No matter how big or small, numbers are very important to your business. When you start a small business you need to decide if you need to hire a CPA or not. If you live in New York, you may benefit from the services offered by a NY CPA. They are trained to help in this field.

No matter what size business you have or how successful it is, you will need to report it to the government. When you hire a NY CPA they can analyze your business and create ways that will make it easier for you to keep your business going. Its hard to balance the different between working, business management, bookkeeping, and customer service. You need to make sure that you keep up with everything. Is it a good idea to hire a NY CPA to manage your paperwork and take care of your business? Yes. When it comes to the impact of a creative financial system you have to have a success rate over 25% in order to keep your business going.

If you are just starting your business you want to hire someone to do your books from the beginning. Some may feel that this is an unnecessary expense but actually as your business grows you won’t be bombarded with the paperwork necessary to keep your business going. If you don’t keep up with your taxes you will need to pay the government back. A New York City certified public accountant will make  sure that you keep your business right on track.

If your company is a one-person company the same rule applies; you need a NYC CPA to help you keep your books straight. You don’t need to have a book keeper to work with on a weekly or monthly basis. You can keep your receipts yourself by keeping a folder or an envelope that you can carry around with you at all times. Schedule an appointment with a Manhattan CPA quarterly so they can help you file your taxes and make the necessary payments to the IRS.

Don’t worry about hiring a full time certified public accountant until you start to hire employees, you change your business structure, or you use outside financing.  When you hire employees you will be responsible for taking care of payroll, staffing, insurance, and more. A New York City certified public accountant can help you keep track of all of this.

If you plan to change the ownership of your business then you will want to hire a NY CPA to help you. The CPA will be able to help you take care of the proper paperwork and pay the necessary taxes before the business is turned over.

You will also want to hire a NYC CPA if you have complex billing. This is when you have too many different clients to bill or the billing cycles vary from client to client. It’s always best to make sure that you have a Manhattan CPA to back you up or to answer questions.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

When a person decides to open up a small business sometimes they forget about the financial obligations they need to keep in touch with.  Not only will this possibly cause a problem in their business, but in their personal life too. Here are the five obligations for any small business.
First, you need to make sure that you are set up with the correct benefits.  This will not only include health insurance, but life and disability insurance too.  Normally this is something that will often take the back burner in a person’s life.  Focusing on setting up the business and having the money available for those purchases can often make it something that may be unobtainable. You need to remember that these things may come up and with some pre-planning you may avoid a huge lose of money when you get hurt or something else happens.  Causing you to be out of work for a while, or forever.
Looking out for your family is something that must be done.  Just in case something happens to you.  Planning for your family to be able to live comfortably after your death may not be something that you want to think about, but it can come up.  Setting up the right type of life insurance and steps that need to be taken in your passing with the business will help out with many unforeseen problems. Your NYC CPA for small business will help you decide how to set up the best life net for your family.
It’s easy as a small business owner to not save money outside of the business.  Your Manhattan CPA for small business may recommend that you use any profit that you get by placing it right back into that business.  But you need to remember that one year you will need to stop working.  Saving money now when you have it coming in for that retirement is a must.
Know which company you want to put your retirement in and keep it there. Your NYC CPA may tell you about other types of investments that you need that will help you build up that nest egg.  Don’t be stuck looking at a few years to retirement and wondering just how you are going to pay for it.
It is important for a small business owner to work on getting business credit.  At first when you begin a business you will need to use your personal credit.  However, right after you have started the business, look for business credit instead. Another thing that you need to consider is a plan that will help you sell the company or just get out of it if it is necessary. The more money you put into it the more you want to get out of it.
Many business owners fail to look into the future for their planning. Instead they plan on living in the here and now, and that will not work.  There are too many other things that you need to consider. A NYC CPA is trained in this area and can help you succeed in your new business.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

If you are running a small business you may have already realized how important it is to have a small business CPA on your side. When you are planning a financial business plan you want to make sure that you are on the right track. There are 8 tips to help ensure that financial planning is successful.

Hire a NYC CPA to help you create a sound financial plan before you begin doing business. If you are already in business you still need to create this plan because it is very important. It’s like having a flashlight in your hand and it is completely dark outside. When you don’t have it on you cannot see where you are going. Once you turn that light on the path is easy to see. You want to make sure that you have that light on when you start your business. Your financial plan should include your expected monthly profit and expense as well as your yearly profit and expense goal. You want to make sure that you are able to reflect back on your plan during different times in your business.

Review your plan with your New York City certified public accountant at least every three to six months. You may stay on track or you may get off track. It happens sometimes and you should learn from your mistakes and keep going. When you are reviewing your plan make sure that your figures are staying up and you are meeting the goals that you set for your business. If not, figure out how you can make the goals.

When you lose profits, don’t dwell on it. Again, you need to learn from it and never let it happen again. Start to create a file that you can list your losses during the year. You may be able to use these when you file your income tax papers because sometimes you can claim losses. If you see a pattern of losses make sure that you figure out what is causing these losses and change your plan a little so you won’t make these mistakes anymore.

When you begin working your business and your plan you may notice some errors in your plan that may effect how much money you will be making if you follow the plan. Make the changes to the plan. Don’t just work from the plan and your thoughts, this method will never work. Put everything into that plan and work from it only.

Spending should be estimated for the month. You won’t always be able to predict the future but you can estimate you’re spending. You know what you need to buy during the month to keep your business going. With that said, your NYC certified public accountant will probably tell you to always write down your expenses and wait a couple of days before you buy them. If you still want it and can justify the expense then go for it.

When work becomes overwhelming, start to hire one person at a time and keep track of it. Your NYC CPA will be able to help you keep track of all the paperwork necessary.

It’s not going to be possible from the beginning but you need to pay yourself. If you get to the point that you are able to hire someone, you should be paying yourself as well. Your certified public accountant should be able to help you.

Your plan should focus on profits and to do that you need to site your plan toward profits and less on revenue.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Starting a small business is exciting but at the same time, it can be very nerve racking. Most small businesses do not hire someone to keep their books throughout the year because it is an expense that they cannot afford. When the tax season arrives, they may lose money because they didn’t keep proper records. A NY CPA sees these cases all the time. Here are some useful tops to help you stay out of trouble.

Start with a financial plan. Starting your business is not going to be easy and you need to make sure that you are well organized and ready for anything. Create a plan that includes how much you expect each month and the expenses that will be going out. Hire a Manhattan CPA for small business to assist you throughout the year. A Manhattan CPA has training in bookkeeping as well as taxes for business so they can help you stay caught up with your taxes all year long. Every business needs goals and your NY CPA can help you plan and reach your goals. They can’t do the work for you but they can help you keep your records straight.

Every month, review your plan to make sure that you are meeting your goals and you are not paying too much out and not generating enough income in. When reviewing your plan you will have the opportunity to make changes if you think that it is necessary and your current plan is not going the way you planned it.

Remember, you cannot regain your profits that are lost. Make sure that you keep your goals real and at the same time, you want to challenge yourself. Don’t set your earnings low or too high. You may not feel that you have reached your potential at the end of the month.

When you see an department that needs to be changed, then change it immediately. Don’t wait until it is at the end of the month before you make changes because you could be wasting a lot of money. When you are in doubt make sure that you speak to your NY CPA to find out if they have any suggestions. The Manhattan CPA can help you create and edit your plan as you go. Give them your idea and let them help you.

The final tip that is very important is to never spend until you analyze. Be careful before you pull out that checkbook or credit card. You want to make sure that your expenses can be justified. You are a new business and every single dime matters. Don’t spend money unless you sit down with your budget and make sure that you can afford it.

When you get overwhelmed with your finances and taxes, hire tax CPA for small business after considerable research. Additional help and employees can be hired to do other administrative tasks. You don’t want to hire someone that is not going to give you back the service that you are paying for. Make sure you keep up with the paperwork associated with hiring someone.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

When you run a small business it’s important that you keep track of everything. Everyone can visualize the effects of dragging around stacks of papers and receipts falling out of your arms. This is a chaotic way to keep books and unfortunately, it is the only way some new business owners know how. It is not just keeping a track of your expenses and cash receipts but a lot more. When you have your own small business whether you operate from home or have an office, the rent, taxes, credit and debit have to be accurately maintained. You can hire a certified public accountant to help you find the right way to keep books that works for you.

When you are in business for yourself it’s important to keep the IRS satisfied. To do this you need to know how to not bring attention to yourself. Here are some important tips on how to do that.

First, you need to make sure that you consider everything a business expense or deduction. Your mobile phone, your home office, your driving expenses, your inventory, and more. Did you buy any new office supplies or equipment this year? Keep your receipt so you can track it back and use it for an expense. You want to also make sure that you label the receipts because it’s hard to remember every detail possible throughout the year so it’s best to write on the top of the receipt the item purchased.

Everything that is related to your business is called an expense. If you have a home office you need a room designated as such. Don’t put your office in your dining room and share the dining room with the rest of the family because you cannot write this room off as part of your expense. If you have a room designated as your home office you can use a portion of your utility bills, mortgage payments, mortgage interest, real estate taxes, phone lines used just for your business, office furniture, and more. This is the best way to get the most out of your business. If the IRS allows you to write it as an expense then do it. Most of the time, small business owners will put this small detail behind and it really could save a lot of money.

Buy a prepaid mobile phone just for business. You can control the expenses and you can keep up with everything. Use the phone just for business purposes and not for personal use. If you do use it for personal use, then you will need to split the cost on your tax form.

If you have children at home and you run your business out of your home office you can get compensated for a nanny or babysitter that you use while you are working.

Be sure to keep any and all receipts and go through it before tax time. If you are not sure about which receipts to keep and whether you can use the receipts to show expenses or not, ask your NYC small business CPA about them.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

When you begin a business of any size you need to know the basics of accounting. It doesn’t matter whether you have employees who will be doing the work for you or not.  Learning those basics can be done and you will be more aware of just how the cash flow works in your company. This can even be more important when you are a smaller business who can make it or go broke on a bad accounting system. Books being kept wrong and having no clue how much money is one hand will ruin a business before it has a chance to take off. A NYC CPA knows how one incorrect entry can completely change the way that your figures come out. No business wants to be in this position.
Finding a professional tax NYC CPA to do the job for you is something that will need to be done before starting the business. However, it is important to learn a bit about all the different ways that you can keep the right books.  You need to hire someone to help keep your books organized so you know what is going on and to understand the situation your company may actually be in.
Asking your Manhattan CPA will help you understand more about the cash flow. However, you also need to reach an agreement as to what type of bookkeeping system you want to use.  There are only two kinds that you may use, first is the accrual accounting method, and the other is cash accounting.
With the accrual method you will get a more real time picture of what your financial situation is like. However, the cash system is one that is very simple and easy to understand too.  Depending on the type of business that you have you will need to decide between these two types of accounting methods. Your NYC CPA will be able to help you decide which one you need the most.
Unless you have a degree or past experience with accounting it is always smart to find a Manhattan CPA to help you out.  Hiring a person who has a degree will allow you to have the confidence that your company is running above the goals you have set.
Never feel that a question that you want to ask your NYC CPA sounds dumb because if you don’t understand it you need to know more.  Understanding the accrual method of accounting may be taught from a book too.  But you will most likely need the assistance of someone who knows a bit more about it such as a NY CPA.
If you have no experience in accounting or bookkeeping do not try and do it on your own.  Too many problems can arise and you will not know how to handle them.  There are many wonderful software’s that are out there that may help you understand a bit more about the accounting method you have picked.  They have good programs that are set up to take you step by step through the process of setting up a good accounting method.
About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

When you prepare your small business you may need to pull in the help of a CPA before you begin. There are so many ways that a CPA can help you. If you live in NY you can find a NYC CPA that can lead you in the right direction and keep you on the good side of the IRS.

You need to now search for the right CPA to help your business. Before you begin, you need to go through the phone book or internet to search for the right NYC CPA. Make yourself a list of five different accountants that you can call. You want to make sure that you list them by their specialties. They should be financial planners and be provide bookkeeping services.

Create a list of questions that you want to ask and that you hope the CPA will be able to handle if they are working for you. These questions must deal with your business but it should not tell your accountant everything about your business. If you are building a list of certified public accountants to call you want the one that will stand out among a crowd.

Call them up one-by-one. During the call, give them each about five minutes to convince you to hire them to handle your bookkeeping services. One or two of them will probably not make it through the first round. They are already booked or they just don’t want to take on new businesses. Some certified public accountants in NY may have enough accountants and don’t feel the need to take on new clients to deal with.

After talking to them, narrow down your choices to three. You are looking for the right accountant that answered you quickly and has decent fees that will not cost you too much. You are a small business starting out so everyone and everything is going to be on a budget.

Before you hire anyone, have a conference with the NYC small business CPA to make sure that you make the right decision. You will be working very closely to the accountant you choose so you want to make sure that you get the right person for the job. During the meeting, discuss how they keep books, how long they have been in business, and how many clients do they currently have. You want to make sure that they can handle working with another client.

Take a week to make your decision. You need to find a NYC small business CPA but you don’t have to rush around to get one. You need to have time to think this one through. You will trust your small business CPA or accountant to handle your paperwork and know your business. You want the best certified public accountant you can get and one you can afford.

It’s important to keep in mind that you are not looking for a tax preparer. You want someone who can handle your books and give you guidance throughout the year so you don’t make any mistakes.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

When you plan a budget for any business it is an important thing to do so you need to do it right.  Not only does it allow you to figure out ways that you can cut your cost but where you may want to focus more money to.  But how do you know what a good limit is on certain areas of that budget?
One of the things you may need to consider is that entertainment cost such as when you are taking a potential client out to for business related purposes.  This type of budget may actually be something that many people will not consider. Hiring a New York City certified public accountant can help you create a great plan for your business. Your NY CPA knows how important it is to make sure that a budget in this area is not a large one and takes away from other areas of your company. However, there is much more to think about when it comes to setting a budget.
Spending is a necessity and your CPA New York City knows how to work spending into your plan. There are many items that you may need to estimate on your plan so you know just how much money you are going to spend.  Many people believe that adding on a percentage to what you spent the prior year is the best way to estimate this year’s budget.  This will allow you to make up for those costs that may have gone up since the last time that you purchased something.
You may make several big purchases during the year, and possibly some that you were not expecting.  Estimating is all part of a good budget, it is when you under estimate that you run into problems.  Running over budget and hoping that you can make it up in some other area of the company.
The bottom line of planning a budget is trying to figure out how you will get the most profits during the coming year.  A NYC CPA knows the importance of the bottom line. They know how to plan and create a final amount that you can live with. You want to make enough money to reach your goals.
If you have a maintenance agreement for office equipment in your office, you should be able to have an exact amount for your budget because you can count on that expense going out at the same time every month. You just never know when a copier may stop working and you need to buy a new one.  This will be an unexpected expense on the budget. You need it and your NYC CPA knows you need it but fixing it will completely throw your budget off and make it frustrating.
You need to be prepared for these things when you begin making a budget.  The first budget that you make as a new business will be the hardest one to make. Your NY CPA can help you create your first plan and after that each year, you at least have a template to work with.
If you also have a New York certified public accountant or bookkeeper, it will be easier to stay on track. Hiring a CPA can help you keep your business organized and on track.
About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Retirement Investing Strategies and Tips by Certified Public Accountant in Manhattan

If you want to prepare for your future by making wise retirement investments then you need to start here. There are so many different ways that you can secure your future and it doesn’t just involve a 401k at work. Take tips by Manhattan Certified Public Accountant and you can prepare your future by starting now with these strategies.

Tip #1: Don’t drain your 401k retirement plan. If you switch jobs or if you need extra money, you may be tempted to borrow against your 401k plan. Just imagine if you could leave that money alone how much you would have when you were ready to retire? To get the most out of your 401k you need to make sure that you have enough money going into the account. Most companies will offer to match your contribution or give a percentage.

Tip #2: You need to re-evaluate your 401k and see if you can come up with new numbers. You want to make sure that you are putting enough into your 401k account and chances are, you are not. You need to guarantee yourself a certain amount. Make changes as you go along to make sure that you will secure your future. It may not seem that important now, but as you age, you will understand then importance of having a secure amount of money.

If you inherit or manage to save enough money during your working years, you may want to consider placing that amount of money into a CD. When you do this, you accumulate interest, which can begin making you money. By retirement, you will have yourself a monthly payment just on the interest alone and this can help you along with your retirement. CD’s are available at any financial institution.

There is nothing wrong with a jar at home. Before you go to bed at night, get into the habit of emptying your pockets of loose change. You need a jar that can handle this loose change for a long time. When the jar gets full turn it into cash and make a deposit into a savings account. You would be amazed at how much cash will accumulate just by emptying your pockets every night before you go to bed. You may want to get a small safe that you can keep in your home and as you turn your change into cash, bring it back home and put into that safe so you can have the money whenever you want to. You can allow your 401k and CD payments to be your main source of income and your cash in your safe to be your spending money.

Life happens and it’s not always easy to keep your money where it needs to be. It’s important to speak to a Manhattan Certified Public Accountant when you need help finding the right way to save money. If you run a business yourself, you will want to know the many different ways to save money for your retirement as well. A New York City Certified Public Accountant can give you all that information and help you get started on the right track.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses