Keep Track of Your Receivables

Running a small business is no easy feat. There always seems to be so much to do and not nearly enough time in the day. As a result, important things often fall through the cracks. For many small businesses, one of those things that often “falls through the cracks” is receivables tracking.  

An important part of good receivables tracking is always remembering to mark a paid customer as ‘paid” right away. Many people put this task off until later, planning on reconciling it later. “Later” doesn’t always come soon enough, though, and at tax time, you could end up with a confusing receivables report.

Not only is a poorly kept receivables report confusing, it can also lead to higher taxes. Make an effort to stay on top of your receivables. Give it your best shot, and if you still find that there’s not enough time in the day, then it may be time to contact an accounting firm for professional assistance.

Get Your Records Together

The IRS advises having a system for filing your taxes and for keeping your tax documents and records organized. Many people have created their own systems, and even more people rely on recordkeeping software, such as Quickbooks. If you’re a newcomer to the tax filing process, however, you might be confused as to what documents and other records you’re going to need exactly.

Really, what your records will look like is dependent on you and your habits. For most people, however, records consist of things like receipts, documents that prove income, cancelled checks, lists of deductions tax credits. Of course, filers also need forms sent from employers and basic information about themselves, such as their social security numbers.

If you’re finding that all a little overwhelming or if you just haven’t been so good about keeping up with that Quickbooks system or whatever system you happen to use, know that you don’t have to go it alone! The friendly financial experts at Susan S. Lewis, Ltd. are ready and waiting to assist you!

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Tax Help for Small Business Owners and Self Employed

Do you run your own small business? Or maybe you’re just self-employed and do a lot of contract work to support yourself. Whatever the case may be, you’re probably a very busy person. Whether you’re dealing with the hassles of Naperville payroll processing for your employees or just struggling to get work done on a daily basis, the last thing you need is to have a problem with your taxes.

Unfortunately, there are a lot of things that you, as a small business owner or self-employed individual, will need to know in order to avoid tax time mistakes. For starters, did you know that, if you made any kind of

profit, you’re probably going to have to pay a self-employment tax? Not doing so could land you in serious hot water.

There are so many little things you need to know in order to file your taxes correctly, and doing so just isn’t easy. That’s why it’s wise to let a qualified financial expert assist you. Hopefully, you already have a professional handling your payroll processing and your other financial matters, so why not also get someone to help you with your taxes? You can find that “someone” at Susan S. Lewis, Ltd., one of the most qualified and professional accounting firms in Naperville.

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Do Some Good, Get a Break

Would you like to give your business a break on taxes this year? Well, one of the best ways to get a well-deserved deduction is to make a charitable contribution to a worthy cause. The IRS, however, recently released some helpful tips on how to make sure you actually get that deduction.

Retail Goodwill (Photo credit: StockMonkeys.com)

For starters, notice that we said “a worthy cause.” What we (and the IRS) mean is that you need to be donating to a true and legitimate charity. Keep in mind that your gifts to people, political causes, and politicians don’t count, at least not as tax deductions.

The IRS also reminds people to file Form 1040 and to then itemize their deductions; otherwise, that deduction you’re banking on isn’t going to happen!

If you’re having trouble figuring out how to get your deduction, don’t take risks that could cause you to miss out. Instead, let a qualified corporate tax accountant, which you can find at Susan S. Lewis Ltd. of Naperville, assist you!

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Tax Time Mistakes

Tax time, have you met the deadline? If you are one of the many procrastinators, it’s crucial that you don’t make a mistake. Unfortunately, if you haven’t been doing the proper bookkeeping, you’re at a high risk of making a mistake, especially if you’re feeling rushed and stressed about the tax filing process.

Mickey Mouse's Social Security Number (Photo credit: Tom Simpson)

So, what’s the biggest tax mistake people make? Surprisingly, it’s often the little things that go wrong. One of the main mistakes people make is listing their social security numbers incorrectly or not listing them at all. The IRS reports getting thousands of tax returns without proper social security numbers, a mistake that can lead to late fees and interest charges.

To avoid little (and big) mistakes on your tax return, don’t take on the tough task of bookkeeping on your own. Let the friendly, professional accountants at Susan S. Lewis Ltd., located in Naperville, handle the tough work for you!

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Could You End Up Paying More for Utilities?

New taxes and new laws regarding taxation are being invented all the time, and a proposed new tax could have Lake Zurich residents paying more for utilities than ever before. Currently, trustees are voting on whether or not to allow a 5% utility tax on gas and electricity services. If passed, the tax could potentially generate an increase of $1.2 million in revenue and could cost Lake Zurich taxpayers an additional $50 per year.   

Even if you don’t live in Lake Zurich, the decision could potentially affect you. If the tax is passed and is successful in Lake Zurich, it could possibly spread to other areas as well.

With the ever changing nature of taxation, it is imperative that you stay informed and that you keep all of your finances in order, whether they be business finances or personal finances. The right bookkeeping firm can help you to do just that; for bookkeeping and general financial services in Naperville, contact Susan S. Lewis, Ltd.

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How Homeowners Save Money on Taxes

Do you own a home? If so, know that you can “catch a break” in a variety of ways when it comes to your taxes. The best way to learn about all of the different tax breaks available to you and to take full advantage of them is to seek the help of a knowledgeable accounting firm in your area.

When you visit that accounting firm, you will likely learn about several different types of tax breaks, including the much-loved mortgage interest deduction. You can claim this deduction on up to two homes as long as

your mortgage loan is not for more than a million dollars. All you have to do is itemize your return, and you’re good to go!

While the mortgage interest deduction is a popular way for homeowners to save money, it’s certainly not the only way for them to do so! To learn about other ways in which you can save big, contact Susan S. Lewis, Ltd., an accounting firm in Naperville, today.

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List Your Wages as Wages

No one likes paying taxes, but paying taxes is just a part of life, plain and simple. Unfortunately, some people try to get out of this “fact of life” by taking the wages that they have received and then claiming that those wages aren’t wages at all. These individuals typically claim that their wages are actually reimbursements for a loan or that the company made a mistake in the way it listed the money received. 

Whatever the case may be, lying about wages or even underplaying the amount of wages received is never smart and will never result in a good outcome. Know that it is possible to be honest and to file your taxes legally and to still benefit. All you have to do is find the right accountant in Naperville, such as the financial pros at Susan S. Lewis, Ltd.

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Avoid Audits by Dealing Honestly with Bitcoin

More and more people are discovering Bitcoin, a type of cybercurrency that was created in 2009. While the currency was once used mainly for shady, unscrupulous dealings, it is now becoming more and more acceptable. In fact, many major online retailers and organizations, such as Overstock.com and WordPress now accept Bitcoins as a legitimate form of payment.

If you’re using or accepting Bitcoins or thinking about doing so, however, you should know that taxation laws still apply. When you sell a product, you have to record the transaction and remit sales tax on it, regardless of whether you earn traditional money for that transaction, or you earn this new cybercurrency.

While less-than-honest filers might not get caught right away, continued discrepancies in tax related matters can easily lead to audits and potential related consequences. To avoid audits and to keep all of your practices on the up-and-up, contact a qualified Naperville accounting firm, such as Susan S. Lewis, Ltd., to assist you.

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Lying to the IRS: Just Don't Do It

When tax season rolls around, everyone hopes to get a refund and to avoid paying taxes. Unfortunately, however, that outcome just isn’t reality for many people. While paying taxes can be frustrating, you should know that engaging in any kind of fraud or lying when it comes to the IRS just isn’t worth it!

Most people who commit tax fraud don’t do so in big ways; they just commit “little” frauds, such as claiming unearned income or making up expenses that don’t really exist. Some people will even fib about the number of dependents they currently have. While some of these scams might work for a while, they will likely results of that tax audit aren’t favorable, you could end up in serious legal and financial trouble.

eventually lead to a tax audit, and if the

Get the most out of the tax filing process the legal way by allowing a qualified accountant to assist you. The accountants at Susan S. Lewis, Ltd. of Naperville are trained to make your income tax filing as beneficial to you as possible.

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Easier Filing for Those Who Work From Home

Do you work from home? If so, do you have a home office? If you answered yes to both of those questions, you probably already know that you qualify for a home office deduction. What you might not realize, however, is that, as of last year, changes to tax law have resulted in an easier filing process as it relates to this deduction.

While past filers were forced to keep tally of all of their incurred home office expenses, now deductions can be made based on the size of the home office. Those who work at home can deduct $5 for every square foot of their office, not to exceed a deduction of $1,500. Even better yet, receiving the deduction now only takes one line of writing, rather than forty-three!  

If you don’t want to do the math yourself or to miss out on other possible deductions, take advantage of accounting services in your area. Susan S. Lewis, Ltd. offers a variety of Naperville accounting services geared specifically toward those who work from home.

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Where is Your Money Being Held?

These days, taxpayers have access to a wide range of great investment opportunities. Unfortunately, however, not all of these opportunities are what they appear to be. In recent years, more and more people have been suckered into what they believe to be legitimate and very profitable investments or business deals, only to find out later that the money they’ve invested and any potential profits are being stowed away in foreign accounts that they cannot access without engaging in illegal activity.  

While there are some legitimate transactions in which money is held in a foreign account, it’s important to understand that there are strict rules and requirements when it comes to having and reporting on those accountants. If you’re involved in some kind of a scam or if you simply cannot justify your use of the foreign account, you could find yourself in trouble.

Don’t wind up in a situation such as this one; run every potential investment opportunity by a tax advisor and see if the opportunity is really as good as it appears to be. Furthermore, always know the rules and regulations surrounding any financial decision you make; your tax advisor can fill you in on what’s required when certain decisions are made. Find your advisor and start making smart decisions today by contacting Susan S. Lewis, Ltd. of Naperville.

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Deducting Medical Expenses Just Got Harder

Smart taxpayers know that deducting any expenses possible is an easy way to save on taxes. For many years now, wise taxpayers have made sure to deduct all applicable medical expenses during the tax return preparation process. Unfortunately, however, recent changes to deduction laws have made it more difficult for medical expenses to qualify for deduction.  

While it used to be that the threshold for deducting medical expenses was 7.5% of the taxpayer’s adjusted gross income, the threshold is now at 10%. Fortunately, however, the change does not apply to individuals over the age of sixty-five; they can utilize the old rate for the next three years.

Even if you are no longer able to deduct medical expenses, the right accountant can still handle your tax return preparation in such a way that you get maximum benefits, so contact the friendly accountants at Susan. S. Lewis, Ltd. today.

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Keeping Payroll Information Secure

Most business professionals understand the importance of keeping all work-related information private and secure, especially information that could potentially be used to aid in fraudulent activities. Unfortunately, however, today’s internet thiefs are getting very good at tricking unsuspecting professionals, such as those who work in payroll processing or other capacities where a large amount of sensitive information is readily available, into handing over confidential data without a second thought.

While fraud seekers use many different strategies to target businesses, one of the most common is a new “phishing” technique. Using this technique, a scammer will contact individuals and/or business representatives from what, by all appearances, is an official government email address. The email will typically contain a link to a falsified (non-legitimate) government site and will request personal information.  Once the information is secured, the recipient can do with it as he or she wishes.

Obviously, it is important to advise your payroll processing employees and all of your employees on this new scam and to reiterate the importance of keeping secure information safe. For more information on financial scams and for help preventing them from affecting your organization, contact Susan S. Lewis, Ltd. of Naperville.

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Will the Alternative Minimum Tax Affect You?

Some people are really good at dodging high taxes. These people, who often earn higher than average salaries, can sometimes get away with paying next to nothing in taxes due to smart deductions made by their accountants. In order to prevent wealthy earners from not paying any taxes, the alternative minimum tax was created. Individuals who fall within certain income brackets and who meet other qualifications must pay the alternative minimum tax under certain circumstances.

In recent years, however, more and more moderate earners, not just high earners, have been forced to pay the Alternative Minimum Tax due to the fact that the tax and its qualifications were not adjusted to reflect inflation. All of that changed last year, however, due to recent “patch” that stops middle earners form having to pay the tax.

You can find out if, based on your income, you are required to pay the alternative minimum tax this year. The best way to do so is to contact qualified accountants in Naperville, such as those at Susan S. Lewis, Ltd.

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Don't Fall Victim to Telephone Scams

Predatory people will try to make an easy buck off of hapless victims in any way possible, and unfortunately, the IRS has recently reported a surge in the number of telephone scams. While several different types of telephone scams exist, the most common is one in which the scammer calls the victim and claims to be an IRS agent.

The scammer typically sounds very official and convincing and will often go so far as to provide a false name and even a false IRS badge number. Once the scammer has gained the victim’s trust, he or she will secure from the victim and use that information to engage in fraud and other types of illegal activities.

personal information

Checking your caller ID isn’t protection enough either; many scammers can rig caller ID displays so that the call actually appears to be coming from a legitimate IRS bureau. The best protection is to educate yourself, and you can easily do that with the help of a knowledgeable CPA. A CPA can explain to you the dos and dont’s of keeping your personal financial information secure; find your Naperville CPA at Susan S. Lewis, Ltd. of Naperville.

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Same Sex Couples and Taxation

Recent changes in tax law are affecting all kinds of people from all walks of life. Surprisingly, one group of people that they are affecting is same-sex couples. While same-sex couples may not be able to get married in every state in the United States just yet, married same-sex couples are now allowed to file their income taxes jointly or as “married filing separately,” even if they live somewhere where the marriage is not recognized by the state. 

While many people regard this recent change as a step in the right direction for homosexual couples, the new law could potentially result in increased taxes for same-sex couples. Couples who will likely face the highest increase in taxes are couples in which both spouses are employed.

Whether you are affected by this new tax law or any other, you should know that there is available tax help in Naperville. You can get the tax help you need, regardless of your situation, by contacting Susan S. Lewis, Ltd. of Naperville.

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Identity Theft and Tax Fraud on the Rise

Identity theft has long been a problem affecting people throughout the United States, and unfortunately, it’s becoming even more prevalent. To make matters worse, many scammers are now using identity theft as a gateway to a new kind of tax fraud.

This new tax fraud involves individuals who steal a person’s identity and then, using that identity, file several fraudulent tax returns electronically. As a result of the filings, the scammers can often receive several undue refunds in a matter of days, long before anyone catches onto the scam.  

Obviously, trends such as this one are frightening, and what’s even worse is that absolutely anyone can be a victim of this kind of fraud. Fortunately, there are things you can do to protect yourself and/or your business from this type of fraud and from all other types of fraud. For assistance protecting yourself and/or your organization, secure the services of a trustworthy accountant. The right accountant can advise you on how to best protect yourself and your assets, and you can find that accountant at Susan S. Lewis, Ltd. of Naperville.

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A Soda Tax for Illinois?

Everyone knows that sodas are bad beverage choices, and many states are trying to punish those bad choices by affixing a heavy tax to soft drinks and certain unhealthy snack foods as well. The nation has attempted to pass an act, as have many states and even local towns and cities, but none of these attempts have been successful thus far. In fact, it is only outside of the United States—in Mexico—where such a tax has been successful.

All of that might change soon though. Illinois is now facing a potential tax on soda. Recently, the senator of Illinois suggested a legislation that would raise taxes on sodas to approximately 67 cents for every two liters of soda purchased.  

Unfortunately, there’s no way to know for sure if this new legislation will pass, but the fact that it’s even a possibility just goes to show that the world, at least in terms of taxation practices, is changing. A local Naperville accounting firm can help you to navigate these changes, however, and to still come out financially strong, and the best Naperville accounting firm to help you is Susan S. Lewis, Ltd.

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How the Affordable Care Act Affects Taxpayers

Barack Obama signing the Patient Protection and Affordable Care Act at the White House (Photo credit: Wikipedia)

Many view the recently passed Affordable Care Act as a blessing while others view it as a curse. Regardless of how you feel about the tax, you do need to understand if it will affect your paycheck and/or investments, and, if so, how. While all kinds of people could potentially be affected by the Act, it will mainly impact those who fall within the top two tax brackets.

Individuals who earn above the current threshold amount will be subject to a 0.9% increase in funds taken from their paychecks as a result of the new tax. Likewise, those earning above the threshold amount will lose 3.8% to Net Investment Income taxes.  And, even if you aren’t currently subject to an increase in taxes, you could be if your earnings increase; there is no evidence that threshold amounts will increase due to inflation.

If you are going to be affected by this new tax, a Naperville accountant can explain to you how you will be affected and what you can do to minimize your tax losses. You can find a helpful, knowledgeable Naperville accountant at Susan S. Lewis, Ltd. 

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The Benefits of Working with an Accounting Firm

Tax time is here, and that means it’s time to pay a visit to a local Naperville accounting firm for help preparing and filing your taxes. When you choose to have a professional assist you in filing your taxes, you can ensure that all of your forms are filled out correctly and that you meet all of the deadlines for filing, allowing you to avoid costly fees and fines. Furthermore, the right accountant can help you to get the maximum return possible and/or to find exceptions that can help you to save money and pay less in taxes.  

Of course, your Naperville accounting firm isn’t just useful at tax time. You can benefit from its services all year long. Whether you need help getting out of debt, making smarter financial choices in general, saving money for a specific purpose or goal, or anything in between, know that the friendly experts at Susan S. Lewis, Ltd. can assist you.

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Why You Need an Accountant

Moser Tower along the Riverwalk park complex in Naperville, Illinois, USA. Moser Tower contains the city's Millennium Carillon. (Photo credit: Wikipedia)

Many people make the mistake of thinking that accountants are only for the rich or for those who have very complex financial needs. In truth, though, absolutely anyone can benefit from having a personal accountant whom he or she can trust.

 Accountants are especially beneficial around tax time, which is going on right now, because they can help their clients to file their tax returns in such a way so that the returns will have the most beneficial outcome possible for the filer. Some people end up getting back much more in income taxes than they would have otherwise thanks to the help of an accountant, and even if you don’t get a lot of money back, you can still reduce the amount of taxes you’ll have to pay by filing correctly and in a timely manner, something that’s a whole lot easier to do with a knowledgeable accountant by your side.

For help with your own taxes and/or with other financial matters, find your accountant today at Susan S. Lewis, Ltd. of Naperville.

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Battelle and Battle Announces its First Merger

Battelle and Battelle is a very old accounting firm in Dayton, Ohio. In fact, it’s one of the oldest accounting firms in the United States. Though it’s hard to believe, the accounting firm actually got its start one hundred years ago! And, despite the firm’s long history, it has never engaged in any kind of merger—until now. Battelle and Battelle’s very first merger is with Rippe & Kingston, another accounting firm, this one based in Cincinnati.

Susan S. Lewis Ltd. might not be one hundred years old, and it might not have any exciting news about mergers, but it does have a few things that are worth noting. First and foremost, Susan S Lewis Ltd. has a strongreputation for excellent customer service, provides for a wide range of financial needs, and employs only the most reliable, trustworthy financial professionals. That might not sound like a lot, but these qualities are not qualities you’ll find in many other places. So, for all your financial needs in the Naperville area, visit Susan S. Lewis Ltd.

Craven County is “Clean”

While most counties around the United States dread their annual tax audit, Craven County, located in North Carolina, is a rare exception. The County’s government passed its audit for the 2012 through 2013 fiscal year with flying colors. It was pronounced completely “clean” by the auditing firm that conducted the audit, McGladrey, LLP.

A “clean” result from an audit is the best result an organization can hope for. It shows that the organization is doing everything it’s supposed to be doing financially speaking and that there is no “funny business” going on anywhere within the organization. For organizations that have customers, clients, or investors, a “clean” audit is particularly important, since it shows that the company can be trusted to handle money legitimately.

If you need to have a clean tax audit this year, then why not get some help preparing for that audit and making sure everything within your organization’s financial structure is as it should be? You can get the help you need by contacting Susan S. Lewis Ltd. of Naperville.

The Best Payroll Processing Companies Unveiled

BestPayrollServices.Com is a website that regularly conducts research in order to create a list of the top ten payroll processing services in the United States. Companies make the list based on a variety of factors, including their overall strength as a company and advantages that they offer over similar companies.

The latest top ten list from BestPayrollServices.com included: Paycor Incorporated, Paychex Incorporated, AmCheck, SurePayroll, ZPay Payroll Systems Incorporated, Intuit Incorporated, Paycom, ProPayroll Incorporated, Automatic Data Processing Incorporated, and Precise Payroll.

Unfortunately, as a Naperville resident, you’re not going tohave access to most of these big name payroll processing companies. The good news, however, is that you do have a great payroll company right in your own town. That payroll company, which also offers a variety of other financial services, is Susan S. Lewis Ltd. While it might not have the fancy name of some of these other companies, it provides what really matters: quality, concerned customer service from highly trained and experienced financial experts.

What Should You Be Asking Your Tax Advisor?

Forbes recently released a list of six key questions the average person should be asking his or her tax advisor come the end of the year. What exactly were those questions? Well, number one on the list was whether you should accelerate or defer your income, while number two focused on what gains or losses, if any, you should take. The third question was whether or not you should do a Roth conversion, and the fourth was whether you should make any changes to your employee benefits. The fifth and sixth questions focused on family gifts and donations and which ones you should be making.

While these questions are a good starting point, remember that the end of the year is also a time to review your overall experience withyour tax advisor and to take an in depth look at your finances in order to come up with your own personalized questions.

If you don’t currently have a tax advisor, or if you find, during your review, that you’re less than satisfied with your current one, then it’s likely time to make a change. You can find a great tax advisor to help you through the end of the year and the entire year to come (and beyond!) at Susan S. Lewis Ltd. of Naperville.

Quickbooks Classes Offered in New York

Quickbooks is a popular program used by businesses and individuals throughout the United States. Despite its immense popularity, however, Quickbooks is often misunderstood, and, when not used properly, it can lead to problems and setbacks for its users. The need for Quickbooks education is so strong that, in many places, classes are now being offered to educate the public on this important software.

Albany, New York is one of the more recent locations to offer up Quickbooks classes. Held at the Linn-Benton Community College Small Business Development Center, the classes last four hours and are mostly geared toward beginners. However, there are classes that focus on specific Quickbooks skills, including some of the more advanced skills.

While you might not have access to classes like these in Naperville, you can still learn anything and everything you ever wanted or needed to know about using Quickbooks by calling on the friendly experts at Susan S. Lewis Ltd.

Queensbury Outsources Payroll Processing

The town of Queensbury, located in New York, recently announced that it plans to outsource its payroll processing to GTM Payroll Services Incorporated, located in Clifton Park. Surprisingly, the switch to outsourced payroll processing will save the town of Queensbury quite a bit of money—around $32,000 per year!

In spite of the fact that the town will be spending less money on managing its payroll, the town is actually getting a lot of good things out of the deal. One is a greatly updated way of handling the payroll! The town was still using old-fashioned paper time sheets to collect payroll data but will now be using an electronic system.

The savings that Queensbury experienced as a result of outsourcing can be experienced by organizations all throughout the United States. Most businesses spend a lot of unnecessary time and money handling their payrolls on their own; if your organization is guilty as charged, know that there is a better way. Susan S. Lewis Ltd. of Naperville can handle your payroll for you and maybe even save you a little (or a lot!) of money in the process.