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3 Things Your Accountant in Billings, Montana can do for You

There are millions of people around the US that want to do their taxes on their own. They either love to sit down and crunch the numbers, or they want to save money by not paying someone else to do their taxes. Whatever their reason, they think they are better off without hiring an accountant in Billings, Montana to help prepare their taxes.

And they may be better off; it all depends on their tax situation. What most people don’t realize is that their accountant does more than just help prepare their taxes. Here are three important roles that your accountant plays in your financial life.

 

Your Accountant Helps Prepare Your Taxes

While Practical Taxes does do a number of different tasks, preparing your taxes is still a huge part of our work. Whether you have a simple tax return or a complex one, we can get it done quickly and, more importantly, affordably. We have some of the lowest rates you will find, and likely you will pay less than if you went to one of those seasonal tax preparers.

We are your accountant in Billings, Montana and will get your taxes done, and help you get a bigger refund than you imagined you would get. The reason your refund can be bigger is because we know all of the tax nuances. There may be some deductions that you miss if you try to do your own taxes, and others that the seasonal preparers don’t even know about.

Your Accountant Helps Process Payroll

Payroll services are a huge part of the accounting process. If you have employees, then you definitely need to have someone do your payroll for you. Trying to do payroll on your own only opens you up to liability that you don’t need to worry about. Besides that, it is much more worth your time to work on your business rather than spend the hours and hours it takes each month to complete the payroll on your own.

Payroll services are much more affordable than you think; the amount of time you save by letting your accountant in Billings, Montana process your payroll will be well worth it.

Your Accountant Does Business Planning

If you are thinking of starting a business, or starting a new business, you can schedule time to sit down with us to determine all the ins and outs of that business.

We will help you analyze the viability of the business as well as determine the most appropriate business structure needed. He will then work with you to fill out all of the appropriate paperwork to make sure your business is processed and recorded with the city and the state. Since we are accountants in Billings, Montana all year round, and not just during tax season, that means he can help you with any little problems that come up throughout the year.

Using an accountant in Billings, Montana to do your taxes is a great idea. But don’t think that your relationship needs to end there! By developing a team of advisors, one of which is your accountant, you can make sure to have accurate and valuable advice from all angles.

Practical Taxes is a full service accounting firm in Billings, Montana. As you can see above, the relationship is much more than tax preparation! Call 406-894-2050 to schedule your appointment!

5 Smart Ideas for Your Tax Refund

Taxes3-300x224 We are in the middle of tax season. If you have already done your taxes, and you’re sitting on a nice tax refund check, then congrats! If you have yet to do your taxes, call us today to set up your appointment with an accountant in Billings, Montana.

Most people will get a refund. Many people will blow that refund on something frivolous. Before you head out the door and start buying rounds at your favorite watering hole, take some time to realize that this is not free money. It is money that you have earned throughout the year. Also take some time to read these tips that will help you be wealthier in 2015 than you were in prior years.

 

Tax Refund Tip 1: Pay Down Debt

I have yet to talk with someone that loves being in debt. Many people appreciate being able to take out a loan to buy those things that they can’t afford to pay for with cash, but most people hate debt and want to be out of debt as soon as possible.

Your tax refund will help you pay down your debt saving you a lot of money in interest charges over the next 5, 10, or 30 years. Every dollar you pay down now, is a dollar that is not accumulating interest charges.

Tax Refund Tip 2: Invest in Your Future

There has been a lot of talk recently about the future of Social Security. While it would be nearly impossible to absolutely wipe out the program, the reality is that it likely won’t be paying out quite as much in the future as it does now. But keep in mind that the program was never intended to pay for your entire retirement anyway.

You need some outside investments to help boost your retirement income and allow you to live the lifestyle you want. Investing at least part of your tax refund will help to get you there.

Tax Refund Tip 3: Give to Charity

Millions of people right here in the US are not as well off as you are. That means they could use a helping hand. You don’t have to give your entire tax refund away, but a small portion will help to go a long way. Before you give a charity your money, be sure to check them on Charity Navigator to make sure the money goes to the program and not to the CEO’s paycheck.

Tax Refund Tip 4: Save Your Money

This is different than investing. We all know the importance of having an emergency fund, yet the majority of people don’t have one. Why? Because they feel they need it all at once or nothing at all. Well with your tax refund you can fund your emergency fund all at once. Just remember that when money goes into the emergency fund it only comes out for emergencies.

Tax Refund Tip 5: Spend it on Yourself

You may be thinking, “Didn’t you just say not to spend your tax refund?” Yes, I said not to spend all of it frivolously. After you have paid down some debt, invested in your future, donated to charity, and boosted your emergency fund, there will be something left over. Even if it’s only $50 or $100, go buy yourself something nice, take your loved ones out to dinner, or buy 100 burgers off the McDonald’s Value Menu if that’s what makes you happy. You earned the money, so spend it on something that makes you happy.

Getting your taxes done by an accountant in Billings, Montana like Mike will let you get that refund back in your pocket quickly. Call 406-894-2050 to set up your appointment today!

3 Reasons You Should Use Payroll Services

Large bills fanned out and held in hand

Large bills fanned out and held in hand

If you are a business owner, you have a lot on your mind. You have to make sure that your business is up and running. You have to make sure that you are getting bills paid, inventory ordered, invoices sent, all while overseeing everything else that occurs on a day-to-day basis. Trying to do your own payroll in an attempt to save money is just one more thing on your plate; something that is very easily delegated to someone else. If you are trying to do your own payroll, read these three key points on why it would behoove you to hire an accountant in Billings, Montana to take care of that for you.

 

 

 

 

You Are Able to Stay Compliant with Payroll Services

The IRS has a lot of deadlines, forms, and other compliance issues that need to be taken into account. If you are trying to do payroll on your own, without the help of a payroll service in Billings, Montana, then you are trying to learn an entirely new business. Why would you spend the time to learn another business, all while trying to keep your own business up and running?

We go through continuing education all year long. We understand payroll services, and we know what needs to be done to stay compliant with the IRS. You have one less thing to worry about when hiring out your payroll services.

You Actually Save Money with Payroll Services

The average small business owner spends about 10 hours each month doing their payroll. That is sitting down and calculating out hours, figuring in taxes and withholdings, and writing checks. If you value your time at $50 per hour (as a business owner you should be valuing it at least that much, and likely double that), then you are spending over $500 every month just to write checks to your employees.

If you hire an accountant to do your payroll services, you save 10 hours and a lot of stress. Instead of doing payroll, you can now grow your business and make sure everything else is running properly.

Your Employees are Happier with Payroll Services

With a professional payroll service company helping with your payroll, your employees don’t have to worry about late paychecks, inaccurate paychecks, or anything of the sort. They know that they can send in their hours, and on payday they will have a check in their hands.

Even more, you can add some perks to help retain employees. When trying to do payroll yourself, retirement plans like a SIMPLE IRA were out of the question. Now that tax reporting and payroll is easier, you can offer those perks.

Using a payroll service in Billings, Montana doesn’t have to be expensive. In fact, if you are spending a lot of money to cut paychecks to your employees, then you are doing it wrong. Payroll services should not be expensive; here at Practical Taxes they are not. Call us today at 406-894-2050 to find out more about how we can help you.

Practical Taxes is a full service accounting firm in Billings, Montana. We do payroll services (including online payroll services for those who don’t live close by), tax preparation, business consulting, and much more.