Common Tax Problems in Idaho Falls

 New software is making it so many people are starting to do their taxes at home. Even with all the updates in this new technology, taxpayers filing their own taxes, without the help of a professional still seem to be running into common tax problems and mistakes. According to bankrate.com there are 10 common tax problems that people run into when filing without consulting a professional or a CPA. Some of the common tax problems are:

• Math Miscalculations and Computation Errors  - One of the most common problems, when filing your own taxes is bad math. Though there is no penalty for “wrong” math, you still might experience a delay or a different amount than you thought you would be receiving in your tax return, if not caught quickly enough. If you underpay on your taxes because of a miscalculation you might also receive a penalty for late and under payment of your taxes. Computation errors are another common mistake.Just like miscalculated math, this common tax problem occurs when a tax filer incorrectly enters the taxable income, withholding and estimated tax payments.
• Direct Deposit Dangers - A wrong account or routing number could cause you to lose your tax return completely. A CPA at Poston, Denney, & Killpack can help you create a plan that will avoid losing your money by filing a form 8888.
• Additional Income, Additional Filing Work - Independent contractors have additional filing work on their taxes. Forgetting the additional filing work could result in a possible late filing penalty if not caught in time.
• Missing the Deadline - Many people hold off until the very end to file their taxes. As long as you press enter or your tax return is postmarked by the deadline in April, you should be OK. If you still are unable to send your forms by the deadline, you then need to file a Form 4868, this will give you a six month extension. If you owe any taxes be sure to send it with your extension request. If you do not, you could face late or non filing penalties.

How To Avoid Common Tax Problems in Idaho Falls

When you consult with a CPA at Poston, Denney, & Killpack we can help you avoid the above problems and avoid any penalties or delays of your tax return. Even if you have the most up to date software for filing your taxes, nothing beats the assistance of an experienced tax preparation CPA. We help you avoid common tax problems by offering the following tax preparation services:

• Checking your tax return for any possible miscalculations, computation errors, and recent name changes that the IRS may look at.
• Filing your return electronically and safely by filling out a Form 8888
• How to adjust your payroll so you can get more money back every week.
• Show you any possible additional deductions that will limit your tax liability for the next year
• Own a business? We offer small business tax preparation services as well. We keep your books organized so you can get back to running your business.

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.

Keep The IRS Out Of Your Life By Avoiding A Tax Audit. If You Live In Idaho Falls, We Can Help!

The proverbial IRS taxman is the last person you want darkening your doorway. The IRS has reported that 1 in 200 taxpayers has a chance of being audited every year. Keep yourself or your business out of those statistics-here are some tips!

Ways You Can Avoid A Tax Audit

Luckily, there are ways you can reduce your chances of being audited. Here are a few to be aware of:

• Make sure you computations and figures are correct
• Keep receipts and get appraisals for all charitable contributions of $250 or more
• Fill out tax forms completely and carefully and leave nothing blank
• Keep copies of your returns for several years
• E-file if possible

Let’s discuss these a bit more. You want your numbers to be right. The IRS uses computers to cross check your returns with any other information that it has for you, from banks, employers, etc. So be sure you have accounted for everything and that your numbers match. Otherwise you could be flagged for an audit.

Charitable contributions can change from year to year, and if your tax return is noticeably different from last years, the IRS will want to know why. Save all of your contribution receipts. You should also include an explanation (in the form of canceled checks, receipts, etc).

Be sure to fill out tax forms completely and leave nothing blank. Don’t leave anything for the IRS to assume or wonder about. The computers will flag any discrepancies in math. You want to draw little or no attention to your return, so if it sails smoothly past the computers and the agents, that’s a good thing.

Be sure to keep copies of several years returns. The IRS can audit you from 3-7 years back for discrepancies. Be sure you are able to defend yourself by keeping your returns.

E-file if you can. The error rate for a paper return is 21% and the rate for e-filing is 0.5%. Less errors equal less flagging and attention from the IRS. The accountants and tax preparers at Poston, Denney & Killpack PLLC in Idaho Falls are familiar with these and other ways to avoid a tax audit. They can help you prepare your taxes, tax planning, and also helping you with any problems you may encounter with the IRS should you be audited. They are located In Idaho Falls and if you are trying to avoid or facing a tax audit, Poston, Denney & Killpack PLLC would love to help you maneuver through it! They are affordable, experienced and ready to help you this tax season avoid those IRS agents and their audits. In Idaho Falls call us at (208) 522-0886.

Worrying about the headache of end of the year tax filing? Stop, because Poston, Denney, and Killpack, P.L.L.C. will guide you safely through treacherous paperwork!

If you have a small business, you may or may not realize that January 15th is a big day. It is the day that your quarterly estimated taxes are due. Not currently filing taxes quarterly, but wondering if you should? Here is some important information to know. Quarterly estimated taxes are for the self-employed or those will receive large windfalls.
When filing quarterly taxes, it is essential to keep a careful schedule! The important dates are:

• For income received January 1st through March 31st, your estimate is due April 15th.
• For income received April 1st through May 31st, your estimate is due June 15th.
• For income received June 1st through August 31st, your estimate is due September 15th.
• For income received September 1st through December 31st, you estimate is due January 15th.

When dealing with end of the year tax filing, it is important to separate fact from fiction!

We have compiled a list of major misconceptions to clear the air!

• For quarterly taxes, you can just pay one lump sum at the end of the year. False! You can and should pay the amount due in payments during the year.
• If you don’t make much, you don’t need to file. False! If you made or received payments, you likely need to file an information return with the IRS.
• If you miss a payment, you should just wait until the next payment. False! You should make the payment as soon as you can to reduce penalties.

Contact Poston, Denney, and Killpack, P.L.L. C. today and see the miracles we can work for you!

When dealing with end of the year tax filing, the most important thing is getting it done right. You don’t want to find yourself bogged down for the next year and beyond by penalties and interest that could be avoided. Save yourself the headache of mistakes and the ensuing confusion by contacting us today. We will get and keep you on the right track!

Idaho Falls Small Business Financial Planning

Poston Denney & Killpack, PLLC is the company to go to when you need assistance with Idaho Falls small business financial planning. One of the most important elements of having a successful business is having a sound financial plan for the business.

Our certified public accountants can help you develop the best financial plan for your small business. Our CPAs have the knowledge and skills necessary to provide you with the expertise that you are looking for in tax professionals.

In addition to offering Idaho Falls small business financial planning, we also offer strategic business planning, succession planning, business valuation and various other small business services. No matter what type of assistance your small business requires, we can deliver the service that you need.

Our Idaho Falls small business financial planning is designed to help you keep your small business records organized so that when tax time rolls around you will be more prepared for it. No business owners want the time for filing taxes to come around only to find that their businesses’ records are a disorganized mess.

We try to help you prevent that from happening by helping you develop a financial plan that keeps your business’s finances organized so that they are ready for tax season. Additionally, we help you develop a financial plan that best suits your business’s needs and maximizes profits while minimizing expenses.

Idaho Falls Small Business Taxes

When it comes time to file taxes for your small business, we are more than happy to assist you with your business tax preparation as well. We can help you ensure that you pay everything that you are supposed to pay in accordance with federal, state and local laws while making sure that you don’t pay more than you have to at the same time.

No matter whether you are starting up a new business, trying to expand a current one or trying to turn around a failing one, we can assist you with developing the best financial plan for you business. Contact Poston Denney & Killpack, PLLC for a team of knowledgeable and professional CPAs that can help you maximize your business’s success. 

Small Business Payroll Idaho Falls

Operating a small business

operation often means doing more with less. The resources that you have should be mainly directed toward creating ongoing revenue for the business. At the same time, you want to make sure all your accounting functions, including the payroll system, are functioning properly. One way to accomplish the latter is to outsource the small business payroll Idaho Falls

Reduce Your Operational Costs

For now, attempting to maintain a full time accounting department is not really practical. This would entail hiring additional staff, providing them with training, and making sure that they had salaries and benefit packages that were competitive for the area. When it’s all said and done, having even one person on staff who is devoted to payroll functions presents a significant investment of resources.

Compare the cost of maintaining full time staff for this function with outsourcing your payroll needs to a reliable firm. You will find that the monthly expense of outsourcing will be significantly less. This will leave more of your revenue stream to pump back into the business and hopefully generate even more income over time.

Keep Abreast of Tax Changes

Part of maintaining a small business payroll Idaho Falls has to do with staying on top of any new tax laws that could impact employee withholding. Changes in laws at the federal and state level could mean that how the withholding is done may change, or the amounts that must be withheld are necessary in order to ensure enough taxes are collected and forwarded to the appropriate tax agency. Do you really want the headache of keeping up with those new laws?

If you choose to outsource the payroll to a local firm, you don’t have to be distracted from your revenue generation activity. The staff at the local firm will be aware of any new laws and apply them to the calculation of the payroll without fail.

Never Get Behind on Submitting Revenue to the Tax Agencies

Another important reason to outsource your small business payroll Idaho Falls is that you no longer have to do the paperwork necessary to report withholding and remit tax collections to the IRS or the state agency. Your payroll service takes care of that for you. At any time you like, it is possible to obtain reports that detail the amount collected, when the collections were reported, and even when the revenue was forwarded to each agency.

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.