Accounting & Tax

Tax Audit Reviews: A Guide on Independent Tax Audit Representation

If you’re like many taxpayers, you’ll never hear from the Internal Revenue Service (IRS) personally. Then again, you may easily become the target of an IRS audit when you least expect it. If you find yourself facing a tax audit, one of the smartest moves you can make is to pursue independent tax audit representation. Here is a glimpse at what this type of audit representation involves.

When you filed your taxes, you may have assumed that you would never be audited. As a result, you might have turned down the opportunity to purchase pre-paid tax audit representation, which would have allowed your tax professional to defend you during your current audit. However, all is not lost. Why? Because an audit defense company can still provide you with the representation you need during your current audit.

According to current tax audit reviews, you can expect your independent tax audit representation provider to evaluate your audit letter from the IRS and then discuss with you its recommendations regarding how to move forward during the audit. Then, the company will take a look at your audit-related documents before the government has a chance to see it.

Next, the company you choose to represent you will attend all of your audit appointments for you and defend your return vigorously. The company may even prepare a request for an appeals conference or a federal tax court petition if necessary. All in all, the company’s ultimate aim is to minimize the tax audit’s financial impact on you, according to the latest audit defense reviews.

Independent audit representation is especially invaluable for business owners. That’s because audits involving business owners can easily cost money and time—two resources that business owners simply can’t afford to give up. With the right assistance, you can get through any tax audit with confidence either now or in the years ahead.

Explaining Taxes When Buying a Home and After Purchased

Your job is taking off and you’re starting to get settled into your career, congratulations! Now that the puzzle pieces of life are starting to fall into place, it’s time to consider laying down some roots and buying a house. Sounds nice, doesn’t it? However, buying a house is a big milestone, whether it’s a small starter or your forever home. The purchase may affect the way that you file taxes next year. Here are some of the major changes that the 2018 tax law has affected homebuyers.

Deducting Mortgage Interest May Not Be In Your Best Interest

The new tax structure has nearly doubled the standard deduction, making it less lucrative to itemize deductions for many families. Homeowners who deducted mortgage interest from their gross income had average savings of $1950 for taxpayers in 2016.

Now, however, only those homeowners in the top 30% priced homes can save more itemizing their deductions, including interest they pay on their mortgage. Work with your tax attorney to look at your savings under the standard deduction compared to that of itemized deductions.

You May Not be Able to Deduct All the Interest You Pay

Home buyers in the most expensive markets may not receive the full benefit of tax deductions either – they may not be able to deduct the full amount of their mortgage loan interest from their gross income. Under the new regulations, insurance deductions are capped at $750,000, instead of the $1 million cap from prior years.

While this affects only a small percent of the population, it will affect the housing market, as houses for sale in the highest brackets may not attract many buyers. For residents of Hawaii, D.C., and California, this will have the greatest impact, although homebuyers with homes valued at up to $937,500 who put down a down payment of 20% or more will still get to deduct the full amount of interest on their mortgages.

Home Equity Loans are No Longer Deductible

You may have opted for a home equity loan to finance home improvements, pay for a child’s education, or to settle medical bills. These loans, although risky for some, allow you to borrow against the value in your house, and have been a lifesaver for many miles.

Now, however, you’ll no longer be able to deduct the interest on your taxes forms your home equity loan. Prior to 2018, taxpayers could deduct the interest on these loans, with a cap of $100,000.

State and Local Property Taxes May Not Be Deductible

State and local property taxes will vary by location; states with no sales tax typically see larger property tax rates. Residents of those states have enjoyed the larger itemized deductions of the property taxes in the past, but under 2018 regulations, this has changed for many homeowners as they may no longer deduct the full value of taxes paid to local governments from their federal returns. New tax reforms capped the total state and local tax (SALT) deduction at $10,000. For homeowners in wealthier areas, their state and local taxes often exceeded $10,000.

Making sense of changes in your tax obligation can be tricky. An accounting firm specializing in the changes to the U.S. tax code can help homeowners understand their options, and explain the difference in their taxes. Many homeowners became used to paying a certain amount in taxes and may have “sticker shock” with their new tax bill.

To ensure that you’re able to recoup the highest amount possible from your home loans, work with a professional who understands the real estate experts and can guide you on if you should buy a house or not – when the time is right, you’ll seek the proper guidance.

 

Portable Restrooms on Construction Sites

Construction jobs are long and complicated and never seem to be finished on time. During construction, admin work has to be completed, and there usually is a need for sales trailers, mobile toilets, storage trailers, and more. The portable restrooms element is particularly important. They cannot be placed just anywhere, as they will need a sewer hook, running water, and an electrical service in order to operate.

It is also very important that the restrooms are in fact portable. As construction continues, new utilities are connected and people start to work on different elements of the site, which means the restrooms have to move with them. As such, everything has to be disconnected and reconnected again.

Portable Restrooms

Portable restrooms are perhaps one of the most important job site trailers around. Workers have a right to bathroom facilities, which is important both for their privacy and for the overall hygiene of both your staff and the jobsite as a whole. Luckily, you can get fully portable restrooms to meet just about any needs, and these can then be moved around as construction continues on the site. In many cases, blocks of jobsite trailers are created, with a toilet trailer, an office trailer, and a storage trailer near one another, for instance. However, how you want to organize this on your particular site is entirely up to you.

What does matter is that the restrooms are really well ventilated, and that the air from the restrooms doesn’t get sent to the offices and storage rooms, however. Additionally, as stated previously, you have to be able to hook it up to all the necessary utilities. This all has to be planned properly, as well as being maintained properly. Do so, and they will last you for the duration of your construction project. Customers and employees alike will be able to enjoy the comfort of having clean restroom facilities there for them.

Problems with Portable Restroom Solutions

  1. No existing restroom and no water or sewage. This means you need a full system with all the necessary components. In fact, it can even hold a portable sink. You do, however, usually have to be able to hook it up to electricity.
  2. Existing restroom but no water or sewage. In this case, you have to install the services to the trailers. Installing a large scale water tank may just be exactly what you need.
  3. Limited Space. In this case, you need to ask for a smaller than average portable restroom, which most job site trailer places will have available.
  4. Water connection, but no sewer. You may want to get a chemical toilet to get rid of flushed waste.

Don’t take chances with your portable restrooms. Your employees are entitled to one by law, and your customers will expect there will be a restroom on site as well. And , as you can see, all the common problems sometimes associated with these job site trailers can easily be resolved.

Increase Conversion Rate with Great UX

What is UX, why does it matter, and how does it impact on Conversion Rate Optimization (CRO) of a website?

According to TruConversion, UX or User Experience is “basically what happens when your users interact with your business through online communications, application or website.”

The purpose of having a website is to advertise your business, as well as communicating important information with your site’s visitors.

What happens if this is not the case? Your website visitors are not converting into returning customers, and your site has a high bounce rate.

What are the reasons for this?

Why is your website not a successful advertisement for your business?

One of the biggest reason why your site has low traffic and a high bounce rate is that your website does not provide a great UX to your visitors.

Your visitors will leave your site and visit your competitors’ websites. They might also write bad reviews about your site on social media such as Facebook, Twitter and LinkedIn. It is, therefore, critical that you pay particular attention to providing a positive UX for your website’s visitors.

Why do you need to provide a positive UX?

Well, apart from reducing customer dissatisfaction and bad reviews, a great user experience increases sales and conversion rates. It also increases the positive perception of your brand.

Do you want to improve your site’s UX?

Here are several tips on how to improve your site’s UX.

Provide high quality content

High-quality content is the one of the cornerstones of a good website. It is of primary importance to provide accurate, well-thought out, and well-presented content. Before you start putting any words down on paper, you need to research the topic thoroughly.

The Internet is full of badly written, badly presented, and uninformed content. If you continue this trend, your business will have no credibility and it will not be seen as an authority in its niche.

Once you have written the content, you can add media files such as audios, videos, and images to enhance the presentation of your content; thereby, increasing the UX for visitors to your website.

Decrease the load time of your website

Have you ever tried to load a website that takes ages for the homepage to load? Do you continue to wait for the site to load or do you visit a competitor’s website instead?

Tag Man conducted research in 2012, which found that there is “A very significant relationship between your site speed and conversion rate.”

Can you imagine how many customers you will lose if your site takes a long time to load?

Your site’s speed also has an impact on the Google Search Engine ranking. Google is now adding site speed to the way it calculates your website’s ranking. Therefore, it is crucial that you take steps to decrease the load time of your website.

How do you decrease the load time of your site?

  • Reduce the size of your website code. Developers often end up writing unnecessary code, ending up with bloated HTML.
  • Cut down on the number of social media sharing buttons you add to your website. These buttons consist of code which talks to the relevant social media site; thus, slowing down the response time of your website.
  • Choosing the correct web server. Some web servers have a slower reaction time than other web servers. As a result, it is important to do your homework before you decide which web server to host your website on.

Design for the Device

People worldwide are increasingly turning to mobile devices to access the Internet. For this reason alone, it is crucial that you optimize your website for mobile devices as well as laptop and desktop computers.

Why?

People navigate differently on mobile devices compared to laptops and desktop computers. Current statistics state that “46% of mobile users report having difficulty interacting with a web page while 44% complain that web page navigation was difficult.”

According to research completed by Google,, “Mobile users are goal-oriented. They expect to get what they need from a mobile website immediately, easily and on their own terms.”

Website developers need to develop responsive sites; especially, as the same site is most often viewed on across different devices, from a smartphone, tablet, through to a laptop or desktop computer. As a result, the website needs to be simple but powerful, while not sacrificing the richness of the content.

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How do you design a responsive website? Here are some tips to consider:

  • Reduce the amount of text that is on every page. It’s difficult for people using smartphones to read large amounts of text on the web page. They have to keep on pinching and zooming across the screen to be able to read all the text. This gets frustrating and can result in a negative UX.
  • Ensure that your call-to-action is at the front and center of your web page. It is important that mobile users understand exactly what you expect of them.
  • Design your website to be intuitive. Most people’s eyes track from left to right, top to bottom. Use this to your advantage. Give clear directions and guidance for your mobile user. Where do you want them to go? What do you want them to do?

Use Animations on your website

Animations can either be an addition to a website or a distraction from the site. The clever use of animated objects can attract the attention of your site’s visitors and improve their UX. The following tips will help you using animations to improve your UX.

  • Use animations to direct your visitors’ attention to what you want them to look at first.
  • You can use animations to guide your visitors through the online shopping process. For example, use an animated shopping cart when it is time for them to pay for the goods in their shopping cart.
  • The clever use of animations can be used to cover up slow load times.

In conclusion, the importance of a great UX for any visitor to your website cannot be underestimated. It is often a primary driver in determining whether a visitor is converted into a returning customer or not. Listen to your website’s visitors. They will soon tell you whether they think your site offer a great UX or not.

 

Mike Dane

Mike is a Digital Marketing professional and currently working as a PR manager at #TruConversion.com He truly loves Online marketing and anything digital. He is very focused about who he works for. Once he starts work, he is fully committed to his duties and responsibilities at that company

Tips for Partnering with the Most Efficient Payroll Company

To get the results that you want for your payslips and accumulative reports for stakeholders it’s important that you find the right partner. The payroll outsourcing company that you hire should be familiar with your industry niche and the way that you run your business. If the professional payroll team understands your own commitment to excellence, they will strive to meet your expectations with the work that they do for your company. Use some of the trusted tips below to find the payroll company that will enhance your business operations.

Decide Your Outsourcing Needs

The first tip that the professionals at www.berkeleyhamilton.co.uk recommend is that you decide what your needs are for outsourcing payroll duties. Do some research to see what types of services are available so that you can take full advantage of the outsourcing programmes. Once you have some ideas in mind, you can then begin to shop around for a company that meets your criteria for excellence. Keep an open mind to all of their offerings so that you can receive the maximum benefits for the costs involved.

Stay Within Your Budget

You, better than anyone, know what you can afford, so when you are researching payroll services try to make every effort to work within your budget. As you save money by outsourcing payroll you can begin to invest in additional services that might appeal to you. You may want to ask about package deals that combine various services for a reduced fee.

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Establish Effective Communications

One of the most important steps that you can take is to establish effective communications with your payroll specialists. Be honest with them, ask their opinion on various issues pertaining to your payroll, and try to work with the same person each time. If you have the same point of contact for your outsourcing needs, the entire process will be simple and stress-free. Tell them exactly what you need, let them know your expectations, and ask what you can do to make their jobs easier.

Test Your System First

When you have everything in place, you should work with the payroll specialists to do a trial run of your payslips before they are actually produced to distribute to employees. This will help you to modify your procedures and work out any problems that occur. Check the details of all calculations; take a look at each employee’s individual information and make any necessary changes in advance of the real payroll run. It will be very beneficial to work out any problems before payslips are given to your staff for the first time.

Do Your Part

You must also do your part so that the process is successful. Send your information to the payroll team by the deadline that they give you, make sure that your information is correct, and ask questions if you aren’t sure of what you need to do. When each person in the process works to their fullest potential payroll outsourcing becomes a plus for your company.

Image courtesy of Ambro/FreeDigitalPhotos.net

Six Considerations for Choosing the Right Home Safe

Home safes have risen in popularity since the beginning of the recession. If you have made the decision to purchase a fireproof safe for your home, the following steps can assist you in determining which one is right for you.

 

Protection Alternatives

 

Even with considering the extensive variety of models with various features such as vault doors, choosing the right home safe is a relatively straightforward process. Because you are protecting capital, essential documents and sentimental items, make sure to pick prudently and consider these six fundamental points.

 

  1. Fire Resistant: Understand that a fire rating reflects the amount of time the safe can endure a fire without the contents combusting. Calculations are in terms of hours, and the ideal measurement is a minimum of a one-hour fire rating. It is necessary to realize that no safe is 100 percent fireproof. There are limits on any safe as to how long it can protect its contents and what items it can protect from fire. A list of classifications can be found here.

 

  1. Research the cash rating. This measurement shows the degree that the safe is burglar-resistant. Calculations indicate the complexity of the locking mechanism, the strength of the door and walls, and how difficult it is to remove the safe from its location. The higher the cash rating, the more secure the safe.

 

  1. Determine the volume of objects going in the safe. Standard home safes are eight inches high, 10 inches wide and 10 inches deep. Make sure that you plan enough room for future items. This gives you an idea of the size of safe you need to purchase. Smaller safes are easier to hide and more versatile for environments such as apartments, recreational vehicles and boats.

 

  1. Decide if you want a portable or permanently installed safe. For instance, you can bolt a safe to the floor or set it in a wall. Choose a model and size according to your decision. Make sure that each adult in the household can easily carry a portable safe in the event of an emergency.

 

  1. Instead of a keyed lock, opt for a combination lock. Combinations are easy to remember or record in a confidential or off-site location. Locking systems are a principal cause of concern for safe buyers. Systems employing combination locks offer the highest degree of protection. In addition, locking bolts prevent the door from being pried open.
  2. Consider your budget. Purchase the highest-grade safe to meet as many of your needs as possible. The MSRP for most home safes start at approximately $150 and range up to $800 or more. Choose a top-rated safe and sacrifice a few cubic inches.

 

Documents to Keep in Your Safe

 

Safes protect valuables, cash and essential documents. Resist the temptation to save too many sentimental items if space is at a premium. Documents that you should keep in your safe include:

 

  • Birth and death certificates

 

  • Estate-planning documents

 

  • Life insurance policies

 

  • Savings bonds

 

  • Stock certificate

 

  • Tax returns

 

In the end, a good safe is secure, well concealed and just a piece of your larger family security plan. Make sure that all of the adult members of your family know where you place the safe and that everyone understands an emergency plan that focuses on personal safety first.

The Importance Of Mental Arithmetic

It’s very important to be able to perform basic mathematics by the time you leave school. You’ll more than likely finish your compulsory schooling with a barrage of algebra thrown at you. More often than not, you’ll have asked the same question over and over again: “What’s the point?”. Well, we’re here to tell you, there isn’t much point unless you’re going into teaching Maths or physics. So let’s way up the odds, the majority of all the pupils leaving school in Year 11 will never use algebra again.

However, one part of mathematics that everyone will use, sometimes on a daily basis, is mental arithmetic. This is one part of maths that is actually useful for us, and one that seems to be neglected in high school.

We take part in mental arithmetic in Year 6 and in Year 9 after that, it’s all funny numbers and letters! None of this is remotely useful!

The part of the brain that assists with calculation and problem solving should be stimulated from an early age. It’s important to start to teach mental maths at the age of 5, this will improve their ability to use four arithmetic rules in high speed: addition, multiplication, division and subtraction.

There are plenty of factors that make this an extremely important part of learning:

– It will greatly improve concentration levels

– It will enhance your listening skills

– It will improve self-confidence and endurance

– Problem solving skills are improved.

– Comprehension and calculation breakdowns are improved

– It improves short-term memory

– Logical thinking will also be enhanced

One of the most important factors to consider in this process is the manipulation and breakdown of numbers in the head. You have to be able to sort out the numbers in your head, incorporating estimation, measurement and place value. This concept will make it easier for students to remember the maths facts a  lot easier.

There are plenty of maths tutoring websites for you to learn more about manipulating numbers in your head. The best manner to teach mental maths is to string together random numbers and ask students to find the solution. You have to start simple and allow each pupil to draw their own conclusion and their own methods. With  more and more practice, they will develop and individual strategy that will gain speed over time.

The great thing about mental maths, is that there’s no right or wrong way to get to the answer. It isn’t like a written test where the workings out are marked, it’s all up there in your head. Everybody derives a conclusion differently, it’s upto you as the teacher to guide your students towards the best route for them.

It’s important to try and engage in mental maths every day of our lives. This applies to adults too, if you’re out for food, don’t get your phone out to add up how much your meal costs. Stimulate your brain and work it out. We are our calculator and with the right practice we can calculate almost anything!

Allahabad Bank Home Loan Interest Rate Vs Axis Home Loan Interest Rate

Before I start with this article, let me ask you a very simple question – what things do you consider while opting for home loan? I know most of you will answer it as service, approval time and interest rate. About the first two things that I just mentioned, Allahabad Bank is considered among the best ones. Yeah, it is counted among the best ones in the latter part too, but I would not just tell that in words, rather will prove it by making you aware from the Allahabad Bank Home Loan Interest Rate. Talking about that in the next section. Continue reading…

Accounting And Its Benefits To A Business/Organization

accounting_service

Is a branch of information science which involves the systematic collection, classification, recording, analysis of data and reporting of information resulting from business transactions or activities. The process of accounting or kirjanpito is steered by an individual referred to as an accountant. The accountant must adhere to regulations and rules of accounting for example generally accepted accounting principles (G.A.A.P). Accounting is an important tool to organizations or businesses as it helps them in determining their stability (financial performance). It therefore helps in provision of economic information to others such as the government, investors and stakeholders of organizations or companies. Financial information obtained through accounting is communicated to others by use of financial statements (balance sheet, income statement, cash flows). From these statements, the company/organization is then able to judge on their performance for example through profits and revenues collected.
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Make your Life and Work More Convenient with Debt or Financing

Today, debt has become one of the most common things. It is not possible for everyone to invest huge amount of money from their side. People save money for their future but if you will consider about some kind of business then your savings would not be enough for a good start. So, what is the way out for better investment? It is debt. Today, almost everyone is availing the benefits of debt.  Continue reading…