Reasons You Should Hire a Small Business Accountant

Reasons You Should Hire a Small Business Accountant

Whether you are starting a small business or running one that has been established for years, you should consider hiring a small business accountant. In this blog, the team at LongSchaefer presents a few reasons why you should hire a small business accountant.

Make Intelligent Financial Decisions

Even if you feel like your business is doing fine, an accountant could allow you to bolster your billing systems, and increase your receivables and time payable. An accountant could also help you by consulting on financial decisions. They helpl monitor your financial reports, and provide valuable analysis.

Protect Your Business

If you hire a reputable professional, you know that your financial information is protected and you are on track to accomplish your goals. If you are feeling overworked, and you worry about how much your responsibilities will grow as your business grows, it is the right time to hire an accountant. If your business is in its infancy, you should hire an accountant to help you prepare your business plan and apply for commercial financing. We could help you to structure your business, to optimize for tax and revenue. When acquiring new assets or selling existing assets, consulting with your accountant could maximize your returns. We are dedicated to supporting the financial success of your business.

Contact LongSchaefer Today

If you are looking for an experienced accountant to help your business, at any stage, look no further than the experts at LongSchaefer. The LongSchaefer team has been supporting business owners in the Cincinnati, OH, area since 1981. Contact us online or call us today (513) 854-0217.

Tax Planning: Charities and Tax Deductions

Tax Planning: Charities and Tax Deductions

It’s the season of giving, and now is a great time for you to become involved with your favorite charity. Making donations can help you to score some additional tax deductions. In this blog, LongSchaefer explains how you can give and get a bit more this tax season.

Rules of Charitable Deductions

The following rules act as a quick-guide that will allow you to understand some specifics of how to claim your charitable contributions.

  1. Know where to claim- Your claims will all be made on Schedule A of Form 1040.
  2. If you claim it, donate it– Do not try to fudge your donations. If you didn’t donate it, do not try to say that you did.
  3. Record your donations- If you are donating, make sure that you keep track of where you have donated, when you donated, and the amount you gave. Bank statements can help you to prove your donations.
  4. Non-cash? No problem. Make a list of your donations, carefully noting the condition of the items and the value of those items. Many charities provide valuation guides on their websites.
  5. Picture? Perfect!- Take pictures of the items you donate so you can show they are in good condition. It also shows how much you have donated.
  6. Know Your Limits- If you’re donating to a political party campaign, you cannot deduct that. You cannot deduct gifts or contributions to for-profit businesses.

Contact LongSchaefer Today

Still not sure of all the nuances related to charity deductions, or deductions in general? Connect with the professionals at LongSchaefer today. We have worked diligently with the Cincinnati, OH, community since 1981. We believe in providing affordable tax and business services to our customers. Contact us online today, or call us at (513) 854-0217.

What are the Tax Implications of Buying a Car?

Tax Implications of Buying a Car

If you’re buying a car, you should be aware of what it could mean for your taxes. Planning for your taxes is the best way to prevent unwanted surprises and make sure you’re prepared for anything. Today in the LongSchaefer blog, we’ll talk about how buying or leasing a car will affect your taxes.

Sales Tax

The sales tax you pay on your car will be your biggest consideration. When you buy or lease a car, you will have to pay the sales tax when you go to get it registered. This is an expense that many first-time car buyers may not be aware of. Make sure you have enough money set aside when you buy or lease a new car to pay your sales tax as well.

Fortunately, the nice thing about sales tax on a car is you can claim it on your yearly taxes as a deduction. You should be able to claim both your sales tax and your registration fees. If you want these deductions available the next time you file your taxes, you may want to go ahead and get that car you’ve been looking at before December 31st. Waiting until after means you’ll have to claim your deductions on next year’s taxes instead, meaning the benefits aren’t as immediate.

Property Tax

Don’t forget you’ll need to pay your property taxes. Many states assess property tax on vehicles, so you’ll need to make sure to update your form to send into your assessor. You can remove any old cars off the form and add your new car. Forgetting to do this means they may not get an accurate assessment, and your property tax payment will be delayed.

Business Related

If you buy or lease a car for your business, or if you’re self-employed, you may be able to write off operating costs of the vehicle. This could include gas, repairs, and more. This is something you’ll want to run by a tax advisor because this can get fairly complicated. Luckily, you can always bring your taxes to the advisors at LongSchaefer. We’ll be happy to help you with your taxes, no matter how complicated they might be.

Contact LongSchaefer Today

The professionals on our team are here for you. Your taxes are our first priority and we have been offering experienced service in the Cincinnati, OH, area since 1981. We have won several awards for our services, and we would love to offer that same award-winning expertise to you. Call (513) 854-0217, or contact us online today.

Five Reasons to Hire a Tax Preparer

Five Reasons to Hire a Tax Preparer

If you are trying to get the most out of your tax refund, thus saving the most money possible, it may seem like an unnecessary expense to hire a tax preparer. That simply isn’t true. Tax preparers could give you the best chance at giving every possible deduction and provide considerable financial value. This blog from LongSchaefer will help you to understand why investing in the services of a tax preparer is a very good idea.

Five Reasons to Hire a Tax Preparer

1. Save Money- If you want to make sure that you get a significant refund, hiring a preparer is your best option. A tax preparer could find deductions that you might have previously overlooked. Even though a tax preparer charges for their services, they could help you save a considerable amount more.

2. Safety First- If you are at all worried about filing your federal or state taxes, a tax preparer is the way to go. They help make sure that your tax forms are completed and comply with necessary laws and regulations, thereby protecting you from costly mistakes that could have long-term negative effects.

3. Experience is Key- Credible preparers have worked for years and with a multitude of clients. They have gained invaluable experience, and know how to eliminate any potential tax problems.

4. Support- Support from a tax preparer could help you to feel less overwhelmed. You no longer have to be worried about every keystroke or pen mark you make when it comes to filing your tax forms. Additionally, a tax preparer could assist you with financial planning and understanding your assets.

5. Save Time- Your tax preparer help by filing your taxes for you, to ensure that you are meeting the appropriate deadlines even when life gets busy. No more confusion and digging through documents while self-filing.

Connect With LongSchaefer

If you are searching for outstanding tax, accounting, and financial services, look no further than LongSchaefer. Our team of professionals provides a variety of services, including tax services for individuals and business. We also provide QuickBooks assistance and services. LongSchaefer provides the paramount tax-related and business financial services in the Cincinnati, Ohio, area. Call (513) 245-0300, or contact us online today to begin saving time and money.

May 2020 COVID-19 Update

In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, our offices are closed until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.

The SBA has announced details of how it’s helping small businesses through the Coronavirus outbreak. The IRS is sending payments to families affected by this crisis. 

Please click on our Coronavirus information pages for more information.