Prescott Tax and Paralegal shares how nice life is when your bookkeeper can easily prepare the taxes for your Prescott business

Wouldn't it be awesome if outsourcing your Prescott business bookkeeping needs meant that your tax return was prepared without an additional charge? Prescott Tax and Paralegal welcomes you to a new model of bookkeeping where you are charged a flat fee each month, and at the end of the year, your tax return is prepared without an additional fee.

Are unexpected costs or the dreaded tax season throwing your bookkeeping expenses into confusion? Stop the madness. Flat fee pricing may be your perfect solution.

When tax preparation is not included, tax preparation fees typically consist of a set fee for each form and tax schedule required. Your tax preparer may simply charge an hourly rate which can vary greatly depending on the bookkeeper. And if your paperwork appears to be disorganized, you can expect to pay even more.

Prescott Tax and Paralegal can set you up with a fixed monthly charge based on your bookkeeping needs considering such factors as the type of entity of your business, the volume and type of transactions, number of accounts and the level of preparation required including all local, county, state and federal tax returns.

Having flat fee pricing in place means you will know exactly how much your bookkeeping services will cost each and every month. A flat fee price structure is also a great way to handle prior year's bookkeeping needs that are past due.

Whether you're an individual or business person operating as a sole proprietor, LLC, or a small business with multiple employees and payroll, let the professionals at Prescott Tax and Paralegal give you a customized, individual flat fee price quote to meet all of the bookkeeping needs for your Prescott business. We specialize in service-oriented small businesses such as realtors, lawyers, and plumbers. Call for an appointment at 928-778-3113. Learn more about us at http://www.PrescottTax.com.

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Prescott Tax and Paralegal explains why outsourcing your bookkeeping will help prepare your Prescott business for tax season

As business owners, we tend to think we can do it all ourselves. Bookkeeping is one of those tasks that oftentimes gets dumped on the business owner and unfortunately, may be done wrong. Saving money is the goal, but if the bookkeeping is done incorrectly - or not done at all - it can cost your company a lot more money than it saves. Prescott Tax and Paralegal explains how outsourcing bookkeeping services for your Prescott business can prevent costly errors when tax season arrives.

Are you really utilizing your time and resources wisely?
You are an expert in your business. Taking precious time and resources away from operating and maximizing your business to do bookkeeping can spread you too thin and have a negative impact on your bottom line.

Taxes
Many small businesses get into tax trouble because owners are too busy running their business to do the bookkeeping required for accurate tax preparation. Outsourcing will not only save you unneeded stress, but it also ensures an accurate tax return - often resulting in paying less in income taxes. And no one wants to end up paying penalties and interest to taxing authorities.

Budgeting
A professional bookkeeping firm like Prescott Tax and Paralegal will be able to help you budget properly and find areas where perhaps you are spending too much money.

Experience & Expertise
One of the main benefits to outsourcing your bookkeeping to us is the benefit of many years of expertise and knowledge. Improving financial performance is and should be a goal to all businesses, and outsourcing gives you an edge to help you reach that goal.

Contact Us
Compliance with tax laws is a must, and outsourcing to a professional bookkeeping service is in your best interest. The experts at Prescott Tax and Paralegal can help by handling your bookkeeping needs, preparing tax returns and financial reports for your Prescott small business. To set up an appointment, give us a call at 928-778-3113. Learn more about all the services we offer at http://www.PrescottTax.com.

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Prescott Tax and Paralegal, your bookkeeping experts in Prescott, share why small businesses are likely to attract audits

Those dreaded audits! Why do small businesses seem to attract audits by the IRS? Prescott’s accounting experts at Prescott Tax and Paralegal, understand why small businesses are likely to attract audits and what you can do to help prevent them.

Fear not
There should be no unreasonable fear. In reality, an audit is simply a “second look” by the IRS on a business’ tax return. In an audit, the auditor compares the return to the business’ books, ensuring there are no errors or discrepancies. Many audits are completely random. As a compliance check, the IRS selects a certain number of returns every year.

Missteps to avoid
While most audits are completely random, there are some things you can do that increase the chances the IRS will pull your return aside for a closer look. Here are some missteps you can readily avoid:

• High meals and entertainment expenses. Here is where it can get kind of tricky. Meal expenses are legitimate business deductions, but you need to be able to prove that the expenses are ordinary and necessary. Don’t let fear of an audit stop you from deducting these expenses, but make sure you keep good records. detailing every expense: include the names of the people or group in attendance and the business relevance of the meal, or travel expense. Entertainment expenses are no longer deductible.
• Home office deductions. Home office deductions are legitimate tax deductions, but your home office must be used “exclusively and regularly” for business. Your home office needs to be a designated area in your home for your work, not just a kitchen counter or table in the bedroom. Also, be honest about the square footage when you do your calculations for your tax return.
• Vehicle expenses. Unless your vehicle is owned by your business, don’t claim that 100% of your automobile expenses are for business use. In most cases, you are better off recording and claiming your mileage at the standard mileage rate the IRS publishes each year instead of claiming your actual automobile expenses. It is important to keep detailed mileage records as required by the IRS.
• Not keeping receipts. If you do not have the receipt to prove the expense, the expense will be disallowed by the IRS.

Your accounting experts at Prescott Tax and Paralegal understand why small businesses are likely to attract audits and what you can do to help prevent them. Prescott Tax & Paralegal is here to help. To set up an appointment, give us a call at 928-778-3113. Learn more about all the services we offer at http://www.PrescottTax.com.

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Your local Prescott paralegal experts, Prescott Tax and Paralegal, explain the importance of powers of attorney, including mental health powers of attorney

Often as parents age, children become concerned because the parent may become forgetful, or worse, be diagnosed with dementia or Alzheimer's. Both dementia and Alzheimer's fall under the umbrella of ailments that may require a Mental Health Care Power of Attorney. Being prepared to help loved ones who are suffering from dementia is often easier when they have properly prepared their Estate Planning Documents prior to being diagnosed.

A Durable Mental Health Care Power of Attorney is a legal document that names someone as the “agent” to take care of these matters. Having this power of attorney in place will save your loved ones money and difficulty down the road.

The first step is choosing an “agent” to care for you if you can no longer make decisions for yourself. You need to make sure whoever you choose to act on your behalf has your best interest at heart. This person(s) has the authority to decide if you need to be in a facility or if you can live outside of care, so it is very important.

There are two different POAs in the state of Arizona. One deals with mental health issues and the other deals with health care. Just having a Health Care Power of Attorney will not be enough if the person needs to make mental health treatment decisions. In that case, they will also need a Durable Mental Health Care Power of Attorney. In the Durable Mental Health Care Power of Attorney, you can authorize your trusted agent to give you treatment that you say you don't want, and to place you in a level 1 facility which is a locked facility. 

Those two choices frighten many people. However, the reality is that when a loved one is diagnosed with dementia at some point it may become necessary to place that person in a locked facility to keep your loved from wandering and dying from exposure. As the condition of a person with dementia worsens, so does troubling behavior such as agitation and paranoia. Patients are often prescribed anti-anxiety medication to relieve the symptoms, however because of the paranoia, they believe that someone is trying to poison them and state that they don't want the necessary medication.

The implications of not preparing with a Durable Mental Health Care Power of Attorney would be putting your family in a position to secure treatment through an emergency guardianship which can be very expensive and a hassle, at the least.

Rememberyou must create the Durable Mental Health Care Power of Attorney while you are still able to make decisions. A big mistake people make is trying to do it after a diagnosis of dementia, which is generally too late. The best thing to do is to have one, and hope it is never needed.

If you believe it wise to look at your estate planning and make sure that a Durable Mental Health Care Power of Attorney is included, Prescott Tax & Paralegal is here to help. We are your local paralegal experts in Prescott, we prepare legal documents for any legal matter, and offer assistance in filing documents with the appropriate agency. We also provide procedural information for our clients, and can refer you to an attorney when needed. To set up an appointment, give us a call at 928-778-3113. Learn more about all the services we offer at http://www.PrescottTax.com.

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