxes can begin the year before, or in the years afterward. A tax advisor works with each client to analyze the tax consequences of planned activities, like buying or selling a home, getting married, or starting a business, to reduce tax consequences and optimize deductions. Estate planning, or saving to help a grandchild go to college, are other examples of goals that need extra tax attention. A professional’s long-term view can benefit every taxpayer.

  • Complexity is lurking everywhere.

Many taxpayers don’t know how complex their tax situation really is. Automated tax tools are designed to address the most common tax situations, but they invariably have blind spots that don’t capture important events. A taxpayer with business income and expenses, or investment transactions like a conversion of a traditional IRA into a Roth IRA, can easily lose sight of important reporting obligations. A missed form can trigger an unexpected tax bill years down the road, and increase the risk of an audit. It’s better to address hidden complexities the first time.

  • Details, details, details.

For many taxpayers the rationale for hiring a professional can be found just by glancing at the pile of disorganized receipts and records left over from the previous year. Tax preparers are used to helping clients sort through their piles and make sense of the jumble. Of course, a tax preparer does much more than that. Putting the numbers together, completing forms with accuracy, and exploring ways to maximize deductions all can be confusing jobs even with the help of software. A professional knows how to navigate it all.

Ferguson Timar gives clients the service they need

At Ferguson Timar we aren’t worried about how tax software might affect our business. Our record of cost-saving service speaks for itself. What worries us is the mistakes and missed opportunities that can result from a taxpayer relying too much on software alone.

For a personalized tax projection, or to begin exploring ways to make the tax system do more for you, give us a call today to schedule an appointment.

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Important 2020 Business Tax Deadlines https://fergusontimar.com/2019/09/23/important-2020-business-tax-deadlines/ Mon, 23 Sep 2019 16:28:22 +0000 https://fergusontimar.com/?p=4806 Running a business involves keeping track of lots of details. Although every business owner knows the importance of tax deadlines, it’s easy to lose track of time when customers are demanding service or new employees are being hired. We have put together this list of important upcoming tax deadlines to help clients get ahead of...

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Running a business involves keeping track of lots of details. Although every business owner knows the importance of tax deadlines, it’s easy to lose track of time when customers are demanding service or new employees are being hired. We have put together this list of important upcoming tax deadlines to help clients get ahead of the curve through the end of the year and into 2020.

As we reminded clients in August, October 15 is the deadline for submitting final 2018 returns for individuals and C corporations that filed for an extension by April 15. We urge all clients who must file by October 15 to get in touch with us now to begin finalizing their returns.

Income Tax Payments and Returns Filing Deadlines

Date                                  What is due

January 15, 2020        Quarterly estimated business tax payments for the period from September 1 to December 31, 2019.

March 15, 2020          2019 IRS tax returns for partnerships and S corporations are due, unless an extension is requested.

April 15, 2020             Tax day! April 15 is an important deadline for many types of tax filing:

  • Individuals and C corporations using the calendar year for accounting purposes must submit their 2019 state and federal tax returns or submit an application for automatic extension on Form 4868 for individuals or Form 7004 for corporations.
  • Regardless of whether a return is filed or an extension is requested, most taxpayers must make a tax payment by April 15 to avoid penalties. Taxpayers that are not finished with their returns should make a good faith effort to estimate their tax due.
  • Quarterly estimated business tax payments for the period from January 1 to March 31, 2020.
  • Final 2017 tax returns—this is the last chance to claim a refund for that year.

June 15, 2020             Quarterly estimated business tax payments for the period from April 1 to May 31, 2020.

September 15, 2020   Quarterly estimated business tax payments for the period from June 1 to August 31, 2020. Partnerships and S corporations that requested an extension must submit their final 2019 returns by this date.

October 15, 2020       Tax returns due for taxpayers that submitted an extension by April 15.

IRS Form 1099-MISC filing dates

Any business that relies upon independent contractors, freelancers, and other types of non-employee needs to keep track of its Form 1099-MISC filing obligations. Failure to comply with these obligations can result in steep penalties. A contractor must be provided with a 1099-Misc if the business paid the contractor more than $600 in a year. Businesses can often get confused about the deadlines that apply to it. We are happy to help clients get clear about when their obligations are due.

Businesses can request a 30 day extension on the dates below, provided that the request is made by the normal filing deadline.

Date                                       What is due

January 31, 2020        Forms 1099-MISC that use box 7 to report non-employee compensation (NEC) must be furnished by businesses to their contractors and the IRS, regardless of whether they are submitted to the IRS on paper or electronically.

February 28, 2020      Forms 1099-MISC that do not report NEC in box 7 and that are provided on paper must be submitted to contractors and the IRS.

March 31, 2020          Forms 1099-MISC that do not report NEC in box 7 and that are filed electronically must be submitted to contractors and to the IRS.

Businesses that file Forms 1099 must also submit a Form 1096 to the IRS on this date. Form 1096 summarizes the information the business has provided to contractors and the IRS in separate 1099 forms, including 1099-MISC. Note that Form 1096 can only be submitted electronically.

Ferguson Timar can help

Ferguson Timar recommends putting these dates on your calendar. Planning ahead for deadlines is critical for avoiding a last-minute rush, with all the potential for errors that come with it. Our team of tax experts routinely helps individuals and businesses stay ahead of their tax obligations. Complying with deadlines is only the beginning. Completing accurate returns and maximizing deductions is best thought of as a year-round activity. Let Ferguson Timar assist you. Call us today at (714) 204-0100 or reach out through our contact page.

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The Final IRS Deadlines for Extended 2018 Returns Are Fast Approaching – Are You Ready? https://fergusontimar.com/2019/08/20/the-final-irs-deadlines-for-extended-2018-returns-are-fast-approaching-are-you-ready/ Tue, 20 Aug 2019 17:05:22 +0000 https://fergusontimar.com/?p=4790 Taxpayers who filed for an extension on their 2018 income tax returns should be getting ready to file their final returns. Individuals who submitted a timely extension request have until October 15, 2019, to submit their final returns. Partnerships and S corporations only have until September 16 to file. For most extended filers, it’s time...

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Taxpayers who filed for an extension on their 2018 income tax returns should be getting ready to file their final returns. Individuals who submitted a timely extension request have until October 15, 2019, to submit their final returns. Partnerships and S corporations only have until September 16 to file. For most extended filers, it’s time to get those returns polished up.

Beat the rush.

The extended filing deadlines create miniature versions of the April 15 deadline for tax preparers. Waiting until the last minute to get returns together is a mistake. With time, a tax preparer can scour a taxpayer’s records for opportunities to take deductions, double and triple check calculations, and verify the accuracy of every part of a return before it gets submitted. A last-minute filing risks losing out on all of these benefits.

Second extensions are rare.

After the first extension is granted, very few taxpayers qualify for additional extensions. The IRS allows members of the military, individuals living abroad, and victims of qualified natural disasters to request an additional extension of time if circumstances warrant it. For the rest, September 15 or October 15 are hard deadlines.

What if there are still questions to resolve?

For taxpayers who are working through especially complex tax situations, even the extended deadlines can feel too soon. Bear in mind that a filed return can typically be amended up to three years from the date it was filed. The key is to provide the IRS with good faith, honest responses in the initial return, even if there are questions still open.

Give Ferguson Timar a call about your extended filing.

At Ferguson Timar we look forward to helping clients get their returns completed accurately and on time. Our team is standing by to help you work through your last-minute concerns, analyze deductions strategies, and meet your compliance obligations. Call us today at (714) 204-0100 or reach out through our contact page.

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Taxes Are Due Soon. Are You Ready? https://fergusontimar.com/2018/04/11/taxes-due-soon-ready/ Wed, 11 Apr 2018 16:48:07 +0000 https://fergusontimar.com/?p=4684 Whether you are filing your personal tax return or one for your self-employed business, the tax deadline is April 17, 2018. Hopefully, you’ve already filed by now, but if not, it’s time to get started. Failing to get your taxes in on time could result in fines or other tax penalties. For those filing their...

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Whether you are filing your personal tax return or one for your self-employed business, the tax deadline is April 17, 2018. Hopefully, you’ve already filed by now, but if not, it’s time to get started. Failing to get your taxes in on time could result in fines or other tax penalties.

For those filing their personal tax returns, Ferguson, Timar & Company has put together this helpful checklist of information and documents needed to file your taxes correctly.

  • Form W-2 – This document highlights all of your employment earnings and taxes withheld the previous year. You should have received this form by the end of January 2018.
  • Form 1099-INT – This form shows the interest earned in any banking accounts.
  • Form 1099-MISC – If you do any freelance or contract work on the side, you should have received your 1099 forms from your clients/employers by January 2018.
  • Form 1098 (Mortgage Interest Statement) – This form tracks any and all mortgage interest paid on a home loan.
  • Receipts for Deductible Purchases/Payments – If you do any work at home, keep all your business-related expenses tracked, along with healthcare payments, mileage and education expenses.

If you would like to get your federal and state tax return direct-deposited into your bank account, have your bank’s routing number handy. In addition, make sure you have the social security number and birthdates for you, your spouse and any other dependents that you may claim.

Let Us Help
The important thing to know is that time is of the essence when it comes to filing your taxes. If you want to try and file for a tax extension, we can help. Contact Ferguson, Timar & Company today for the best in professional tax preparation.

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3 Things a CPA Does Better Than Your Tax Software https://fergusontimar.com/2018/04/06/3-things-a-cpa-does-better-than-your-tax-software/ Fri, 06 Apr 2018 23:49:55 +0000 https://fergusontimar.com/?p=4681 When it comes to preparing your tax return (personal or business), you have three options: You can do it yourself by hand, use a tax software or hire a CPA or professional tax preparer to do it for you. Nowadays, most people choose to use a tax software or go to the pros. Sure, accounting...

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When it comes to preparing your tax return (personal or business), you have three options: You can do it yourself by hand, use a tax software or hire a CPA or professional tax preparer to do it for you. Nowadays, most people choose to use a tax software or go to the pros. Sure, accounting technology can work well, but there are some things that software can never replace.

Let’s take a look at some of the things that an experienced CPA will do better than any tax software.

1. Attention to Detail
Yes, the math will be perfect in your tax software. However, someone still has to input the right numbers and not overlook any expenses, income, fees and other figures that need to be calculated. Even if you have all your accounts automatically connected to the software, things can be missed. A professional accountant will know to cover every detail, ask the right questions and double check all the numbers so that your books are truly accurate.

2. Tax Preparation Expertise
If you’re a business owner, it’s especially important to start thinking about ditching your tax software. Tax laws continue to evolve and it’s essential to know every possible deduction or tax credit you can take advantage of based on your specific situation. A CPA will be able to accomplish this better than any tax software out there.

3. Year-Round Advice
When you hire an accountant to prepare your taxes, you have more access to them year-round. This is especially helpful for small business owners, contract workers or freelancers who need to pay quarterly estimated taxes. Unlike a one-time-use software, your accountant is available to answer questions and offer advice.

Nothing can beat having a real person (or team of CPAs) working with your best interests in mind. If you are looking for a great CPA in Orange County to help with your small business or personal finances and tax preparation, look no further than Ferguson, Timar & Company. Contact us today to learn more about our tax and accounting services, and to schedule a consultation with one of our experienced CPAs.

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Do You Need to Update Your W-4? https://fergusontimar.com/2018/03/28/need-update-w-4-withholdings/ Wed, 28 Mar 2018 18:42:02 +0000 https://fergusontimar.com/?p=4677 Did you know that common lifestyle changes such as starting a new job or getting married can automatically change your tax liability? Nobody wants to get caught off-guard by a higher-than-expected tax bill. That’s why you may want to consider adjusting your W-4 withholdings. What is a W-4? If you make income as an employee,...

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Did you know that common lifestyle changes such as starting a new job or getting married can automatically change your tax liability? Nobody wants to get caught off-guard by a higher-than-expected tax bill. That’s why you may want to consider adjusting your W-4 withholdings.

What is a W-4?
If you make income as an employee, you will be required to fill out Form W-4 by your employer. This determines the amount of taxes you will pay with each paycheck. Ultimately, how much you withhold is up to you, but ideally, you want to find the right balance that nets you a paycheck you can live on but doesn’t end up costing you more come tax season.

The truth is most people withhold too much or too little with their W-4. It is something you should review regularly with a qualified tax expert and adjust as needed. Here are 5 of the most common reasons why you would want to update your W-4 withholdings:

1. Change in Marital Status
When getting married or divorced, you will have to provide your employer with a new Form W-4. The federal tax brackets are larger for couples, so you usually won’t owe as much in taxes after you tie the knot than you did when you and your spouse filed single returns.

2. Second Job
Many people work more than one job. When you take on a second (or third) job with another employer, you will need a new W-4 for each one. If you start a home business, you may want to increase your W-4 withholdings from your main employer to offset ­tax liabilities you will have from the additional income.

3. Dependents
If you have a baby or adopt a child, it is not only a major life event, but it is a major tax event as well and your W-4 withholdings should be adjusted. Likewise, if you have a dependent that grows up and is no longer part of your tax liability, you will want to adjust your W-4 accordingly.

4. Spouse Job Change
Whenever your household income changes, whether it’s your job changing or your spouse’s, W-4 adjustments should be made. Make sure the tax you withhold is relative to the total income you plan to receive.

5. Unemployment
If you are laid off or spend part of the year unemployed, you probably will have had too much tax withheld. However, once you start a new job, the W-4 will need to be adjusted to make up for the downtime.

Finding the right W-4 withholding amount can be tricky, so it never hurts to talk with a tax expert who can help you navigate the process and get the most out of your tax return. Ferguson, Timar & Company is here to help with all your tax planning and preparation needs. Contact us today for more information or to schedule your personal income tax consultation.

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5 Ways to Increase Your Tax Refund https://fergusontimar.com/2018/03/22/5-ways-increase-tax-refund/ Thu, 22 Mar 2018 17:18:30 +0000 https://fergusontimar.com/?p=4673 The April 17 tax deadline is less than a month away. If you haven’t filed yet, there’s still time to get prepared and maximize your tax refund. For those who have already submitted their taxes this year, it’s never too early to start preparing for next year’s return. The steps you start taking now can...

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The April 17 tax deadline is less than a month away. If you haven’t filed yet, there’s still time to get prepared and maximize your tax refund. For those who have already submitted their taxes this year, it’s never too early to start preparing for next year’s return. The steps you start taking now can potentially increase the amount you get back.

Here are five tips that will help you get the most out of your tax refund:

1. Get Organized
Whether planning for the upcoming filing or for next year’s taxes, it’s important to get yourself organized as soon as possible. Make sure you have a copy of last year’s tax return along with Social Security, Tax ID numbers and birth dates of everyone in your household.

2. Collect Income Information
Gather W-2s, along with any 1099 forms from other sources of income, such as freelance work, jury duty, prize winnings, scholarships and rental properties – just to name a few. If you’re a business owner, collect all receipts and sales records from products or services sold.

3. Track All Your Deductions
It’s a good idea to keep a travel log for all tax-deductible activities (job interviews, business trips, lunch meetings, volunteer work, doctor’s appointments, etc.). Also, keep all your receipts for tax-deductible expenses, charitable deductions and moving expenses if the move is for a job.

4. Take Advantage of IRA Contributions
You actually have until April 15 to open a traditional IRA and have it count for the 2017 tax year. This allows you to claim the deduction on your return. The more contributions you make, the less taxable income you’ll have, which can boost your return.

5. Hire a Professional
When you want to get the most out of your tax refund, consider hiring a professional accountant or licensed tax preparer like Ferguson, Timar & Company. We’ll help you navigate the process, file all your tax documents properly and get you the most out of your tax return.

These are just a few ways that you can maximize your tax deduction. Want to learn more? Download a free copy of our 2017 Tax Prep Checklist to ensure that you have all the documents you need. Ferguson, Timar & Company specializes in tax preparation for individuals and small business owners throughout Fullerton, Brea and Yorba Linda. Contact us today to schedule a consultation.

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Traditional and Roth IRAs: What’s the Difference?  https://fergusontimar.com/2018/03/14/traditional-roth-iras-whats-difference/ Wed, 14 Mar 2018 19:07:27 +0000 https://fergusontimar.com/?p=4667 When planning for your financial future, it’s important to understand the differences between the types of retirement accounts available to you. Individual Retirement Accounts, also known as IRAs, can be split up into two common types: Traditional IRAs and Roth IRAs. Both are powerful, but one may be better for you than the other. Let’s...

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When planning for your financial future, it’s important to understand the differences between the types of retirement accounts available to you. Individual Retirement Accounts, also known as IRAs, can be split up into two common types: Traditional IRAs and Roth IRAs. Both are powerful, but one may be better for you than the other.

Let’s take a look at the key differences between Traditional and Roth IRAs.

Eligibility
Both Traditional and Roth IRAs have eligibility requirements, but a Traditional IRA is less restrictive. As long as you are under 70½ years old and have an earned income, you can contribute to a Traditional IRA. On the other hand, Roth IRAs have some income restrictions: If you’re filing as a single tax filer, your modified adjusted gross income (AGI) had to be less than $133,000 in 2017 in order to contribute to a Roth IRA. If you are a married couple filing jointly, your 2017 AGI had to be less than $196,000.

Tax Implications
The reason most people choose either type of IRA is because they both offer attractive tax breaks. When it comes to taxes, though, the difference between Traditional and Roth IRAs is found when you claim them. In a nutshell, traditional IRAs give you tax benefits when you put the money in and Roth IRAs help you when you take the money out.

When you contribute to your Traditional IRA, those deposits are tax-deductible. You can write them off on your state and federal returns for the year the contributions were made. However, when you ultimately withdraw the money at retirement, it is subjected to standard income tax rates at the time.

Roth IRAs, on the other hand, come with no tax deductions for any contributions. All contributions are subject to income taxes when you deposit them into the account. You will actually see the tax benefits of a Roth IRA later as your earnings and withdrawals are typically tax-free.

Withdrawals
Another significant difference between Traditional and Roth IRAs is when you can withdraw the savings. With a Traditional IRA, you must begin taking required minimum distributions (RMDs) when you turn 70½ years old. Roth IRAs do not require this. If you want to hold onto the money or transfer that wealth to your heirs, you can keep it in the account and let it continue earning for you. When you turn age 59½, you can begin taking penalty-free “qualified” distributions from either type of IRA. Before that, you will be subject to penalties.

Tax Reform Changes to Recharacterization
Prior to the new tax bill, taxpayers could engage in recharacterization of their IRAs. A recharacterization is when an investor changes how a certain contribution or investment is treated. These typically happen when changing a contribution type from a Traditional IRA to a Roth IRA, or vice versa.

The tax reform bill has removed the ability to recharacterize any Roth IRA conversions done in 2018 and onward. However, you can still recharacterize your 2017 Roth IRA conversions up until October 15, 2018. Therefore, 2017 will be the last year anyone is able to recharacterize a conversion.

Predicting the Future
No matter what, your IRA will be subject to taxation. It’s just a matter of whether you want to pay them now or later. It can be difficult to know if the tax rates will be more or less now compared to when you plan to retire. For this reason, it’s important to talk with your accountant and tax preparer at Ferguson, Timar & Company to make the right IRA decisions for your future. To schedule a consultation, contact us today.http://contac

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5 Things Every Business Owner Should Look for in a CPA https://fergusontimar.com/2018/03/07/5-things-every-business-owner-look-cpa/ Wed, 07 Mar 2018 22:05:22 +0000 https://fergusontimar.com/?p=4662 Every business—big or small—needs accounting. It’s essential if you want to be able to grow your business in a measurable way. Plus, it helps to track your business’ assets, liabilities and income to avoid audits and other IRS penalties come tax season. As a business owner, you essentially have three choices when it comes to...

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Every business—big or small—needs accounting. It’s essential if you want to be able to grow your business in a measurable way. Plus, it helps to track your business’ assets, liabilities and income to avoid audits and other IRS penalties come tax season.

As a business owner, you essentially have three choices when it comes to accounting: You can do it yourself, which can be a scary proposition if you don’t have accounting experience or if your business continues to grow; You can hire someone to handle the accounting in-house, which can be very expensive if you want someone with ample experience; Or, you can outsource your accounting and bookkeeping services to a reputable CPA firm like Ferguson, Timar & Company. This is often a great solution that gives you all the accounting services you need for much less than the cost of having a full-time (or even part-time) accountant on staff.

When choosing to hire a CPA, there are certain things to look for:

1. Knowledge and Experience
These should go without saying, but you want to hire a CPA that knows what they are doing and has a strong track record of success. Put an experienced and knowledgeable accounting professional (or firm of professionals) on your side.

2. Transparency
Any accountant who says they are perfect is probably not to be trusted. The first question you should always ask is what their weaknesses are and a genuine answer should tell you all you need to know. Find someone you can trust and who complements your own approach to business.

3. Small Business Expertise
If you run a small business, you’ll want to work with a CPA firm that specializes in small business accounting. It’s a much different field than major corporation accounting, so find a CPA that is the proper fit for your business entity.

4. Communication
If a CPA makes you feel completely confused and overwhelmed within the first few minutes of talking with them, that’s not a good sign. Communication is very important and the CPA should be able to relate everything in ways that you can understand. They should be your partner in success, which means communication is vital.

5. Team Approach
Why hire just one CPA when you can have a team working for you? A good CPA will be backed by a staff that works to cover every detail and makes sure your best interests are protected.

Looking for expert accounting services? The team at Ferguson, Timar & Company specializes in small business accounting that can help your business succeed. Whether you need full accounting services, bookkeeping or tax preparation, we’ve got you covered with knowledge, experience, communication and transparency. Call Ferguson, Timar & Company today to schedule a consultation.

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