Leading CPA Pauline Ho Reveals Tax Season Tips for Small Businesses – Orlando, FL

Top accountant Pauline Ho founder of Laus Consulting Services LLC in Orlando, FL offers valuable tax season advice for small businesses. For more information please visit https://lausconsult.com

Orlando, Florida, United States – December 31, 2023 —

With tax season looming, senior accountant at Laus Consulting Services, LLC, in Orlando, FL has issued timely advice to business owners on the best tips to adopt – and end the annual struggle of number-crunching.

For more information please visit https://lausconsult.com/

This is the time that accountants come into their own. However, Pauline Ho said that business owners could also help themselves by being more proactive on a number of fronts to help keep their bookkeeping up-to-date.

One approach is to do what a business owner should do from the outset. Keeping on top of their financial affairs. That will ensure accuracy and prevent spending hours reconciling all the entries.

Ho said: “Reconciliation means checking all transactions against bank and credit card statements. Every transaction should be listed.” This will help in spotting errors or misclassified transactions.

Having reconciled the transactions, there will be a time to classify expenses. Double-check expense accounts to ensure they are listed and classified correctly.

Ho said: “Expenses such as entertainment and meals can be an area where mistakes and confusion arise as the tax treatment of these expenses has changed. In 2023, the financial rules in the US are reverting to 2020 rules, so most of these expenses will only be 50% deductible.”

Further attention to detail is needed to properly reconcile loan accounts, ensuring that each payment’s principal and interest portions are correctly classified.

Ho advised that any asset over $2,500 should be recorded in the asset account while calculating any depreciations and making the corresponding journal entry.

A business owner will have to assess payroll reports and make entries to reference wages and taxes, and these amounts should match.

She added that contract workers should be provided with 1099s and fully understand how they are paid and when they are required to file a 1099, as this can affect the business’ taxes. 

Ho cautioned that business owners should allocate some time every month to chase up documents and stay organized ahead of the tax season. “Owners may consider a cloud-accounting app, which will help enormously as the organization is automated and safely stored away.”

She advised checking receipts and invoices in case of an audit or providing these documents to the tax preparer. “A major mistake an owner can commit is mixing business with pleasure. Business finances should stay separate from personal and treat them as such.”

Pauline Ho added that a business owner is highly recommended to work closely with an accountant to help them mitigate the stresses and document chasing for tax season. “Having a trained and trusted CPA on board can help them prepare taxes and uncover any missed opportunities that may have been overlooked. Their expertise will help reduce the pressure to meet those tax deadlines in good time.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Pauline Ho
Email: Send Email
Organization: Laus Consulting Services LLC
Address: 879 Outer Rd B, Orlando, FL 32814
Phone: 407-401-9768
Website: https://lausconsult.com

Release ID: 89117016

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