While it’s undeniable that Tax Day is one of the most important days of the year for accounting firms, virtual chief financial officers in Weslaco can offer business owners help long after it’s over. If you are wondering how certified public accountants can come in handy after Tax Day, the team at Gonzalez and Arrambide is here to shed light on the topic.
Continue to read and learn all the ways virtual chief financial officers in the Rio Grande Valley can be utilized by businesses all year long!
A Litany of Financial Resources
One of the most beneficial qualities of virtual chief financial officers in Weslaco is that they have a variety of skills and knowledge that can be applied to a broad range of situations:
- Financial Advising – One of a CPA’s best talents is their ability to expertly analyze cost efficiency, helping to maximize profits and minimize costs in the process. Many CPAs specialize in certain niches including strategic planning, market forecasting, forensic accounting, and other areas.
- General Consultation – Certified public accountants can also be hired by companies for comprehensive accounting and consultation purposes. CPAs are able to assist with bookkeeping and payroll duties, address issues with quarterly findings, and make tax season much less stressful for the company.
File Extensions and Prioritize Internal Operations
While Tax Day is a certified public accountant’s biggest day of the year, the work hardly ends there. Not only do some firms need more time to file for the current year, but they may also have a variety of year-round reports that need to be completed.
Virtual chief financial officers can support your organization with:
- Extensions After April 15th – Many companies need to file for extensions for various reasons, which means tax season goes past April. In addition to handling the added stress of an extension, virtual chief financial officers in Weslaco can help employers avoid the need to file extensions in the future.
- Addressing Audits and Other Reports – In the tax “off-season,” there are still many functions a Weslaco CPA can serve. These include filing missed returns for previous years, preparing financial statements, and even dealing with audits by the IRS.
Continuous Education
In all industries, it’s important to learn and adapt to changes in the financial world, and the same is true for accounting firms both public and private. Weslaco CPAs have a lot to offer when it comes to furthering the education of individual companies. For example, certified public accountants can:
- Provide Quickbooks training
- Teach classes in Microsoft Office
- Give seminars on tax preparation, forecasting, and other topics
A lot more goes on day-to-day in an accounting firm than just preparing for April 15th, and the decision to have a vCFO on staff can have incredible benefits.
It’s Wise to Hire a Virtual Chief Financial Officer in the Rio Grande Valley
While tax day is one of the main focuses of all accounting firms, there’s no doubt that the help of certified public accountants can be beneficial year-round. Gonzalez and Arrambide boast a team of highly-trained Weslaco CPAs and virtual chief financial officers in Weslaco.
If you are in need of post-tax season help, look no further than the certified public accountants at Gonzalez and Arrambide in the Rio Grande Valley!
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Tax Day is nearly here, so it’s absolutely important to understand your current financial situation. But perhaps even more important is knowing when the help of a certified public accountant can relieve financial burdens and possibly save you money in the long run.
The Rio Grande Valley accountants at Gonzalez & Arrambide want to help you understand why you should seek the help of a tax professional with this helpful guide!
More Complex Situations Call For a More In-Depth Review
Though not always the case, a general rule of thumb is that the more complicated your financial situation, the more likely a tax professional’s guidance will benefit you.
There are quite a few situations in which you’d be better off seeking the support of a Weslaco CPA:
- Self-Employment – If you own a business or work freelance, then there’s no employer to withhold taxes from your “paycheck.” It’s easy to get confused by tax details when you’ve got a business to run or contracts to complete, so working with a professional is best. Owning rental properties often falls under this umbrella as well.
- International Income, Investments, or Bank Accounts – With increased requirements and much stiffer penalties, foreign financial assets and investments can be a nightmare come tax season. Let a professional take over in these situations.
- Major Life Change – Big events in our lives affect every aspect of them, including our financials. Marriage, divorce, having a child, and buying or selling a home are just some major life events that could alter your filing status.
Mistakes Happen, As Do Audits
Mistakes can happen at any time, including when doing your taxes. If you aren’t a professional or well-informed, trying to do your own taxes can be overwhelming.
Sometimes an innocent filing mistake can lead to serious consequences, like an audit, which is when you will definitely need the support of a certified public accountant.
Regardless if you recognized your own error after filing, or the IRS did, it can’t hurt to have an expert on your side when things seem their most difficult. A tax professional may even be able to catch a mistake made by the IRS, saving you time and money.
Keep More Money in Your Pocket
You might ask yourself, “How will spending additional money on a tax professional save money?” While it may seem contradictory, the advice of a tax pro can be an incredible financial boone to your situation.
Certified public accountants, such as those at Gonzalez & Arrambide, act as a microscope for your financial circumstances and analyze every aspect. This way, they can optimize the way you run your business, make investments, or perform other complex financial activities.
At the end of the year, you may be surprised to see that you’ve been over-paying and are now saving money thanks to the help of a professional!
Reach Out to the Top Rio Grande Valley Accountants Today
As you can see, there are a number of factors that can complicate your financial circumstances. That’s why the Weslaco CPAs at Gonzalez & Arrambide are here to lessen your financial burden, save you money, and strategize in time for tax season this year!
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By admin
15 Mar, 2022
taxes
Best Tax Advice, Business Taxes in Texas, Common Mistakes, CPA, Gonzalez & Arrambide, IRA Contributions, Rio Grande Valley, Strategic Planning, vCFO, Weslaco Accountants
As we get closer to Tax Day, the more important it is to make sure you’re prepared to file everything correctly. It’s common to have questions around this time of year, so we’ve organized some additional notes on being ready for tax time.
Your Rio Grande Valley CPAs at Gonzalez and Arrambide want to ensure you feel ready when Tax Day finally comes.
Make a Decision on Filing Yourself or With a Tax Preparer
Depending on your financial situation, you will want to decide between filing your taxes on your own or with a professional. There are a few factors at play when you determine the best course of action:
- Do-It-Yourself Tax Filing – If you work a job that provides you with a W-2, don’t have any dependents, aren’t a homeowner, or your situation is overall uncomplicated, it is probably simpler and less expensive to file using a tax software.
- Get the Help of a Professional – Say you own a business and need to file personal and business tax returns or you’re married, working two to three jobs, with several dependents. It may be less of a headache to seek out a CPA for their skilled help.
Whatever your tax situation, the accountants in Weslaco at Gonzalez & Arrambide offer a FREE consultation. They can help you decide what’s best for you!
Check and Adjust Your W-4 Withholding
For people who work a straightforward W-2 career, every January your employer will request a completed W-4 form. This document will determine how much is withheld from your paycheck, based on:
- Overall Tax Situation
- Household Status
- Number of Dependents Claimed
- Other Adjustments Like Additional Deductions or Income
You can see yourself if you’re withholding too much or too little by comparing two fiscal years’ returns. If the financial situation was overall the same, a large refund could mean withholding too much. However, if you owe the IRS money, not enough money may have been withheld.
Decide if Filing an Extension Is Right for You
“What happens if unexpected problems arise this month?”
If you want to err on the side of caution, think about filing an extension, which, if approved, would give you until October 2022 to complete the tax filing process. Keep in mind that while filing the extension costs nothing, you could incur additional interest on what you owe.
Even if you’re fairly certain everything will go smoothly, an extension can never hurt as it allows for extra time to make sure everything is correct. To actually file the extension, you or your tax preparer will need to fill out IRS Form 4868.
Get the Best Tax Advice from the Rio Grande Valley CPAs at Gonzalez & Arrambide
Regardless of your financial situation, it can be helpful and reassuring to seek the support of tax professionals. That’s why the Weslaco certified public accountants at Gonzalez & Arrambide offer a FREE consultation. We want to make sure you’re both knowledgeable about and ready for tax season!
Don’t stress over questions anymore! Contact the accountants in Weslaco at Gonzalez & Arrambide for a FREE consultation now!
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Though the deadline to file your taxes is April 18, 2022, it’s never a bad idea to prepare yourself early. The Weslaco accountants at Gonzalez & Arrambide are here to help! It’s our goal to guide you along the way and answer any tax questions you may have.
That’s why we’ve created a set of tips that will help you have a smooth and straightforward tax season.
Be Aware of Your Filing Status
When you go to file your taxes this year, it’s important to provide the IRS with the correct filing status, of which there are five:
- Single
- Head of Household
- Married Filing Separately
- Married Filing Jointly
- Qualifying Widow/Widower With Child as Dependent
Each filing status has different requirements, and you may be eligible for certain deductions and/or credits. For example, someone who is filing as “Single” and “Without Dependents” will not be offered the same opportunities as someone with dependents.
The IRS’s website as well as certified public accountants like our Weslaco CPAs can help citizens determine their status if they are unsure how to file.
Get Your Tax Documents Together
Upon knowing your proper filing status, the next step is to organize all the necessary papers to file your return, some of the usual ones being:
- W-2 Forms – This document shows the income you received from your employer, and they will generally have this ready for you by the end of January.
- 1099 Forms – Those who are self-employed are given individual 1099 forms from clients detailing how much they paid you.
- 1099-DIV – This form reports any income related to investments such as stocks, bonds, etc.
- Copy of the Previous Year’s Tax Return – This should remind you of any information necessary to file your 2021 tax return.
- Form 1098 – This document pertains to homeowners and relates to any mortgage interest paid.
- Form 1098-E – If you are or were a student, this form details the amount of student loan interest paid during the year.
While this is far from a full list, the Weslaco certified public accountants at Gonzalez & Arrambide are here to help you understand exactly which forms are important to you!
Ensure You Update Your Name and Address
If you’re in a different living situation or you’ve changed your name for whatever reason, it’s important to make sure this information is updated with the IRS and Social Security Administration.
- Legal Name-Change – Reach out to your local Social Security office and provide proof of identity such as a government-issued identification.
- Change of Address – Either mail a change-of-address form to the IRS, call them and update the information, or provide the new address on your latest return.
Though this may seem like obvious advice, something so simple can cause complex problems if not properly addressed beforehand.
Maximize Your IRA Contributions
An IRA, or individual retirement account, is a wise investment for adults of all ages and even wiser to contribute as much as possible before the deadline. If you are younger than 50, you may contribute a total of $6000 while those 50 and older may contribute a total of $7000 in the 2021 tax year.
Keep in mind that the deadline to make more payments into your IRA is April 15, 2022.
Best Tax Advice in the Rio Grande Valley
While filing taxes can be intimidating and sometimes confusing, the Weslaco accountants at Gonzalez & Arrambide are here to lessen those burdens. If you have any more questions, we are more than happy to talk you through the answers until you understand taxes as well as we do!
Reach out to the knowledgeable certified public accountants at Gonzalez & Arrambide with your questions today!
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A vCFO, or Virtual Chief Financial Officer, performs the same duties as a full-time CFO. However, they do their work on a contractual, remote, and/or part-time basis. So, you may be asking yourself, “Why should I hire a vCFO instead of a standard, on-site Chief Financial Officer?”
The experts in tax procedure and bookkeeping at Gonzalez & Arrambide in Weslaco are vCFOs who want to help you understand exactly why you should obtain the services of one.
Fortify Your Financial Strategies With a vCFO’s Help
Undoubtedly, one of the leading benefits of hiring a vCFO to assist with your firm’s bookkeeping is that they have great decision-making skills. A large aspect of a vCFO’s duties is to deliver on strategic goals and financial outcomes that a company desires.
Not only will you be able to reach greater heights as a company, but you will have a data-focused financial analyst who can effectively gauge your company’s potential. For example, vCFOs excel in financial risk management and cash flow forecasting, which means they can provide you with detailed reports of wise financial decisions to make in the future.
Save Your Business Time and Money
You may ask yourself, “Why not hire a full-time CFO instead of the virtual option?”
A driving factor that makes the vCFO the more attractive option is money. Because they are full-time as opposed to contractual, CFOs require benefits, equity, and other aspects on top of a six-figure salary.
Additionally, you may have more work than you can handle but not enough to justify hiring a CFO. The freelance aspect of vCFOs allows you to both pay a lower amount and open up more of your schedule, ultimately saving you time and money.
Expertise That Grows Exponentially
Another fact that sets vCFOs apart from CFOs is the former’s deep knowledge of one or more niches, such as eCommerce or Digital Marketing. Whereas a standard CFO will mainly develop knowledge of just their own company, a vCFO works with various clients to gain a greater understanding of a variety of industries.
While your vCFO provides you peace of mind and handles your bookkeeping, they are simultaneously gathering expertise in other fields. This means that your potential plans for the future, whether they be expansion, acquisition, or even selling your business, will be seen through various lenses.
In the end, your vCFO will have the knowledge and strategies necessary for you to make the best financial decisions.
Let vCFOs in Weslaco Help With Your Company’s Finances Today
The Weslaco virtual Chief Financial Officers at Gonzalez & Arrambide want you to understand the benefits of bringing a vCFO onboard. Let us not only save you time and money, but set you up for future opportunities not previously possible!
Now That You Know the Benefits of Hiring vCFOs in Weslaco, Call Gonzalez & Arrambide To Set Yourself up for Success!
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