Taxmagedon Strikes!

March 25, 2014
Shauna Wekherlien

So, you and your spouse combined make over $250,000. Did you get a surprise when you went to file your taxes this year? Did all of a sudden you now owe a TON of extra $?

You got hit by Obamacare’s regulations. You can now expect that your tax bill on a regular basis will be at least, on average, 5% MORE than they always have been.

Have you increased your withholding to adjust? What are you doing to prepare for your 2014 bill as it comes?

download transactions / input by hand as needed
categorize the transactions
reconcile & balance the accounts (bank, credit cards, loans)
input all payroll information
reconcile payroll accounts, payments, withheld taxes, etc.
review client monthly correspondence for outstanding items / other questions
review client draw account for business expenses
review business expenses for client draws
allocate meals properly between deductible / non-deductible portions
allocate all items to “classes” if function use in the files
allocate all items to various states if multi-state entity
split other tax specific items (depreciation, amortization, interest, accruals, etc.)
compare to previous month in last year for issues
compare to previous month in current year for issues
review for tax changes needed (raise wages, decrease wages)
review for new asset purchases & properly classify
prepare internal workpapers for audit backup if ever necessary
prepare sales tax & file (if applicable)
review need for 1099’s / w-9’s from contractors – request from client
review against overall tax projections (if applicable) to ensure we are “on track”
Analyze any “over arching” issues (audit flags, etc)
review by senior bookkeeper
review by CPA
send final “all OK” or “need changes” email to client.

602-357-3275

info@taxgoddess.com

Mon - Fri: 9am - 4pm

Taxmagedon Strikes!

602-357-3275

info@taxgoddess.com

Mon - Fri: 9am - 4pm

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