Accessing Your Small Business Success

About Me

Accessing Your Small Business Success

A couple of years ago, I decided to abandon a long, unsuccessful job search. After many months of desperately looking for the perfect job, I chose to start a home based business. Because I’d never been an entrepreneur before, I was more than a little anxious. I was excited as well. Thankfully, I’ve enjoyed success in my new business venture. At the end of every month and year, I carefully analyze my revenues. Because I have a background in accounting, I know how to calculate various financial statement ratios that help me determine how my business is doing on many different levels. If you’re a struggling small business owner, consider hiring an accountant to help you access the success of your business. On this blog, you will learn the types of consulting services an accountant can offer a small business owner.


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Tax Preparation Tips For Senior Citizens

Taxes must be thought about year-round. Tax season is stressful for everyone, but it can be particularly taxing for the older generation. The good news is that taxes can be easily navigated with a little bit of preparation. Here are a few tips to keep in mind as you approach your taxes as a senior citizen.

Know What You Are Entitled To

There are certain tax benefits that are available to individuals who are 65 years of age and older. Unfortunately, many people actually miss these benefits because they do not know that they exist. For example, if you opt to not itemize your deductions, you could end up getting a higher than usual deduction. There is also a Care for the Elderly or Disabled credit that applies for individuals if they are disabled. The credit also applies if their spouse is disabled. The amount of the credit will be based on filing status, age, and income.

Then, of course, there are medical expense deductions. Many senior citizens do not realize that there is a deduction for this because they cannot deduct basic health costs like a health club membership or vitamin expenses. However, it is possible to deduct prescription drug costs, fees paid to visit the doctor, health insurance premiums, and more. 

Take Care With Social Security Benefits

Once you turn 62 years of age, you can apply for and start receiving Social Security benefits. However, depending on how well you are with numbers and taxes, it could be a literal nightmare to try to determine the taxable amount of your own Social Security benefits. You will want to fill out the benefits worksheet very thoroughly and carefully if you are doing your own taxes. You will want to double- and triple-check your numbers to ensure that they are accurate. Now, that can be a lot to take in, which is where the next tip comes in.

Hire Someone to Prepare Your Taxes for You

Preparing your own taxes can be incredibly overwhelming because there is so much information that has to be taken into consideration to ensure that you get the deductions and credits that you deserve and that you do not mess up the paperwork in the process. This is why seniors should consider hiring a professional to assist in the tax preparation and filing process.

If you are uncertain about anything regarding your preparation or filing of your taxes, contact a tax preparation service, such as Hough & Co CPA.