All posts in taxes

When Should You See Your Weslaco Accountant (And Why It’s Right Now)

When Should You See Your Weslaco Accountant (And Why It’s Right Now)

Most individuals don’t think about their taxes until April. Even businesses fall into this trap with their own situations, which can lead to a rush in late March or early April to gather documentation and submit your taxes. 

All of this gets pushed to a certified public accountant who won’t have time to find all the tax breaks you could benefit from.

If you only visit your accountant once a year, you’ll be missing out on tax breaks and giving yourself more stress. Seeing them more often can save you money and help you plan for the future.

Prevent Future Surprises With Consistent Check-ins

If you only see your accountant when you need your personal or business taxes done, you may miss out on valuable tax breaks. You may also be blindsided by how much you need to pay. 

To prevent future surprises, the best thing to do is to check in with your certified public accountant regularly.

The absolute minimum is twice a year. If you contact them every six months, they’ll have a heads up on your situation and can more accurately estimate how much you’ll owe in taxes. This makes it much simpler to plan for the expense and have funds in place. 

If your business is experiencing a lot of growth or major changes, like a new location, you’ll want to contact your accountant every month or so. Once a quarter is a good compromise if you’re not sure how much things may change over the year. 

Plan for Tax Time and the Future

Your accountant can help make sure all your documents are in order for tax season. Giving them more time can help ensure you get more breaks and that any problems are spotted early. 

You can also take any advice they have for the financial future of your business. If you handle all your accounting tasks and daily operations, these check-ins can help guide you to the best practices for your business. 

Save Time and Stress

Gathering up all your tax documents right during April can stress you out. You need to spend time finding your documentation on the double. However, if you prepare early, you can avoid the hecticness and stress that come with late planning.

If something doesn’t add up, your accountant can also help you avoid the stress of a tax audit. Having that extra time to prepare will give you more breathing room.

See Your Accountant in January

Getting on top of your new year accounting can help you in the long run. You’ll be able to get a better idea of the taxes you owe and will still have plenty of time to prepare. 

Your accountant will also have an easier time going through your records for the last year. You can also ask for advice on how to plan for the upcoming year to keep your business thriving. 

Let Gonzalez & Arrambide Help Your Business Grow

Make your January accounting tasks a priority and get your ducks in a row instead of sweating to meet deadlines. Gonzalez & Arrambide, Inc., can help you with tax preparation along with your financial needs during the rest of the year. 

Don’t wait until April to find an accountant — contact us today!

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How to File a 1099 Form: What You Need To Know

How to File a 1099 Form: What You Need To Know

When it comes to tax season, all the responsibilities a business owner must take care of can be overwhelming, especially when it comes to the fine details. You aren’t alone if it feels like there are a lot of things to keep in mind when you need to file a 1099 form.

There are plenty of individuals out there who may have to file a 1099 form with their taxes but aren’t quite sure how to do it correctly or if they need to at all.

In addition to offering financial advice in all areas, Gonzalez & Arrambide has the answers to all of your 1099 questions. This team of Weslaco CPAs and vCFOs is here to give you the best advice for the next tax season!

What Is a 1099 Form and Who Would Need One?

Before you’re able to see how to file one, it’s important that we break down exactly what a 1099 form is.

1099 forms are a way to report taxable income outside of normal wages, salaries, and tips to the IRS. While someone who receives payment through more traditional means would report through a W2 form, 1099 forms help identify and track other forms of income.

Some examples of cases where a 1099 form would be used include:

  • $600 or more in rental income, prizes, through third-party entities or services that a non-employee performs 
  • $5000 or more in a direct sale for the resale of another item
  • $400 or more for any independent contract work

While there are more specific examples, these are the general cases where individuals and small businesses would need to use a 1099. Thankfully, a certified public accountant or vCFO can help with this and many other forms!

How a Weslaco CPA or vCFO Can Help

As well as actually filing the report for you, there are many reasons to employ a CPA or vCFO to assist with your 1099 forms.

For one, you have tons of work to do if you’re an independent contractor, manage a small service-based business, or sell on a third-party website. Let a professional financial advisor take the stress off your back in addition to expert financial analysis of your records!

Virtual chief financial officers and certified public accountants can also help out in the long run and benefit your business long after tax season’s over.

Gonzalez & Arrambide in the Rio Grande Valley Know How To Help

We hope that you now feel a lot more comfortable with the concept of 1099s, but remember that there are always people to turn to for optimal advice. Gonzalez & Arrambide has the top certified public accountants and vCFOs in the Rio Grande Valley because we go above and beyond for our clients.

Like many other financial tasks, filing a 1099 form can be confusing if you don’t know exactly what to do. Contact the Weslaco CPAs and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley for assistance from the experts!

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Tax Tips for Individuals and Businesses in the Rio Grande Valley

Tax Tips for Individuals and Businesses in the Rio Grande Valley

As the year comes to a close, the thing on most people’s minds are the upcoming holiday festivities and all the family, food, and fun that come with them.

However, did you know that this is also a good time to employ some basic tax strategies to minimize tax expenditures and maximize your benefits?

At Gonzalez & Arrambide, we like to help the joy roll into the new year and on! Our team of talented Weslaco CPAs and vCFOs can show both individuals and businesses the best tips to improve your financial circumstances come tax time.

Tax Advice for Individuals

  • Make a Charitable Donation – Contributions to charity allow for beneficial tax write-offs. Remember, cash contributions must be documented and additional forms may be required if property or vehicles are donated.
  • Contribute to Your Retirement Account – Leverage retirement account savings as making payments to it now offers reductions in taxable income.
  • Additional Tips – If you accelerate deductions and defer income, it will pay off come tax time. Also, consider withholding from your salary if in danger of penalties.

Tax Advice for Businesses

  • Add Family to Payroll – As long as you work within the specified rules and regulations, this strategy can work out for your family and business.
  • Make a ROTH Conversion – This move allows you to pay taxes at a lower rate now without paying future taxes on withdrawals.
  • More Strategies – We recommend that you push income to the following year while you expedite expenses for the current year. Also, file any necessary articles, and implement a 401(k) plan before the end of the year.

Let Weslaco CPAs Gonzalez & Arrambide Provide the Tips You Need

Regardless of the time of year, the skilled certified public accountants and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley can offer expert tax advice!

There’s no time of year that’s more stressful financially than tax time, so be sure to prepare now with the expert Weslaco CPAs and vCFOs at Gonzalez & Arrambide in the Rio Grande Valley!

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Why Hiring a Weslaco CPA May Be the Right Choice for You

Why Hiring a Weslaco CPA May Be the Right Choice for You

Tax Day is nearly here, so it’s absolutely important to understand your current financial situation. But perhaps even more important is knowing when the help of a certified public accountant can relieve financial burdens and possibly save you money in the long run.

The Rio Grande Valley accountants at Gonzalez & Arrambide want to help you understand why you should seek the help of a tax professional with this helpful guide!

More Complex Situations Call For a More In-Depth Review

Though not always the case, a general rule of thumb is that the more complicated your financial situation, the more likely a tax professional’s guidance will benefit you. 

There are quite a few situations in which you’d be better off seeking the support of a Weslaco CPA: 

  • Self-Employment – If you own a business or work freelance, then there’s no employer to withhold taxes from your “paycheck.” It’s easy to get confused by tax details when you’ve got a business to run or contracts to complete, so working with a professional is best. Owning rental properties often falls under this umbrella as well.
  • International Income, Investments, or Bank Accounts – With increased requirements and much stiffer penalties, foreign financial assets and investments can be a nightmare come tax season. Let a professional take over in these situations.
  • Major Life Change – Big events in our lives affect every aspect of them, including our financials. Marriage, divorce, having a child, and buying or selling a home are just some major life events that could alter your filing status.

Mistakes Happen, As Do Audits

Mistakes can happen at any time, including when doing your taxes. If you aren’t a professional or well-informed, trying to do your own taxes can be overwhelming.   

Sometimes an innocent filing mistake can lead to serious consequences, like an audit, which is when you will definitely need the support of a certified public accountant.

Regardless if you recognized your own error after filing, or the IRS did, it can’t hurt to have an expert on your side when things seem their most difficult. A tax professional may even be able to catch a mistake made by the IRS, saving you time and money.

Keep More Money in Your Pocket

You might ask yourself, “How will spending additional money on a tax professional save money?” While it may seem contradictory, the advice of a tax pro can be an incredible financial boone to your situation.

Certified public accountants, such as those at Gonzalez & Arrambide, act as a microscope for your financial circumstances and analyze every aspect. This way, they can optimize the way you run your business, make investments, or perform other complex financial activities.

At the end of the year, you may be surprised to see that you’ve been over-paying and are now saving money thanks to the help of a professional!

Reach Out to the Top Rio Grande Valley Accountants Today

As you can see, there are a number of factors that can complicate your financial circumstances. That’s why the Weslaco CPAs at Gonzalez & Arrambide are here to lessen your financial burden, save you money, and strategize in time for tax season this year!

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More Tips on Preparation for Tax Season 2022 From the Top Weslaco Certified Public Accountants

More Tips on Preparation for Tax Season 2022 From the Top Weslaco Certified Public Accountants

As we get closer to Tax Day, the more important it is to make sure you’re prepared to file everything correctly. It’s common to have questions around this time of year, so we’ve organized some additional notes on being ready for tax time.

Your Rio Grande Valley CPAs at Gonzalez and Arrambide want to ensure you feel ready when Tax Day finally comes.

Make a Decision on Filing Yourself or With a Tax Preparer

Depending on your financial situation, you will want to decide between filing your taxes on your own or with a professional. There are a few factors at play when you determine the best course of action:

  • Do-It-Yourself Tax Filing – If you work a job that provides you with a W-2, don’t have any dependents, aren’t a homeowner, or your situation is overall uncomplicated, it is probably simpler and less expensive to file using a tax software.
  • Get the Help of a Professional – Say you own a business and need to file personal and business tax returns or you’re married, working two to three jobs, with several dependents. It may be less of a headache to seek out a CPA for their skilled help.

Whatever your tax situation, the accountants in Weslaco at Gonzalez & Arrambide offer a FREE consultation. They can help you decide what’s best for you!

Check and Adjust Your W-4 Withholding

For people who work a straightforward W-2 career, every January your employer will request a completed W-4 form. This document will determine how much is withheld from your paycheck, based on:

  • Overall Tax Situation
  • Household Status
  • Number of Dependents Claimed
  • Other Adjustments Like Additional Deductions or Income

You can see yourself if you’re withholding too much or too little by comparing two fiscal years’ returns. If the financial situation was overall the same, a large refund could mean withholding too much. However, if you owe the IRS money, not enough money may have been withheld.

Decide if Filing an Extension Is Right for You

“What happens if unexpected problems arise this month?” 

If you want to err on the side of caution, think about filing an extension, which, if approved, would give you until October 2022 to complete the tax filing process. Keep in mind that while filing the extension costs nothing, you could incur additional interest on what you owe.

Even if you’re fairly certain everything will go smoothly, an extension can never hurt as it allows for extra time to make sure everything is correct. To actually file the extension, you or your tax preparer will need to fill out IRS Form 4868. 

Get the Best Tax Advice from the Rio Grande Valley CPAs at Gonzalez & Arrambide

Regardless of your financial situation, it can be helpful and reassuring to seek the support of tax professionals. That’s why the Weslaco certified public accountants at Gonzalez & Arrambide offer a FREE consultation. We want to make sure you’re both knowledgeable about and ready for tax season!

Don’t stress over questions anymore! Contact the accountants in Weslaco at Gonzalez & Arrambide for a FREE consultation now!

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