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A Tax Expert Can Help You File Your Individual Taxes The Proper Way

U.S. Individual Taxes forms 1040,1065,1120There’s one time of the year in particular that everyone seems to dread and that, my friends, is tax season. Filing your individual taxes is something that many people find stressful, especially if there is a chance they might owe. Taxes can be confusing and complicated, which is why you should consider hiring a tax expert to get the job done for you. You do not have to stress about getting your taxes done right when you hire the right company. If you are in the El Paso area, our team at Tax Matters can assist you today.

Don’t Stress Out About Doing It Wrong

When it comes time to file your taxes, you do not need to stress out or worry about doing it yourself. A lot of people get tax season anxiety because they do not want to mess up on their taxes or fill anything out wrong. They are also on the edge of their seats about if they will owe money to the government or not. These are all valid concerns; however, you do not have to experience these feelings if you hire a tax expert to assist you in filing your individual taxes. With the right expert, all of your financials and paperwork will be organized and taken care of. There will be no better feeling than the feeling you get when you receive your tax return with no stress added at all.

Avoid Mistakes And Breaking The Law

Many people tend to make small mistakes on their taxes and this can ultimately cost you money in the future. If you do not file your taxes right, this could result in a loss of money when you get your return in the mail. On the other hand, if you accidentally claim something in the wrong way, you could possibly end up owing more money or breaking laws. These are all things you will want to avoid for ultimate happiness and proper tax filings. Tax laws can change year to year and it’s important to make sure you know what these changes are if you are going to be filing individual taxes on your own. If you would rather not learn this, hiring a tax expert will be your best option. With the right company, their experts will be up to date on all of the regulations and laws that surround state and federal taxes.

Hire An Expert To Get It Done The Right Way

If numbers are not your thing, it’s okay, because one of our qualified and experienced team members can take great care of you. We know the importance of making sure your taxes are filed properly and on time. We care about our clients and want to make sure we always meet their needs. We would love to sit down with you and help you meet your tax and financial goals. If you would like more information on how we can assist you with filing your taxes, please do not hesitate to contact us today. We look forward to helping you have a positive experience with filing your taxes!

Stress Reducers for the Workplace

payroll concept on document folderIt’s no surprise that work related stress is common in the United States. According to The American Institute of Stress, 80 percent of workers feel stress on the job. So much so, that 14 percent of them had felt like striking a coworker in the past year. As an employer you can’t have employees going around hitting each other. All joking aside, there are several changes that you can ensue to create a better, less stressful work environment. Among them are encouraging lunch breaks and hiring a payroll service.

How Does Stress Affect the Workplace

Everyone responds differently when it comes to stress. Not only that, everyone has a different threshold that they can bear. Some people even react positively and have better productivity levels under high stress situations. Sources of stress in the workplace can cause workers to feel a lack of control or direction and can cause some to procrastinate or take longer to complete tasks. If a particular event has caused stress in the workplace it can make for an uncomfortable or adverse environment. Workers will be less likely to commit full attention and efforts to projects at hand. With that being said, we have a few tips to lower stress in your workplace.

Encourage Lunch Breaks

You may appreciate your workers dedicating time through their lunch to accomplish goals. However, many studies have shown that taking a 30 to 60 minutes lunch break can increase productivity and concentration. Staring at a computer screen, dozens of small tasks, decision making, and communicating with co-workers and clients can quickly deplete energy and cognitive concentration. Giving the brain a break gives it a chance to recuperate. Not only that, actually eating will benefit productivity levels as well.

Hire a Payroll Service

A large source of stress for many employees is tied back to getting paid. Getting paid is a stress reducer, however doing payroll is not. It is a time consuming process that is susceptible to mistakes. Calculating medicare and federal taxes for every employee is a lot to manage. Often times business owners decide to take this task on to save money. However, at the end of the day the time spent isn’t worth it. Making a mistake, delaying a paycheck, or worse, paychecks bouncing can cause a huge wave of stress in the workplace. As a business owner, this is the last thing you want. Investing in payroll services will give your workers peace of mind.

Give Optional Classes to Workers


Again, pay and financial issues can be a huge source of stress for many employees. Uncertainty is a large cause of stress for many people, and a lot of times, managing money is a blind spot. Providing budgeting, financial planning, or retirement planning classes can help your workers feel control over their paychecks.

Hire Tax Matters to Manage Your Employees Paychecks

Instead of taking on the tedious task that could take up a large chunk of your time, let the experts at Tax Matters manage your payroll for you. This way, you can focus on your business. Give us a call or visit our office today to find out more!

Why Should I Visit an Expert for My Income Tax Prep?

U.S. Income Tax Return forms 1040,1065,1120Often times taxpayers think preparing their own income tax return will save them money. What they may not consider is all the time it will take to e-file on their own. Here at Tax Matters, our experts believe we can get you a bigger refund and save you time doing it. We have a few reasons to visit one of our professionals for income tax prep instead of attempting to fill out the forms yourself.

Mistakes Can be Costly

Making a mistake on your income tax prep can be costly. If you aren’t familiar with tax laws, exemptions, or credits you might be missing out on huge refund dollars. In the opposite situation, if you claim something that you don’t realize you don’t qualify for you may end up paying back a large portion of your refund, or worse, you may end up in debt for breaking tax laws. Bad math and mistakes when transferring figures can also lead to big problems. So you filed your taxes last year and you think you can handle this year? But what about all the tax laws that have changed since then? Our experts remain up-to-date with all the info on each year’s deductions, credits, exemptions, and more.

The Time it Will Take You Is Worth the Cost

As mentioned before, you may not be familiar with important tax laws, exemptions, and credits for your income tax prep. It can take several hours to read up and learn everything you need to know. Using a tax software program can take several hours as well. Even with a software program, you have to understand how to transfer the figures correctly. Between dealing with your everyday cares of family, work, and school, it could take and where from a few hours to up to several weeks to finish e-filing.

Is all that time worth saving a bit cash on the cost of paying an expert? Not only that, do you think you can do a better job than someone trained to do the same, who does it several times a day on a daily basis? At the end of the day, the saying time is money, holds true in this situation. One of our tax professionals can save you both time and money.

Visit an Expert for Professional Income Tax Prep

Our experts at Tax Matters will get your income tax prep done right, and they will make sure to get you the biggest return possible. Accuracy, timeliness, and good customer service are our priorities. Please contact us today!

Do You Need to File Estate Taxes With Your Individual Taxes?

Hand with a calculator.When filing your individual taxes, you normally won’t have to mess with estate or gift taxes. On average, your taxes primarily deal with your income. But if you became an heir to a large fortune, or plan to leave one, you’ll need to file these taxes with your individual taxes. Under Tax Matters’ individual tax services, they can help you with income and estate taxes. But before you file for this or that, it’s important to know what you are filing for.

What Exactly Are Estate Taxes?

Taxpayers pay an estate tax when they inherit part of an estate that surpasses the exclusion limit set by their state. Texas doesn’t impose inheritance, or estate, taxes on residents if they live or inherited property within the state. However, if you inherit property or a fortune from someone who lived or died in Kentucky, Iowa, Nebraska, Maryland, Pennsylvania, or New Jersey, you’ll need to file them.

On the other hand, if you possess a large fortune that surpasses a minimum set by your state and plan to pass it to your heirs, you’ll need to file a gift tax. Gift taxes are essentially estate taxes, except the original owner of the fortune pays them. They also have different requirements and limits.

Do You Need to Pay Estate Taxes?

Each state has different limitations and minimums for estate taxes. You may have to pay them if you possess the fortune, inherit it, or if you give someone a large sum of it. There is also a federal estate tax applicable to many people who inherit a large fortune. You must pay the tax if the property, stock, and dollar amount you received is over 5.45 million dollars. The number changes every year, though, so be sure to know what the most recent limit is and if you still have to pay it.

The truth of the matter is, two of every 1,000 estates need to pay this tax. While this number is low, not paying the tax because you didn’t know you needed to can result in hefty fines and consequences. Estate taxes result in large revenues for the government every year, and are the most progressive tax since they tax those who are able to pay large amounts of money each year.

Filing Your Individual Taxes

Filing your taxes every season can be a pain. Not knowing if you have to file something can be even more so. Just know, you only have to file an estate tax if your taxes pass the federal requirement of 5.4 million dollars. If you’re still unsure, you can work with some from Tax Matters. Help with estate taxes is included in their individual taxes package. So give them a call today and don’t leave any of your questions unanswered.

Top Three Payroll Mistakes That Hurt your Employees

Business person messing with a payroll designIf you complete your own payroll services as a business owner, you know how stressful it can be. But payroll is an important part of your business since it makes sure your employees are paid on time and in full. Happy employees lead to a better business. While completing payroll, though, there are many mistakes you can run into. Hiring an outside source, like Tax Matters, can help you avoid these mistakes.

Mistake #1: Misclassifying Your Employees

Depending on your business, you may hire a mix of full-time, part-time, and contract employees. While this is acceptable, it’s important to ensure you are classifying them correctly. If you put one as one opposed to the other, they may be underpaid, which could lead to them losing job satisfaction. If worse comes to worst, this could make them quit their jobs.

This also poses an issue for taxes. Your business is taxed differently depending on if you hire full-time or contract employees. Typically this results in different fees and deductions. So if you classify them incorrectly, you and your business could end up in trouble with the IRS.

Mistake #2: Processing Payroll Late

Processing payroll later than your deadline can result in your employees getting paid later than they’re expecting to. Payroll services play a huge role in your employees’ job satisfaction. After all, earning money is the number one reason why people work in the first place. Your employees put in a lot of time and effort during the week, and the last thing you want is to disappoint them.

This mistake can also result in expensive fees and can be an issue when dealing with new or departing employees. The best way to avoid this mistake is to hire someone to take care of payroll services for you, so it’s one less thing you have to worry about.

Mistake #3: Failing to Maintain Proper Records

You never know when an employee is going to need to see a copy of their w2 form or payment history. Maybe you have records of other taxable items, like gas and travelling reimbursements. It’s important to keep your documents organized neatly and on hand just in case they need them for any reason.

This can also be helpful for if you’re ever audited by the IRS. You’ll know where everything is, which will help everything go smoothly. Hiring someone to take care of payroll services can help you run your business more efficiently.

Payroll services  may be a pain, but they’re essential to keeping any successful company afloat. But as a business owner, you may be responsible for a number of things. You don’t want to let payroll slip through your fingers. Tax Matters’ payroll services can help you manage all of your payroll needs. From paying employees to filing taxes, they’ve got you covered. Give them a call today!

How Can a Tax Professional Help Me With Income Tax Debt?

Close up view of the income tax returnWhen the IRS finds out that you didn’t file your income tax refund they will fine you with a failure-to-pay fee. It will also have interest starting at the missed deadline. The IRS will also send you regular letters concerning the debt. The good news is the problem is manageable. If you aren’t aware, the IRS does accept payments. Not only that, there are a few things that our experts at Tax Matters can do to help.

There is More at Stake Not Paying Income Tax Debt

The truth of the matter is, there is more at stake to not pay your income taxes than there is, to pay them. You may be afraid of the amount you have to pay, or the interest, or even your credit score going down. Not to mention the idea of parting with your hard earned wages. However, once you reach out to the IRS, a plan can be set in motion. Visiting one of our tax professionals at Tax Matters can be extremely beneficial. We understand that dealing with one year’s tax refund is hard enough. If you have defaulted on several years you may be putting off the task because it seems like more than you can handle. You might just be right. However, there are several things that our experts can do.

How Can a Tax Professional Help?

First of all, they can help you understand the situation. Your heart rate might be rising just thinking about all the paperwork. You may not have a firm understanding of everything you owe, but one of our experts will. Secondly, one of our tax professionals can check to see if you qualify for penalty reductions. If the amount you owe is far greater than you are capable of paying, an expert might be able to help you settle the debt with the IRS for a smaller amount.

When you don’t make an effort to pay the debt, your credit score could get demolished. This will leak into other parts of your life when your landlord, potential bosses, insurance companies, and bank run a credit check. One of our tax professionals can help you gain control of your income tax debt to fix all these problems.

Contact Tax Matters Today

At the end of the day, your income tax problems matter to us. We can use our knowledge and expertise in tax laws to help you get your situation under control. Give us a call or visit our office today.

What’s The Difference Between Bookkeeping and Accounting?

Person performing bookkeeping servicesFor any business, you know how important managing your finances and documents is. But if drowning in tax forms, payrolls, and budgets isn’t your cup of tea, hiring someone to take care of all of it can help. Tax Matters’ bookkeeping services can keep everything in check for you. This is where the confusion begins, though. Do you hire an accountant or a bookkeeper? Knowing the difference will help you make a more informed decision.

Accountants

Accountants are mean, green, number-crunching machines. They compile and analyze account information to create entries for asset, liability, and capital accounts. They primarily help by giving you an idea of your future financial direction. This will help when planning budgets and allocating funds. They also record transactions in their respective accounts and analyze costs for each department and operation. Also, during tax season, they are responsible for filing the company’s taxes.

They play a significant role in the success of the business. Oftentimes, accountants speak directly with management and other higher-ups about the company’s financial future and what impacts their financial decisions had on the wellbeing of the company. Faulty accounting can result in poor business and even business failure.

Bookkeepers

Just like accountants, bookkeepers play a significant role in the company. Many employers struggle, or dread, to do payroll and post debits and credits. Bookkeepers do both. They also produce invoices and maintain ledgers and subsidiaries. Bookkeepers work consistently to make sure everything is posted every day, managing everything from sale and expense receipts to keeping track of dollar amounts for the IRS.

Bookkeepers often use specialized technology to manage their bookkeeping. They’re important for a company because they monitor and post daily transactions. This means every financial transaction gets recorded, filed, and balanced. Bookkeepers essentially become the backbone to the company’s everyday activities.

Which Should You Hire?

You may get away with hiring one as opposed to the other depending on your company. It’s a matter of what you and your employees are capable of and which duties you want to give to someone else, whether you’re outsourcing or doing it in-house. But your best bet is to hire both. While bookkeeping duties mirror many accounting expectations, both are essential to keeping your company afloat. Essentially, they work together to make sure your company is successful financially both in the short- and long-term. But if you can only hire one or the other, your best bet is to hire a bookkeeper. A bookkeeper will help you keep tedious matters, like payroll, in order. This will give you the time you need to focus on other endeavors with your business.

If you need bookkeeping services, Tax Matters can help you out. From payroll to record keeping, we’ve got you covered. Contact us today!

Tips for Your Small Business Start Up

 

Professionals helping with entity formationIf you have a well crafted idea to earn income, but have no clue how to start a business, we have some steps you can take. If you do nothing else, here at Tax Matters we recommend you create a business plan and take care of entity formation.

Create a Detailed Business Plan


The first step to take will be to devise an detailed business plan. You will want to nail down goals, a mission statement, a description of products or services, marketing ideas, employee and management structure, and so on. You main objective while forming a business plan will be to get a clear idea of of what your business is all about. Many people set out to start a business and don’t get past this part. If you successfully make a plan and are ready to move on, you know you are on the right path.

Take Care of Legal Matters

The next step you should take before getting started is to look into legal matters. Make sure that nothing in your business plan will be overstepping someone else’s patents or business franchises. This would be a good time to hire advisers. You can turn to a lawyer, your financial consultant, or even business savvy friends. If you have Intellectual Property a lawyer can help you take necessary steps to protect it. This will also be the time to look into any necessary permits or licenses.

Another legal matter you definitely want to look into will be business entity formation. There are several types of incorporation you can look into. Entity formation will help you with legal matters concerning taxes, protection of personal assets, and personal liability.

Decide How You Will Handle Financial Statement Matters, Bookkeeping and Payroll

Not every business owners is prepared to take care of their own bookkeeping and money matters. And if you are serious about your business, you probably shouldn’t be handling your own finances. You may end up taking your focus away from what you are good at while trying to keep track of accounts, tax returns, bookkeeping, and the like. These are things that can stack up quickly taking a large percentage of your time. Not only that, these processes are detail oriented and prone to mistakes. You may be better off hiring and trusting an expert to handle these matters for you.

If you make it past these first few steps, you will be well on your way to creating and starting up a successful company. Here at Tax Matters we can help you with more than just your taxes. We can take care of business entity formation, payroll, bookkeeping, and more. Contact us today to set up an appointment.

How Do I Reach My Financial Goals?

woman sitting at deskIf your friend invites you to a party at a place you’ve never been, what would you do? If you’re like most of us, you would punch the address into your maps app and follow the directions to get there. Financial goals are similar. They are goals, because you haven’t been there yet. You can think of financial consulting services from Tax Matters as the app you’ll use to get there.

What Does a Financial Adviser Do?

A financial adviser is essentially an expert when it comes to investments, banking, tax laws, loans, retirement, and so much more. They have valuable information that you may not know. They will assess your needs and your current situation. They’ll find out your goals, both long term and short term, as well as your financial situation. From there they will set you up with the investments, insurances, or retirement plans that are right for you.

How can I Benefit From Financial Consulting

As mentioned before, they will have insight that you don’t. A financial planner with set you up with a realistic plan to reach your goals. Whether you want to pay off all your student loans by a certain time or you are ready to prepare for retirement, they can give you answers to your questions. In addition, financial consulting will help you one step at a time.

A Financial Adviser Can Help With Big Life Changes

Are you getting married? Having a baby? Sending kids to college? About to retire? All of the above? Financial consulting can help you get through each of these circumstances and so much more. When life changes happen anxieties rise with the uncertainty. If you aren’t good at saving and budgeting these things can be extra frightening. A financial adviser will set you on a plan to make sure you stay afloat during these changes, or even during difficult times.

A Little Known Fact

If you have never used financial consulting services you may be surprised to know you usually don’t pay an adviser. The insurance companies, investments, and banking products they set you up with provide their income. Not only that, even though they give you expert advice, you are in charge of your plan. You can refuse any part of the plan at any point.

Our experts at Tax Matters provide excellent financial planning. If you want to reach your money goals, contact us today. It’s not something that is done overnight, but we will certainly get you moving in the right direction.

Get Your 2017 Business Taxes Done Without the Headache

Tax form on desk with glasses and calculatorCompleting your small business taxes for 2016 may seem like a huge feat. As it is, personal taxes can be time consuming and confusing, much less taxes for a business. Here at Tax Matters we can handle your refund e-file so that you can focus on your bottom line. We even have a few ideas to get you on the right track.

Organize Your Paperwork

Even if you turn to a profession tax preparation company to handle your business taxes there are a few things you can do yourself. Taking a few easy steps will ensure you get the biggest tax return possible.

First and foremost, get organized. Create spreadsheets to track costs. There are many expenses, such as property, that can be deducted. Charitable donations are another deduction that you should be keeping track of. Keeping your paperwork organized and staying on top of your records all year long will help whether you decide to go with an expert or not. Trying to backtrack a year’s worth of expenses can be burdensome. In addition, be sure to create a system to keep track of all your receipts. They can add up to a lot of deductions as well.

Stock Contributions

A lot of small businesses already deduct charitable contributions for their business taxes. However, what many business owners don’t realize is they can donate appreciable stocks in the place of cash. A business can donate the current worth, and instead of the price they were purchased at. For instance, you can donate a stock that is now worth $200 that you purchased for $100. You will gain the amount appreciated as a deduction. It’s very much like winning twice! Not only that, the charity of your choice will benefit as well.

Pay Attention to Deadlines

Our best advice is to visit a professional early in the tax season, or even before it starts. If you have to file different forms, or even self-employed forms, your due date might be different than April 15. An expert will know all the dates and help you stay on track.

Visit Tax Matters for Your Small Business Taxes

If you aren’t familiar with tax laws, credits, or deductions you could be heading into murky water trying to file your own business taxes. Mistakes could be costly. Our tax professionals will know exactly how to handle your tax refund. You can rest assured knowing an expert is taking care of your company’s valuable paperwork. At the end of the day you could end up with a better dollar amount that you had filing for yourself. Please contact us today for more information.