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Mississippi Accounting FAQ
CRCCPA PLLC in the Mississippi and surrounding states area understands that for most people and businesses, tax time doesn't exactly equal fun time. Taxes are the ugly monster in the closet, the big monkey that sits on filers backs. It doesn't have to be that way. Taking some simple steps and developing some simple habits before tax season begins can make tax season a breeze. You don't have to have a business or accounting degree to make tax time easier, though our accountants in Mississippi do, and they will make your life easier when it's time to file. Still, tax season can be simplified if you heed some simple advice from our accountants in Mississippi.
Keep Track- The worst part of tax time is trying to find all the expenditures and records and how much money you made and AAAAARRRRRGGGGGH... Where is that stupid bill I can declare? Don't wait for next tax season to come to find what you need. Start a file and save your receipts, bills, wage stubs, income statements, and all records pertinent to any sort of income or expenditure. Let your accountant figure out the rest. It's actually easier for an accountant to have all records and skim through them and see what is or isn't useful than it is to try and make you find what you may or may not need. That's what you pay them for. So make sure they have the tools to properly protect you.
Save it All- Don't try and decipher what is or isn't useful, that's what your accountant is for. Tax codes change each and every year, even if you have business and tax sense, the rules change, and accountants at god firms like ours are up to date on all tax code. Just save it and let your accountant see what they can do with it. What can it hurt?
Give a Little but Don't Forget- Okay, so you gave some change to the Salvation Army Volunteer leaving a department store at Christmas time. Why give money to the government too, they certainly get enough, and don't stand outside in the cold to wait on your benevolence to collect it. Donations, even small ones, add up over the course of the year. Keep track of what you give and you might get a nice reward in your return at the end of the year.
Business and Pleasure DO Mix- Especially when it comes to filing taxes. The government allows a certain amount of money to be expended on entertainment because they understand that often a nice night out or occasion can lead to MORE business, so if you talk business at a dinner or outing, or even a sporting event, keep your receipts. We will let you know if you can declare it or not. Just because it's fun, doesn't mean you can't claim it as a business expense.
Though we try to answer the most common accounting questions here, there are always more questions when it comes to your personal finances. Give one of our accountants in Mississippi a call so that we can answer all your questions based on your own financial situation and your needs.
Please call one of our accountants at (601) 926-1432
Our Accounting Tips
- Check fraud is a reality, so make sure that you keep your company's checkbooks in a secure location. Create monetary limits for checks, set-up a special account for paychecks and keep all other checks made out to business and not individuals.
- Making sure to keep up-to-date records of all of your financial activities is important. This includes, paying bills, payroll, expenses, and profits. This information is required in order to properly file taxes and can cut accounting costs at tax time.
- Checking all your billing statements should be routine. Often times spotting extra, hidden or incorrect charges soon after they happen may help resolve issues that cost you extra money for nothing.
- While looking at your statements or invoices, it's a great time to review the expense of doing business. If you appear to be spending too much money in one area, you may wish to find a cheaper, more cost effective alternative, or to consult an accountant regarding your statements and invoices.
