Why Should I Outsource My Bookkeeping?

bookkeeping supplies on tableEvery single business will be in need of some type of bookkeeping services at one point or another. While some companies tend to do their paperwork, and filing in-house, others prefer to outsource the work to someone who is professionally trained in that particular field. If you are one of those people who prefers hiring someone with the proper education, there are options for you. Hiring outside of your business for bookkeeping will ensure that all of your documents are in order and things are running smoothly. If you are in El Paso or the surrounding areas and need this type of assistance, our team at Tax Matters can help you out today.

Reduce Your Stress

Hiring a professional company to do bookkeeping for you can be a great and very beneficial decision for your company. There are many things to keep track of and keep organized when you run a business. This can be anything from expenditures, to receipts, to profit and loss reports, to much, much more. You’ll definitely want to make sure you know what’s going on with your company financially since that is the overall driving factor in keeping a business afloat.

No Need to Hire a Full-Time Employee

You may think that outsourcing your bookkeeping will be expensive but this isn’t always the case.  It can be affordable but will be something you need to get more information on so you can check your current budget. One of the main reasons a lot of smaller business outsource their bookkeeping is because they do not have the means or need to have someone in the office full time to do just that. At the same time, they want someone reliable to make sure their documents, finances, and taxes are being taken care of properly. 

Call Tax Matters Today!

If you are in the El Paso area and need someone to keep all your records and documents straight, our team at Tax Matters can assist you today. We have been happily serving the surrounding area since 1988 and our team knows exactly how to get you on track. We can handle a number of things including keeping books, tax preparation, payroll, and more. We take pride in offering the best customer service and do everything in our power to make sure our clients are always happy. If you would like more information on how we can better assist you and your business, please give us a call today!

The importance of Financial Consulting

financial adviserWhatever goals and dreams you have in life will continue to be just that if you are unable to set a plan to achieve them. Unfortunately, it is rare that anything just falls into a person’s lap. Instead, hard work and determination are often what is needed. This is true, regardless of whether your goal is to own a home someday or retire comfortably and be able to travel. In order to do so, you need to have control of your budget and this probably means some financial consulting. Tax Matters in El Paso can help you with our financial consulting services. 

What is Financial Consulting?

Financial consulting is a service provided by someone who has a background in accounting, finance, insurance and business management. He or she offers an independent, expert opinion on a proposed business plan or other monetary decision. This service is provided to large corporations, government agencies and individual clients by those who have ten to fifteen years of practical experience in a wide range of related positions, prior to becoming a consultant as well as successful completion of an education program and examination allowing them to have the professional designation of Certified Financial Consultant from The Institute of Financial Consultants. Those with this title are required to complete professional development courses each year in order to ensure they are up-to-date on the latest theories and business practices.

What Financial Consulting Can Do for You

Financial consulting is best for those who are looking to better manage their finances, but are unsure as to how to begin. Additionally, those that seek out help from those in this field want the advice of someone who has expertise in the areas of investments, insurance, taxes, or retirement planning or has an immediate need or unexpected life event that requires financial assistance. This is often due to the fact that financial consulting makes it so that your income is more effectively managed as you will have a better idea of how much money you need for expenditures each month.

Knowing what your expenses are, allows you to increase your cash flow through careful monitoring of your spending patterns which, in turn, allows you to keep more of your hard earned cash. Therefore, you can consider more investments and provide for your family’s financial security with such things as proper insurance coverage and policies so that there is enough insurance coverage in order to replace any lost income should the family bread winner be unable to work. You will also be able to have a nice cushion of assets and savings for the future.

If you are in the El Paso area and are in need of financial consulting, contact Tax Matters. We have been helping others reach their financial goals since 1988.

A Professional Help Can Make Your Business Payroll Duties A Breeze

payroll documents and moneyOwning a business has many perks but can also be stressful and a lot of work. There are many things to take care of and it’s very important to make sure your employees are happy and taken care of. There are many things to worry about when it comes to filing taxes and sending out important paychecks. One thing that needs to always be on point are your payroll services. This is something that will ensure your employees are taken care of. If you are in the El Paso area and need a company for all of your payroll concerns, our team at Tax Matters can assist you.

Why Seek Help From Tax Professionals?

So why hire out when it comes to paying your employees? Many bosses and business owners have a lot on their plates. They are usually manning the entire business and making sure things are operating smoothly. When this is the case, payroll is just another thing on the list of a million things that the big man needs to do. Hiring out for these services can take a lot off of their plate and dissolve a ton of stress. Forgetting to run pay stubs and send out checks can become a huge problem and cause unhappiness with employees. Professionalism is incredibly important and paying employees on time is definitely part of that.

You Don’t Have To Be The Bad Guy Who Forgot

If you are in charge of paying employees and you don’t want to be the one to forget to pay them, you need to hire a professional to do it for you. This will ensure that everyone gets paid correctly and on time. Payroll taxes and other important documentation can get confusing and cloudy. If this is something you would rather not deal with or do not know enough about, a tax firm can help with this too. Nothing is too far out of reach when you find the right company for the job. You will definitely have less stress when sending out paychecks isn’t something on your to do list.

Tax Matters Can Help You With Payroll Among Other Things

A tax firm can also help you with other aspects of your business such as filing your business taxes. If you do not have time to file or do not want to do it wrong, our team at Tax Matters can assist you. We take pride in our experience and make it our priority to always offer our clients the best services possible. We know how hard it can be to manage your expenses and make sure you have all the proper documentation for payroll and taxes. If you are in El Paso and need assistance with payroll, filing taxes, or anything else, please contact us today! We look forward to helping you and your business thrive when it comes to paying employees, keeping your finances in order, and filing taxes.

Find The Right Help For Businesses Entity Formation

businessman holding small white sign ceoIf you need to form an entity for your business, chances are you will need some help doing so. Hiring a professional company for entity formation will be your best bet at getting it done quickly and easily. There are different types of legal entities that you can form including LLCs (limited liability companies), partnerships, and corporations. If you don’t know where to start when it comes to entity formation, hiring a professional team will be your best bet at getting it done properly. If you are in the El Paso area, Tax Matters can assist you today.

Someone Can Do The Hard Work For You

While you can choose to prepare all of the necessary documents yourself, you can also have a company do it all for you. A great team will be able to assist you from the start of the process all the way to the finished and final product. An entity essentially shows what type of ownership your business is. Entity formation is ultimately the first step you should take when you are forming a business by yourself or with any partners you may have. There are a lot of entity choices and it may be difficult to determine by yourself which one is best for you and your business. Although it may not seem super important, you will most definitely want to pick the right entity the first time around.

Get Advice On The Proper Protocol

If you need advice when it comes to choosing the right entity formation, our team at Tax Matters can assist you with that. Decision processes are not always the easiest and it’s not always something you should try to do on your own. Many investors and small business owners have received this type of help with their own entity decisions and formations. Many people think they do not need help with this part of their business; however, it is vital if you want things to run smoothly. If you do this wrong, you can pay more in taxes and lose parts or some of your assets.  

Tax Matters Can Help You Save Time And Money

Running a business comes with a lot of responsibilities including forming entities. If you are stressed with other aspects of your business, you can do a hand off and hire a tax firm to help you with forming an entity for your company. There is no need for you to stress about this when you can invest a little and have someone do it absolutely correct for you. This will ensure that you have nothing to worry about later on down the road in regards to filing taxes and such. If you are in the El Paso area and need help with this type of thing, our team at Tax Matters can assist you today. We have great knowledge and experience when it comes to businesses and their entity status. If you would like more information on the services we offer or how we can assist you with choosing the right entity, please do not hesitate to give us a call today.

How to Deal With Last Minute Income Tax Prep

income tax formsIt is estimated that around 20 percent of Americans wait until April to file their returns. This can be a recipe for costly mistakes because taxes are complex under normal circumstances and things only get tougher when you add a time crunch to the mix. However, with April 18 just around the corner, there are a few things you can do in order to get it right. Not only that, Tax Matters can help.

Have an Income Tax Prep Plan

First and foremost, you should make a list of what needs to be done and which documents you need to collect for your income tax prep. This includes all W-2s, 1099s, and other withholding information. You also need to estimate how long it will take to complete each task. This will enable you to schedule everything that needs to be done before your return is due. Additionally, you need to make an educated decision about whether to go for the standard deduction instead of seeing what itemization would get you. Keep in mind that the easy road is not always the cheapest.

Once you realize how difficult collecting documents can be, you should keep this in mind for future tax returns. You should adopt a filing system that includes keeping track of pay stubs, receipts, and any other information you will need so that you do not have this stress again next year.

Avoid Income Tax Prep Scams

As the time you have to file decreases, the scammers and the ways they try to part you from your money and steal your id seem to increase. Therefore, you are reminded that the IRS will never send you an email as a way to request information. The IRS has also openly stated that they will never call a taxpayer to collect a debt. Correspondences will arrive in the mail as official documents. In addition, you can also sign up for free credit monitoring in order to ensure your personal information is not misused and make it a policy to never give financial information to anyone who contacts you whether it be by phone or email.

You can always file an extension, as long as you have something in the mail by April 18.

Contact an Expert Today

If all this work seems like too much to handle you may be better off visiting our experts at Tax Matters. If you are the El Paso area and are in need of income tax prep assistance, contact Tax Matters for assistance. We have been serving the area since 1988. You may need to wait in line, but once we get started on your return the process should not take more that an hour or two. Contact us today for more info.

Last Minute Income Tax Tips

U.S. income tax form on table with pen and calculatorThe clock is ticking down and even with three extra days, the deadline to file your taxes, April 18, is fast approaching. However, you do not have to fret. You can still meet the deadline confidently and accurately, especially if you work with us here at Tax Matters. We can help you file your taxes quickly and correctly the first time around, so you don’t have to worry about having issues in the future and get them done before the infamous deadline. 

Have what you need to file your income tax

If you have not done so already, you need to get both your income and deduction information together. This means that you will need any and all W-2s and 1099s for income. This includes Form 1099-INT for any interest earned on a bank account you may have. You will also need Form 1098 if you are itemizing your deductions, as well as your Mortgage Interest Statement so that you can deduct the interest paid on your home loan. You should also collect receipts for any and all purchases and payments for your business, healthcare, education, charitable donations, child care, and retirement savings contributions. Moreover, you will also need Social Security numbers for yourself and your spouse, if filing jointly, as well as any children you are claiming as dependents.

Income tax should not be rushed

If you still are not ready and cannot get all of the information together in time, you can file for an automatic extension with Form 4868. This can give you an extra six months to file. However, it does not give you a payment extension. It is recommended that you file something, even if you cannot pay because there is a late-filing penalty of 5 percent per month, which can add up to 25 percent of your total tax bill and that is 10 times greater than the 0.5 percent per month penalty for paying late but filing or seeking an extension time.

There is still time to lower your income taxes

Good news for procrastinators who have not paid yet. There is still time to bring down the amount that you owe the government. You can do so by contributing to your self-employed 401(k), your IRA, and/or your health savings account. However, in order to do so, you must be younger than 70½.

If you need income tax help and are in the El Paso area contact Tax Matters for assistance. They have been helping residents deal with Uncle Sam since 1988.

Why Payroll Isn’t Worth the Stress

payrollIf you own a business you most likely know the importance of paying your employees correctly and on time. If you are swamped with work and other aspects of your business, you should consider hiring a professional company for all of your payroll services. This can be a big help to you and the employees that work for you. If you are in El Paso or the surrounding area, Tax Matters can assist you with any and all of your payroll related tasks. Our team knows the importance of having great payroll services in place.

The Pros Will Keep You Updated And Organized

If you cannot keep up with payroll or simply do not have enough time or manpower to do it, a professional company will be able to do it for you. A great company will be able to keep your organized and make sure each and every one of your employees are paid on time. This can take a lot of stress off of your shoulders if you have a lot of other things on your plate. Making sure employees are paid on time is a very important factor because it shows a sense of professionalism in the workplace and the business world.

If You’ve Got A Question, We’ve Got An Answer

A financial or tax related company can help you in a number of ways. They can help you file all of your tax related documents when it comes to payroll. They can also help with your business taxes in general if you would like help in that area. If you have questions about payroll, a tax firm will most definitely be able to answer those questions for you. Essentially, they should be able to answering anything and everything for you when it comes to taxes and payroll. You do not have to stress about trying to handle payroll on your own when it comes to being the boss of a company. No matter if your company is big or small, payroll services are something that can be handed off to someone else. More often than not, bosses will do this because they do not have time to do it themselves. 

No More Worrying About Payroll And Taxes

With our team at Tax Matters, you will not have to worry about payroll services or if your employees are getting paid on time. We will make sure to take care of all of that for you. We know the importance of running a reliable and reputable business and we want to help you achieve that. With our team you will also not have to worry about tax filing errors either. We have years of experience with many other clients and we take pride in the excellent work that we do. Running a business is a job in itself, which is why you should consider letting us handle payroll services for you and your team. If you would like some more information on what we can offer you, please do not hesitate to call us today!

Filing Your Business Taxes Can Be A Breeze With Our Tax Team

tax stuff on a tableIf you run a business you know that there are many important aspects that keep a business afloat. Taxes, financials, and paperwork are all part of that process. If you personally have trouble staying organized or want help with anything and everything tax related, you should consider hiring a professional team to help you take care of it. If you are in the El Paso area, our team at Tax Matters can assist you today. We know the importance of filing your business taxes the right away.

Taxes Are Complicated Sometimes

When you run a business, the last thing you want to worry about is filing your taxes correctly and on time. Taxes can be complicated and are not something many people understand. As a business owner, you will want to make sure you file your business taxes the right way. If you do this on your own and you are confused, you run the risk of filling out some blanks wrong. If you fill things out wrong you can ultimately end up owing more than you may actually owe. If you want to avoid extra fees or charges, you should definitely consider hiring a professional tax firm to help you out.

Avoid Extra Stress In The Workplace

Stress and worries in the workplace can cause a lot of other issues. If you run a business and don’t want the stress that comes with filing taxes, handing it off to someone else will be a very great option for you. A professional team will be able to file them correctly and gather whatever information they may need from you. With the right team, you will have someone you can rely on and trust. You will need to do a little research in order to find a great tax firm for your business ventures. You can do this easily by researching local companies in the area online. You should be able to read about their services and see what past customers have said about the company and what they have to offer.

Make Things Easy When You Hire Tax Matters

If you want to make your next tax season an absolute breeze, our team at Tax Matters can definitely help you today. We have the experience and knowledge necessary to help you file your taxes for your business in a breeze. You do not have to suffer alone anymore when it comes to guessing how to file your taxes and get all of your paperwork in order. At Tax Matters we always strive for excellent customer service and take pride in doing the best for each and every one of our clients. We know the stress of anything tax related and want to alleviate that from your life and your thinking. If you are in El Paso or the surrounding area and need assistance with your business taxes, please do not hesitate to call our team at Tax Matters. We look forward to working with you and giving you a stress free tax season.

Why Should I Have My Individual Taxes Done Professionally?

tax formsEvery year taxpayers have to decide whether they will have their individual taxes done professionally or not. In 2016 alone, over 130 million returns were filed electronically. Of those, nearly 80 million were completed by tax professionals. There are as many reasons that people choose to file their own taxes as there are for choosing not to.  If you do need a professional’s help, Tax Matters can help you file your taxes. 

Time, Money, and Individual Taxes

As the say goes, time is money. The IRS estimates that you’ll need 16 hours to complete a Form 1040, which is the form that almost 70% of people use. This includes gathering records, tax planning and filling out as well as submitting the return. While you will be responsible for gathering tax statements and other material, once you deliver the necessary documents for your individual taxes to the person doing them for you, you will have more time for other tasks.

However, you need to be advised that paying a tax professional to do your individual taxes can add up. The IRS estimates that the average taxpayer will spend close to $300 in order to have someone complete a federal form 1040 for them. While you may be able to deduct any fees if you itemize your return, miscellaneous deductions are subject to a 2 percent floor.

Comfort Level, Patience, and Individual Taxes

Even if you have the time to fill out your own tax return, two questions remain. They are whether you are comfortable enough with the tax code to fill out the forms and do you have the patience to do so. You need to be able to sleep at night knowing that you filled out the forms correctly and that if the IRS calls you, you have nothing to fear. In addition, you need to be aware that Congress has made almost 5,000 changes to the Tax Code since 2001. That adds up to more than one change per day. Moreover, the Tax Code is almost four million words in length. Therefore, nobody has the time or is willing to sit down and read it all during tax season and while the IRS offers a number of helpful forms and publications, it can still be difficult figuring out the nuances of various deductions and credits. So, if plowing through formulas is going to make you frustrated, you are better off getting professional help for your individual taxes.

While there is software available that can help you with your individual taxes, you need to be computer savvy and confident in order to go that route. While more and more people get there every day, if you are not there yet, do not chance it with the government.

If you are in need of assistance filling out the forms for your individual taxes and you are in the El Paso area, contact Tax Matters for assistance. They have been serving the area since 1988.

Benefits of Outsourcing Your Bookkeeping

bookkeeping team workingAll businesses require bookkeeping services and have two ways to get them. You can either hire an in-house staff to perform the work or you can outsource it to another company and pay them to do it for you. Using outsourced bookkeepers can be beneficial and attractive, especially for owners of smaller businesses. If you do choose to outsource, Tax Matters can provide you with bookkeeping services. 

How Outsourcing Your Bookkeeping Can Help Your Business

Bookkeeping work includes accounts payable and accounts receivable, as well as logging receipts and expenditures, and tracking profits and losses. Hiring an employee to do this work can be costly. However, if you choose to outsource your bookkeeping, you can save up to 20 percent as you do not have to pay for health insurance and the other extras that go along with the hourly rate of pay.  A company that specializes in bookkeeping may choose to charge an hourly fee or they may set a weekly, biweekly, or monthly rate. The period for a set rate often depends on your business’ payroll system, the size of your business, and the depth of your bookkeeping needs. Additionally, some bookkeeping contractors can charge a rate that is dependent on the number of deposits or invoices, checks written, vendor invoices or the number of people you employ.

This is especially important if you have a small business that does not have enough bookkeeping work to keep a regular employee occupied in-office. In addition, using outsourced bookkeeping can enable you to use someone with more advanced accounting skills and he or she can perform their work more diligently because they understand that there is competition in the outsourcing field and want to continue servicing the contracts they have. In addition, if the contracted bookkeeper does not perform to your requirements, you can terminate the contract much more easily than you can fire standard employees.

Other Reasons to Outsource Your Bookkeeping

In addition to costing less and improving services rendered, outsourced bookkeeping can also improve your business by allowing you to actually concentrate on the business at hand and not on the books and record keeping. Therefore, you can do what you love and be more productive, as well. Moreover, should your company fall into hard financial times, tough decisions will need to be made and an outsourced bookkeeper will be more impartial than an in-house person. He or she is also more apt to give you unbiased advice. Not only that, but you will have a team of professionals at your disposal, instead of just one person.

If your business is in the El Paso area and is in need bookkeeping services, contact Tax Matters for a free estimate.