Was Your Income Tax Return Selected for an Audit?

Did you know that income tax audits can be completed through the mail or in person? 

The IRS determines how to complete your audit based on certain factors, like how complex the return is. In general:

• Correspondence audits (via mail) are used for simple, individual returns (Form 1040) 
• Face-to-face audits (“office audits”) are held in IRS offices for more complex issues
• Very complex income tax returns are audited at the taxpayer’s place of business

If your return is selected for audit, you can make the process easier on yourself following these tips:

• Always maintain accurate, well organized records
• Respond to all requests for information promptly
• Only provide the requested info
• Be calm and polite

Call us for help on your income tax in the Ann Arbor area. 

Learn more on our website!

You May Not Have to Pay a Penalty for Filing Late

Filing your income taxes late often results in a fine, but the IRS recognizes that there are legitimate circumstances that make it difficult or impossible to file on time and may waive the fines in those cases.

You may not need to pay a penalty if the IRS agrees you had a good reason for filing late. Some reasons the IRS accepts include: 

• A natural disaster like a tornado, or other personal disasters like a fire.
• You tried, but were unable to obtain all the records you needed for filing.
• The taxpayer or a family member died, had a serious illness or unexpected absence, or was incapacitated in some other way.

There may be other reasons that kept you from meeting your tax obligation.

Learn more on our website!

Tips for Filing 2020 Income Taxes Late

Working with the IRS can seem complicated and intimidating at times – especially when you’re facing the uncertainty that comes with filing your income taxes late. 

As soon as you know you’ll be filing late, apply for an extension using Form 4868 or from the Free File link on the IRS website. Don’t wait until after the May 17 deadline! 

It’s important to remember that:

• You must apply for the extension by the May 17 deadline. 
• An extension to file does not extend your deadline to pay, if you owe.
• You will need to file an estimate of your taxes. If you estimate owing, you should make a payment towards that amount by May 17 to avoid a penalty.

Taxes don’t have to be scary. Amador Accounting is here to help. 

Learn more on our website!

What's New for 2021 Small Business Taxes?

The COVID pandemic seems to have reached every area of our lives, from work, to school, to socializing, and yes – taxes. In the best of times, taxes can be confusing. The unexpected changes for 2020 filing and the 2021 tax year can make them even more confusing. You don’t have to navigate those changes alone.  

Payroll, bookkeeping, and taxes are our specialty!

Amador Accounting specializes in tax preparation. If you have questions about the tax law changes that affect your 2020 filing or are concerned about the changes moving forward into 2021, contact Lisa Amador.

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Will COVID Affect Your 2021 Taxes?

It’s been a confusing time for most business owners. The pandemic changed our business processes so significantly that many small businesses are depending on assistance from the government to move forward. As we move into the second calendar year of the pandemic, pandemic relief is on every small business owner’s mind. And as we approach tax season, it seems there are more questions than ever.

There have been many tax changes in response to the COVID pandemic. If you’re unsure how they affect your business, you’re not alone. And you don’t have to be! If you have questions, Amador Accounting probably has solutions.

Learn more on our website!

Year-End Payroll is Complicated by New/Changed Laws for 2020

Year-end payroll isn’t only about generating a paycheck – it’s an important time to verify forms, employee information, tax changes, your accounting, and all payments, including anything your employees earned that wasn’t part of your regular pay schedule. 

For a company with one or two salaried employees, it can be a pretty straight forward process. The more complex your compensation, the more complex your year-end tasks may be. For example, bonus pay, handwritten checks, and paid time off can complicate your accounting. Especially if you haven’t processed payroll regularly, because of COVID.

This year, the COVID pandemic created more payroll changes than usual that may impact your small business, including:

• The CARES Act
• A new Form W-4
• FFCRA-qualified leave
• Social Security tax deferral
• State and local changes
• And more!

Experts recommend starting year-end payroll in October to process changes, get up to date on new laws, and give yourself extra time meet deadlines. If you’re already behind, Amador Accounting can get you caught up.

Learn more on our website or call Lisa Amador at 734-330-0907.

What Business Expenses Should I Be Keeping Track of To Write Them Off?

Want to save money on your taxes?

Have you been spending a lot of money on business improvements?

What business expenses should you track to be able to write off at the end of the year?

We’ll tell you everything you need to know to prepare yourself for next year’s tax filing! At Amador Accounting, we want you to save money at the end of the year. Avoid stressing out later and prepare your records now! 

Here’s a partial list of expenses you should be keeping track of, including:

1. Mileage – This is important if you provide services elsewhere, rather than in an office setting.
2. Travel expenses – If you travel a lot for business you’ll want to keep track of gas and oil, repairs, rental fees, tolls, parking fees, insurance premiums, etc.
3. Self-improvement expenses – You may be able to deduct the cost of any kind of training program such as seminars, manuals, books, classes, etc. 
4. Home office deductions – If you work out of a home office you may qualify for a home office deduction including writing off the cost of maintaining your work space.
5. New office equipment – Equipment that is used to solely run your business can be deducted.
6. Startup costs – If this is the first year of your business, you can deduct up to $5,000 in expenses, an additional $5,000 of legal, filing, and accounting fees may be deducted if your business is structured as a partnership or corporation. amounts over $5,000/$10,000 can be amortized.
7.  Health insurance – If you’re self-employed, you may be able to deduct your insurance premiums.

Looking for More Information?

Schedule a free consultation with Lisa Amador, Tax Consultant! She’ll walk you through the entire process and will be able to customize a plan that fits your needs. Do you need help with tax preparation? She can help you organize your files and help prepare you for tax season.

Tax Consultant in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa’s a tax consultant specializing in small business bookkeeping in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa can help you get organized and provide immense value to your business. (734) 330-0907

Why You Shouldn’t Wait till the Last Minute to Tax Prep!

Do you have a pile of receipts?

Do you keep your business transactions up to date?

Are you last-minute when it comes to filing your taxes each year?

Tax time can be a frustrating time for many people, especially if you own a business. There are so many numbers you need to keep track of as a business owner. 

At Amador Accounting, we recommend not waiting till the last minute to prepare your taxes. Being prepared can help you:

1. Avoid possible penalties.
2. Get the best refund possible.
3. Change to your accounts in a reasonable amount of time, if necessary.
4. Come up with payment in advance.
5. Avoid underestimating the time it takes to file.
6. Get all the forms you need ahead of time.
7. Expect the unexpected! Things can happen that you can’t predict.

If you’re tired of waiting till the last minute to tax prep and need help organizing your files, contact Lisa Amador, enrolled agent! Expert guidance when it comes to all things accounting is our specialty!  

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907

5 Advantages of Having a Bookkeeper for Your Small Business!

Are your books up to date and balanced?

Are you sufficiently aware of your business expenses?

Do you need help making financial decisions?

Keeping up-to-date financial records is critical for your business to be successful. Make sure you’re able to track profits and expenses. Don’t run into trouble because of overspending or failing to plan for the unexpected. Imagine having the peace of mind that comes from knowing you have enough in your account to cover both your ordinary expenses and any emergencies that may arise.

A bookkeeper:

1. Helps you know your financial situation
2. Improves decision-making
3. Makes work easier, allowing you more time to run your business
4. Safeguards your accounts, making sure you have enough money for investments and growth opportunities
5. Makes problem-solving easier when you notice potential fraudulent charges to your account

Lisa Amador understands how difficult and time consuming these tasks can be. They can cause you extra stress and long nights at the office catching up. How would you like to stop worrying about everyday business tasks and leave them to the experts? Amador Accounting can get your books in order and ready for tax season! 

Small Business Bookkeeping in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa Amador, Enrolled Agent, is the expert when it comes to small business bookkeeping in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907

Reasons to Outsource All Your Bookkeeping Processes!

Do you want more time to focus on growing your business?

Are you debating with yourself about outsourcing your bookkeeping processes?

Are you having trouble finding a reputable service for small business bookkeeping in Belleville or areas nearby?

Lisa Amador is the expert when it comes to small business bookkeeping! She can help make your internal processes more efficient, help you track your expenses, manage invoicing better, and even help you make your business decisions easier.

Need more reasons to outsource your bookkeeping?

1. More free time to grow your business!
2. Gain confidence and peace of mind!
3. Improve company operations!
4. Protect your company from fraud before it happens!

Not Ready to Outsource Everything Just Yet?

Take baby steps. Schedule a free consultation with Lisa Amador, Enrolled Agent! She’ll walk you through the entire process and will be able to customize a plan that fits your needs. Do you want to try it for a few months? She can do that too! Lisa can customize any plan and process and hand it off to you when you’re ready to take over. 

Small Business Bookkeeping in Belleville and the Surrounding Areas.

Contact Amador Accounting today! Lisa’s the expert when it comes to small business bookkeeping in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa can help you get organized and provide immense value to your business. (734) 330-0907

How We Stay Relevant For Our Clients All Year!

Do you have your day-to-day transactions under control?

Are you aware of all of your business expenses?

Do you need accounting services all year around?

Imagine how relieved you’ll feel at the end of the year when you don’t have to scramble to find your financial statements. Stacks of disorganized paperwork can be overwhelming. Lisa Amador, Enrolled Agent, can help your business get on the right track!

We can stay relevant for you all year long, offering an array of useful services including:

• Entering data
• Managing day-to-day transactions
• Customer invoicing and collections
• Credit card management
• Tracking sales tax and payroll tasks
• Providing up-to-date information to help you make decisions about hiring
• Deciding which marketing strategies are working and how profitable a project or job was or could be
• Helping make year-end and tax season easier by having all your information ready

If you need help setting short term and long term strategies to improve your business operations, you need an enrolled agent on staff. Expert guidance when it comes to all things accounting is our specialty!  

Accounting Services in Belleville and the Surrounding Areas.

Contact Amador Accounting today! We’re the experts when it comes to accounting services in Belleville, Ann Arbor, Ypsilanti, Saline, Canton and the surrounding areas. If you have a problem and need a solution, Lisa Amador can help you get organized and provide immense value to your business. (734) 330-0907