If you or someone you know is an independent contractor, it’s important to pay special attention to tax preparation. We often find that the taxpayer is not aware of the taxes they will pay, like self-employment tax, or the deductions they are entitled to. This could mean money is left on the table!

When it comes to deductions, everything an independent contractor uses to generate the revenue they earn is a business deduction. Think about things like cell phone expenses, a laptop or Internet service – these are all potential deductions for a freelance worker. And, if the contractor offices from home, there may be even more deductions available!

We are here to provide education (and ask the right questions) when we prepare taxes for independent contractors to ensure tax preparation is done correctly and to maximize a potential return or reduce a potential payment. Through this process, we are also able to assist with business record keeping to benefit the future of the business.

We are currently taking tax prep appointments – call us at (913) 888-9100 to schedule yours today!

There are less than two months left until the tax filing deadline. Have you started your tax prep yet? By now, you should have most of the documents you need. (And hopefully you have started a file to collect these important items.) Now, use our handy guide to get down to business!

Make sure you have all the required documentation to support your deductions. Do you have receipts for your charitable donations? Have you requested an invoice for 2015 child care costs? What about paperwork for your health care expenses? These are just a few of the things you should be thinking about as your start your tax prep.

Go through our guide this week and make a list of everything you need. While it takes some time to pull all the documentation together, it is time well spent when you are able to file appropriate deductions! And if you start now, there is still plenty of time to tackle a little each week to ease the burden on your time.

Know Your Deduction Options

Remember, when you aren’t familiar with deductions that may be available to you, you may be leaving money on the table. We can step in to review your situation and help guide you through deductions to maximize your return or to minimize a potential payment.

We know income tax preparation can be a source of stress for many, so if you’re feeling overwhelmed, consider letting us help. You can rely on our experience and reputation to get the job done right. While it might cost a bit more to have your taxes prepared by a professional, you will have peace of mind that it was done properly, and in many cases we are able to add value by identifying opportunities you may not be familiar with. Call us at (913) 888-9100 for a cost estimate or to schedule a meeting soon!

February is a month focused on love. But let’s face it; the warm, fuzzy feelings probably don’t extend to your tax prep. And that’s OK! You can count on us to answer your questions or to prepare your income tax return for 2015. It’s what we L.O.V.E. to do!

Leverage accounting experience:  Rely on our long history of accounting experience to benefit your tax preparation.  This background supports our tax preparation services. We are also able to work with you to set up an accounting structure that with improve your business going forward.

Objective overview:  It’s easy to get caught up in the details of your personal or business taxes. When you partner with us, we are able to look at the big picture and provide an objective approach to tax prep. We consider each client scenario individually and identify the best tax preparation plan.

Value-added insight:  Most people don’t have a good understanding of deductions available to them or how to itemize their taxes accordingly. This is where we can add a lot of value. We have a thorough knowledge of tax laws and deductions and will be able to determine the best course of action to help maximize your return, or minimize a potential payment.

Education and knowledge:  We are industry specialists and stay up-to-date with changes to tax laws to be able to provide the best service to our clients. With a vast client base and many years of experience, we have accumulated a wealth of knowledge that helps us apply the proper exemptions or deductions to benefit your circumstances.

Call us today at (913) 888-9100. We are ready to get your tax preparation and filing underway!

In a recent blog post, WalletHub highlighted its 16 Financial Resolutions for the New Year.  Whether you are one to make New Year’s resolutions or not, there are some solid suggestions on the list to consider that may improve your financial health in the New Year. And one, in particular, that is right up our alley – #11:  Do Your Taxes Early.

This sounds easy enough, right? But we all know how tempting it is to set those tax forms aside as they start arriving in the mail to tackle “later.” The thing is, many of those who wait until April to file often end up stressed and pushing the deadline or filing an extension. Use our tax organizer and get started on your 2015 taxes as soon as possible. Even if you block an hour or two each week to devote to your tax prep, you’ll be ahead of the game. And, of course, we’re available to help!

The resolution list also includes one on the importance of charitable giving – #10:  Give Back to Charity. For those of you who participate in charitable giving throughout the year – through financial contributions, in-kind donations or volunteer time – remember there may be related deductions available to you. As you are getting your 2015 tax items in order, set aside receipts and documentation to itemize your charitable gifts.

An early start is key to making tax season less stressful. Getting help relieves much of the burden, too. At Adams Accounting Solutions, we have years of experience managing and preparing taxes for individuals and businesses. We are able to make the process much smoother for our clients, and can often point out missed opportunities to help maximize a return or reduce the size of a potential tax payment. Call on us at (913) 888-9100 for a meeting soon!

The holiday is just days away. If you’re entertaining, or looking for a homemade gift for neighbors, consider one of the two recipes below. Chocolate Crinkle Cookies are a perfect holiday treat and a hit with most everyone. If you’re looking for something even richer, go for the Fabulous Fudge! Either dessert will look nice on a holiday plate or wrapped in a bag with ribbon for a gift.

Chocolate Crinkle Cookies (Cooks Illustrated)

Fabulous Fudge (Food Network)

We are grateful for your business and referrals and look forward to working with you in the year ahead. We wish you and yours a wonderful holiday, as well as much happiness and prosperity in 2016!

December is a busy month, full of holiday festivities. And before you know it, 2015 tax documents will begin arriving in the mail! For those of you who are self-employed and office from home, this is a good time to start pulling your deductions together for the year. If you tackle these a category at a time, the process will be more manageable. So, carve out some time this month or in early January to pull together your home utility deductions.

If you have a dedicated office space in your home, you may be able to deduct expenses for the business use of your home. Uncertain of what categories apply to your situation? Let us know! We would be happy to meet with you to discuss your applicable deductions. A few areas to consider that may be at least partially deductible include home insurance, property insurance and utilities.

So, let’s take the utility piece for now. To report this accurately, you first need to determine the square footage of the home office space. Then, you need to compile your utility bills for 2015 and pro-rate each of these expenses for the percentage of your home used for business. Copies of utility bills are required documentation.

‘Tis the Season

Another area sometimes overlooked by small businesses when it comes to tax reporting is holiday parties. Did you know company holiday parties are 100% deductible to the company? It costs money to make money, and holiday parties for employees are deductible.

If you have questions on what qualifies and how this should be reported for your business, we can help there, too! You can reach us for any of your small business tax or accounting needs at (913) 888-9100.

Thanksgiving is a time for gathering with friends and family. And, of course, eating lots of tasty food! Your family likely has traditional recipes you stick to year after year around the dinner table, so we thought we would offer a few ideas for new snacks to share during the holiday season!

These recipes are perfect for upcoming holiday gatherings or to give as gifts. Either could be wrapped nicely and paired with a box of crackers for a unique holiday gift!

Cheeseball

2 – 8 ounce packages of cream cheese (do not soften)

1 – 8 ounce package of Cracker Barrel sharp cheese, grated

1 TBSP chopped pimento

1 TBSP chopped green pepper

1 tsp lemon juice

2 tsp Worcestershire sauce

1 dash pepper

1 dash salt

Chopped pecans (for exterior)

Using your hands, mix all ingredients (in the order listed; do not add pecans) in a bowl until blended well. Shape into ball. Roll in chopped pecans. Note:  best after 36 hours in the refrigerator.

Chipped Beef Ball

2 – 8 ounce cream cheese (softened)

1 tsp celery salt

1 dash garlic seasoning or salt

2 tsp Worcestershire sauce

½ tsp accent

1 TBSP parsley flakes

Green onion, chopped

2 packages Carl Buddig beef (divided and chopped – second package optional)

Mix all together with one package of beef. Chill. Roll into ball and cover with second package of beef (optional).

Thank You …

As we head into this holiday season, we are thankful for our clients and the referrals you provide to us. We wish each of you a wonderful holiday filled with the things you cherish most!

The holiday months and year-end tend to be the peak season for charitable giving. If you plan to make contributions over the holidays – whether it’s an in-kind donation of gifts for a family in need or a financial contribution to a charity that is important to you – it’s important to document your gifts if you intend to deduct them on your 2015 taxes.

For most donations, a receipt from the non-profit organization can serve as adequate documentation (please be sure it is a legitimate organization before contributing). If you are purchasing food or other times to donate, your store receipt will suffice, as long as you document the agency you contributed to. If you’re sharing your time to help people in need, while you cannot deduct the time spent volunteering, you CAN deduct the mileage related to your service.

As we approach the end of the year, this is also a good time to start gathering documentation for all charitable donations made during 2015. Remember, if you donated new or gently used items, it’s your responsibility to assess the value to report on your taxes. Use a value guide, like this one from The Salvation Army, to help determine the appropriate value for your donated items.

If you haven’t already, start a folder to begin your tax prep. Make copies of all receipts related to charitable giving and add them to the file and indicate the date of the gift, as well as contact information (charity name and address) for each non-profit organization. Creating a folder for your 2015 taxes will also serve as a good collection point when tax documents start arriving in the mail after the first of the year.

We can help put a plan in place to make your 2015 tax preparation easier. Let us manage the process for you or provide guidance as to systems we have seen work well for individuals and businesses! You can reach us to discuss at (913) 888-9100.

Estimated tax payments are a great way to pre-pay your tax balance due, without incurring penalties. But we understand the process can be a little intimidating if you aren’t familiar with how it works. That’s where we come in!  We can schedule a meeting at your convenience to review your business finances and discuss your 2015 tax year. From there, we can work together to budget for the tax that will be due. We can also help estimate what will be owed at year end so there are no surprises (BOO!) and you will be prepared.

If you are self-employed, with no W-2 withholding this applies to you. Since you will likely have tax due at the end of the year you might want to consider making estimated tax payments. If not this year, consider this advice as you head into 2016 and look for ways to make payments throughout the year to avoid a big balance due April 15.

Again, there are no penalties associated with the payments. And in addition to reducing the balance due at tax filing, this method can also make it easier to budget with smaller payment amounts. If you would like to learn how this system might be beneficial to you, give us a call TODAY at (913) 888-9100.

We wish you all a safe and FUN Halloween weekend ahead!