If you run a business from a home office or business office, you know that “keeping the books” can be a tall order.  The demands of keeping your business running 24/7 simply have to come first.

Even if you’ve already purchased an “out of the box” financial software program, it’s no easy matter to set up that software to work for the highly individualized needs of your business. At Sapurstein & Associates, we know.

That’s why we offer special:

• Tax return preparation
• Part-time CFO services
• Bookkeeping services
• Controllership services

All of these are especially geared for small-to-medium sized businesses like yours. With more than twenty years of experience with all kinds of businesses, we know ways to get your bookkeeping system started and then keep it operating at peak efficiency.

Whether we help you once a month, once a quarter, or whenever you need us, using a combination of face to face meetings and remote computer access, there are dozens of ways an experienced small business CPA firm like ours can be of assistance.

If you are puzzled about what’s new in the tax law or don’t have time to really get to the heart of the vital information your books need to be able to relay to you, just remember – two heads are better than one.

So, let’s put our heads together – and find the precise financial solution to fit your needs.

If you are trying to manage your growing business and doing the financial accounting and tax preparation by yourself, you are burning the candle at both ends.

At Sapurstein & Associates, we know. This past year in particular, there have been all kinds of changes to business law and IRS regulations. With all the new legislation, not to mention new state mandates and special tax exemptions, our small business accounting clients tell us it’s next to impossible to cope with all that information and stay on top of running their business.

2012 may be the year where getting help from an experienced small business CPA pays for itself.  How? In tax savings.

Is this your profile?

• You’re falling behind on filings
• You’re making late tax payments
• You’re not sure about special tax rules for a Sub-S corp

Allow us. As small business tax and account professionals for more than thirty years, we can honestly say there have been few years as challenging for small businesses in Indiana. Since we specialize in offering bookkeeping and accounting services to small-to-medium sized businesses, Sapurstein & Associates is resolved to do our part to do ease the 2011-2012 burden.

CPA services don’t have to be expensive. Accounting or bookkeeping can even be quarterly or even occasional. And some of the work can even be done remotely, saving you even more. Ask about setting up a free consultation — don’t wait until you get a letter from the IRS to ask for help.

According to the Bureau of Labor Statistics, more than 15 million individuals were self-employed as of 2011. That amounts to nearly one in nine people now in the workforce!

Having advised small business owners for more than thirty years, the CPAs at Sapurstein & Associates are often surprised that many business owners don’t know about all the business deductions available to them.

If you are one of the many self-employed – especially if you work out of your home — there are business deductions you may claim on your tax return this April.

According to the IRS, if you use part of your home for business, you may be able to deduct expenses for the business use of your home, including

• Insurance
• Mortgage interest
• Utilities
• Repairs
• Depreciation

There are a few basic requirements you must meet in order for your home to qualify for a business deduction:

• You must use the space exclusively and regularly
• It must be the principal place from which you run your business
• Your gross income from the business must exceed your total business expenses (otherwise, certain deductions will be limited).

A home office deduction is available for homeowners AND renters, including apartment dwellers. How much can you deduct? That depends on the percentage of your home used for business.

Over the years working with the special tax issues of the self-employed, at Sapurstein & Associates, we’ve become right at home helping small business owners who work from home!

Extended eight times since it was originally enacted in 1976, the Federal Unemployment Tax Act, or FUTA surtax, has finally expired, Sapurstein & Associates has learned.

The original purpose of the “temporary” 0.2 percent surtax was to repay federal general revenues used to provide federal unemployment benefits paid after the 1973-75 recession. FUTA raised $27 billion (adjusted for inflation), fully repaying the unemployment benefits depleted, but the tax was never taken off the books. It was last extended in 2009 as part of the Worker, Homeownership and Business Assistance Act. Since 1987, FUTA has raised $46 billion (adjusted for inflation) above and beyond what was originally needed.

What affect will this expiration have to business and taxes in general? FUTA’s expiration will reduce federal unemployment taxes by $1.4 billion per year, or about $14 per employee, per year. Although the is not a significant tax relief for businesses, it does offset some of the much larger state unemployment tax hikes imposed in recent years to pay for record unemployment benefit spending.

Since unemployment benefits are not directly linked to the “temporary” federal tax, its expiration will not affect current or future unemployment benefit receipts. Without the 0.2 percent surtax, the 6.2 percent present FUTA tax rate will fall to 6.0 percent, a slight decrease for national coffers.

The CPAs at Sapurstein & Associates stay up to date on tax law. How can we help you with your small business taxes?

If you are like most small business owners, you are so busy building your business, you may not have the time to do your own bookkeeping – let alone the expertise required to keep your books consistent, tax compliant, and accurate.

Having your books maintained in a knowledgeable, proactive way is vital to keeping your business running smoothly. Sapurstein & Associates can help. Consider talking to us about QuickBooks™. Sapurstein & Associates has an iFi QuickBooks™ solution where your company’s data is stored on a secure server with redundant backups that both of us can access.  In this way, you can perform as much of the bookkeeping responsibilities as you feel comfortable doing. We do the rest — expertly — and you have 24-hour access to your most recent company information.

Save headaches by knowing your books are done accurately and consistently. Save time by sharing your bookkeeping workload with us — we don’t even have to physically venture into your office.

Working with QuickBooks™ is one of our specialties. Contact Barry or Pat for more QuickBooks™ iFi details and a quote.

With today’s uncertain economy, many work from home, own small businesses, or have side businesses. Are you trying to manage your business and personal financials by yourself?

It used to be easier to do yourself. But with recent semi-permanent exceptions to business regulations, and changes to IRS tax codes, it’s next to impossible to juggle all that information and stay on top of running your business.

Sapurstein & Associates CPAs are experienced and federally authorized tax practitioners and specialize in offering bookkeeping, accounting, and tax consultation and preparation services to small-to-medium size businesses. Hiring a professional CPA doesn’t have to be expensive and often pays for itself in tax savings.

How do you know if you could use some help? If you…

• purchased QuickBooks™ but need help setting it up correctly
• are way behind on your business bookkeeping
• have questions about new health insurance and business tax regulations for 2011
• your business is a Sub-S corporation and you do not know the applicable special tax rules

None of us can do it all. Ask for Barry or Leanne at Sapurstein & Associates to set up a consultation. The first hour is free  (317) 706-0958

A mid-year review is something that Sapurstein & Associates take most of their small and medium-sized business clients through. Why go through all that tedium mid-year?

According to Barry Sapurstein, CEO of Sapurstein & Associates, “Taking the financial temperature of your business mid-way through the fiscal year gives you an illuminating indicator of what shape your business is truly in – glib projections aside.”

He’s so right! Way too many businesses are surprised by mid-year financial findings. Often times, businesses find themselves off course financially – or uncover issues that can be turned around before the end of the year.

The mid-year review is just one way we serve our small business clients. Sapurstein & Associates also does bookkeeping, personal and business taxes, and professional accounting. Our CPAs and accounting team are well recognized for their knowledge and thoroughness.

“Doing a mid-year review allows plenty of time to reign in spending, boost inventories, revise projection forecasts or whatever is necessary to get your company back on track,” points out Barry. “I’ve yet to have a client say that the mid-year accounting review was a waste of time.”

If your business could use a mid-year financial review, give us a call at Sapurstein & Associates at 317-706-0958.

It’s true. Sapurstein & Associates is offering an hour of our time to sit down and talk CPA, financial business and tax issues with you. Free.

Why? Because we have experience with all things related to small and medium-sized Indiana businesses. And we’d like to help you take care of your accounting, bookkeeping, tax preparation and books – and show you how we can provide better information, servicing and understanding of your data and your business than just about anyone else. We figure if you meet with us, you’ll see what we mean.

If you want to get information on any matter related to small business accounting, finance, bookkeeping, accounting security, new regulations, tax code – and a whole lot of other related business and financial stuff — Sapurstein & Associates would like to talk with you.

For instance –we have a new service that can access your QuickBooks™ data through a secure iFi connection, where we can share all bookkeeping work with you. It makes your bookkeeping go much more smoothly – and helps eliminate costly errors.

Sapurstein CPAs are current on the latest Indiana and Federal tax codes pertaining to your business. And we’re very easy to work with. So call us to set an appointment for an hour of our time. Bring your questions and your files. It’s a good way to get a sense of how we might work together.

Give Barry or Leanne a call at Sapurstein & Associates at 317-706-0958.

Many small businesses purchase accounting software programs that claim to help “typical businesses” save money on CPAs, accountants and bookkeeper fees. The problem is that there isn’t just one type of “typical business.”

Most businesses don’t have the knowledge to customize a generic accounting software program to meet for the highly individual needs of their business. If you want it to save your business accounting time each quarter – and make it easy to each week, you will need to set up your software to mesh with your business.

Which parts of your software will need adjusting and adapting? Most preformatted chart of accounts provided by the software company lists the accounts in alphabetical order. Does you business run in alphabetical order? No, you want like-minded expenses grouped together so you can see what you are spending category by category.

Sapurstein & Associates can help you with your set up systems that work for your business  – on your system, on ours, or remotely. Our experience with many types of businesses helps us set up your books in intuitive ways that help your bookkeeping efficiency.

Sapurstein & Associates knows what questions to ask to get to the heart of what your books should be showcasing, without a lot of confusion. So next time you need business accounting or bookkeeping help, contact Sapurstein & Associates for answers that make sense for your business.

There are several new tax credits available to working taxpayers when they file their 2010 taxes in the next several weeks. Many working taxpayers are eligible for the Making Work Pay Tax Credit which is based on earned income and can be claimed on your 2010 tax return.

There are 4 things that Sapurstein & Associates wants you to know about this tax credit to ensure you receive the entire amount for which you are eligible:

1. The Making Work Pay Credit provides a refundable tax credit of up to $400 for individuals and up to $800 for married taxpayers filing jointly
2. Taxpayers who file form 1040 or 1040A will use Schedule M to help determine whether they have already received the full credit in their paycheck or are due more money as a result of the credit
3. Most workers have already received the benefit through larger paychecks, reflecting reduced federal income tax withholding during 2010
4. You cannot take the credit if:

• Your modified adjusted gross income is $95,00 or more for individuals or $190,000 or more if married and filing jointly
• You have been claimed as a dependent on someone else’s return
• You do not have a valid social security number or you are a nonresident alien.

If you are not sure if you are eligible to claim the Making Work Pay Tax Credit on your tax return or have any other tax questions, contact Barry or Leanne at Sapurstein & Associates.  Your first hour of consultation is free.