Prepping Taxes For Your Small Law Firm

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Prepping Taxes For Your Small Law Firm
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• There are several tax tips that owners of small
  law firms can take advantage of to keep the
  holiday and tax season, as free from stress as
  possible, and here are just a few
• Be aware of your deadlines and be sure to meet
  them
• One way of ensuring that you never miss a tax
  deadline is to employ the services of a tax
  professional, who will help you decipher whether
  your fiscal year coincides with the calendar year
  or whether youre on an accrual or cash method of
  accounting, for example. The answers to these
  questions will help your tax professional
  determine when your taxes are due and what income
  you are required to report.

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• Organize your records
• Recording and maintaining accurate financial
  records for your business is vital if youre to
  get it right at tax time. When you meet with your
  tax professional, be sure to have your previous
  tax returns with you, statements of income,
  balance sheets and any invoices and receipts for
  business expenses. Keep all relevant paperwork
  neatly filed where you can quickly and easily
  access it and try to stay on top of this
  throughout the year.

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• Check what deductions you may qualify for
• Again, the best person who can help you to
  determine what deductions might be relevant for
  you as the owner of a small law firm, is your tax
  professional. Meet with them and discuss whether
  you work from home, whether you have made any
  charitable donations or have invested in new
  office equipment, for example each of these may
  qualify you for a deduction.

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• Never forget or omit your tax responsibilities as
  an employer
• Whether you work with independent contractors or
  have employees, you will need to send out W-2
  forms to them at the appropriate time, and as an
  employer, file W-2s and your W-3 form with the
  Social Security Administration. If you paid your
  independent contractors a minimum of 600 during
  the fiscal year, then you will need to give the
  contractor a Form 1099 MISC

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• Look for ways to lower your income
• Your tax professional can help you find ways of
  lowering your income, such as by contributing to
  your retirement plan, and in doing so youll be
  able to formulate a better plan for the future of
  your small law firm.
• Tax time for anyone, let alone the owner of a
  small law firm, can be stressful, complicated and
  generally tiresome. However, hiring an
  experienced tax professional to guide you through
  the entire process is the best way to minimise
  the stress and ensure that you prep your taxes in
  the best way possible.

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami , Heyer Associates would be a right
  option.