Steps To Writing The Best Business Plan

Top 5 Benefits of Having A Company Audit For Your Business

Practices for Healthcare Auditing

Top 10 Tax Checklists to Get Your Maximum Refund | Joyce CPA LLC

Question of maximum tax return might have crossed your mind several times. But the lack of direction on how to do so will leave you struck with the same question. Gratefully there are many ways to maximise the refunds and that too with not much of hassles. Proper and regular tracking along with the claim of tax deductions stand as a supreme key to that door.

Our experts thus guide you through by listing 10 ways by which you can maximise your tax refund:

Keeping a copy of last year’s tax return:

While Tax Planning it becomes quite mandatory to have an overview of your last year’s returns. It is thus suggested to keep your tax returns properly maintained so that it becomes easier to access that information in coming year. Comparing the tax returns is quite essential so as to get a clearer picture of the company’s financial flow.     

Ignoring standard deductions if you can itemize:

Standard Tax Deduction seeks to provide you with the benefit where you can reduce your taxable income if you are unable to gain more tax deductions by itemizing. Thereby you can seek these deductions by putting an effort to gather some of the concerned receipts. Besides lowering your taxes, you’ll explore that further itemizing your deductions can help you get bigger tax refunds. Other expenses that are considered in standard deductions are - additional expenses like contribution to charity, expenses during job hunt along with state and local sales tax deductions.   

Claiming deduction for expenses during earning:

As per rules you are allowed to claim for the expenses you incur while earning your income. It thus includes expenses while transporting goods from one site to another or while visiting clients or suppliers for business reasons. Along with this, meals and accommodation while travelling for business and the equipments used for work related activities can also be claimed.  

Taking Above-the-line deductions if applicable:

Contrary to the Standard Tax Deductions, Above-the-line Tax Deductions seeks to offer reduced taxable income and that too without itemizing. This deduction covers the expenses incurred while paying for student’s school, self-employment taxes, unreimbursed moving expenses or paid alimony.   

Mentioning your filing status:

While filing Tax Returns it is thus expected from you to appropriately file your status whether it’s single, married filing separately or married filing jointly and many more categories mentioned there. The rate at which your income is taxed depends on the status you have chosen while filing. 

Reporting income from other job:

Filing self employment income stands mandatory based on the income one receives there. It’s worthwhile to note that a part of your home-running expenses comes under tax deduction if you work from home. Besides the primary thing you should know is - whether you are eligible for Home Office Deductions or not and should be considered beforehand.      

Keeping up with the current tax laws:

Thorough knowledge of the latest Tax Laws is expected while filing as it is directly proportional to the refund you will be getting. A detailed knowledge that our expert team holds thus makes us a pro in Tax Planning thereby carrying out maximum refunds out of it.

Knowing what to claim:

While filing your taxes you should tend to know about the credits you can claim because then only the refunds will come as per desired.

Collecting required documents for e-filling:

The documents to be attached while e-filling should be gathered together depending on the taxes you have filed. Along with this documents from other income sources are also to be mentioned if you are working from home.

Hire a help:

Our expert Team is there to help you in your Tax Planning providing you with the expertise and experience you seek while filing your taxes. Tax Planning is not just a single day job; it demands continuous monitoring and appropriate knowledge

How to avoid risk in Tax Planning | Joyce CPA LLC

What is Tax Planning?

Tax Planning basically analyzes the financial position through tax’s aspect. Effective Tax Planning thus demands a lot more than just maintaining and managing the assets. So if Tax Planning is not there in your current financial strategy, it’s time to get one.  

According to a recent survey, tax stands as the highest business risk in recent times. Due to which many organisations are required to go for a comprehensive risk oriented approach while managing their taxation. A properly planned tax proves beneficial for a business that saves them a lot of money with beneficiaries like tax credit along with reduced penalties and interest.

Our experts thus bring forth some measures that can help you avoid the risks while Tax Planning:

Acknowledging risks while moving out of your expertise:

Tax Planning requires the CPA to be fully aware of the risks that a firm encounters while offering new service line. Tax Planning is not just tax compliance monitoring and thus demands much more from a CPA. CPAs are thus required to have complete understanding of the planning involved. Thus, taking up the work aptly based on their capability to do it as desired.

Before rendering new services in their business, a firm is expected to have a complete overview of the potential liabilities and risks involved. Only then, introducing new services will cater some profit instead of losses.         

Mandating the Documentation:

Be it Tax Planning or any other financial matters documentation holds utmost importance. So while considering Tax Planning risk management documentation is the best way to avoid the risk of liability. CPA should focus on mandating the documentation in order to have an upper hand on another party in case of dispute.

The documentation involved need not be an official form or notary approvals and can be in a form of email that mentions the concerned details. Accountants require documents to prove their goodwill approach towards their client in case any issue prevails in coming future.  

Thinking twice about the Referrals:

The referrals that are suggested by the CPAs are sometimes not quite beneficial for the firm. It’s thus required by the CPA to refer the referrals not based on their personal relations with them and on the basis of their capabilities instead. It is thus required to know about the referrals beforehand so that they render a standard of work. In case it doesn’t match the desired standards, CPA is considered equally responsible as the referral.

While providing referrals, CPAs should suggest more than one referral, thus providing various options to choose from. This helps the firm to have their referrals as per desired along with a lot of options.   

Review income and expenses monthly:               

Besides all the measures, one regular practise a CPA is required to adopt is a regular review of income and the expenses involved every month. It helps a CPA to manage the financial flow which makes the Tax Planning process much easier and less risky.

Tax Planning basically involves various considerations like timing and size of income and purchases along with planning for other expenditures. Besides this the investments that are selected should be in accordance with the tax filing status in order to gain profitable outcomes. CPA thus holds a great responsibility while doing so. Thus they are expected to be fully acknowledged about the latest facts and figures along with the ongoing risks that firms are facing. Besides that an overview of tax internal control strategy is mandatory for a CPA to adopt.         

Bank Internal Audit Firm in USA | Internal Auditor in United States

Internal Audit is a potent organization that initiates a company to reach out for their objective. By analyzing a firm’s internal operations it evaluates how compliant the operations are. Internal Audit encapsulates many departments such as system that manage risks, compliance management process or other such areas.
An organization’s biggest concern today is to manage the risks, which if not done accurately leads to a consequent failure. To combat the dire consequences, a company is bound to acquire a focused approach towards internal audit.
To adhere to a firm’s productivity and progress internal auditors work in collaboration with the management to analyze the operations orderly. They seek inconsistency if any, as to how a specific process is accustomed to proceed and how that process is actually operating. The variations that prevail are mentioned in the final report. Auditors also indicate the specific functions that require better efficiency and require innovations per se. Besides the Core Departments, Auditors also analyze definite and indefinite areas of an organization. They tend to serve all the sectors- public and private and can even work as an employee for an organization. Along with the auditing, Internal Auditor plays a role of consultant wherever needed, thus being a catalyst for amending the flaws and avoiding the risks in the practices of an organization.

http://www.joycecpallc.com/internal-audit-services/

Audit and Assurance Services in United States - Joyce CPA LLC

What is Audit and Assurance?

Auditing the financial statement assures that the firm is compliant with applicable reporting standards. It not only ensures the identification of management issues but also includes the acknowledgment of ongoing and upcoming risks. Considering the challenges that come along during this process; our deep and broad understanding of the market will make it quite simpler for you.

At Joyce CPA LLP, Daryl assures you with 20 years of experience in delivering high-quality audit services to businesses in healthcare (hospitals & continuing care facilities), distribution, construction, employee benefit plans (pension plans and 401(k) plans), not-for-profit organizations, and banking. We ensure to fulfill all of your assurance needs to wherever you are located.

We strive to add value to our client’s organization. Besides providing regulatory compliance and financial statement reports, we seek to provide expert advice and major insights regarding internal controls and risk management. Clients can thus initiate better decisions for their business through our systematic way of reporting and issuance of relevant solutions.http://www.joycecpallc.com/audit-assurance-services/