G&S Accountancy

5 Reasons Why Trucking Companies Should Invest in Accounting Services

Trucking companies are the backbone of the transportation industry. Transporting goods across the country and making sure our economy runs smoothly is their critical function. However, managing a trucking company is not easy, and it requires attention to a variety of details, including finances. That’s why trucking companies should invest in trucking company accounting to help them run their businesses more efficiently and effectively.

Time Savings

Accounting is a time-consuming task, and it takes up a lot of valuable time that could be better spent on growing the business. By outsourcing freight accounting services, trucking companies can free up time for their employees to focus on more critical tasks, such as managing the fleet, building relationships with clients, and finding new business opportunities.

Expertise

An experienced accountant has the knowledge and skills necessary to handle complex financial tasks and make sound financial decisions. They have a deep understanding of the industry and can help trucking companies navigate the financial landscape with confidence.

Improved Record Keeping

Accurate and up-to-date record keeping is essential for trucking companies, and accounting services can help ensure all financial records are kept in good order. This not only helps with compliance but also ensures the company can access the information it needs quickly and easily.

Financial Planning

Planning is crucial for the success of any business, and accounting services can help trucking companies develop and implement a financial plan. This includes budgeting, forecasting, and strategic planning, all of which are essential for growth and success.

Peace of Mind

Outsourcing accounting services can provide peace of mind for trucking company owners, knowing their financials are in good hands. This allows them to focus on other aspects of their business and not worry about financial mistakes or missed deadlines.

As you can see, investing in accounting services is a wise decision for trucking companies. By outsourcing these tasks, companies can save time, access expertise, improve record-keeping, plan for the future, and have peace of mind. It’s essential to find an accounting firm that understands the trucking industry and has the experience necessary to provide the services that trucking companies need.

About G&S Accountancy Inc.:

G&S Accountancy Inc. provides high-quality accounting services. The organization is one of the finest at producing great outcomes. They have received great feedback from different clients they work with. Get in touch with G&S Accountancy Inc. to find tax preparer Rancho Cucamonga.

To know more, visit https://www.gns-cpas.com/

Original Source: https://bityl.co/I0gY

Why Are Small Business Bookkeeping Services Crucial?

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

IRS $80 Billion Funding: What Does It Mean For You

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/HVZb

Increase Your Tax Refund

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

IRS $80 Billion Funding: What Does It Mean For You

How will IRS Use the $80 Billion Funding

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

Final Thoughts

Why Does Your Small Business Need CPA Services?

Running a small business is not an easy task as it requires a lot of precision and management skills to keep a track of everything. Small businesses need to register everything in books from their daily operations to customer reviews and customer services for better sales results. This all can take a lot of time and a small mistake can reflect hugely in accounts. Therefore, small businesses rely on CPA services for small business to manage their financial accounts better. But before you look for a good CPA company for your small business you must know why you need their services. Here are some reasons to avail of professional CPA services.

It can save time

The small business owner has to perform many tasks and services every day and it can take up all their productive time. Performing everyday business activities and maintaining every single detail simultaneously can be overwhelming for any small business owner. Therefore, CPA services can help you in saving a lot of time by proficiently handling all the finance-related tasks. The professionals can help you with their quick and reliable services as they are experts in what they do.

It can save money

You will pay a said amount to the local CPA for small business but in a long run you can have immense savings. Small business accountants are the experts who can provide you the quality services by identifying the opportunity to save. Moreover, they can also point out where the money is not spent efficiently. The professionals can provide you the cost-effective methods for inventory management, payrolls, and more such tasks to save more in the long run.

It can provide tax advice

One of the trickiest parts of any business is handling the tax. Professional CPA services from a good firm can help you in managing your taxes effectively. They can help you with tax laws and will never let you miss out on any of them. With the help of professional CPA services, you can save your business from unexpected penalties and any trouble related to taxes. In short, they can handle your taxes and take care of the legal formalities on your behalf to ensure maximum tax benefits.

About G&S Accountancy Inc.:

G&S Accountancy Inc. is a well-known name for helping small businesses and not for profit organizations to achieve their goals. They provide professional services like small business bookkeeping services tailored to the needs of their clients.

Visit https://www.gns-cpas.com/ to know more about the services offered by G&S Accountancy Inc.

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

4 Benefits of Hiring a Professional Accounting Firm for Business Finances

The complex legal procedures of any industry can be confusing and tiring and would require expert guidance. Different industries comprise different legal procedures that can only be solved with the help of professionals. Therefore, companies hire professional accountants to handle their legal procedures. It doesn’t t matter whether you are looking for tax problem resolution or IRS problem resolution. A professional accounting firm can handle all your accounting or legal problems. Here are some benefits why people hire professional accounting firms for legal and accounting problems.

One- They Provide Trusted Advisory Services

Professional accounting and legal advisory services can help you handle any problem of your firm. They can provide professional advisory services to take important business decisions regarding business finance. Moreover, they can also provide you with tax benefits you might not know about before. Many transport business owners are unaware of the tax laws and the tax benefits and can get professional guidance in all the finance-related issues for the desired results.

Two – Get Help from Experienced Professionals

Prominent accounting firms have expert professionals with a wealth of experience to help you with any kind of financial problem. They can take care of the finances and taxes while you focus on other important business activities. No matter your accounting needs, a certified accounting firm can help you in every way. They can provide expert advice and professional services, including freight accounting Therefore, people believe in professional accounting firms for the best accounting and tax problems.

Three- Simplify the Legal Complexities

An ordinary transport business firm can face many challenges while understanding business taxes and other business complexities. Professional accounting firms can help in solving business legalities quickly. They have years of experience and professional expertise in handling legal complexities; therefore, professional accounting firms are trusted to solve any complex legal problem. In short, they can simplify complex legal procedures for various industries.

Four- Help in Managing the Legal Finances

Professional accountancy firms can help you in dealing with your finances efficiently. They can provide you with various professional services for the smooth functioning of your business. If you are struggling with your business financing and find the transportation taxes complex to understand, then take help from a professional accounting firm now.

About G&S Accountancy Inc.:

G&S Accountancy Inc. is a prominent name for its excellent accounting services. It offers accounting services to various small businesses and non-profit organizations. It is the perfect place for professional financial services such as IRS problem resolution. It is the most preferred accountancy firm providing expert and professional services.

Visit https://www.gns-cpas.com/ to learn more about its services.

Original Source : https://bityl.co/G92g

How Can You Benefit from The Services Of G&S Accountancy Inc.?

The effective monitoring and management of a company’s financial records are essential to the success of any enterprise. Financial tracking is especially important for companies involved in the logistics and trucking sectors. In the logistics industry, every dollar spent needs to be accounted for and explained in some way. For effective tracking, it is important to not consider this undertaking as something you can DIY. If you hire trucking accounting services such as G&S Accountancy Inc., you can get assistance with the management of the process from the very beginning.

G&S Accountancy Inc. is aware of and sensitive to the needs of trucking company accounting. This is why organizations of all sizes have come to rely on G&S Accountancy Inc. for competent advice and support with all their financial and accounting needs. Fuel prices, upkeep costs, safety problems, increasing accountability, and other issues are all problems that logistics and freight companies encounter. G&S Accountancy Inc. is dedicated to assisting small transportation and trucking businesses with innovative solutions to help them stay competitive and reach their financial objectives.

How can you benefit as a small business owner or a non-profit office manager?

G&S Accountancy Inc. has helped a lot of small businesses and non-profit offices in finding their fullest potential. A professional account and financial management company like G&S Accountancy Inc. can help you in the following ways:

Provides experts with experience in the trucking sector

G&S Accountancy Inc. is a well-known company in the trucking industry for its expert solutions to the financing and accounting problems that plague the industry. Professional accounting service companies are relied on by trucking firms because their knowledgeable and skilled staff encourages the firms to increase their profits. Since an accounting firm’s staff will typically include experts with backgrounds in manufacturing and third-party logistics, they will be well-equipped to handle the financial and accounting needs of trucking firms.

Manage legal and contractual obligations

Every firm in the transportation industry is required to commit a significant percentage of its expenditures to the ongoing monitoring of its legal duties. When it comes to ensuring that your company is in full compliance with the law, operating a registered business may bring several obstacles. Maintaining compliance with online business contracts, permits, and other legal requirements that are related to the transportation sector may be made easier with the aid of a freight accounting service that specializes in providing legal and financial services.

To know more about the services offered by G&S Accountancy Inc., visit https://www.gns-cpas.com/

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

G&S Accountancy Inc.: A Reliable Provider Of Transportation Accountancy Services

The importance of freight accounting services cannot be overstated across any sector of the economy. Accounting in its broadest sense can be defined as the practice of keeping track of financial activities by a predetermined set of rules and regulations.Keeping meticulous financial records can be incredibly useful in the logistics industry for categorizing and explaining all the money spent on anything from fuel to maintenance. A company like G&S Accountancy Inc. can help you oversee the whole process from the beginning.

G&S Accountancy Inc. is a financial service company that assists non-profit organizations and small businesses in achieving a healthy balance in their business operations. G&S Accountancy Inc. services a wide range of industries, including the trucking and transportation sectors.

Bookkeeping for mass transit systems at the local level should be rationally acknowledged and presented correctly. You should implement a variety of accounting services for your company, including audits, bookkeeping, payroll, investment, tax problem resolution, tax returns, and more.

Advantages of accounting services for transportation:

Track transactions

A trustworthy and well-established provider of transportation accounting services like G&S Accountancy Inc.can assist you with keeping tabs on the organization’s every transaction. They can record and examine all of the metrics that are associated with the operations and the logistics of the business. All of this is possible in a setting that is protected and in a way that is uncomplicated.

Fulfilling legal obligations

Every transportation company must devote a significant portion of its resources to the continuous monitoring of its legal responsibilities. When it comes to complying with legal requirements, running a registered business can present several challenges. A company that provides legal and financial services can be of assistance in maintaining compliance with B2B contracts, licenses, and other legal obligations that are associated with the transportation industry.

Financial decision making

In the absence of accurate bookkeeping and accounting, it can be challenging to make important financial decisions. If a company can handle legal obligations and supervise transactions, the company is in a better position than any other department in your firm to analyze and interpret financial transactions. G&S Accountancy Inc. can assist you in making decisions regarding significant matters such as the purchase of inventory and the hiring of workforce personnel.If you are looking for IRS problem resolution, G&S Accountancy Inc. is probably the best solution provider in the region.

To know more about accountancy services for small businesses from G&S Accountancy Inc., visit https://www.gns-cpas.com/

Original Source: https://bityl.co/Ez5U