Intuit Study Shows Impact Of The Cloud On Small Businesses

Anyone interested in IRS publication 17 and small businesses will be interested in the Intuit study that demonstrates how the cloud will change small businesses. Many more businesses are moving to cloud computing in some way, for efficiency and success in the long term. Cloud technology offers numerous opportunities for small and large businesses alike. Read more about the Impact Of The Cloud On Small Businesses.

Specialized Services

Specialized services present one opportunity for small businesses, particularly in their seamless integration into back-office functions. Cloud services represent an efficient, tailored solution for small businesses, allowing them to concentrate their efforts on their specialties. They need not spend time and resources on tasks that are not critical to their area of expertise. Personnel who understand the scope of IRS publication 17 are not otherwise required to understand all sections or be completely versed in the finer details of taxes and finance.

 Impact Of The Cloud On Small Businesses
English: Cloud Computing Image (Photo credit: Wikipedia)

Virtual Offices

Virtual office configurations, sometimes called hives, offer further opportunities for small businesses. Smaller organizations can recruit talent from anywhere, and these employees can collaborate effectively using cloud technology. Highly flexible staffing creates broad opportunities for small companies.

The opportunities inherent in cloud technology allow smaller outfits to compete in a real way with much larger organizations. When small businesses need not be concerned with staffing an entire accounting department, for example, they are free to focus on what they do best. This allows them to put their best foot forward in areas in which it counts when competing for business.

In a similar way, freelancers may come together using cloud technology to accomplish things as a collective, each bringing their specific skills and ideals to the group. Cloud infrastructure and its myriad possibilities and services allow entrepreneurs to put away IRS publication 17 and focus on their business interests. Payroll services delivered via the cloud, for instance, can take an unnecessary burden from professionals, allowing them to concentrate on their industry goals.

Tax Carnival Ecstasy – August 29, 2013

English: Steve Jobs shows off the white iPhone...
English: Steve Jobs shows off the white iPhone 4 at the 2010 Worldwide Developers Conference Español: Presentación del iPhone 4 por Steve Jobs en la Worldwide Developers Conference del año 2010 (Photo credit: Wikipedia)

Welcome to the August 29, 2013 edition of Tax Carnival Ecstasy. In this edition we start with a look at the rear risk of investing in the stock market by Matt Becker. Todd has  a nice guide to target retirement funds on his blog Fearless Men. Finally Bill Smith looks at Carl Icahn investing in Apple Inc. Hope you like the articles, share them on Facebook, tweat about our carnival and come back next time.

Matt Becker presents The Real Risk of Investing in the Stock Market posted at Mom and Dad Money, saying, “Investing in the stock market carries with it a very large risk, one that is rarely talked about in the financial media. Today I want to address that risk head-on so we can all understand exactly what we’re getting into when choosing to invest in the stock market.”

retirement

John Schmoll presents Investing in Stocks: Are You a Trader or Investor? Plus a Giveaway! posted at Frugal Rules, saying, “There are various strategies investors can implement in the stock market yet many do not stop to think which is best for them. This lack of preparation can significantly undermine their investing efforts and hinder their attempts to grow wealth and save for retirement.”

Todd presents The Short and Sweet Guide to Target Retirement Funds posted at Fearless Men, saying, “How to make Target Retirement Funds work for your financial stability and retirement. Invest now and invest early!”

tips

Bill Smith presents Carl Icahn Invests in Apple Inc. posted at FastSwings, saying, “It wasn’t too long ago that the drop in Apple stock seemed like it would not stop as the price dropped all the way down to $400 a share after the death of legendary CEO Steve Jobs.”

Todd presents Maximize Your Federal Tax Withholding Allowance And Keep Your Own Money posted at All Things Finance, saying, “Read from JW on how to not be stupid with next years withholding. He knows what’s up: trader for 14 years. Series 7 & 63 licensed. Masters in Financial Management. Teacher of 100+ hours of financial education classes.”

Bill Smith presents Does Chromecast Make Google A Good Investment? – FastSwings.com posted at FastSwings, saying, “Even if you don’t consider yourself particularly well-informed with regards to the stock market, the financial success and industry dominance of Google as a company is enough for most people to throw their money behind it.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

Self Employed? – Here’s 5 Reasons Why You Need An Accountant

For the self-employed, tax time can be an entirely different experience than for those who are either employed by another company or own their own business. Being self-employed means that you are technically both an employer and an employee, and are at times responsible for paying taxes on issues that affect both.

Taxes are already complex enough for the average individual, but that situation is exacerbated by your current status. As a result, it may be wise to talk to an accountant, as they can not only find special deductions and benefits, but save you the time and anxiety of having to figure out your tax status.

1. Special Rules

In the United States, every working individual is responsible for paying tax for Social Security and Medicare. However, the amount of tax paid is typically split between the employer and employee, whereas with a self-employed person they are responsible for both. This is just one of a number of different rules and forms that change as a result being self-employed. Having a certified accountant will help you sort through the brambles and not have to worry about an audit.

2. Loopholes and Tricks

Regardless of what type of situation you are in, it’s never a bad idea to consult an accountant as they are far more educated on how to maximize your tax return. Every year the government passes legislation or makes changes to the tax code that affects businesses of all types. Special credits and other tax friendly programs may also be introduced but not publicized to the general public.

Accountants are paid to keep abreast of such situations and how they apply to their various clients. In fact, many of the special tax benefits and tricks apply specifically to those who own a business, and having an accountant experienced with the self-employed may end up saving you far more than the cost of the hiring one.

3. Time

Even if you are willing to sift through the morass of new forms, rules and special deductions and exemptions, the one thing you will inevitably lose is time. Paying an accountant to do your taxes will save you time to concentrate on running your business. Depending on how much income you can generate with that time, it may be that it’s more cost effective to earn money to pay for an accountant than do your taxes for free.

4. Advice and Audits

Accountants can also be relied upon for advice as to how to avoid certain tax penalties or qualify for specific deductions or exemptions. For example, as you can deduct equipment purchases over a single year or over a extended period of time, you can consult them on which deduction works best for your business. If you are by chance audited, a qualified professional can assist you with the process.

5. Online Alternatives

For some self-employed individuals, it can be very difficult to pay for an accountant given their limited financial resources. Relying on an accountant, however, doesn’t necessarily mean relying on a living person. Accounting software can be just as adept at finding the best deductions provided you give it the information they require.

As a result online software is best reserved for those that have relatively simple situations, especially self-employed individuals who will likely be using the standard deduction for much of their taxes.

John Hill writes on behalf of Public Liability Insurance dot org an online resource for business insurance including childrens liability insurance.