professional accountant

How Much Does A Reno CPA Charge For Tax Preparation?

One of the first things people want to know about Reno CPAs is how much does their service cost. Unlike other professional services, there is no set amount. It varies on how organized and prepared you are, the complexity of the return, and the overall time it is going to take to prepare your taxes. It is important to remember that you are hiring an expert who can save you a lot of time, questions, frustration and money. This should be factored into your decision to hire a Reno accountant or CPA, because your savings will likely be larger than the initial cost.

How Much Does A Reno CPA Charge For Tax Preparation?encpaswp2022-11-29T14:18:00-07:00

A Reno CPA Is A Translator

When you think Certified Public Accountant, what comes to mind? Numbers? Taxes? Financial advising? How about translator? As a Reno CPA, I am often asked what exactly a CPA does. After thinking about it, I have come to the conclusion that we are translators.

We take a language that is foreign to you, but that we, CPAs, are fluent in and explain it to our clients in plain English. That’s right; we look at all the numbers, tax codes, and statements. Break down exactly what they are saying, and then explain it to you in an easy to understand way. I call this financial translation.

How can you, as an individual or a business owner, make financial decisions if you do not fully understand your current financial situation? The answer is you can’t. You need to consult a Reno CPA who can help you truly understand your financial situation and make an educated decision.

Taxes and the IRS are two categories that without proper translation can break your bank account. When it comes time to file your taxes, it is important that you understand all the aspects of them. You need to be able to understand what the tax form is asking for, and how to get the most advantages.

In addition, when dealing with the IRS it can and will seem like they are talking to you in another language. They may ask for certain forms, or information and you will not understand them. Sometimes this is just miscommunication. Other times, it is the IRS’s way of trying to take advantage of your lack of understanding.

In both of these situations, you will benefit from working with a Reno CPA. We will help you understand the tax forms and the IRS, and make sure you take the appropriate steps. Why would you want to miss something or be taken advantage of?

A Reno CPA can also help translate your goals and ideas into functional plans and projections. Furthermore, we can also help you express your ideas to business partners and/or employees. A Reno CPA will help you understand and express your financial situation.

Reno’s Best CPA,

Tim Nelson

A Reno CPA Is A Translatorencpaswp2022-11-29T14:18:14-07:00

Certified Public Accountant Tells You How To Write Off The Holidays

We are in between holidays and now is the time to hold those infamous office Christmas parties. If you are like most business owners, these can be fun, but can add a lot of stress to an already busy time of the year. You are focused on wrapping the year up financially and planning for next year. However, these parties might provide an opportunity to get some year-end write-offs. As a certified public accountant in Reno, it is my job to tell you about as many tax deductions as I can.

The first qualification for a tax deductible holiday party is that it must be for your employees. One of the big qualifiers for it is who attends. If the party is just for employees and their families along with the owners, then it will probably be considered a fully deductible event. If this is what a party can be, then what can it not be? It cannot be a party for your customers or for yourself. You can invite non-employees, but then the deduction gets complicated. It may be only partially deductible.

As a certified public accountant, I want to give you some tips that will help you if you are audited. Another thing to think about is the location of the party. You can have it anywhere, but a location other than your home is the best choice. Having it at an office or other venue will make it less controversial should you be audited in the future.

The most important part is making sure to keep the proper documentation. You need to keep all the receipts from the party. It is also a good idea to keep a list of the attendees and their relationships and take some photos at the party. You should keep this documentation for at least three years.

I just wanted to give business owners a different way to look at the holidays. If you want to have a deductible holiday party, than you should talk to a certified public account in Reno.

Reno’s Best CPA,

Tim Nelson

Certified Public Accountant Tells You How To Write Off The Holidaysencpaswp2022-11-29T14:19:20-07:00

An Accountant In Reno Talks About Coupons

Since one of your New Year’s Resolutions might be about finances, I thought now was an appropriate time to talk about coupons. As an accountant in Reno, I think it is important to manage your finances each year. One of the best ways to save money and allow for more saving is to shop smarter. The easiest trick to shopping smarter is using coupons.

How and Why

Every Sunday the Reno Gazette-Journal is stuffed full of advertisements. Along with these advertisements are those valuable coupons that many people seem to be overlooking. Today’s society is all about speed and therefore, taking the time to look through coupons and change your shopping habits to match the stores with the cheapest products seems too time consuming. However, the time it takes to get the coupons together could save you 20 to 50 percent on your shopping bill.

They Make You Plan

Besides for the obvious financial benefits from using coupons, is the fact that is makes you plan. As an accountant in Reno, I always encourage people to learn to plan. If you can plan, then you will be able to take the necessary actions to get your finances in order. Sometimes you will come across coupons for things that need to be bought in bulk or some that require you to buy two or three of something. If a coupon has a stipulation then you need to plan that into your shopping list.

Don’t Get Caught

Although coupons can save you a lot of money and teach you to plan, you need to be careful. You mistake that some people make, is that they spend too much. Just because you are saving a lot on two items, does not mean you can buy more. If you truly want to save, you still need to exercise self-discipline when you get into the store. Stick to your list, use your coupons and then put the savings into your savings account.

If one of your New Year’s resolutions is to get your finances in order, then it is a good idea to contact an accountant in Reno today. They will be able to help you evaluate your current financial situation and to make plans for 2011.

Reno’s Best CPA,

Tim Nelson

An Accountant In Reno Talks About Couponsencpaswp2016-09-22T21:56:01-07:00

A Certified Public Accountant in Reno Reminds Business Owners to Seek Help

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As a small business owner you may find yourself overwhelmed and distracted with tasks that are necessary to run your business, but may not be your specialty. I thought I would take some time to talk about the help that a CPA can provide. At some point in time, it becomes necessary for most business owners to call in a certified public accountant to provide small business financial consulting. However, when should this be done? There are certain things or red flags that should prompt such action. These include spending too much time on the accounting side of the business, making mistakes that will lead to an audit, declining assets, draining resources, stagnating revenue and missing productivity.

Failing to Focus on Your Passion

Small business financial consulting services in Reno need to be sought whenever the time spent on the accounting side of the business is greater than the time spent on the business. Chances are that the passion of the owner is really the specialty of the business. For example, a landscaping business probably loves being outside and the creative side of the business. Spending more time hunched over a computer spreadsheet is a sure sign that a certified public accountant in Reno is needed.

The Dreaded Audit

It is a well-known fact that the IRS targets small businesses. If that isn’t enough to get audited, perhaps filing late or other things that the IRS looks for will warrant that dreaded letter from the IRS. Since an audit strikes fear in the heart of every small business owner, this is sure to elicit a call to a certified public accountant in Reno. However, it is a good idea to make the call whenever you realize that the books are a mess and forms are being filed late.

Declining Assets

Another problem that may cause an owner to seek small business financial consulting is what to do with declining assets. Tangible assets like furniture and vehicles can cost a business a small fortune. Plus, there are also intangible assets that may decline such as franchise rights or leases. These can become a complicated issue that can drain a company of valuable resources. Most owners may be aware that these can be tax write-offs, but how to calculate them is another matter.

Stagnant Revenues

No business can stay in business if it is not making money. However, the owner may be scratching his or her head trying to figure out where the problem is. The products or services are excellent and in demand. The advertising seems to be adequate. There just doesn’t seem to be a reason for the lack of success. That’s why many small businesses need to seek the help of a certified public accountant in Reno. They may be able to supply the answers that can really turn the business around.

Lack of Employee Productivity

Every small business owner knows that payroll can be one of the largest expenses facing their business. However, that doesn’t have to be the case. It shouldn’t drain the business of all of its valuable resources. That’s especially true if the work can be done more efficiently or could potentially be outsourced. If it can then a certified public accountant may be able to help guide some of these decisions or find how to make the work more efficient.

So if you are small business owner, you may want to ask these questions. Is the passion being drowned by the drudgery of accounting? Are mistakes being made that can lead to an audit? Are declining assets draining resources? Are revenues stagnant? Do employees seem to lack productivity? If the answer is yes to any of these, consider consulting a certified public accountant in Reno for financial advice.

Reno’s Best CPA,

Tim Nelson

A Certified Public Accountant in Reno Reminds Business Owners to Seek Helpencpaswp2016-09-22T21:01:13-07:00

A CPA in Reno Reminds Business Owners to Seek Help (Part 2)

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In part one of this series (A Certified Public Accountant in Reno Reminds Business Owners to Seek Help), the signals that should drive small business owners to seek financial advice from a CPA in Reno were discussed. These include spending too much time on the accounting side of the business, making mistakes that will lead to an audit, declining assets draining resources, stagnating revenue and missing productivity. However, don’t despair because a certified public accountant can usually resolve each of these situations easily.

Shifting Focus

The first thing a CPA in Reno can do for business owners is help them put the emphasis back on their passions. It is frequently said that if you want to be successful, do what you love. The problem is that most owners don’t love doing payroll, accounting, or tax preparations. The certified public accountant can take care of all of that. For someone like a landscaper, this allows the owner to put their focus back on their business.

The Dreaded Audit

As long as a certified public accountant is consulted before the IRS targets the business for an audit, the CPA can often avoid them completely. That is because they can avoid those red flags like little or no sales with high expenses. Something like that will catch the attention of the IRS every time. A CPA in Reno can also help avoid late filings and all of the late fees associated with them. Plus, if an audit is called, the accountant will be invaluable during the process.

Declining Assets

Business owners also need the financial advice of a CPA for things like declining assets. These often drain the resources of a company, but that doesn’t need to be the case. Certified public accountants can carefully analyze all of the assets. By doing so they can track each asset and how much it declines. They can then plug this info into a formula and take the depreciation off as a tax-deductible expense over the lifetime of the assets. This can be a substantial savings.

Stagnant Revenues

Stagnant revenues can also be an area that a CPA in Reno can provide valuable advice. Accountants can help the owner create a system so that revenues and expenses can be tracked. Using this system and analysis gleaned from tax returns, they can identify trends and create reports that the owners can use to guide future decisions. They are also able to help the owner understand the reports so that the most can be made from the information.

Lack of Employee Productivity

While employee productivity may not seem like an area where a certified public account can provide financial advice, they can. Think of the reports that are generated through payroll and the tale those reports can tell. Tax returns and payroll can yield a wealth of information including comparing hours worked with the amount of sales. In addition, an accountant might be able to suggest jobs that could be outsourced.

So if any of these situations apply to your small business, do not worry. A CPA’s services can help free up your time so that you are able to return to your passion. He or she can also help prevent an audit or provide expert backup in the event of an audit. The accountant can also carefully analyze reports on assets, revenue, and productivity to provide the business owner with a complete picture of the business. Plus, the accountant in Reno is there to help the owner understand just how those reports can guide the business.

Reno’s Best CPA,

Tim Nelson

A CPA in Reno Reminds Business Owners to Seek Help (Part 2)encpaswp2016-09-22T20:55:55-07:00

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

What Are the Different Kinds of Reno Tax Preparers, and What Do They Specialize In?

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Every year in April, everyone begins scrambling to complete and file his or her taxes. Although many people prepare their own taxes, a business owner or someone with significant assets and investments needs to use a professional’s services. There are many kinds of Reno tax preparation services and Reno tax planning professionals. Some of these are Enrolled Agents, CPA’s, and attorneys. What is the difference between a tax preparation service and an Enrolled Agent?

Tax Preparations Services

Most people are familiar with Reno tax preparation services, such as H&R Block and Jackson Hewitt. These services will prepare and file your yearly return for a fee, and often offer refund advance loans. Many smaller such services exist all over the country. Usually they are staffed with certified professionals such as accountants, although some may hire experienced nonprofessionals or accounting students. Be careful using an uncertified tax preparer, because they may not know the tax code well and miss deductions.

CPA’s

Individuals can be certified as tax preparers in many ways, but the CPA is the most common. A Certified Public Accountant has to attend secondary school and receive a degree in accounting. They are licensed by their state, and take yearly continuing education classes for re-certification. Accountants do not just prepare taxes; they also give financial, business and tax planning advice. Some CPAs work for tax preparation services full- or part-time. It is recommended that large businesses keep a CPA on retainer. Any Reno CPA should display their most recent credentials or offer them openly.

Tax Attorneys

Attorneys can choose to specialize in a certain area of the law, just like doctors. Some choose tax law, which can be a very lucrative specialty. Tax attorneys are there to assist their clients in tax disputes, to set up tax shelters, draw up paperwork for corporate tax measures, and more. They are not specialists in filing actual returns. A tax attorney is good to have on retainer for a larger corporation, as they know the tax code well and can advise how to invest and what deductions might be best for the business. Check with the local Bar Association to find out if the attorney you are considering is well qualified.

Enrolled Agents

A Reno Enrolled Agent (EA) is different from a CPA in the scope and training of their job. EA’s are certified by the IRS to represent taxpayers. They do not have a set training course, but do have to pass a certification exam and get continuing education. An EA is a tax specialist who advises taxpayers in audits, investigations, and can prepare taxes. They have client privacy obligations, unlike other most tax preparers. An authorized agent is also the only taxpayer representative designated by the federal government. There are only about 49,000 EA’s in the US, and they should display their credentials prominently.

Different Areas of Expertise

CPA’s are financial jacks-of-all-trade. Their certification exam has 1000 questions, only about a quarter of which deal directly with taxes. Most Reno accountants focus more on actual accounting practices and only actively work on taxes during tax season. Their advice and guidance is very important for running a business efficiently. An Enrolled Agent, however, specializes only in taxes. Their exam covers every part of the tax code and does not include accounting and business principles. They have passed a very strict exam to become an EA in the first place, plus yearly Continuing Education classes and tests.

Practical Application

A company should have a CPA on retainer all year, to give advice on business matters as well as taxation. Their services are invaluable for running a business efficiently and profitably. While an Enrolled Agent will charge slightly less than a CPA, their services are more limited. If you or your business have specific tax problems, it might be best to call an enrolled agent instead of a CPA. They are bound by EA-Client privacy privileges, and are extremely experienced in tax matters, especially audits. A tax attorney should be retained by corporations or people with a high net worth to take proactive measures to shelter their income.

Reno tax preparation services can and do employ all types of tax professionals. When it is time to choose your tax-planning professional, determine the extent of your needs first. If you are an individual with a straightforward return, a tax service or CPA will work fine. If you fear an audit or need special representation to the IRS, employ and enrolled agent. For legal tax matters, hire a tax attorney. Each of these financial advisors can do their job within the scope of their specialization, but are not necessarily interchangeable.

Reno’s Best CPA,

Tim Nelson

What Are the Different Kinds of Reno Tax Preparers, and What Do They Specialize In?encpaswp2016-09-22T17:54:41-07:00

A Reno Certified Public Accountant Discusses Divorce and Taxes

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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

Reno Tax Preparation Requires Cooperation Between CPA And Client

[youtube]http://www.youtube.com/watch?v=g2thwedROxQ[/youtube]

A Reno CPA or certified public accountant is a huge help to individuals and businesses when it comes time for filing taxes. However, in order for the CPA and client relationship to be successful, communication is imperative. By understanding how communication works best between a CPA and his or her client, you can make sure your relationship with your CPA is solid. In addition, this helps to ensure that filing taxes, keeping records, and all other processes are easier and more accurate.

Don’t Be Afraid to Ask Questions

One of the best methods of communication is asking questions. As a client, if you are unsure of a specific process or you do not know why certain results are the way they are you can ask your CPA to explain it to you. Things like tax preparation, expense records, and loss charts can be very confusing for someone who doesn’t work with those numbers every day. A great accountant will take the time to explain what he or she is doing and why things have to be completed a certain way. Just because you’re not doing the tax preparation or other processes yourself, doesn’t mean you shouldn’t be able to understand what’s happening.

Reports and Information

If there’s something a CPA knows about, it’s keeping records. A great certified public accountant will record everything and provide reports and information to you regarding the processes he or she is going through in order to file your taxes or keep up with your business records. This will allow you to examine the processes yourself, and keep your own records for those processes. It’s also very important for you to keep records and provide your CPA with information as well. Keeping receipts and transaction logs of expenses will allow your CPA to prepare your taxes in the most accurate way. This ensures that your taxes are paid correctly and that you’re on an even ground with the IRS.

Why a CPA is the Best Choice

In addition to learning how to prepare taxes to begin with, a CPA will spend hours each year learning new information about laws that have changed, new stipulations for tax preparation and so much more. Most individuals don’t have the time to spend themselves learning these things, and trusting a professional is the best choice. A qualified CPA understands tax laws easily and in-depth, so they can make sure your taxes are filed correctly and accurately. In the same way that you’d hire an expert cake decorator to make sure your wedding cake is perfect, hiring a CPA ensures that your taxes are filed perfectly.

Overall, by having a great relationship with your Reno CPA, you can be sure that your tax preparation is done accurately and that nothing has been missed. It’s important to trust your accountant and communication is the best way to build that trust.

Reno Tax Preparation Requires Cooperation Between CPA And Clientencpaswp2016-09-22T16:29:02-07:00

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