evans nelson & company

BestCPAReno.com Showcased At Reno-Tahoe Wordcamp 2011

Our website, BestCPAReno.com was showcased at the Reno-Tahoe Wordcamp 2011. An excerpt from the press release is below, to read the complete press release for Evans Nelson & Company CPAs, CLICK HERE.

“BestCPAReno.com, which is a WordPress site featuring the Thesis Theme demonstrates the customizationavailable to WordPress users. Evans Nelson & Company CPAs are able to promote their business througharticles, blogs, and videos. They provide financial resources and links and offer a free tax organizer. All ofwhich is possible by the use of a website designed in WordPress.”

Reno’s Best CPA,

Tim Nelson

BestCPAReno.com Showcased At Reno-Tahoe Wordcamp 2011encpaswp2016-09-22T18:22:27-07:00

Reno’s Best CPA Featured in NSBDC E-Newsletter

I sat down with Chuck McCumber of the Nevada Small Business Development Center (NSBDC) and talked taxes. The interview was featured in the NSBDC’s monthly e-newsletter. Here is one quote from our conversation:

“It’s also one of the best times,” said Tim Nelson, “because when the economy is down it stirs people to be more creative, entrepreneurial.”

To read the rest of the interview CLICK HERE.

Reno’s Best CPA,

Tim Nelson

Reno’s Best CPA Featured in NSBDC E-Newsletterencpaswp2016-09-22T18:09:02-07:00

A CPA In Reno Discusses Cost Behavior

[youtube]http://www.youtube.com/watch?v=BjKMH9ozhAw[/youtube]

Cost behavior is an important tool for businesses to examine their success and actual profits. It can be used for many purposes, including strategic planning to determine effective price points that are above the break-even point. A qualified CPA in Reno can help a business use this principle to manage budgets more effectively.

What is Cost Behavior?

Cost behavior is often explained by CPAs in Reno as the study of how costs change in a business when there is a change in the activity level. Every company has a variety of costs, although there are four types that come up the most. Cost behavior analysis is used to predict costs over time and can help a business in many areas. Typically, businesses of all sizes hire a CPA to manage this aspect.

Variable and Fixed Costs

Variable costs are usually defined as those that change depending on the level of activity. A good example of a variable cost in a business is sales commissions paid to employees of the store. Because employees earn a percentage of the sales, the cost is variable based on the total sales in the store. Fixed costs, on the other hand, will not change with a difference in the level of activity. Examples of fixed costs in a business include rent and insurance premiums.

Step Costs and Mixed Costs

The step costs of a business are unique because they stay the same for a certain amount of activity. When the level of activity is surpassed the costs jump. These costs don’t apply to every business, but an example is payment to a service representative that has reached their maximum number of customer calls. At this point, a new employee must be added, and the cost of compensation jumps. Mixed costs, however, are a combination of variable and fixed costs. An example of a mixed cost is a telephone bill for the company. Generally, the charge is always the same unless the level of service is exceeded. At this point, an additional variable cost is added.

Why Cost Behavior is Important

A trained CPA in Reno can help a business fully use cost behavior for a number of purposes. Cost behavior is usually used for strategic planning in a company and is the only way to accurately predict cash flow over time. A CPA can also use this idea to determine the company’s break-even point for any cost, allowing management to create a proper selling price. Other uses in the company’s strategic planning include the determination of dividend payments and the preparation of budgets.

Every business has a variety of costs it incurs regularly. Understanding and planning for these costs is vital to ensure the company maintains profits and grows over time. All businesses should consult with a CPA to analyze the cost behavior of their company. A good analysis can lead to everything from the right selling price for goods to accurate dividend payments for stockholders.

Reno’s Best CPA,

Tim Nelson

A CPA In Reno Discusses Cost Behaviorencpaswp2016-09-22T17:42:09-07:00

An Accountant in Reno Explains Synergy In Relation to Business

[youtube]http://www.youtube.com/watch?v=3P3mdtbuaXk[/youtube]

Synergy may seem like a strange term to be thrown around in a business conversation, but it has become the focus of many small businesses and financial consulting institutions seeking to improve their total output and product quality. The basic premise of synergy is that by combining two separate companies, the positive qualities of each can be utilized to maximize potential. The concept of small business synergy further acts to increase productivity and financial profits, while also merging with a congruent and complementary business.

Small Business Financial Connectivity

Synergy ultimately acts as a connector for small businesses seeking to grow their companies. By combining two companies, the emerging company that results possesses the ability to access and service all of the combined business contacts. This connectivity not only extends to include the good will fostered between companies, but also reaches out to all of the costumers and connections previously associated with both businesses. Through the momentum of synergy, connectivity is increased and utilized to grow the newly formed business. It does this by extending the reach of its costumer pool to include new contacts, as well as more extensive financial consulting.

Collection of Skills

A major benefit resulting from synergy is the addition of new skills for workers. Through the combination of businesses, employees are introduced to new and more efficient methods of accomplishing the same old task. Overall, these combined increases most often prove to benefit the new company’s productivity and the accountant’s profit margins. Furthermore, without the combined momentum of the newly formed and improved work force each of the individual companies would be unable to duplicate the increased productivity and profits had they remained separate entities.

Elimination of Duplication

As any accountant of a small business in Reno can appreciate, the implementation of synergy enables the elimination and duplication of products and services. Often, when products and services are too readily available, prices are driven down. Through the combined synergy of small businesses, coupled with effective financial consulting, prices become fixed and steady as supply no longer out balances the demand. Accountants in Reno especially appreciate the leveling out of prices as it ensures a company’s continued existence at its current level and provides room for expected future growth.

Leadership Issues

Leadership is a major consideration before implementing synergy within two individual companies. Superiors must take into consideration issues such as rank structure and seniority. Later on, it will become necessary to establish exactly how the new hierarchy of leadership will be determined. In addition, employees and superiors should observe a grace period in which adjustments and kinks can be worked out of the new system. In any business setting, it needs to be understood that companies, which were once separate, are not just going to fall into sync with each other automatically.

Synergy is a genius concept in business that allows small businesses to piggyback off another as they are merged into singular businesses. This springboard effect serves to create a profit for both companies due largely to the combined effort of two workforces coming together as one. It is important to remember that along with continued financial consulting, time is also necessary to establish a new business rhythm. However, the combined financial gains, increased productivity and overall company morale can prove exponentially beneficial in the end.

Reno’s Best CPA,

Tim Nelson

An Accountant in Reno Explains Synergy In Relation to Businessencpaswp2016-09-22T17:38:04-07:00

A Reno Certified Public Accountant Discusses Divorce and Taxes

[youtube]http://www.youtube.com/watch?v=e1SauCRh6uU&feature=relmfu[/youtube]

Going through a divorce is a very stressful time. You need to figure out child custody, child support, division of property, etc… However, there is one thing that may have not made it on your list of things to remember-taxes.

Marital Status on The Last Day Of The Year Determines Tax Filing Status

Many things come into play as far as taxes are concerned when going through a divorce. The first thing to know is that you are supposed to file based on your status on the last day of the tax year. That means if you get divorced on December 28, you file single for the entire year! Similarly, if you get divorced on January 2, you will need to file jointly (or married filing separately) for the prior year.

Don’t Forget About Alimony

Alimony may be a factor, and is governed by the divorce decree or separation agreement. Note that if you get into a situation where Spouse A owes Spouse B for alimony, and Spouse B owes child support back to Spouse A, do not NET them! The IRS only allows you to take the NET amount as alimony. If you pay the entire amount, and get a separate check back, you can take the FULL amount.

Refund Checks Can Be Tricky

Refund checks (or direct deposits) are always an exciting factor. If you are due a refund with your former spouse, make sure it goes to a neutral party who will give you ONLY the refund you are entitled to. If your former spouse gets you to sign on the back of the check and cashes it into their account, you may never see the refund! Similarly, do not direct deposit it into an account you do not have control of! My recommendation is to have a check sent to the Certified Public Accountant’s office. Then have both spouses come in to sign it. The CPA can then cash the check and remit the appropriate amounts to each spouse.

Get Help!

Even before you get divorced, it is important to get advice to determine the tax issues at hand. For example, what if he gets the primary residence and you get the rental house to live in? The tax bases are likely very different, and you will end up owing tax on a gain of a former rental that he can exclude from his residence since it qualified as a primary residence. There are many other factors to consider in divorce taxation. The IRS publication number 504, Divorced or Separated Individuals, deals with many of these issues, but it is important that you discuss all of these with your Reno Certified Public Accountant before they bite you!

Reno’s Best CPA,

Tim Nelson

A Reno Certified Public Accountant Discusses Divorce and Taxesencpaswp2016-09-22T17:23:20-07:00

IRS Wants Money, a Reno CPA Can Help

[youtube]http://www.youtube.com/watch?v=8rftkxbK5j0[/youtube]

Whether it’s back taxes, money owed following an audit, or taxes due from the current year, owing money to the IRS can have devastating repercussions if left unpaid. The IRS has the right to place levies and liens against your property to insure tax repayment. This could lead to seizure of your home, automobile, or bank account with serious effects on your credit. When the IRS wants money, there are several options available. There are many ways a Reno CPA can help.

Notice of Tax Due

When an individual doesn’t pay the total tax amount due to the IRS by the annual filing date, they will receive a “Notice of Tax Due” letter. Within a few months, the debt will be in collections status and penalty fees will continue to add up. It is important to act quickly when you owe taxes to the IRS. A person who doesn’t agree with the amount stated has the right to ask for an assessment by an IRS manager. Copies of bank statements, receipts, and other finance related records will be needed for the hearing. Many taxpayers choose to hire a CPA to represent them at this point.

Finding a Qualified CPA

Retaining the services of a Certified Public Accountant can be very beneficial when you owe tax money to the IRS. Not all CPAs are qualified to represent taxpayers during the IRS collection process so it’s important to choose the right one. Beware of tax debt relief scams that may end up costing you even more money in the long run. Look for a CPA that specializes in working with the IRS on the taxpayer’s behalf. Read client reviews and look into their previous case history if possible before deciding to hire a professional. The right Reno CPA can offer sound advice and get the best IRS payment deal possible.

What to Expect from a Reno CPA

The first thing a CPA will do is discuss the available options. An “offer in compromise” is usually the best strategy. This allows the taxpayer to make a settlement with the IRS and pay less than the total tax amount. The CPA will help you decide on the best plan of action and will make sure it is executed correctly. He or she may file necessary paperwork with the IRS and will represent you in meetings with IRS agents. The CPA will also assist with appeals, hearings, or audits that may be required to help lower the tax amount you must pay.

The IRS can be brutal when it comes to collecting taxes that are owed. Doing nothing when you owe money to the IRS can lead to wage garnishments, frozen bank accounts, and the loss of your home. There are several options available to pay back the tax money owed to the IRS. A qualified Reno CPA can help you make the best decision and can even reduce the amount you owe. Hiring a Reno CPA also brings peace of mind. It’s easier to be confident when there’s a knowledgeable, experienced professional working for you.

IRS Wants Money, a Reno CPA Can Helpencpaswp2016-09-22T16:53:01-07:00

A Certified Public Accountant in Reno Can Help You See the Big Picture

[youtube]http://www.youtube.com/watch?v=lOiL4NV2xFo[/youtube]

Small business owners have a lot of tax filing requirements that have to be met, from filling out specific forms to keeping thorough records on everything. At times, the whole process can be very frustrating. It is easy to become fixated on one issue as you try to work things out, and it can quickly become problematic if you cannot determine how to make numbers match up or if there are pieces of the puzzle missing. Small business financial consulting with a certified public accountant in Reno is a great way to relieve the stress and make sure everything is filed correctly.

The Technical Help

One of the most important advantages of having a certified public accountant for financial consulting is that they take over the tedious, frustrating work of crunching the numbers and keeping expenses and profits organized. This allows small business owners to focus on more important things, like running their businesses. Whereas keeping up with things like this can be very frustrating for some individuals, CPAs are trained to do it, so it’s second nature to them. As long as they’re provided with the data, they can keep track of it in order to show the important information a business needs for tax preparation and for the day to day practices of running a business.

Expert Advice

Another important service a certified public accountant provides is avoiding audits. While a CPA can’t guarantee you won’t be audited, they can make sure your tax papers are all correct and error-free. This is one aspect of ensuring that you’re not targeted for an audit by the IRS. They also have the unique ability of looking at the entire financial picture rather than simply focusing on just one aspect. This is priceless, because they can use the information they receive to give you advice about the way your business is performing and different moves you can take to improve profits or reduce expenses.

Communication

Finally, with small business financial accounting in Reno, a certified public accountant can help you fully understand the numbers and what they mean. This gives you a unique advantage in business, and it can actually help improve your business. When you communicate with your CPA, you can learn a lot, without having to do the tedious job that your CPA is handling for you.

When it comes to small business finances, it’s more than just saving receipts and adding up profits. Having a CPA can help ensure that your numbers are thoroughly organized and that your business is on the up and up with the IRS.

Reno’s Best CPA,

Tim Nelson

A Certified Public Accountant in Reno Can Help You See the Big Pictureencpaswp2016-09-22T16:31:38-07:00

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