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SurePayroll Insights Survey: Small Business Owners Becoming Increasingly Loyal as Accountants Save T
Written by Web Master   
Saturday, 12 June 2004

Rapid Tax

Glenview, IL (rapid tax) February 19, 2008 -- Small business owners may be known for independence, but a recent survey conducted by online payroll service SurePayroll (http://www.surepayroll.com/) says this isn't the case when it comes to getting help during tax season.

 

The survey finds that nearly 93 percent of small business owners are relying on an accountant to help them file their business tax returns -- 5 percent more than last year's survey indicated -- and that on average they devote much less time to the process than most Americans spend on filing personal taxes.

 

Results show that the average small business owner spends around 12 hours on the tax filing process. According to U.S. government information on the official White House Web site, the average American spends around 25 hours preparing their tax return - 13 hours more than the average small business owner.

 

But time isn't the only savings business owners get by using accountants. Nearly 70 percent of small business owners believe their accountants will give them advice that will help them pay less, adding cost-savings to the list of reasons it makes sense to outsource taxes to an accounting professional.

 

Most small business owners also feel their accountants treat them right. Almost all (92 percent) small business owner respondents indicated their accountants are accessible throughout tax season, stating they could contact them whenever necessary.

 

The results suggest that small business owner satisfaction with accountants has translated into increasing loyalty. 94 percent of respondents reported they were using the same accountant they used in 2007 -- an increase of 11 percent from last year.

 

SurePayroll President Michael Alter isn't surprised by the survey's findings.

 

"SurePayroll surveys have consistently indicated that accountants are the small business owners' most trusted advisors, and for good reason. Good accountants can more than make up for their fees in the tax dollars and potential fines they save them," he says. "Most provide their clients with a spectrum of services that benefit the business in a variety of ways. The value they provide is quantifiable, so it's easy to justify the cost."

 

But would a small business owner consider leaving their accountant if the price were right?

 

For most, not a chance. When asked if they would consider leaving their current accountants for cheaper, overseas alternatives - even if they could do so at one-third of the cost -- 92 percent said no.

 

"There are a lot of services that business people are willing to switch because of better prices -- a good accountant isn't one of them," says Alter.

 

In addition to tax return filing, small business owners said they looked to their accountants for assistance with tax planning (51 percent), financial accounting (29 percent), financial analysis (22 percent) and audits (21 percent). And 79 percent of respondents said the accountant who assists with filing their annual return also handles their personal taxes.

 

About SurePayroll:

 

Voted Editor's Choice for best payroll service by PC Magazine, SurePayroll is America's largest full-service online payroll service (http://www.surepayroll.com/product/payroll/compare-services.asp). In addition to its payroll and ClickFREE? tax file and pay service - which allows a user to complete the entire payroll process in minutes - SurePayroll provides HR and compliance (http://www.surepayroll.com/product/compliance/) resources, workers' compensation products and 401(k) retirement solutions (http://www.surepayroll.com/product/401k/) designed specifically for small businesses.

 

SurePayroll also offers a private-label and co-branded payroll service (http://www.surepayroll.com/surechoice/) to accounting and banking partners to offer payroll processing to their small business clients.

 

SurePayroll is passionate about small businesses and their payroll. The company is dedicated to providing an extremely friendly and simple payroll experience - at a price small business owners can afford. For more information, visit www.surepayroll.com.
Last Updated ( Tuesday, 22 July 2008 )
 
Plan Now for 2008 Taxes
Written by Administrator   
Monday, 09 August 2004
San Mateo, CA (PRWEB) January 16, 2008 -- With the New Year underway, Andrew Housser, co-CEO of free online consumer finance portal Bills.com, has seven steps Americans can take to make the most of their 2008 tax planning.

 

"As you start to see how your tax picture fared in 2007, it is a great time to make 2008 an even smarter year when it comes to your personal finances," Housser said.

 

These seven steps can get individuals started:

 

1. Take a baseline measure. Review tax changes for 2008 and make plans accordingly. For instance, the deduction for mortgage-insurance premiums on mortgages taken out after 2006 that was due to expire at the end of 2007 was actually renewed by Congress at the end of December. Other tax credits and deductions also come and go. Understand the current situation before making plans.

 

2. Make good on past tax debt. "Some Americans avoid looking at their tax bills -- or in some cases, paying them -- for years on end," Housser said. "If you are liable for back taxes, the time to remedy the situation is NOW. The Internal Revenue Service is becoming more and more diligent about following up on back taxes." A tax advisor and/or or debt resolution expert (try www.freedomfinancialnetwork.com) can help. Those who are unable to pay may be eligible for various solutions, such as offers in compromise or other negotiations with the IRS.

 

3. Correct withholding. A big refund means taxpayers succeeded in not owing the IRS -- but it also means they're giving the IRS an interest-free loan by having too much withheld in taxes. Those who owe a bundle should rework withholding forms or make quarterly estimated tax payments -- now.

 

4. Plan for flex spending. Early in the year -- if not sooner -- employers ask employees to update their information for flexible spending accounts. "Review last year's health costs if you have a flexible spending account for health expenses, and anticipate anything that will change this year," suggested Housser. "If you budgeted for LASIK surgery last year, for instance, do not have the same amount withheld this year." Do the same for child care. If Junior is headed to first grade in the fall, child-care expenses will tumble. Do not lose cash by having too much withheld -- and do not miss out on benefits by withholding too little.

 

5. Plan to save for retirement. Each year, retirement plan funding limits rise. With inflation, the deductions apply to slightly higher income levels. "Know where you stand, and if at all possible, maximize your investments for your later years," Housser said.

 

6. Plan a giving strategy. It can feel like part of the holiday spirit to dash off checks to every organization that asks in December, hoping to add to deductions. But a mad dash at the most expensive time of the year isn't in anyone's best interest. Make charitable donations part of a monthly budget. Set an annual target, divide it by 12, and give each month. Don't neglect to get a receipt, required for taking a tax deduction for contributions to qualified organizations.

 

7. Personalize. If a certain tax issue tends to surprise you every year, make a note of it this year and resolve to correct the problem before next year.

 

"Nothing feels better than starting a fresh, new year with your financial life in place, and taxes are an important part of that scenario," Housser concluded. "By taking some time to plan for 2008 while the year is young, you'll give yourself a New Year's gift of peace of mind -- at least until the next tax season rolls around."

 

Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and comparison shop for products and services including credit cards, debt relief assistance, insurance, mortgages and other loans. The company blogs about consumer finance issues at http://www.bills.com/blog Since 2002, Bills.com has served more than 30,000 customers nationwide while managing more than $500 million in consumer debt. Bills.com is a division of Freedom Financial Network, LLC, whose co-founders and CEOs, Andrew Housser and Brad Stroh, have been named Northern California finalists in Ernst & Young's Entrepreneur of the Year Awards.
Last Updated ( Thursday, 06 March 2008 )
 
Home for Online Tax Preparation & E-filing
Written by Administrator   
Monday, 09 August 2004
Minneapolis/St Paul, MN (PRWEB) January 4, 2008 -- Do-it-yourself Tax Filers - Software powered by Drake Software, www.1040.com/taxline as one of the most popular website today dedicated to the increasing number of individual taxpayers who are turning to e-fling. This website is provided by 1040.com to its professional tax preparers who offer their sites to the public for a minimal fee as part of its public service.

 

Do-it-yourself tax filers can conveniently utilize the site to look for up to date tax information and news, download various state and federal tax forms as well as provide tax tips and articles on important taxing subjects. Here you will be delighted to fine tips available for taxpayers on how to reduce taxes and take advantage of the calculators to estimate taxes, home mortgage, and capital gains on their taxes.

 

Many more taxpayers are turning to electronic filing (e-file). According to the IRS, 80 million tax returns were received through e-file in 2007 alone. Reasons people are choosing 1040.com/taxline Online Tax Preparation are as follows - Trusted by professionals nationwide - Allows taxpayer to complete the filing process at their convenience and - e-file and receive return fast!

 

www.1040.com/taxline

 

Global Financial Outsource Svcs, Inc.

Minneapolis/St Paul, MN

 

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Last Updated ( Thursday, 06 March 2008 )
 
More...

Newsflash

Hershey, PA (PRWEB) December 18, 2007 -- Citizens Against Higher Taxes announced its opposition to taxpayer bailouts of subprime mortgages (www.subprimenewsroom.com). Such an action would be nothing more than a new taxpayer subsidized program that rescues disreputable mortgage, banking or brokerage firms at the expense of working families, taxpayers and responsible homeowners.

 

Data from the Mortgage Bankers Association shows that a bailout is unnecessary. The vast majority of homeowners are making their mortgage payments on time, including subprime borrowers. And homeowners who feel they have been duped or defrauded into signing bad mortgages have the right to seek redress in the courts.

 

?Simply put, taxpayers shouldn?t be forced to bail out the lenders who helped homeowners dive into the deep end of the financial pool, nor should taxpayers be obligated to rescue investors who made poor financial decisions. We didn?t bailout people who bought tech stocks at the height of the dot com boom, why should this be any different?? said Jim Broussard, Executive Director of Citizens Against Higher Taxes.

 

Real estate markets are cyclical in nature, and while downturns are unpleasant, they are always followed by a recovery. These downturns happen to varying degrees which we saw in the early nineties and as recently as 2001-2. Using a taxpayer bailout to counteract this natural cycle will only prolong the downturn and exacerbate its impacts.

 

On Friday, The US Senate voted for an FHA modernization bill (www.subprimenewsroom.com) that would do just that, attempting to meddle in the market and mask its taxpayer bailout proposals. Like most bailout schemes, elements of this bill set a dangerous precedent at the cost of taxpayers ? most notably it increases loan limits and reduces down payment requirements.

 

One portion of the legislation raises the FHA loan limit by over $50,000 to $417,000. However, the median home price in the US is only $220,000 according to the National Association of Realtors. In Pittsburgh the median price is $127,700 and in Philadelphia it is $243,000. There is no evidence to show the increase is necessary.

 

?The proposal to increase loan limits is a solution in search of a problem. The Senate proposal to increase FHA loan caps won?t help average homeowners; it helps the mortgage companies and people who are over-extended on their McMansions evade fiscal reality,? said Broussard.

 

Taxpayer bailouts (www.stoptaxpayerbailout.com) encourage reckless financial behavior. If consumers can count on being bailed out by the government, it eliminates all the risks associated with loan delinquency ending the motivation of borrowers on the verge of delinquency to pay their mortgage. In some cases, when finances are precarious, it may persuade borrowers to default in order to reap the financial reward of the bailout.

 

This problem is illustrated by another element of the FHA bill that proposes to cut the down payment requirement in half from a mere 3% of the loan value to a meager 1.5%. Down payment requirements ensure that a borrower has an ad­equate personal ?stake? in his or her home. When that stake is re­duced the risks and consequences of not paying your mortgage are virtually eliminated.

 

?We should be requiring homeowners to have a greater stake in their home ownership, not less. The less the homeowner has at stake, the more taxpayers are at risk. That isn?t good policy any way you slice it,? said Broussard.

 

While well intended, the FHA falls short of good public policy and is dangerously close to a full blown taxpayer bailout (www.subprimenewsroom.com). Citizens Against Higher Taxes is urging Congress to abandon the bailout elements of the FHA modernization bill.