Even though deadlines are still a few months away, the tax season has already begun for many individuals as well as businesses. It can be a stressful time of the year, but filing your taxes is a fact of life that we all need to take care of.
When it comes to individual or business tax preparation, it’s critical to file correctly and punctually.
One of the keys to accomplishing this is to make sure that you have all the necessary documents for yourself, your dependents, or your business when it’s time to file your taxes. With so many different financial records and forms, however, how can you be sure which ones you’ll need?
Gonzalez & Arrambide’s professional team of vCFOs, CPAs, and other financial professionals are here to ensure you know exactly what forms you’ll need to file.
Because everyone’s situation is different, they may require various forms of support. However, here are the most common forms and information you’ll need for a typical person or business.
Which Documents Are Needed to File Your Taxes?
Everyone knows that filing your taxes incorrectly can lead to more problems down the line, which sometimes results in a financial nightmare! One of the best ways to avoid this is to make sure that you have the right documents prepared for when you file.
However, with so many different financial and other important records, it can be hard to know what exactly the IRS needs from you.
We’re here to go over a few of the most common documents you’ll need — but keep in mind that every person, family, or business is different. There may be documents unique to your situation.
Personal Identification Information
While it may seem obvious, there are a few key pieces of information you need for yourself and everyone else who will be on your returns, such as:
- Date of birth, social security/tax ID number, filer’s (including spouse if applicable) driver’s license information
Income and Investment Documentation
This type of documentation has a little bit more to it than your personal information and is often unique to each person or business’ circumstances. Key documents include:
- W2 tax statements, bank statements, stock or other investment documentation, and any type of 1099 Form
Of course, there are several types of 1099 forms, so you need to know which is right for your situation.
For families with children or other dependents, you’ll need to provide the correct dependent information such as social security numbers and dates of birth for all qualifying individuals. You can also report certain expenses like:
- Child/dependent care – necessary to report if you claim the Child or Dependent Care Credit
- Education – full-time students may qualify for some tax breaks
Finally, one of the most important things to remember when you file your taxes is to claim the appropriate deductions as they lower the potential tax payment you’ll have to make. Examples of commonly cited deductions include (but are not limited to):
- Medical bills, donations to charity, educational expenses, mortgage interest, and retirement contributions
Incorrectly filing taxes can cause more issues for you with the IRS. Of course, Gonzalez & Arrambide can help make sure you file correctly, and, if you are already facing an audit, we can assist with that as well.
Gonzalez & Arrambide’s Weslaco Accounting Team Can Answer Any Tax Question!
Though it’s important to have the correct documents available, that’s just one piece of the larger process. Rest assured that the Weslaco accountants, vCFOs, and CPAs at Gonzalez & Arrambide know what the residents of the Rio Grande Valley need to file their tax returns easily and effectively!
Don’t let tax preparation questions bog you down this year – reach out to the Weslaco vCFOs and business accountants at Gonzalez & Arrambide to ask any tax-related questions you may have!
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!
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!
Over the most recent decades, emerging technologies and more sophisticated softwares introduced new opportunities to various industries. The field of accounting has proven to be no different.
All businesses want to grow, diversify clientele, and seize as many lucrative opportunities as possible, and the Weslaco CPAs and vCFOs at Gonzalez and Arrambide know how to make this a reality.
Learn how our team of skilled accounting specialists can help your company reach its goals!
What Can Be Achieved With a Virtual Chief Financial Officer’s Help
Though the full list of benefits a talented vCFO or certified public accountant brings to the table is long, we want to explain some of the more important skills they provide:
- Expert Financial Analysis – It’s not just good for business owners to understand what their financial reports tell them — it’s critical. A vCFO is not only able to provide the “what,” but the “how”, “why”, and “when” of any financial analysis to offer owners a clear picture of where the business stands financially.
- Thinking Big – One of the most important roles of a financial analyst is to link a company’s current financials to where they want to be in the long term. To do this, vCFOs look at the “big picture” through metrics, such as consumer engagement, potential investments, and the state of the market.
- Stability and Structure – When a business fails to keep up with its accounting metrics, it may begin to make poor decisions that destabilize the entire business. Through keen bookkeeping, cVFOs avoid these problems and help owners make the right choices.
Gonzalez & Arrambide: Weslaco CPAs and vCFOs to Better Your Business
Through better bookkeeping, crucial financial analysis, and other valuable accounting practices, there’s no doubt that the CPAs and virtual chief financial officers at Gonzalez & Arrambide in Weslaco can greatly improve your business.
Every business has the shared mission of success and stability, but not all of them understand what it takes to reach those goals. Our team of certified public accountants and vCFOs is ready to better your business. Contact Gonzalez & Arrambide today!
Over the past few years, global challenges have arisen for companies across every industry, and it has led them to do everything they can to adapt to the new situation.
This is where the services of a talented virtual chief financial officer (vCFO) and team of certified public accountants, such as those at Gonzalez & Arrambide, come into play.
Learn here how virtual chief financial officers in Weslaco can benefit your business and why demand for them is on the rise!
The Advantages of Adding a vCFO to Your Team
Businesses in today’s market seek to maximize profits and ensure that their operations run smoothly at the same time. In some cases, this means looking past the use of a traditional “in-house” CFO.
- However, there are many reasons why a vCFO may just be the right option for your company. Some of the reasons this decision can benefit companies include:
- A Skilled Accountant on Your Side – Virtual CFOs have studied accounting extensively and have more expertise in the industry than a standard analyst. This makes them indispensable when running financial analyses and making decisions for a given business.
- Flexibility – A vCFO will work within the conditions you set and when you want them. Whether it be on a full-time, part-time, seasonal, or fractional basis, a vCFO will work within your needs.
- Expert Third-Party Liaison – When it comes to third-party partners, such as lenders, stakeholders, or other external business partners, a virtual CFO offers them a sense of relief and assurance when working with you.
For all of these reasons and more, a virtual chief financial officer is more than advantageous for your company.
Gonzalez & Arrambide – Virtual Chief Financial Officers in Weslaco
Whether you plan to grow your business in the near future, seek to make all your operations run smoothly, or both, you’re guaranteed that the professional Weslaco CPAs and vCFOs at Gonzalez & Arrambide can help. It’s no wonder that these experts are trending right now.
Now that you see why virtual chief financial officers in Weslaco and across the Rio Grande Valley are trending, reach out to the professionals at Gonzalez & Arrambide to discover exactly how we can benefit your business!