A question for all expense savers and optimizers of cash flows,
How do you make your books?
How do you serve taxes?
And how much does it cost you?
Even out of interest, and also out of a desire to improve a bit in this area, I am interested to hear in what ways other people do their own accounting, and how do people tax?
I personally have an accountant (I cost about $ 6 per hour) and I use Quick Books both for my business and for my own. (I get about $ 70 per month on both accounts)
At the end of the year I pay the CPA (American accountant) to submit all taxes for me. (I get about $ 1,000 on my and my wife's personal and business reports)
How do you manage your books?
How do you serve taxes at the end of the year?
Thanks to all the assistants?
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- I feed everything at Excel and send it to CPA. It takes a few good hours each year to collect all the expenses and revenues from the various sources.
- Asher Touriel
- Thank you for tagging.
Nir seems to have a solution.
The added value that I can contribute to the discussion is in relation to all those who receive an annual report from the management company and send me to prepare the American report for them.
You know, we fight for familiar expenses and make use of relevant clauses to reduce tax. But I would like to tell you that here there is a lot of money hidden. The client has expenses that he spent, but they do not appear in the annual report from the management company ) And so the customer loses expenses and pity. I see it all the time.
That's the name of the game
Another point is that there are cases in which rental activity resulted in a loss - for example in Georgia. The client submits a federal but not a STATE filing
He says, "If there is a loss in the state, you are below the threshold - no need to file a tax report to the state" and so he saves a few more dollars on filing a report.
This is true, but here too there is a certain failure. I do want to prepare a STATE report and record the loss and send the report so that I fix the loss and roll it next year.
And I ask you the customer?
If you have not submitted a report to the country that there is a loss and you are below the threshold - will you remember in the following year the offset?
This is friends
Asher Toriel CPA and Lawyer (Israel), Tax Advisor (USA)
- Don't forget an Israeli CPA as well