Poston, Denney, and Killpack, PLLC: Finding the Right Certified Public Accountant in Idaho Falls

When considering a Certified Public Accountant there are some important factors to consider. A Certified Public Accountant (CPA) can offer a wide range of financial service needs from personal wealth management to performing business taxes. Before choosing a CPA you’ll need to determine you personal or professional needs.

Our business consultants at Poston, Denney, and Killpack, PLLC would like to help you choose the best Certified Public Accountant by taking a closer look at the following factors:

• Number of services offered
• Number of Certified Public Accountants available in the office
• Communication
• Experience level and Qualifications
• Education
• Reputation
• Cost
• Value

Room to Grow: Number of Services Offered

Choosing a CPA for personal use such as saving for college, personal finance and tax return preparation, and estate planning is an important decision. CPAs are considered to be the most trusted financial advisers with a respected code of ethics and integrity. Doing your due diligence of research your options for a CPA is just as crucial for personal use as it is for your business.

If you are looking for a CPA for your business’s accounting needs it would be wise to consider the amount of growth the office can handle. Although your business may start out small, keep in mind that hiring a CPA could lead to business growth you may never have expected, if you hire well. A one on one contact may work well for you, however if you are hoping for substantial business growth you may eventually need a team dedicated to your account. Consider the big picture of your needs for your business. Does your business just need a tax return prepared and year-end financial information? Or are you looking for more financial planning advice or help with your business plan? It would be helpful for you to consider some of the following questions:

• Will the firm be able to take my business from a small start up to a mid to large level business?
• If the workload exceeds that which an individual CPA can deal with, who will be assigned to my account?
• What business have they worked with in the past or currently that are similar to mine and how are the performing?
• What other services could be helpful in the future for my business?
• Does the firm seem genuinely interested in my business?

Someone To Talk To: Availability of CPA’s in the Office

At Poston, Denney, and Killpack, PLLC we know how busy tax season is for business owners and accounting firms alike. Not surprisingly, the tax season is a busy time for CPA’s. Knowing that there will be someone available for you to ask questions and inquire for information is an important consideration. A firm with several experienced CPA’s is more likely to have an accountant available for you to speak with during busier times. If you only need a CPA for personal tax return purpose, a single individual will fit your purposes well. If your business is growing and you are in need of other services and regular assistance, a larger accounting firm could be the right choice.
Confidence: The Importance of Communication

When looking for a CPA, whether for a large firm or for your individual needs, it is essential to find someone with whom you can establish a healthy working relationship. A Certified Public Accountant can be beneficial addition to your business or personal finances, readily providing answers and assistance.

However, while you do not need to be on excessively friendly terms with your CPA, to take full advantage of their expertise, you will need to remain in regular communication, which is why it is very important to keep looking if you do not feel comfortable maintaining a communicative relationship with you current CPA.

Industry Know-how: Is Your CPA Experienced and Qualified?

When you are looking for a CPA it is important to consider if they have expertise in your particular industry or even a similar industry. With experience in the industry your CPA will have important insights for your growing business. If you want advice on business finances, a CPA that specializes in individual tax returns is not going to be able to help you the way that you need. How can you find out if a CPA has the experience that will best benefit you and your financial needs? Asking straightforward questions about their professional experience and let them explain to you how their expertise will be a beneficial for your financial relationship. You can investigate a CPA further by looking at their online CPA profile pages to see their past education portfolio and any current memberships.

Education and Keeping up With the Times

A Certified Public Accountant will have achieved an undergraduate degree and passed the exam and experience requirements for state certification. Continuing education is an important part of a CPA maintaining their certification. Their continuing education requirements keep them up with the changing accounting standards. In addition to keeping up their education in accounting, once every three years, a CPA’s accounting and auditing practices are thoroughly reviewed by their peers to ensure they are maintaining their professional integrity.

Another important consideration is whether a CPA is a member in the American Institute of Certified Public Accountants. Membership requires accountants to continue their professional education by taking approved course work that will keep them current on the latest accounting and taxation policies.

Ask Around: Great Service Leads to a Great Reputation

It is a great idea to ask around about the experiences your friends and business associates have had with their accountants. A referral from a trusted source is a great way to know that you are on the right track for getting involved with an experienced and reputable CPA. Ask if your friends and associates hear from their accounts not only at tax time but also throughout the year with advice or important proactive and helpful information. Getting the best value from your accountant will mean that they are forward thinkers that provide great service.

If you are having trouble finding a referral from people you know, consider asking people in a similar industry as you for referrals of their accountants. Explain that you are looking for a trusted accountant with expertise in your particular industry.

Remember that your accountant is meant to be a trusted advisor for either your personal finances or your business venture. The relationship between you and your accountant needs to be a trusting one so that you can reap the greatest benefit from the relationship.

Even with a great referral from a trusted source be sure to take time to interview firms and the individual candidates. Don’t be shy! This is your financial future and you want to do all that you can to ensure that it will be in good hands. Ask for additional references and follow up with them. Before you make a decision, be sure to interview at least three CPS’s. Perform your due diligence to get your personal or your business’s financial future off to the best start with a great Certified Public Accountant.

Cost: Be Sure to Check Out the Competition

Money, money, money! Accountants are great with numbers and that is why you are paying them. Inquire about hourly rates and fees. Request quotes for what you can expect to pay for services. Compare rates with several professionals before settling on one. You may save you or your business a whole lot of money by taking this important step in your decision making process.

And Above All, Value

At Poston, Denney, and Killpack, PLLC we would like to leave you with this thought, that the most important aspect you must consider as you search for a Certified Public Accountant, is the value they bring to the relationship. A CPA should be helping your business to grow, should be ensuring that your tax returns are the highest they have ever been, should be supplying you with peace of mind during the stressful tax season by knowing your accounts are in competent hands. Whatever the reason that you have sought out a CPA, you need to see that they are bringing indispensable value to your professional relationship.

If you are in search of a CPA in the Idaho Falls area, Poston, Denney, and Killpack, PLLC is here to help if you have further questions on how to choose a CPA that will best meet your needs. We want to help you get the most out of your personal or professional finances and our professionals know how to get you there. Ask us for our references, additional services for both your personal and business finances. For your business needs we have great services for small business accounting, help with strategic business planning, cash flow management and everything you need to get your business off to a great start. We are here to make your money work for you.

How To File Your Own Taxes With The 1040EZ Form

If you are like most Americans, filing your taxes every year is not your idea of a good time. filing at tax time can be stressful, difficult, expensive and confusing. Still, many people choose to save money and forego a tax service to file their taxes on their own. If you are one of these intrepid "do-it-yourselfers," you know that you will need a 1040 form to start with. You might want the 1040ez form as it is the most simplified and basic of the tax forms, but not everyone can use it. Let’s break all of the information down and go through the steps of filing with the 1040ez form.

1040-Which Form Will Work Best For You

There are many different versions of the 1040 tax form. The three most commonly used ones are the 1040, 1040A, and 1040EZ forms. They all serve different purposes, but some may be better for you to use than others.
The 1040 form deals with incomes, credits, and deductions that aren’t covered on the 1040A or 1040EZ forms. Some (but not all!) of these are:

• income from self-employment
• tips unreported over the amount of $20 in any given month
• income as a result of a partnership, trust, estate, or s-corp
• Itemized deductions
• $100,000 or greater income
• gambling income
• if you claim the Premium Tax Credit

The 1040A form covers:

• income that is only from salary, tips, wages, dividends, interest, capital gains, taxable fellowships/grants/scholarships, pensions, annuities, IRAs, unemployment compensation, AK PFD money, and taxable social security and railroad retirement benefits
• taxable income must be less than $100,000
• tax credits only from Child Dependent Care Credit, Elderly or Disabled credit, Child Tax Credit, educational credit, retirement savings, Earned Income Credit, Contributor Credit
• income adjustments can only be made from education expenses, IRA deductions, and education expenses
• The 1040EZ form, also known as the “Income Tax return For Single and Joint Filers With No Dependents” or the “easy form”. This form is an alternative to the 1040 form to offer a faster and easier way to file and it is meant for taxpayers with very basic tax situations. 

These are the criteria for filing with the EZ form:

• filing status is single or married filing jointly
• no dependents to claim
• no tax credits to claim except the Earned Income Tax Credit
• you (and your spouse if you are filing jointly) are under the age of 65 and not blind.
• taxable income is below $100,000
• your income is only from salary, tips, wages, unemployment compensation, taxable grants and scholarships, interest income less than $1500, and the AK PFD dividend.Any other sources of income, such as dividends or alimony will keep you from using the 1040EZ, you will have to use one of the other forms.

Is The 1040EZ Still For You?

If you have decided how you want to file your own taxes, and you want to use the 1040EZ form because of the ease and simplicity, be aware there may be drawbacks. For the first time starting in 2015, some people who previously used the 1040EZ form will not be able to because of their health care, “This applies to folks who bought Affordable Care Act-required health insurance through a state or federal exchange, also known as the marketplace.

An option upon policy purchase was to receive advance payment of the premium tax credit. This tax credit helps cover some of the insurance costs. The advance credit amount, however, must be accounted for when the policy recipient files his or her tax return.

If the advance premium amount was too small, the taxpayer will get the extra. However, if too large of an advanced premium credit was paid, the taxpayer must make up the difference, either by paying any tax due or by having the amount taken from an expected refund.

Such calculations are made on Form 8962, which only can be filed with Form 1040A or 1040. If you received advance payments of the premium tax credit, you must file one of these longer forms instead of the 1040EZ.

If you did not get the premium credit in advance but got health care through an exchange and want to claim it when you file, you must complete 1040A or 1040.” Also if you have a student loan, consider using the 1040A so you can deduct interest paid on that loan. But if these don’t apply to you and you qualify for it, read on for how to file your own taxes with the EZ form.

Easy To Follow The EZ Form

The first section of the 1040EZ form is simply your general information, your name, social security number, and address. The second section of the form asks for your income information. You will need your W-2 form and if you earned taxable interest, proof of that. The third section deals with payments, credits and taxes paid. If you are receiving a refund, it will be in section four, and if you must pay more taxes, it will be in the fifth section. if there is no third party designee, you are ready to sign the return and file it, either by mail or electronically. That is how easy it is to file your taxes with the 1040EZ form. If you would like more information on how to file your own taxes, visit www.irs.gov or www.efile.com. Good luck and hopefully many happy “returns”!

The Payroll Nightmare

Small business owners in Idaho Falls are finding it increasingly difficult and time-consuming to keep up with all the laws and statutes governing their company’s payroll. No one likes having to spend several hours every month just figuring out payroll. The average business owner spends 8 hours every month doing payroll. So for 12 full work days a year, business owners have to deal with payroll instead of running their business. Those are 12 days that can’t be used for generating more business, improving products or services, or helping customers. On top of the time consumption, there’s always the fear that there’s some new law that you don’t know about, or the general fear that you might do something wrong—and either mistake could result in large costs.

Beating the Nightmare

Of course, the most obvious solution to these concerns is to hire someone else to do it. You could increase your overhead and hire someone on to your team to do all the payroll tasks, or you could hire an accounting firm to do it for you. The latter is generally more affordable in Idaho Falls, and payroll services come with several advantages when they’re outsourced: it’s cost effective to have an accounting firm handle your payroll and the associated legal details, and it reduces the overhead of hiring a specialized employee. It saves you heaps of time that you can better spend running your company, and you can safely stop worrying about data entry or researching updates or new laws. Your tax filing becomes effortless when you let a professional do it. They can keep track of all the federal, state, and local payroll tax laws and apply them for you. These laws change frequently, and keeping up with them alone can be a daunting task. An accounting firm will generate a wide variety of reports like union reports, certified payroll, workers’ compensation, etc. and provide them for a nominal fee.

One Size Doesn’t Fit All

A good accounting firm will provide several options for varying levels of their services. Usually these include anything from comprehensive services, where you get pretty much every payroll service possible, to minimal services where only checks, taxes, and reports are generated for you to print yourself. These are the services you should look for in a CPA in Idaho Falls. Payroll services should be flexible and allow for customization, because no two businesses are the same.

How to Find a CPA in Idaho Falls

Knowledgeable Services

Finding a knowledgeable CPA in Idaho Falls, Idaho is an excellent plan for tax preparation for businesses and individuals. A certified public accountant has specialized education received at a brick-and-mortar or online university. After graduating with a bachelor’s degree in accounting, the student must pass a competency examination in their geographic region to become a certified public accountant. Having several years of work experience is also part of the training requirement to ensure clients receive quality service. Accountants can work for businesses such as medical facilities, banking institutions and retail establishments. Alternatively, many accountants open their own offices to provide a variety of independent services to private individuals or business owners.

Experienced CPA Professionals

During the busy tax preparation season, many companies and individuals begin to look for an experienced tax professional with an understanding of current federal and state regulations. Choosing an authorized CPA in Idaho Falls to prepare personal or business tax forms is a common practice because of the complexity of tax regulations. Tax codes are constantly changing at the federal and state level. Businesses and individuals with numerous tax documents to complete often prefer having the expertise of a certified public accountant to prepare forms. In many cases, a certified public accountant finds ways to save businesses and individuals thousands of dollars in taxes because they understand current tax codes.

Expert CPA Advice in Idaho Falls

Poston Denney & Killpack, PLLC of Idaho Falls offers an assortment of tax and business consulting services to local residents. Anyone seeking a CPA in Idaho Falls can contact their office with a telephone number, online form or email address. Individuals or businesses interested in having a certified public accountant prepare tax forms according to state or federal guidelines can meet with a member of staff for a confidential consultation. Hiring an independent accounting firm has benefits such as getting expert tax advice while having access to the latest computer software. While many individuals or businesses wait until the busy tax season in April to hire an independent certified public accountant, having one to work for you year-round is a better plan.