The Tax Shoppe

1 week ago

To Quickbooks or Not To Quickbooks That Is the Question?
After being in the Accounting and Tax Profession for almost 30 years, I have found two kinds of clients:

1. Those that engage professionals to tend to their tax and accounting needs, and 2. Those that think they can do it themselves because they assume they can do it accurately – “It can’t be that hard; just put the numbers somewhere.”
Well, the point of this discussion is to address why doing your own bookkeeping is most times the biggest mistake you as a business owner can me – and here’s why.
Do you know the difference between an expense? A liability? A depreciable asset?
Do you know the difference between taxable income and a loan? When you pay back a loan or how to sell an asset?
Do you know the difference between a profit distribution and a paycheck for a shareholder?
Most just think that when you press enter on a keyboard when using Quickbooks, the computer beeps that means “it must be right.” That could not be any farther from the truth.
Our experience tells us that most business owners that “do their own Quickbooks” either understate or overstate their income and report their expenses in error.
That means your tax returns will be wrong and in the event of an audit, you’ve created problems with the IRS.
The Tax Shoppe offers a cost-effective means of accurately providing financial reports which enables you as the business owner to make informed business decisions based on accurate information.

Call us at 772-879-2895 or email [email protected] so we can help you make the right call for your business. ...