Are you looking for a local CPA for small business? Are you confused about how you will be able to find the right one? There are various accountants available in the finance industry. But you need to work with the right one who can assist your small business perfectly and can help you set up for success. So, there are a few things you should remember while looking for the right accountant. We have listed some of them down below.

Get referrals

One of the most important things you can do is ask for referrals from your trusted fellow business owners. Some of them may have great referrals. Moreover, if you find an accountancy firm, you can also ask them to provide you with references from their previous clients. This would help you understand whether they can be trusted with your small business or not.

Check their experience

When it comes to accounting, experience matters a lot. So, before choosing an accountant for getting CPA services for small business, ask about their experience. If they have successfully assisted various businesses like yours in the past, they will most likely have the best solutions for your business too. Because of their experience, they must have learned a lot of new things. So, you must ask them about their experience.

Discuss their services

Your accountant may be offering a wide variety of services. So, you should discuss all the services they offer beforehand. From these services, you can choose the ones you require for your business. If you need help with choosing the right services, they can assist you with it also. Choosing the best services is crucial for your business growth.

Ask about their billing method

Different accountants may bill for their services differently. So, you should ask them about how they bill for the services. As a small business, the price may be quite important for you. So, you can get quotes from different firms and can compare them to get the right offer. However, you should not just choose the one that offers you the lowest price. Other factors also play an important role when you are looking for the right accountant.

About G&S Accountancy Inc.:

G&S Accountancy Inc. is one of the leading firms you can contact for getting small business bookkeeping services. They have a team of highly efficient and professional accountants who can assist your business in the best way possible. You can get a wide variety of services from them.

To get help with bookkeeping, visit https://www.gns-cpas.com/

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Account management and tasks related to finances are complex. Individuals often get confused in this matter. And when they have to handle a business’s financial tasks, things become more complex. In these situations, small business bookkeeping services can help overcome the situation. Here are a few services that businesses get from these firms.

Reconciling With Bank:

Your business accounts get well managed when you let bookkeeping firms handle everything for your small business. They keep all the accounts, accounting, and taxation updated. Embezzlement funds do not cause issues because experts handle the task very well. Timely reconciliation with the banks turns out to be the best. They protect you, your small business, and your accounts from unauthorized activities, and more. If you choose bookkeeping services, you can sleep peacefully, leaving all matters of concern to the experts.

Income Statement:

Tonnes of businesses rely on the best local CPA for small business. These experts allow businesses to get accurate income statements. It is pretty much a list of all the expenses and profits of the firm. Having an accurate income statement means better financial management. It helps determine operating performance, over & under-budgeted areas, unexpected expenditures, tax liability, etc. An income statement cannot have fake details. Otherwise, it can impact the business. Moreover, slight issues can cause trouble with the management. So, small businesses should contact expert accountants and get the required services. It will reduce the chances of errors.

Unlimited Consultations:

When small businesses hire an expert CPA service, they get introduced to innumerable advantages. One of the most crucial benefits is unlimited consultations. Several doubts can create obstacles for the finance department of the business. Those doubts might or might not have a solution. But consulting with experts from CPA services can lead you to a solution. For instance, experts can help you determine the ways to solve the problem. Or introduce you to a conventional way of dealing with the same issue. Hence, in any way, their consultation can turn out to be helpful for your business.

About G&S Accountancy Inc.:

Finding the best CPA services for small business firms is easier nowadays. All you need to do is contact G&S Accountancy Inc. The firm is among the best ones that bring positive results. Businesses associated with this CPA service feel satisfied. They are happy to have a reliable and expert service. You can consult G&S Accountancy Inc. too.

Find out more about this firm at https://www.gns-cpas.com/

Original Source: https://bit.ly/3nptsnt

After emerging from the global pandemic, the logistics industry is facing new challenges. The year 2022 couldn’t outperform 2019 for the logistics companies and trucking industry. As a result, there is a big fall in freight demand in December 2022.

Currently, the Outbound Tender Volume Index (OTVI) and Contract Load Accepted Volumes (CLAV) have decreased. On an average, the OTVI fell by 2.7% on a week-over-week w/w basis and 27.6% on a y/y basis. And CLAV has witnessed a dip of 2.7% w/w and 14.8% y/y.

In December 2022, Ocean Imports also faced of the highest contraction in its history. In addition, shippers are giving fewer contracts to carriers, which is affecting the truckload volume negatively.

At the time of the Lunar New Year, the absence of an increase in domestic manufacturing will further deteriorate truck volumes into 2023.

What are the Current Issues Related to the Logistics Industry?

Disruption in the global supply chain and port congestions are the current issues for the trucking industry and shippers of all sizes. But small business bookkeeping services have been trying to help this industry. Let’s find about the most common challenges the logistics industry can face in 2023:

• Rejection of tenders and drop in career prices

As per OTRI, the rejection rate is below 4 percent since late November. The tender rejections index tells the percentage of contracted loads rejected by trucking companies. A declining rejection rate reflects that carriers (the trucking industry) are losing the pricing power.

With no major incentives left for a carrier, it makes no difference whether a trucking company rejects4-in-100 contracted loads versus 6-in-100. Out of 135 total markets, only 35 reported weekly increases in tender volume. All this is due to the downfall in freight demand.

If the current situation of rejection rates holds through the first quarter of 2023, shippers will have the advantage. It gives shippers a chance to secure carrier capacity at cheap rates. Moreover, suppliers/shippers are taking control of their supply chain by moving truckload fleets in-house.

• Mergers and acquisition

Small-scale carriers and brokerages are suffering the most from the downturn of the supply chain. This leaves them vulnerable to acquisitions in 2023. Large carriers are acquiring smaller carriers, and 3PLs are merging with 3PLs. In simple words, a trend of “cross-pollination” is booming.

However, the results of these mergers and acquisitions are uncertain, especially if the deals close during an industry recession. One of the major considerations of such deals is earnings and growth potential in 2023.

• Digitization

Digitization in the logistics and trucking industry is expected to increase in 2023. This will allow companies to mine data for valuable insights and to accelerate intelligent decision-making. So, in the coming year, data analytics and intelligence will be two of the biggest challenges for shippers.

In 2023, the rise in digitization will keep soaring. It’ll become even faster and more advance. This is why trucking companies and shippers need to update their skills and freight accounting management to beat the competition in 2023.

• Sustainable shipping

With more people getting aware of the impact of diesel or petrol on the environment, demand for sustainable vehicles is increasing. Consumer pressure to bring down pollution motivates the logistics industry to reconfigure and invest in green infrastructure and electric fleets. This trend is expecting to continue in the coming year.

Plunge in the US Imports

According to a report by Descartes, there is a 12% down in imports m/m and 19.4% y/y. Imports typically declined in November 2022 as compared to October 2022.

• Imports from Asia fall sharply

A decrease in exports from China is the main reason behind lower US port numbers. The U.S.imports from China dropped by 11.1% in November 2022 versus October. In addition to China, import source declines were widespread, pointing more toward weakening demand.

According to Descartes’s data, there is a 30.8% m/m drop in imports from Thailand and a 17.4% drop in Vietnam. Imports also fell from countries like Taiwan, Germany, Hong Kong, Italy, South Korea, and India.

• Ports on all coasts suffer declines

Various sources have published about the US import data, including Descartes, PIERS, the McCown Report, Panjiva, Port Tracker and more. Each of them comes up with different percentages of totals and changes. Some use customs data, while others use port counts. The McCown Report covers the top 10 ports. The NRF covers 12. Descartes, PIERS and Panjiva cover all ports.

According to Descartes, the fall in countrywide imports since the peak has been heavily weighted toward West Coast ports. Also, the import volumes in California fell 15.4% m/m in Long Beach, 14.5% in Oakland, and 7% in Los Angeles. There is also a decline in the East and Gulf Coast ports.

Which Port is Handling Regular or More Shipping?

Not all ports are experiencing a decline in shipping. Some ports in the US are handling more shipping. Let’s take a look:

Port of Savannah is busy

GPA Executive Director Griff Lynch said that the Port of Savannah is the second-busiest port in the month of October 2022. He further said that customers were continuously bringing new business to the Port of Savannah that links Savannah to major US markets. One hundred sixty importers (new or existing) grew their Savannah trade by 20% or more. This port continues to outperform irrespective of the recession time or downfall in demands.

High export in Corpus Christi

The monthly crude oil export also increased at the Port of Corpus Christi on Texas’s Gulf Coast in October 2022. This growth resulted from the huge export of US-produced crude oil to Western European buyers who rejected the Russian crude imports. Also, it is estimated that additional tonnage records have been achieved this year in renewable energy components like windmills through the Port of Corpus Christi.

Will The Supply Chain Improve In 2023?

Trucking and logistics industries are expected to grow by hundreds of billion dollars by 2027. Despite promising growth, some issues of 2022, such as inflation and supply chain disruptions, will impose many challenges for the logistics industry in 2023.

However, the new year also brings new opportunities in the supply chain. Because businesses will shift from reactive to proactive and from survival mode to growth mode. In this phase, tax resolution services California can support businesses in this industry.

Original Source: https://bityl.co/H3dS

Take Advantage of Refundable and Non-Refundable Tax Credits

Do you fall under the category of low or moderate income? Then, you can benefit from the “tax credits” offered by the Federal and State Governments. You can also save a significant sum of money and get great benefits as an individual, family, or organization. Because by leveraging tax credits in the USA, you can get refunds when filing your taxes. You can also get tax preparation Fontana services for the same.

To make things easier, we’ve compiled this comprehensive guide to tax credits for individuals in the USA.

What are Tax Credits for Individuals?

A tax credit is the amount of money that taxpayers can subtract from the tax they owe. As a result, it decreases your tax amount and may also increase your tax refund. To learn more, let’s discuss the different types of tax credits you may be eligible for.

Types of Tax Credits for Individuals

Here are six types of credits you must know and other necessary information:

Family and Dependent Credits

Family and dependent credits are meant for child care and families having dependent spouses or adults. These are:

1. Child Tax Credit

The Child Tax Credit helps families with children to file low taxes. You can claim the credit even if you don’t usually file a tax return. Also, the dependent must have a Social Security number and be eligible for employment in the United States.

Child tax credit could get you up to $2,000 per child. To claim child credit, you must enter your child and other dependents on Form 1040, U.S. Individual Income Tax Return, and add a finished Schedule 8812.

Eligibility for the child tax credit for dependents:

● The age must be less than 18 at the end of the year.
● The dependent can be a son, daughter, stepchild, qualified foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or descendants (for example, a grandchild, niece, or nephew)
● Lives with you for more than half a year
● Stated as dependent in tax return
● Not file a joint return with their spouse for the tax year or file it only to claim a reimbursement of withheld income tax or estimated tax paid.
● They must be a U.S. citizen, U.S. nationals, or U.S. residents alien.

Eligibility for the child tax credit for taxpayers:

Your annual income should not be more than:

● $150,000 if you are married and opting for a joint return or qualifying widow or widower;
● $112,500 if you’re the household head; or
● $75,000 if you’re a single filer or filing a different return from the partner.

Important Note: Parents with a little higher income can go for partial credit, which is called a partially refundable tax credit

2. Dependent Care Credit

Dependent care credit helps families who pay expenses for the child care required to work or to look for work. It is also available for dependent spouses or family members. You can get up to 35% of $3,000 of expenses for one dependent, or get $6,000 for 2 or more dependents.

Important Note: From 2021, the dependent care credit is completely refundable for tax. This means the credit can deliver funds back even if you don’t owe taxes.

Some of the qualifying terms are:

● The total expense for one qualifying individual must not be more than $8,000
● The child must be under 13 when the care was provided
● Your spouse or family member who was physically or mentally incompetent in self-care and lived with you for more than half of the year
● Individuals can be children of divorced or separated parents or parents not living in one home.

If you’re eligible for the credit, fill out Form 2441, Child and Dependent Care Expenses, and add it to Form 1040, U.S. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors or Form 1040-NR, U.S. Nonresident Alien Income Tax Return.

Note: If your employer has provided this benefit (an amount is displayed on your Form W-2, Wage, and Tax Statement), you must complete Part III of Form 2441.

3. Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is for low or moderate-income individuals and families to get tax benefits. It works by decreasing the money you owe as a tax return.

For example, suppose your EITC amount is more than what you owe in taxes; you may obtain reimbursement even if you do not owe income tax. Simply, the eligibility for falling EITC is that you must have a low or moderate income. To understand this better, you can get tax services San Bernardino.

You can get an amount between $560 and $6,935. It entirely depends on number of kids you have, your income and marital status.

4. Adoption Credit

Individuals seeking the adoption of children under 18 can claim this adoption credit. Adopting parents can opt for adoption credits toward their federal tax liability. It further decreases what the family owes in federal income tax.

Moreover, it’s used for qualified adoption expenses paid to adopt an eligible child. It covers up to $14,890 of adoption costs per child.

The eligible adoption expenses it covers are:

● adoption fees
● Legal expenditures
● Traveling costs (including stay and meals)
● Other expenses related to the process

Note: It may cover other expenses initiated before the child has been identified. For example, some parents pay for a home study as an adoption effort.

To opt for the adoption credit or exclusion, fill the Form 8839, Qualified Adoption Expenses, and add to Form 1040, U.S. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors or Form 1040-NR, U.S. Nonresident Alien Income Tax Return.

Income and Saving Credits

Several credits fall under income and saving credits; keep reading to learn all the details.

1. Retirement Savings Contributions Credit

Retirement Savings Contributions Credit is for anyone above 18 and planning retirement. You may have a retirement plan or an individual retirement arrangement (IRA) or have an Achieving a Better Life Experience (ABLE) account as a beneficiary.

In such circumstances, you’re eligible for the Retirement Savings Contributions Credit. The amount you get depends on the level of your contributions. The credit helps offset the first $2,000 employees contribute to Individual Retirement Arrangements, 401(k) plans and any other workplace retirement plan.

2. Foreign tax credit

The foreign tax credit decreases the tax liability if you earn income abroad and have paid foreign income taxes. For example, if you pay taxes on a foreign country or U.S. possession and file U.S. tax on the same income, you will file double tax.

The foreign tax credit is used to solve this issue and repetitive filing. Remember to claim tax by filling out 1116 and Foreign Tax Credit forms if you fall under this category. Generally, you can get up $120,000 as the exclusion of your income in 2023.

Homeowner Credits

As a homeowner, filing the right tax and getting credits is crucial. For this, the Government has specified some requirements, exclusions, etc. Some of the important things you must analyze are:

● IRS 530, Tax Information for Homeowners: IRS Publication 530 is a document with costs that can and can’t be considered tax deductions. It has mortgage interest credit rules, calculations, and recommendations for homeowners.
● Residential Energy Credits: The Government provides an incentive to opt for renewable energy sources at home. For example, solar water heaters and wind turbines.
● First-Time Homebuyer credit: It’s a credit for first-time home buyers who must abide by the eligibility. The Government will provide federal and state grants, tax credits, and other options to make the first home dream come true.

First-time homebuyers of a principal residence can get equal to 10% of the buying price of the tax residence in that tax year. Please note that this tax credit cannot be more than $15,000.

Electric Vehicle Credit

The Electric Vehicle Credit is for owners and manufacturers of plug-in electric drive motor vehicles, which include passenger vehicles, light trucks, two-wheeled vehicles, etc. Owners of these vehicles can file Form 8936 with their income taxes to claim the tax credit. You get between $2,500 and $7500. In 2023, the credit has expanded significantly and includes used vehicles as well.

Eligibility for the Electric Vehicle Credit:

● The electric vehicle’s final assembly must have occurred in North America
● The purchase of the new car must be after August 16, 2022

Health Care Credits

Health care credits consist of The Premium Tax Credit (PTC), a refundable credit. It is helpful for individuals and families that cover coverage for health insurance bought through the Health Insurance Marketplace. You must fill out Form 8962 with your tax return to get this credit.

Eligibility details:

● Having household income in a certain range
● You’re not a dependent
● You or a tax family member enrolled in health insurance coverage.

Education Credits

Education Credits like the American Opportunity Tax Credit and the Lifetime Learning Credit help individuals with the expenditure of higher education by reducing the amount of tax owed on their tax return. You may also have a credit that reduces the tax to zero and receive a refund.

To claim the AOTC or LLC, use Form 8863, Education Credits. It gets you 20% of the first $10,000 paid as tuition and fees, for maximum $2,000. To know more, get CPA services for small business.

Some of the conditions you may fulfill are:

● You, the dependent, or any third party pays your educational expenses
● Students must be enrolled in an institution
● The student can be you, your spouse, or dependent

Tax credits are indeed very profitable in the tax world. Qualifying for one surely feels like a huge money saver. Hopefully, you find this guide helpful when working with tax credits for individuals.

Original Source: https://bityl.co/H3cd

After years of declining funding, the Internal Revenue Service (IRS) has finally received a major boost in its budget. The Inflation Reduction Act allocates an additional $80 billion to the agency over the next decade. This latest reckless tax and spending spree is almost six times the IRS’s annual budget of around $13 billion. Find out accounting and tax preparer rancho Cucamonga to learn about more this.

How will IRS Use the $80 Billion Funding

As the IRS is aiming to collect more in taxes, 4% of the total funding is reserved to help taxpayers and 57% to audit taxpayers. Corporate and high-net-worth tax dodgers are the main target of the agency. The remaining amount is meant for technology, operations, a direct free e-file system, hiring additional phone representatives, and more, among other things.

The new IRS funding will be earmarked as follows:

● $3 billion for taxpayer services
● $45 billion for enforcement
● $25 billion for operations support
● $4 billion for business systems modernization

Projected Results of the IRS Funding Utilization

Collectively, these improvements are expected to drive approx. $203 billion in revenue to the IRS between 2022 and 2031, according to the Congressional Budget Office.

Other projections are:

● Total revenue agents increase by over twice as many as today, 2031.
● Audits for those earning below $400K could increase fourfold.
● The investment in the IRS may raise nearly $124 billion over the next decade.

Tips to Plan for the Restored IRS

The most important tip is: Keep accurate and complete records and file your tax returns timely and completely.

Key special areas of concern are:

Cryptocurrency: The draft Form 1040 for 2022 asks this revised cryptocurrency question, “At any time during 2022, did you (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”

When the IRS inquiries about an asset on this page, it’s a high-priority item. So, if you’re engaged in cryptocurrency transactions, it’s critical to keep good records and report any income you earn. You can always hire tax preparer Ontario ca to learn more about this.

S Corporation Compensation: If you’re an S corporation shareholder-employee, make sure your S corporation pays you a reasonable salary and perks. Moreover, it should be documented how you arrived at the amount.

Syndicated Conservation Easements: Syndicated conservation easements make a key item for the IRS. These refer to real estate partnerships that buy land and donate its development rights to an eligible firm. Partners (investors) receive a charitable deduction for the easement’s value.

Some partners claim charitable deductions four times their investment amount. To prevent this, the IRS examines 100% of these deals.

Note: Other ways to benefit from a conservation easement include donation development rights of the land’s parcel(s) to a qualified organization.

Offshore Accounts: U.S. residents and citizens have to pay taxes on their worldwide income. They’ve to report foreign bank accounts to the U.S. Treasury. Hiding any of these is considered a tax scam by the IRS. In the future, the IRS is expected to be even more focused on tracking offshore assets.

Business Partnerships: The IRS may become stricter towards multi-member LLCs and partnerships in the future.

Final Thoughts

Put simply, the IRS is going to have taxpayers under close scrutiny. So, you need to be prepared. Whether you’re an individual taxpayer with a good salary package, a well-performing firm, or a high-net-worth individual, you’ve to maintain the transparency and accuracy of your financial statements. If you own and manage a transport business, it is best to invest in freight accounting to learn more.

Hire a certified public accountant to put your finances and taxes in the right shape before it gets late.

Original Source: https://bityl.co/H3Lo