Over the years, businesses have had to contend with a number of external factors that have negatively affected their financial situation, such as natural disasters, supply chain disruptions, and, of course, the COVID pandemic.
However, a new danger has arrived that also needs to be taken into consideration — inflation.
Gonzalez & Arrambide, the Rio Grande Valley’s most knowledgeable and effective financial advising firm, has experienced CPAs and virtual chief financial officers in Weslaco with tips to help fight against inflation!
Understand Your Operation and the Indicators of Inflation
One of the most important pieces of advice we can offer is to know your operation inside and out. While this may seem obvious, CEOs and other executives have a variety of other tasks to attend to, so some things may fall through the cracks.
Our vCFOs offer business owners the ability to constantly monitor and analyze their cash flow cycles, costs, and profits, then analyze them through the lens of inflation.
If you stay on top of your company’s financial arrangements, you’ll be able to better recognize and forecast the effects of inflation and prepare!
Diversify Payments and Debt
Another clever strategy is to make it so that your business can accept and make payments in various ways. Accepting credit cards, utilizing electronic banking, and dealing in different currencies are great ways that a vCFO can help your company go about this.
At this point in time, it may also be wise to hire a vCFO to diversify your lender portfolio. Leveraging debts with key lenders could be a smart move for the future.
Ensure Accountability at All Levels of Your Organization
In addition to financial strategies, vCFOs offer the passive ability to ensure that your company remains accountable to itself and in good condition.
Three key goals that help achieve this include:
- Mission – Ensure everyone within the organization shares the same vision.
- Adherence – Work as a team every day to make the company mission a reality.
- Health – Help other executives become more functional and effective leaders.
Fight the Effects of Inflation With the Rio Grande Valley’s Best vCFO’s
While the financial effects of inflation may seem frightening, rest assured that our Weslaco CPAs and virtual chief financial officers have what it takes to help get your company through the toughest of times.
If you’re worried about how the effects of inflation will impact the financial situation of your company, seek out the help of professional Weslaco CPAs and vCFOs. Contact the talented financial experts at Gonzalez & Arrambide today!
While it’s undeniable that Tax Day is one of the most important days of the year for accounting firms, virtual chief financial officers in Weslaco can offer business owners help long after it’s over. If you are wondering how certified public accountants can come in handy after Tax Day, the team at Gonzalez and Arrambide is here to shed light on the topic.
Continue to read and learn all the ways virtual chief financial officers in the Rio Grande Valley can be utilized by businesses all year long!
A Litany of Financial Resources
One of the most beneficial qualities of virtual chief financial officers in Weslaco is that they have a variety of skills and knowledge that can be applied to a broad range of situations:
- Financial Advising – One of a CPA’s best talents is their ability to expertly analyze cost efficiency, helping to maximize profits and minimize costs in the process. Many CPAs specialize in certain niches including strategic planning, market forecasting, forensic accounting, and other areas.
- General Consultation – Certified public accountants can also be hired by companies for comprehensive accounting and consultation purposes. CPAs are able to assist with bookkeeping and payroll duties, address issues with quarterly findings, and make tax season much less stressful for the company.
File Extensions and Prioritize Internal Operations
While Tax Day is a certified public accountant’s biggest day of the year, the work hardly ends there. Not only do some firms need more time to file for the current year, but they may also have a variety of year-round reports that need to be completed.
Virtual chief financial officers can support your organization with:
- Extensions After April 15th – Many companies need to file for extensions for various reasons, which means tax season goes past April. In addition to handling the added stress of an extension, virtual chief financial officers in Weslaco can help employers avoid the need to file extensions in the future.
- Addressing Audits and Other Reports – In the tax “off-season,” there are still many functions a Weslaco CPA can serve. These include filing missed returns for previous years, preparing financial statements, and even dealing with audits by the IRS.
In all industries, it’s important to learn and adapt to changes in the financial world, and the same is true for accounting firms both public and private. Weslaco CPAs have a lot to offer when it comes to furthering the education of individual companies. For example, certified public accountants can:
- Provide Quickbooks training
- Teach classes in Microsoft Office
- Give seminars on tax preparation, forecasting, and other topics
A lot more goes on day-to-day in an accounting firm than just preparing for April 15th, and the decision to have a vCFO on staff can have incredible benefits.
It’s Wise to Hire a Virtual Chief Financial Officer in the Rio Grande Valley
While tax day is one of the main focuses of all accounting firms, there’s no doubt that the help of certified public accountants can be beneficial year-round. Gonzalez and Arrambide boast a team of highly-trained Weslaco CPAs and virtual chief financial officers in Weslaco.
If you are in need of post-tax season help, look no further than the certified public accountants at Gonzalez and Arrambide in the Rio Grande Valley!
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!
Though the deadline to file your taxes is April 18, 2022, it’s never a bad idea to prepare yourself early. The Weslaco accountants at Gonzalez & Arrambide are here to help! It’s our goal to guide you along the way and answer any tax questions you may have.
That’s why we’ve created a set of tips that will help you have a smooth and straightforward tax season.
Be Aware of Your Filing Status
When you go to file your taxes this year, it’s important to provide the IRS with the correct filing status, of which there are five:
- Head of Household
- Married Filing Separately
- Married Filing Jointly
- Qualifying Widow/Widower With Child as Dependent
Each filing status has different requirements, and you may be eligible for certain deductions and/or credits. For example, someone who is filing as “Single” and “Without Dependents” will not be offered the same opportunities as someone with dependents.
The IRS’s website as well as certified public accountants like our Weslaco CPAs can help citizens determine their status if they are unsure how to file.
Get Your Tax Documents Together
Upon knowing your proper filing status, the next step is to organize all the necessary papers to file your return, some of the usual ones being:
- W-2 Forms – This document shows the income you received from your employer, and they will generally have this ready for you by the end of January.
- 1099 Forms – Those who are self-employed are given individual 1099 forms from clients detailing how much they paid you.
- 1099-DIV – This form reports any income related to investments such as stocks, bonds, etc.
- Copy of the Previous Year’s Tax Return – This should remind you of any information necessary to file your 2021 tax return.
- Form 1098 – This document pertains to homeowners and relates to any mortgage interest paid.
- Form 1098-E – If you are or were a student, this form details the amount of student loan interest paid during the year.
While this is far from a full list, the Weslaco certified public accountants at Gonzalez & Arrambide are here to help you understand exactly which forms are important to you!
Ensure You Update Your Name and Address
If you’re in a different living situation or you’ve changed your name for whatever reason, it’s important to make sure this information is updated with the IRS and Social Security Administration.
- Legal Name-Change – Reach out to your local Social Security office and provide proof of identity such as a government-issued identification.
- Change of Address – Either mail a change-of-address form to the IRS, call them and update the information, or provide the new address on your latest return.
Though this may seem like obvious advice, something so simple can cause complex problems if not properly addressed beforehand.
Maximize Your IRA Contributions
An IRA, or individual retirement account, is a wise investment for adults of all ages and even wiser to contribute as much as possible before the deadline. If you are younger than 50, you may contribute a total of $6000 while those 50 and older may contribute a total of $7000 in the 2021 tax year.
Keep in mind that the deadline to make more payments into your IRA is April 15, 2022.
Best Tax Advice in the Rio Grande Valley
While filing taxes can be intimidating and sometimes confusing, the Weslaco accountants at Gonzalez & Arrambide are here to lessen those burdens. If you have any more questions, we are more than happy to talk you through the answers until you understand taxes as well as we do!
Reach out to the knowledgeable certified public accountants at Gonzalez & Arrambide with your questions today!