Avoiding Big Tax Surprises

This is a friendly note from Bob Martin, USN veteran with BW James LLP to inform you that if you had a significant change in your finances this year, such as a fluctuation of income or a major purchase, then it is best to make an appointment with you tax professional right now.

If there are changes in your life currently you should definitely review the impact it will have on you taxes to determine if you will owe more or less on your 2013 tax return.  After all, no one likes a big surprise on April 15th.

A higher-than-expected tax liability that you cannot immediately pay isn’t just costly, it can also be stressful.  Avoid those headaches now by visiting one of the tax professionals at BW James during the slow season so we can easily help you to accommodate and plan.  Getting a head start can allow you to begin a savings program or adjusting your payroll withholdings to prepare for the liability.  So avoid those April blues and start off strong today!

For more information about the professionals at BW James visit http://www.bwjames.com

Don’t Let the Delayed Tax Season Stop You from Being Prepared

The IRS recently announced that, for the second year in a row, it will delay the start of tax season. However, the April 15 filing deadline, which is set by statute, remains in place. Last year it was the fiscal cliff negotiations that pushed back the start of the tax filing period. This year, of course, it is the 16-day government shutdown that put the IRS approximately one to two weeks behind in preparing for the 2014 filing season.

According to an IRS news release, the government entity is “exploring options to shorten the expected delay and will announce a final decision on the start of the 2014 filing season in December.”  The original start date of the 2014 filing season was January 21, so with a one- to two-week delay, the IRS will potentially start accepting and processing 2013 individual tax returns no earlier than Jan. 28 and no later than Feb. 4.

Although the IRS is behind schedule, we encourage our clients to start preparing now in order to be prepared for filing as soon as the opening date of tax season arrives. Start organizing your tax documents and don’t hesitate to contact our office if you need tax planning advice or have questions about this tax season.

For more information about the professionals at BW James visit http://www.bwjames.com

How to Save During the Holidays

The leaves are falling, the temperature dropping, and the people are shopping.  The holidays are nigh and Christmas is just around the corner.  Tis the season for giving, but with a little planning you can give and save at the same time.  Courtesy of the professionals at BW James, here are some money-saving Holiday tips.

Budget, Budget, and Budget

Since your holiday budget is likely to be similar to what you’ve spent in the past few years, it’s relatively easy to come up with a budget and have an idea of what you’re going to be spending.  Advanced planning will take away quite a bit of stress come December and if you list out everyone you need to buy for and how much you would like to spend now you’ll save money in the long run.  Waiting until the week or two before Christmas will make you more likely to spend more on a gift just to get it over with.

Bring a Lunch

If you’re in the habit of going out to lunch everyday now is the time to start packing a sandwich.  It may not seem like much at first, but if you take $8 a day and put it back instead of spending it on grub for the next 30 days, you’ll still have over two weeks until Christmas and a cool $240 to cross some names off the gift list.

Be Creative

Do you normally buy for co-workers, neighbors, or other non-relatives?  You can save money by simply being creative.  For the crafty people you can find out things they really enjoy and make a cross-stitch or a painting or something like that.  Or perhaps you can simply find out their favorite dessert and bake it for them.  These type of gifts are easier on the wallet and because they’re thoughtful, go a much longer way than an overpriced generic gift at the department store.

Be Prepared

Make a list of everything you’ll need during the holidays, whether it be plenty of napkins for that Christmas meal, batteries, drinks, etc.  Stock up on everything you’ll need.  This will save you more stress than money, but stocking up on supplies at the grocery store is a lot cheaper than realizing you need something Christmas day and buying it at a convenience store.

Hopefully these few tips will save you some stress and money during the holidays.  For more information about financial planning and the professionals at BW James visit http://www.bwjames.com

The American Institute of CPAs

When you are searching for an accountant it is in your best interest to ensure that you are receiving the highest level of quality possible.  You can put your mind at ease knowing you’re in the best of hands if your CPA is a member of The American Institute of CPAs (AICPA).

The AICPA is the world’s largest member association representing the accounting profession, with nearly 386,000 members in 128 countries.  The AICPA has been serving the public interest for 125 years and their members are comprised of many different areas of practice, including business and industry, public practice, government, and education and consulting.  The Institute sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments.  It also develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology.  Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation.

Barry W James of BW James Certified Public Accountants is a proud member of the AICPA and takes full advantage of the education and assessment tools provided in order to better serve the public.  When you become a client of BW James you are setting yourself up for success.  

BW James LLP regards you and your business with the highest value and you receive direct one-on-one service giving your company the attention that it deserves.  

For more information about the professionals at BW James visit https://bwjames.com