Category: Certified Public Accountants

A Checklist for a Stress-Free Tax Day | Baton Rouge LA CPA

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Tax day can be a stressful time for many people. As the deadline approaches, the anxiety of making sure everything is in order can be overwhelming. While there is no one-size-fits-all checklist for a successful tax day, there are some key items to keep in mind that can help make the process less stressful. Here is a checklist of everything you need for a successful tax day. 

1. Gather all necessary documents: This is the most important step when preparing for tax day. Make sure to have all of your documents, such as W-2s, 1099s, and any other forms related to income and deductions, ready and organized. 

2. Check the filing deadline: Make sure you’re aware of the deadline for filing your taxes. Depending on the year, the deadline can be as early as April 15th or as late as April 18th. 

3. Know your filing status: It’s important to know exactly which filing status you’ll be using on your tax return. This can make a big difference in the amount of taxes you owe, so make sure you’re clear on this before filing. 

4. Determine which deductions you can take: There are many deductions available to taxpayers, including the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit. Make sure you’re aware of all the deductions you’re eligible to take and gathering the documentation needed to support them. 

5. Check for tax credits: Tax credits can reduce the amount of taxes you owe. Examples of tax credits include the Child and Dependent Care Credit, the Retirement Savings Contributions Credit, and the Health Coverage Tax Credit. 

6. Consider filing an extension: If you’re not able to file your taxes by the deadline, you may be able to file an extension. This will give you more time to get your documents in order, but you’ll still need to make an estimated payment by the deadline. 

7. Review your return: Once you’ve gathered all the necessary documents and filled out your tax return, take the time to review it carefully. Double-check all the numbers and make sure you’re taking all the deductions and credits that you’re eligible for. 

8. File your return: Once you’ve reviewed your return and are confident in the information, you can file your return either electronically or by mail. Make sure you’re filing the correct version of the return and that all the information is accurate. 

9. Make your payment: If you owe taxes, make sure to make your payment on time. You can make a payment online, by mail, or over the phone. 

By following these steps, you can make sure that you’re prepared for tax day and have a successful filing experience. It’s important to remember that tax laws can change from year to year, so make sure you’re up to date on any new rules or regulations that may affect your tax return. 

Additionally, consulting with a tax professional can help ensure that you’re taking advantage of all the deductions and credits available to you and that you’re following all the necessary rules and regulations. With the right preparation and guidance, you can make sure tax day goes smoothly and successfully. For more information, please contact Apple Guerin Company LLC to schedule a consultation. 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Hiring an Accountant for Your Bookkeeping Needs | Apple Guerin Company

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Bookkeeping is an essential part of any business, regardless of the size or the industry. It helps you keep track of your income and expenses, and it can also provide insights into how your business is doing financially. For many business owners, however, bookkeeping can be a daunting and time-consuming task. This is where an accountant can help. An accountant can provide invaluable assistance in managing your business’s finances, helping you to make informed decisions and get the most out of your money. 

When it comes to bookkeeping, an accountant can provide a wide range of services. From setting up and managing your financial records to preparing and filing your taxes, an accountant can help ensure that your books are in order and that you are meeting your financial obligations. 

An accountant can also provide advice on how to maximize your business’s financial potential, such as how to reduce costs and increase profits. An accountant can also help you stay organized and up-to-date with your finances. They can help you create a budget and track your spending. They can also help you set financial goals and help you find ways to achieve them. 

An accountant can help you understand your financial reports and offer advice on how to interpret them. They can explain the meaning behind different financial indicators, such as gross profit margins, cash flow, and net income. This can help you make informed decisions about how to manage your business’s finances. Moreover, an accountant can provide advice on how to improve your financial reports so that you can derive maximum value from them. 

Finally, an accountant can provide insights into how your business is doing overall. They can analyze your financial data and provide advice on how to optimize your business’s performance. This can include looking at trends in revenues and expenses and identifying areas where you could make improvements. They can also help you create financial projections and forecasts that can help you plan for the future. 

Overall, hiring an accountant to help with your bookkeeping can be an invaluable asset for any business. Accountants can provide a wide range of services that can help you stay organized, maximize your profits, and make informed decisions about your finances. With the help of an accountant, you can rest assured that your books are in order and your financial obligations are being met. Contact our accounting firm today to learn how we can help you.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Leveraging an Accountant to Reach Your Long-Term Goals | CPA Baton Rouge

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When it comes to setting and achieving long-term financial goals, it is important to have a plan in place. An accountant can be a valuable resource in helping to create and implement a plan that can help you reach your financial goals. An accountant can help you identify and manage a variety of financial matters, including taxes, investments, and retirement planning. Here are a few ways an accountant can help with long-term finance goals: 

Tax Planning

One of the most important services an accountant can provide is tax planning. An accountant can help you understand the tax code and identify ways to reduce your tax liability. They can advise you on how to structure your finances to maximize deductions and credits, and how to manage your investments to minimize taxes. An accountant can also help you with filing and submitting your tax returns. 

Investment Strategies

Another area an accountant can help with is developing an investment strategy. They can review your current investments and help you create a portfolio that meets your goals for both short-term and long-term financial objectives. An accountant can also offer advice on how to diversify your investments and manage risk to ensure your portfolio is in line with your goals. 

Retirement Planning

An accountant can be a valuable resource in helping you plan for retirement. They can help you determine how much money you need to save for retirement and create a plan to reach that goal. They can also advise you on the types of investments that can help you maximize your returns and minimize your risk. An accountant can also advise you on strategies to reduce your tax burden during retirement. 

Debt Management

An accountant can also help you with debt management. They can help you assess your current debt situation and develop a plan to pay off your debt as quickly as possible. They can also help you create a budget to manage your expenses and keep your debt under control. 

An accountant can be a valuable resource when it comes to setting and achieving long-term financial goals. They can help you understand the tax code and develop an investment strategy to maximize your returns. They can also help you with retirement planning and debt management. If you are looking for help with long-term financial goals, it is worth it to consult with an accountant. Contact our accounting firm today to learn how we can help. 

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

The Benefits of Working with an Accountant for Small Business Tax Preparation | Best CPA Baton Rouge

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Tax preparation can be overwhelming and time-consuming for small business owners, and many turn to an accountant for help. An accountant can help small business owners understand their tax situation and make sure they are taking advantage of all the available tax deductions and credits. 

The most important thing to understand about tax preparation is that it takes a great deal of knowledge, planning, and organization to get the maximum return. An accountant can provide a full-service approach that includes answering questions about tax laws, preparing tax returns, and filing them on time. This can help small business owners save money and time. 

Before filing taxes, an accountant can review a small business’ financial records to determine what deductions and credits they may be eligible for. This can help the business get the most out of their tax return. The accountant can also help small business owners understand what deductions and credits they can take advantage of to reduce their tax bill. 

An accountant can also help small businesses with the preparation of their income tax return. They can review the return for accuracy and make sure all deductions and credits are taken into account. They can also provide guidance on filing the return and help the business owner find ways to reduce their tax liability. 

An accountant can also help small businesses with quarterly and annual tax preparation. This includes preparing forms, such as the 1040, 1040EZ, and 1040X. They can also help with filing extensions and making sure the business is in compliance with all the tax laws. This can help the business avoid costly fines and fees. 

Finally, an accountant can help small businesses prepare for the future. They can help the business owners set goals, create a budget, and plan for retirement. This can help the business owners make sure they are in a good financial position and ready to handle any tax surprises they may encounter in the future. 

Tax preparation can be stressful and time-consuming for small business owners. An accountant can help take the stress out of the process by providing guidance and ensuring the business takes advantage of all the deductions and credits available. They can also help the business owners prepare for the future by setting financial goals and creating a budget. 

To learn how our accounting firm can help you, contact us today to schedule a consultation.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

The Benefits of Working With an Accountant | CPA Baton Rouge

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The world of finance and accounting can be a complicated one, which is why many people choose to work with accountants. An accountant is a trusted professional who can help individuals and businesses manage their finances and make sound financial decisions. From managing taxes to creating financial plans, an accountant can provide invaluable assistance in any financial situation. Here are just a few of the benefits of working with an accountant. 

Tax Preparation 

Taxes can be complicated and confusing, and making mistakes can lead to costly penalties. An accountant can help you understand the complex tax laws and ensure that you are filing your taxes correctly. They can also help you to take advantage of any deductions or credits that you may be eligible for, helping to reduce your tax burden and maximize your return. 

Financial Planning 

An accountant can provide assistance with financial planning, helping you to develop a plan for budgeting, saving, and investing. They can help you to create a plan that will provide for your short and long-term financial goals, and can help you stay on track for achieving those goals. 

Business Advice 

If you own a business, an accountant can provide valuable advice and assistance. They can help you to create a budget and financial plan for your business, and can provide advice on taxes and other financial matters. They can also help you to understand the financial implications of decisions that you make for your business, so that you can make informed decisions. 

Accounting Services 

Accountants can provide a variety of services, such as bookkeeping, payroll, and financial statement preparation. They can help to ensure that all of your financial information is accurate and up-to-date, and can provide assistance with any other accounting needs that you may have. 

Peace of Mind 

Having a professional accountant on your side can help to provide peace of mind, knowing that your finances are in good hands. With an accountant, you can rest assured that your finances are being managed correctly and that you are making sound financial decisions. 

As you can see, there are many benefits to working with an accountant. Whether you are an individual or a business, an accountant can provide invaluable advice and assistance with managing your finances. With their help, you can make sure that your finances are in order and that you are making sound financial decisions. For more information, please contact our accounting office to schedule a consultation.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Team Feedback Can Transform an Organization | Apple Guerin Company

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As a business owner or manager, you are accustomed to giving feedback to your employees, but are you also capable of receiving it? In order to grow, you need to learn how to solicit and leverage employee opinions regarding your operation and your leadership. As a business leader, here is how to gracefully accept feedback. 

Actively seek opinions from others.

In the process of soliciting input, you give your team members the opportunity to provide valuable insight into the health of your operation. If you listen carefully, you may discover a money-saving innovation that changes the course of your business for the better of your operation. If you listen carefully, you may discover a money-saving innovation that changes the course of your business for the better. If you listen carefully, you may discover a money-saving innovation that changes the course of your business for the better. As small business accountants, we frequently witness transformations of this nature. Feedback, whether delivered in an informal water-cooler setting or in a formal meeting, provides an opportunity to improve processes. Make it a habit to solicit and reward constructive feedback in front of your team.

Take a constructive approach.

It is important to listen to feedback with an open heart and mind, to praise honesty, and to listen closely for growth opportunities.

  • Avoid reacting without considering the intent of the other person.
  • Learn why the person feels the way he or she does.
  • Ask clarifying questions to ensure that you understand the viewpoints of others.
  • Take time to digest the information, if necessary.

There is no harm in revisiting a discussion from a different perspective. Taking the time and space you need to use feedback constructively will allow you to better understand your leadership style. A thoughtful approach will also be welcomed by team members.

Take the time to reflect on your performance.

In addition to having a conversation with an employee or team manager, you can also learn about your strengths and challenges by reflecting on your own behavior. Track your successes and opportunities in a journal, and then analyze the patterns you find. Talk to a business consultant or read self-help books for insight.

The feedback you receive from your employees can provide you with an excellent opportunity to strengthen your business and leadership skills. In order to become an entrepreneur, you did not bend to outside criticism; you likely handled it strategically. Consider employee feedback in the same manner. If employee feedback inspires an idea for a new service line or financial savings, our small business accounting firm can help you turn that inspiration into reality. Contact us today to schedule a consultation. We are here for you.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Three Tips for Running a Profitable Business | Baton Rouge CPA

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Establishing your own success is one of the most exciting and fulfilling aspects of being a business owner. Entrepreneurs may work independently or as part of a partnership. Regardless, they’re at the top of their game. Being the CEO of a small business entails a number of additional responsibilities. It is extremely valuable for business leaders to invest time in ensuring the profitability of their businesses. In order to do this, you must have a thorough understanding of matters such as overhead, revenue, and marketing strategies. Here are a few tips to make your business more profitable.

Take a look at your expenses.

If a business is interested in increasing profit margins, this should be its number one priority. Leaders should keep a detailed record of their monthly expenses. Equipment, supplies, employee salaries, liability insurance, and rental costs or property taxes are included in this category. Examine this list carefully to identify anything that is not strictly necessary or that your business spends an excessive amount of money on. By cutting down on certain supplies, finding smart ways to limit your insurance payments, or even deducting more expenses, you may be able to reduce your overhead. Your overhead can be reduced in a variety of ways. All of them begin with a careful examination of your expenses. The use of a certified accountant is a very effective way to ensure that this work is done accurately and efficiently. 

Identify growth objectives.

It is often the case that businesses without specific goals are their own worst enemies. You are more likely to fall into a state of complacency with your organization if you lack concrete objectives. Complacency, of course, leads to stagnation and a loss of profits. In order to increase profitability, businesses should map out where they wish to be in three months, six months, a year, and five years. Identify the number of clients you would like to acquire within each time frame, and develop strategies that will assist in achieving that goal.

Learn how to market online.

The majority of people looking for your business in their area will use the internet to locate you. Statistics indicate that 90 percent of Americans use internet search engines to locate local businesses. You are also included in this category. In order to gain a foothold in these searches and ensure that your business’s website is seen by as many people as possible, what can you do? Online marketing, in particular search engine optimization (SEO) marketing, is the answer. Search engine optimization marketing has one simple, powerful objective: to get a business’s website and content ranked as high as possible in search engine results. Today, where Google, Bing, and Yahoo dominate how we discover small businesses, this is an extremely crucial step in increasing profits.

We can help you make your business more profitable by providing expert advice and assistance. Contact us today. With our expertise, we can help your business reach new heights of success.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

The Importance of a Profit and Loss Statement for Your Business | Baton Rouge CPA

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Is your business successful? How do you know? You can take a look at your online reviews; positive reviews indicate that you are doing something right. You can analyze your customer base; serving new or more customers every month means that the word is spreading about your business. You can also search online for your business—if it shows up near the top of the search results, you’re on the right track.

However, these methods are abstract methods of measuring success. A business’s true success is determined by its financial performance. Does your business generate a profit? Are you losing money? If a business isn’t performing financially, it can fail.

You can measure business success through a profit and loss statement. Along with a balance sheet and cash flow statement (more on that later), it is one of the most significant financial statements for your small business. Continue reading if you’re ready to discover your true business success.

How does a profit and loss statement work? Why is it important?
A profit and loss statement, also known as an income statement, summarizes the income and expenses of a business for a given period. Profit and loss statements are typically generated monthly, quarterly, and annually.

Essentially, a profit and loss statement tells you if your business is profitable or losing money.

Profit and loss statements can be used to determine whether your business earns enough money to cover its costs and expenses. They also help to determine whether you can afford to pay yourself as a business owner and if your business model is sustainable.

Profit and loss statements can help you identify your top spending categories and where you might be able to make cuts if your profits aren’t where you want them to be. As a result, you can make informed business decisions-such as pricing your products and services-based on your lowest earning revenue streams.

Alternatively, if you’re doing well, the profit and loss statement can show you your top earning revenue streams, allowing you to concentrate on those.
A profit and loss statement can chart your business growth, reveal sales trends, and provide you with the information you need to make smart financial decisions.

Profit and loss statements consist of three key components.
Every income statement includes three main components, depending on your business’s income and expenses.

  1. The amount of money earned (or revenue received).
    A company’s income or revenue is defined as its operating revenue or revenue generated by its primary business activities, such as the sale of goods or services.

    Additionally, your profit and loss statement will include non-operating revenues or other income generated outside of your core business operations. Income from business capital, rental income, or strategic partnerships (such as advertising) all falls into this category.

    A company’s income statement may also include gains or one-time non-business activities that result in income, such as the sale of a company vehicle or long-term assets.
  2. Expenses
    The first expense on the profit and loss statement is the cost of goods sold. Materials and labor costs are included in the cost of goods sold by your business.

    An organization’s primary expenses include employee wages, sales commissions, and utilities (such as electricity).

    Other expenses or secondary expenses will also be included in the profit and loss statement. In general, these expenses are related to non-core business activities, such as paying interest on a loan, paying taxes, or paying one-time expenses such as legal fees.
  3. Net income (or revenue) amount
    Last but not least, the profit and loss statement will result in a net income figure. An increase in this number indicates that your business is profitable. In the event that it is negative, you have spent more than you have earned.

    Net income is calculated by taking into account all expenses, even unusual or one-time expenses. Thus, you can determine whether you earned or lost money during a given period. However, net operating income may be a better indicator of your business’s day-to-day operations.

    Profit and loss statements: how to prepare them.
    How does a profit and loss statement look in practice? What is the best way to create one? Using accounting software such as QuickBooks, generating an income statement is nearly instantaneous. Your income statement can be accessed and reviewed at any time using QuickBooks, which tracks and organizes your business’s accounting data for you.

    In the event that you do not use accounting software, a bookkeeper can prepare this report for you. If you are a new small business owner, an Excel income statement template may be a helpful starting point. As your business grows, it will become more difficult (and less accurate) to keep track of everything in Excel.

    You can rely on our accounting firm for all of your accounting needs. If you require assistance preparing a profit and loss statement or have questions about how to do so, please contact us. We are always available to assist you.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

Protect the Fruits of Your Labor With Wealth Management | Baton Rouge CPA

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Many people, especially small business owners, require advice about their financial planning—pensions, investments, retirement planning, and business protection, to name a few. A knowledgeable financial adviser can prove crucial to protecting your legacy.

Wealth management: what is it?

After a customer has signed a contract with a wealth management firm, the company provides advice to the customer on how to effectively manage their personal finances or investments.

What are the benefits of hiring an accountant?

The majority of accounting firms have a network of independent advisers who can provide impartial advice on any of the following topics:

Pensions: Are you considering investing your pot in order to receive an adjustable income? Do you plan to mix your pension options? Would you like to contribute more to your pension? Choosing the right accountant can be beneficial.

Planning for retirement: It is critical to prepare for tomorrow and beyond. When you reach retirement age, you may have amassed large sums in pensions, redundancies, or inheritances that you are uncertain how to protect.

Management and advice on investments: Understanding all the opportunities and associated risks will help you turn your pennies into pounds.

Tax planning for inheritances: Protect your family’s financial future, reduce your tax exposure, and prevent poor investment decisions.

Life insurance and critical illness coverage: There is no one who wants to think about the unforeseen and unexpected events that life sometimes brings. Therefore, it is all too easy to overlook the benefits that protection insurance might provide financially in the event of an accident, illness, or death. However, we insure our cars and houses without hesitation, so why not insure ourselves and our family members as well? Make sure that your loved ones don’t have to worry about money should the unthinkable happen.

Protecting your business: You need to ensure your business is adequately protected in case a key employee leaves. Directors and employees are fundamental to the long-term growth of a business.

Will writing: Many people do not have one, or believe it is too challenging to arrange, although it is one of the most significant documents you can have. With the help of an advisor, you can specify what should happen to your estate (whatever you own) and financial assets after your death.

Mortgages: Obtaining advice on the most appropriate mortgage for your circumstances will give you peace of mind when committing to such a major investment. As opposed to heading straight to your bank (who can only offer you their own products), advisers look around the market to find the most competitive rate for your situation, whether you are a private homeowner or a developer/landlord.

Whether by choice or not, life is often complex and inevitably involves change. A sound financial plan should be multifaceted and flexible enough to accommodate life’s unforeseen changes where possible. A professional adviser will make value-for-money recommendations and solutions based on your unique circumstances.

It is our mission as accountants to communicate complex information to clients with objectivity, integrity, and clarity in order to help customers readily comprehend the knowledge and advice that we are sharing with them. Please contact us to schedule a consultation if you would like to discuss any specific investment or gain advice regarding our wealth management services.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808

6 Tips for Successful Business Accounting | CPA Baton Rouge LA

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In order to succeed as an entrepreneur, you must be structured and ensure that nothing is overlooked. It is essential that you have an action plan in order to achieve your future goals. In addition, you need to know how to reach your customers effectively through marketing. It is important to stay on top of your finances to make the best decisions for your situation. Keep all invoices and receipts for this purpose. Your financial situation will be reflected in these reports.

Here are some tips for managing your business accounting.

Organize your expenses by category
Separate your receipts into different envelopes or put them in a compartmentalized binder. You may not be able to deduct all expenses, so categorize them based on deductibility. Put a special stamp or write a note by category (100% deductible/partially deductible/non-deductible).

Keeping track of your sales evolution
If you use accounting software, you will probably know the evolution of your sales. Additionally, you can pull out a cash flow statement to see how profitable the business is now. If you are not profitable, you may want to consider these options:

  • Take a look at your prices. Do you set the right price for your services? Calculate your hourly rate using this magic formula if you’re unsure:
    An hourly rate is calculated by multiplying the desired annual salary by the annual taxes, expenses, and holidays you would like to work.
  • Are you targeting the right niche with your marketing strategy? Are you using good marketing tactics and strategies to reach your potential customers?
  • Are your expenses too high? Is there any area where you could save money?
  • Take a look at your service offering: is it comprehensive enough?

Decide on a billing method
In most cases, entrepreneurs have to charge their customers. Keeping track of your invoices and making sure they are professional and personalized is therefore essential.

Reconcile your bank accounts on a regular basis
There is a tendency for entrepreneurs to neglect this part of their business. Bank reconciliation (or account reconciliation) is essential if you want to see how your finances are doing. Sometimes figures in your accounts don’t match those on your bank statements and vice versa.

Examine your financial statements on a regular basis
When you are just starting out, it is a good idea to review your financial statements on a monthly basis. In this way, you will be able to gauge your financial health more easily. You will also be able to verify whether you are following the financial forecasts in your business plan. Quarterly financial statements are sufficient once you move out of the startup phase.

Get in touch with your accountant
A good financial decision can only be made by an entrepreneur with the support of someone they can rely on. Your accountant can advise you on what steps to take next and what strategies to implement. Managing your business is your job, not doing the accounting.

You can count on our accounting firm for help. We invite you to contact us today for a consultation.

Apple Guerin Company LLC
Phone: (255) 767-1020
6421 Perkins Road, Bldg. A, Ste. 1B
Baton Rouge, LA 70808