Late income tax return help | Milwaukee Tax accounting

What to Do if You Haven't Filed an Income Tax Return

Filing a past due return may not be as difficult as you think.
Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual's circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money.

Here's What to Do When Your Return Is Late

Gather Past Due Return Information
Gather return information and come see us. You should bring any and all information related to income and deductions for the tax years for which a return is required to be filed.
Payment Options - Ways to Make a Payment
There are several different ways to make a payment on your taxes. Payments can be made by credit card, electronic funds transfer, check, money order, cashier's check, or cash.
Payment Options - For Those Who Can't Pay in Full
Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened. Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an installment agreement, a temporary delay, or an offer in compromise.
Taxpayers who need more time to pay can set up either a short-term payment extension or a monthly payment plan.

• A short-term extension gives a taxpayer an additional 60 to 120 days to pay. No fee is charged, but the late-payment penalty plus interest will apply. Generally taxpayers will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time.
• A monthly payment plan or installment agreement gives a taxpayer more time to pay. However, penalties and interest will continue to be charged on the unpaid portion of the debt throughout the duration of the installment agreement/payment plan. Taxpayers who owe $25,000 or less in combined tax, penalties and interest can apply for, and receive immediate notification of approval through an IRS web-based application. Balances over $25,000 require taxpayers to complete a financial statement to determine the monthly payment amount for an installment plan. When it comes to paying your tax bill, it is important to review all your options; the interest rate on a loan or credit card may be lower than the combination of penalties and interest imposed by the Internal Revenue Code. You should pay as much as possible before entering into an installment agreement.
• You can also pay your Federal taxes using a major credit card or debit card. There is no IRS fee for credit or debit card payments, but the processing companies charge a convenience fee or flat fee.
• A user fee will also be charged if the installment agreement is approved. The fee, normally $120, is reduced to $52 if taxpayers agree to make their monthly payments electronically through electronic funds withdrawal. The fee is $43 for eligible low-and-moderate-income taxpayers.

What Happens If You Don't File a Past Due Return or Contact the IRS?

It's important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who continue to not file a required return and fail to respond to IRS requests for a return may be considered for a variety of enforcement actions.
If you haven't filed a tax return yet, please contact us. We're here to help!

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Record Keeping for Small Business Brookfield WI | SBAS Group

Most people have no idea where to start searching for their important records. They usually keep them scattered in various locations - tax records in a file cabinet, savings bonds in a home safe, wills at an attorney's office, some contracts or deeds in a bank safe deposit box. 

There's a reason many people do not have an organized recordkeeping system: Organizing your records is stressful and confusing. The Document Locator System is effective because it takes away that stress and http://sbasgroup.com/business-strategies.php?item=102&catid=8&cat=Document+Locator+System%3A+A+Handy+Aid+For+Keeping+Track+of+Your+Records#1

confusion. This simple recordkeeping system provides an easy way to keep track of your important personal (not business) records, keeping them organized and available. You will not miss out on a tax deduction because you did not keep the necessary receipt. More importantly, the document locator system will help a spouse or executor locate your documents in case of death or disability. - See more at:http://sbasgroup.com/auditing.php


Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

Audit - Highest Level of Assurance

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.
Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.
An Audit allows you to...

• Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information.
   
• Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations.
   
• Comply with banking covenants.
   
• Help deter and detect material fraud and error.
   
• Facilitate the purchase and sale of businesses.
   

Here's what you get...
You get the highest level of assurance because we go outside your company to obtain more information. Typically, we'll have written communication with:

• Your customers, to check outstanding receivable balances,
• Your banks, to confirm cash or debt balances and terms,
• Your vendors, to verify outstanding payable balances, and
• Your attorneys, for information on pending or threatened legal action.

We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.
Audits Not Just for Public Entities
All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants.
Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams.We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Milwaukee Accounting and Record keeping | Sbas Group Milwaukee

 Complete and accurate financial record keeping is crucial to your business success. Good records provide the financial data that help you operate more efficiently. Accurate and complete records enable you to identify all your business assets, liabilities, income and expenses. That information helps you pinpoint both the strong and weak phases of your business operations.

Moreover, good records are essential for the preparation of current financial statements, such as the income statement (profit and loss) and cash-flow projection. These statements, in turn, are critical for maintaining good relations with your banker. Finally, good records help you avoid underpaying or overpaying your taxes. In addition, good records are essential during an Internal Revenue Service audit, if you hope to answer questions accurately and to the satisfaction of the IRS.

To assure your success, your financial records should show how much income you are generating now and project how much income you can expect to generate in the future. They should inform you of the amount of cash tied up in accounts receivable. Records also need to indicate what you owe for merchandise, rent, utilities, and equipment, as well as such expenses as payroll, payroll taxes, advertising, equipment and facilities maintenance, and benefit plans for yourself and employees. Records will tell you how much cash is on hand and how much is tied-up in inventory. They should reveal which of your product lines, departments, or services are making a profit, as well as your gross and net profit.

The Basic Record keeping System

A basic record-keeping system needs a basic journal to record transactions, accounts receivable records, accounts payable records, payroll records, petty cash records, and inventory records.

An accountant can develop the entire system most suitable for your business needs and train you in maintaining these records on a regular basis. These records will form the basis of your financial statements and tax returns.
- See more at: http://sbasgroup.com/frequently-asked-questions.php?item=141&catid=29&cat=Recordkeeping:%20Frequently%20Asked%20Questions#sthash.83E3tTqq.dpuf
We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Tax Preparation and Accounting in Brookfield Wi | Sbas Group

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Here's what you get...

• Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
   
• Your tax return can be filed electronically so you will get a refund back quicker.
   
• Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
   
• We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Tax Preparation | Sbas Group Brookfield

Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield WI, and Southeastern Wisconsin. Our Tax Preparation Services are done with CPA's who will work one-on-one with you to achieve your financial goals. Call us today at 262-547-6000.

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.

Here's what you get...

• Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
   
• Your tax return can be filed electronically so you will get a refund back quicker.
   
• Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
   
• We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Accountants Brookfield WI | Sbas Group

The Brookfield Wi accountants at SBAS Group (Small Business Accounting Solutions) I had an accountant... then I became an accountant... My name is Dan Milos, and here's what's important to know about me... Before I became a CPA, I owned a small business.  We designed complex tooling and machinery and what often kept me up at night was worrying about cash flow and tax liabilites. It seemed like every time I turned around my bank account was being emptied out by the IRS. I hired good accounting firms, but often felt that I didn't understand their language. Consequently, I was often surprised with my tax position - and often watched as my bank account drained unexpectedly. My trade moved overseas to China so I decided to reinvent myself. I was great with numbers and really thought I could help others understand what I didn't as a small business owner. I worked for very successful CPA firms in Southeast Wisconsin before opening my own business. I watched carefully, paying attention to what each of them did well - and finally opened my own practice using the best of what I learned. I learned that business owners want us to listen to them, guide them and not surprise them with fees and tax liabilities. It's personally important to me to have a relationship with each client - and to communicate clearly in a language that everyone understands. I want my clients to reach their goals - and want to do more than just crunch numbers for them. We Listen... It's important to really listen to someone if you want to help them. We need to understand each Client's unique goals if we're really going to help them succeed - so we listen carefully. We encourage our Clients to communicate with us as often as they'd like - and don't bill them for their phone calls and questions.  We Guide... We guide our Clients once we understand their goals. We help them develop a plan for profit using simple budgeting tools.  We also help them understand their tax position throughout the year by reviewing their financial statements - to avoid surprises at tax time. You Smile... We measure our success by how happy our Clients are. It's a simple measure - but it's really the most important one. Clients can smile when they know that they're really in control of their financial future. Clients can smile when tax time rolls around and they find themselves prepared - rather than surprised. Clients can smile knowing that they can call us with any question at any time - and there's no added cost... Accounting Services

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We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Milwaukee Tax Preparation | Sbas Group

Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield WI, and Southeastern Wisconsin. Our Tax Preparation Services are done with CPA's who will work one-on-one with you to achieve your financial goals. Call us today at 262-547-6000.

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.

Here's what you get...

• Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
  
• Your tax return can be filed electronically so you will get a refund back quicker.
  
• Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
  
• We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Tax Preparation Milwaukee | SBAS

 Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield WI, and Southeastern Wisconsin. Our Tax Preparation Services are done with CPA's who will work one-on-one with you to achieve your financial goals. Call us today at 262-547-6000.

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Here's what you get...

• Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
   
• Your tax return can be filed electronically so you will get a refund back quicker.
   
• Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
   
• We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

Books a Mess? No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

How to get paid on time | Accounts Receivables Brookfield SBAS

Due to current economic conditions, it's likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables.
The following suggestions will help your business improve its cash flow and tighten up its credit and collections policies. Some of the tips discussed here may not be suitable for every business, but can serve as general guidelines to give your company more financial stability.
Define Your Policy. Define and stick to concrete credit guidelines. Your sales force should not sell to customers who are not credit-worthy, or who have become delinquent. You should also clearly delineate what leeway salespeople have to vary from these guidelines in attempting to attract customers.

Tip: You should have a system of controls for checking out a potential customer's credit, and it should be used before an order is shipped. Further, there should be clear communication between the accounting department and the sales department as to current customers who become delinquent.

Clearly Explain Your Payment Policy. Invoices should contain clear written information about how much time customers have to pay, and what will happen if they exceed those limits.

Tip: Make sure invoices include a telephone number and website address so customers can contact you with billing questions. Also include a pre-addressed envelope.

Tip: The faster invoices are sent, the faster you receive payment. For most businesses, it's best to send an invoice with a shipment, rather than afterward in a separate mailing.

Follow Through on Your Stated Terms. If your policy stipulates that late payers will go into collection after 60 days, then you must stick to that policy. A member of your staff (but not a salesperson) should call all late payers and politely request payment. Accounts of those who exceed your payment deadlines should be penalized and/or sent into collection, if that is your stated policy.
Train Staff Appropriately. The person you designate to make calls to delinquent customers must be apprised of the seriousness and professionalism required for the task. Here is a suggested routine for calls to delinquent payers:

• Become familiar with the account's history and any past and present invoices.
• Call the customer and ask to speak with whoever has the authority to make the payment.
• Demand payment in plain, non-apologetic terms.
• If the customer offers payment, ask for specific dates and terms. If no payment is offered, tell the customer what the consequences will be.
• Take notes on the conversation.
• Make a follow-up call if no payment is received and refer to the notes taken as to any promised payments.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Individual Tax Changes for 2013 | Brookfield Accountant SBASGroup

 Individual Tax Changes for 2013

From personal deductions to tax credits and educational expenses, many of the tax changes affecting individuals were related to the signing of the American Taxpayer Relief Act (ATRA), which modified, made permanent, or extended a number of tax provisions that expired in 2010 and 2011. With that in mind, here's what individuals and families need to know about tax changes that took effect in 2013.
Personal Exemptions
The personal and dependent exemption for tax year 2013 is $3,900.
Standard Deductions
In 2013 the standard deduction for married couples filing a joint return is $12,200. For singles and married individuals filing separately, it's $6,100, and for heads of household the deduction is $8,950.
The additional standard deduction for blind people and senior citizens increases in 2013 to $1,200 for married individuals and $1,500 for singles and heads of household.
Income Tax Rates
Beginning in tax year 2013, a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates--10, 15, 25, 28, 33 and 35 percent--remain the same as in prior years.
Due to inflation, tax-bracket thresholds increased for every filing status. For example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $72,500 for a married couple filing a joint return.
Estate and Gift Taxes
The recent overhaul of estate and gift taxes means that there is an exemption of $5.25 million per individual for estate, gift and generation-skipping taxes, with a top rate of 40%. The annual exclusion for gifts is $14,000.

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We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop",  Our Accountants & CPAs provide accounting, tax preparation, bookkeeping and payroll services to small business owners in Southeast Wisconsin including Milwaukee, Greenfield, New Berlin, Muskego, West Allis & Waukesha.!

 Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Brookfield Accountants | Sbas Group

I had an accountant... then I became an accountant...

My name is Dan Milos, and here's what's important to know about me...

Before I became a CPA, I owned a small business.  We designed complex tooling and machinery and what often kept me up at night was worrying about cash flow and tax liabilites. It seemed like every time I turned around my bank account was being emptied out by the IRS. I hired good accounting firms, but often felt that I didn't understand their language. Consequently, I was often surprised with my tax position - and often watched as my bank account drained unexpectedly.

My trade moved overseas to China so I decided to reinvent myself. I was great with numbers and really thought I could help others understand what I didn't as a small business owner. I worked for very successful CPA firms in Southeast Wisconsin before opening my own business. I watched carefully, paying attention to what each of them did well - and finally opened my own practice using the best of what I learned.

I learned that business owners want us to listen to them, guide them and not surprise them with fees and tax liabilities. It's personally important to me to have a relationship with each client - and to communicate clearly in a language that everyone understands. I want my clients to reach their goals - and want to do more than just crunch numbers for them.

We Listen...

It's important to really listen to someone if you want to help them. We need to understand each Client's unique goals if we're really going to help them succeed - so we listen carefully. We encourage our Clients to communicate with us as often as they'd like - and don't bill them for their phone calls and questions. 

We Guide...

We guide our Clients once we understand their goals. We help them develop a plan for profit using simple budgeting tools.  We also help them understand their tax position throughout the year by reviewing their financial statements - to avoid surprises at tax time.

You Smile...

We measure our success by how happy our Clients are. It's a simple measure - but it's really the most important one. Clients can smile when they know that they're really in control of their financial future. Clients can smile when tax time rolls around and they find themselves prepared - rather than surprised. Clients can smile knowing that they can call us with any question at any time - and there's no added cost...

My Firm...

All Associates in our office are educated and dedicated to our Clients.

Sarah is our Accounting Services Director. She has superior skills when it comes to attention to detail and organization. In other words - nothing falls through the cracks once it hits Sarah's desk! She's earned a four year degree in accounting and is currently working on her Master's degree so that she's eligible to take the CPA exam.

Diane is our Payroll and HR Director. She's an incredible problem solver - and when things get tough Diane steps up to the plate. Clients love her direct and no-nonsense approach. She's earned a four year degree in accounting, a Master's degree in HR and is pursuing an MBA.

Jean is our Client Services Director. She has great  integrity and is truly  one of the most dedicated people you'll ever know. Jean keeps our entire office focused on keeping our Clients happy. She works hard to introduce Clients to our firm and takes her reputation as seriously as I take the reputation of our entire firm.

Whitney is apprenticing as our Bookkeeper. She's an incredibly fast learner and has matched Sarah's attention to detail (which is really quite an accomplishment!). Whitney is currently attending college while pursuing a degree in accounting.

Please feel free to call us any time to learn more...
Dan Milos, CPA

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Quickbooks training and tips Milwaukee | Sbas Group

	QuickBooks Tips

	Shortcuts A list of key combinations for QuickBooks that make common tasks quicker.		Efficiency Tips Some tips designed to increase the overall efficiency of your QuickBooks experience.
	Accuracy Tips Several tips to help increase the accuracy of your QuickBooks experience.		Setup and Customization Tips Information on helpful features like password protecting, QuickBooks sharing, and other customizations.
	Advanced Features Several tips and tricks to help make even the most advanced QuickBooks tasks easier and more efficient.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Small Business Accounting West Allis | Sbas Group

 Small Business Accounting Solutions LLC serves West Allis and Southeastern Wisconsin.  As your Business Accountant, we take care of your books for you. Call us today at 262-547-6000.

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter we'll do the following things for you...

• Reconcile your bank account
• Generate an income statement 
• Generate a balance sheet
• Clean up your general ledger
• Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...

• Identify lost checks, lost deposits and unauthorized wire transactions.
   
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
   
• Detect and prevent embezzlement of funds from within your company.
   
• Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
   
• Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
   
• Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
   
• Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

 
Income Statement An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...

• Track revenues and expenses so that you can determine the operating performance of your business.
   
• Determine what areas of your business are over-budget or under-budget.
   
• Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
   
• Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
   
• Determine your income tax liability.
  

Balance Sheet
A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you...

• Quickly get a handle on the financial strength and capabilities of your business.
   
• Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
   
• Determine if your business is in a position to expand.
   
• Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
   
• Determine if you need to take immediate steps to bolster cash reserves?
   
• Determine if your business has been slowing down payables to forestall an inevitable cash shortage?

Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.

We also offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.
Why Outsource Your Payroll...
It's Cost Effective
Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

How To Build you business with less stress | Milwaukee Accountant SBAS

 
Michael Gerber is a business consulting "guru" whose observations concerning small businesses have had a profound impact on how his students see their businesses and their role as a business owner.
Gerber observed that most people go into business for the wrong reason. They are skilled technicians. They do a good job of what the business provides to the customer. They believe they can earn more by doing it in their own business than for someone else. They leave and open their own shop. This is what Gerber calls an "entrepreneurial seizure."
These technicians believe they will find more freedom in their business but they discover it is the hardest job in the world. There is no escape. They are the ones who are doing the work! They are the "business!" But if they are the business, they haven't really created a business at all. They have only created a job for themselves!
According to Gerber, the role of the owner is quite different. The role of the business owner is to create a business that works independently of him or herself. There is an "end point" where the business functions independently of the owner. At this point, the business owner may choose to sell it or not. By then, he or she will have created a ready-to-sell "money making machine" and may choose whether to devote effort to it or not. The business can also be duplicated from place to place.

To read more click here

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Accounting for Small business in Milwaukee, Waukesha, and Brookfield WI

Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield, and Southeastern Wisconsin. As your Business Accountant, we take care of your books for you. Call us today at 262-547-6000.
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter we'll do the following things for you...

• Reconcile your bank account
• Generate an income statement
• Generate a balance sheet
• Clean up your general ledger
• Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Having us reconcile your account each month allows you to...

• Identify lost checks, lost deposits and unauthorized wire transactions.
  
• Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
  
• Detect and prevent embezzlement of funds from within your company.
  
• Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
  
• Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
  
• Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
  
• Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

Click here to find out more

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

How to sell your home and keep the profits | Sbas Group Milwaukee

Sell Your Home But Keep the Profits

If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home in order to reduce your taxable gain on the sale of a home.
The IRS home sale exclusion rule now allows an exclusion of a gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime, as long as you meet the following Ownership and Use tests. However, it cannot be used more frequently than every 24 months.
During the 5-year period ending on the date of the sale, you must have:

• Owned the house for at least two years - Ownership Test
• Lived in the house as your main home for at least two years - Use Test
• During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

Tip: The Ownership and Use periods need not be concurrent. Two years may consist of a full 24 months or 730 days within a 5-year period. Short absences, such as for a summer vacation, count in the period of use. Longer breaks, such as a 1-year sabbatical, do not.

If you own more than one home, you can exclude the gain only on your main home. The IRS uses several factors to determine which home is a principal residence: place of employment, location of family members' main home, mailing address on bills, correspondence, tax returns, driver's license, car registration, voter registration, location of banks you use, and location of recreational clubs and religious organizations you belong to.

Tip: As we mentioned earlier, the exclusion can be used repeatedly, every time you reestablish your primary residence. When you do change homes, let us know your new address so we can ensure the IRS has your current address on file.

Note: Only taxable gain on the sale of your home needs to be reported on your taxes. Further, loss on the sale of your main home cannot be deducted. Ask us for details.

Improvements Increase the Cost Basis

Additionally, when selling your home, consider all improvements made to the home over the years. Improvements will increase the cost basis of the home and thereby reduce the capital gain.
Additions and other improvements that have a useful life of more than one year can be added to the cost basis of your home. Examples of Improvements
Examples of improvements include: building an addition; finishing a basement; putting in a new fence or swimming pool; paving the driveway; landscaping; or installing new wiring, new plumbing, central air, flooring, insulation, or security system.

Example: The Kellys purchased their primary residence in 2002 for $200,000. They paved the unpaved driveway, added a swimming pool, and made several other home improvements adding up to a total of $75,000. The adjusted cost basis of the house is now $275,000. The house is then sold in 2012 for $550,000. It costs the Kellys $40,000 in commissions, advertising, and legal fees to sell the house.
These selling expenses are subtracted from the sales price to determine the amount realized. The amount realized in this example is $510,000. That amount is then reduced by the adjusted basis (cost plus improvements) to determine the gain. The gain in this case is $235,000. After considering the exclusion, there is no taxable gain on the sale of this primary residence and, therefore, no reporting of the sale on the Kelly's 2012 personal tax return.

Tip: Residential Energy Efficient Property Credit. This tax credit helps individual taxpayers pay for qualified residential alternative energy equipment, such as solar hot water heaters, solar electricity equipment and wind turbines. The credit expires on December 31, 2016 and is 30 percent of the cost of qualified property. There is no cap on the amount of credit available, except for fuel cell property.
Generally, you may include labor costs when figuring the credit and you can carry forward any unused portions of this credit. Qualifying equipment must have been installed on or in connection with your home located in the United States; fuel cell property qualifies only when installed on or in connection with your main home located in the United States.
Not all energy-efficient improvements qualify so be sure you have the manufacturer's tax credit certification statement, which can usually be found on the manufacturer's website or with the product packaging.
Please contact us for more information about residential energy tax credits.

Partial Use of the Exclusion Rules

Even if you do not meet the ownership and use tests, you may be allowed to exclude a portion of the gain realized on the sale of your home if you sold your home because of health reasons, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disasters resulting in a casualty to your home, or an involuntary conversion of your home. If one of these situations applies to you, please call us for additional details.

Recordkeeping

Good recordkeeping is essential for determining the adjusted cost basis of your home. Ordinarily, you must keep records for 3 years after the filing due date. However, you should keep records proving your home's cost basis for as long as you own your house.
The records you should keep include:

• Proof of the home's purchase price and purchase expenses
• Receipts and other records for all improvements, additions, and other items that affect the home's adjusted cost basis
• Any worksheets or forms you filed to postpone the gain from the sale of a previous home before May 7, 1997

Questions?

Tax considerations surrounding the sale of a home can be confusing. If you have any questions on taxes related to the sale of your home, give us a call.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

How to build your Milwaukee Business the Nice Way | Milwaukee Small Business Advisors

How to build your Milwaukee Business the Nice Way.

I learned that business owners want us to listen to them, guide them and not surprise them with fees and tax liabilities. It's personally important to me to have a relationship with each client - and to communicate clearly in a language that everyone understands. I want my clients to reach their goals - and want to do more than just crunch numbers for them.
"People don't care how much you know until they know how much you care."
It's interesting to see how many small businesses try as soon as possible to follow the example of some large corporations to build an impersonal "corporate image."
People actually prefer to do business with people, not institutions. The last time you called an organization with a problem, weren't you frustrated and didn't you experience emotional pain while "going through voice mail hell" or being transferred until you got connected with a person who could solve your problem? Corporate leaders with good marketing sense understood this.
When we think of Hewlett Packard, we think of Bill and Dave. Lee Iacocca rebuilt Chrysler largely by being the corporate spokesperson in commercials. No advertising has been more successful for Wendy's than Dave Thomas telling us about his latest fast food offering. According to John Sculley, former president of Apple Computer, it requires 16 times the investment for an existing customer to replace the profits of one who is lost.
Keeping existing customers is a key to running a successful business.
Why we lose customers?

According to a study conducted by the Technical Assistance Research Project in Washington D.C., 3% leave for convenience, 9% because of a relationship, 15% because of product, price or delivery problems, and 5% for other miscellaneous reasons.
That leaves 68% for the most significant reason: perceived indifference. Customers want to feel important and appreciated. A key to build customer loyalty is to build a relationship with customers/clients/patients where they feel important and appreciated!
In any business, but especially a business where there is contact with a customer and a representative of the company either in person or on the telephone, the best way I know to cement that relationship is through personal notes - thank you notes!
Personalize thank you notes by hand addressing the envelope and using a real postage stamp. A hand-written note is best. But if your handwriting is terrible, be sure to sign the letter in blue ink.
When should you write thank you notes?
When you are getting started in business or in sales, you should write a note after any contact, including meeting someone at a seminar or when you exchange business cards. Learn to be sincerely appreciative and express that appreciation. If you deal with a problem, apologize personally with a personal note and be sure the problem is resolved as quickly as possible; maybe even sending another note after it's done.
You certainly will want to acknowledge major purchases and referrals with thank you notes. You can sometimes exploit or manipulate people and make a sale. But when you become an "assistant buyer," a friend who helps the customer make transactions in his or her best interest, and express your interest in the customer as a person, you are building a business or a sales career that will provide for you and your family for years to come.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Roth IRAs Milwaukee | How They Work and How To Use Them

 Roth IRAs differ from other tax-favored retirement plans, including other IRAs (called "traditional IRAs"), in that they promise complete tax exemption on distribution. There are other important differences as well, and many qualifications about their use. This Financial Guide shows how they work, how they compare with other retirement devices--and why YOU might want one, or more.


With most tax-favored retirement plans, the contribution to (i.e., investment in) the plan is deductible, the investment compounds tax-free until distributed, and distributions are taxable as received. There are variations from this pattern, as with 401(k)s where the exemption for salary diverted to a 401(k) takes the place of a deduction and for after-tax investments where invested capital is tax-free when distributed.
With a Roth IRA, there's never an up-front deduction for contributions. Funds contributed compound tax-free until distributed (standard for all tax-favored plans) and distributions are completely exempt from income tax.

The 2013 annual contribution limit to a Roth IRA is $5,500 (up from $5,000 in 2012). An additional "catch-up" contribution of $1,000 (same as 2012) is allowed for persons age 50 or over bringing the contribution total to $6,500 for certain taxpayers. To make the full contribution, you must earn at least $5,500 in 2013 from personal services and have income (modified adjusted gross income or MAGI) below $112,000 if single or $178,000 on a joint return in 2013. The $5,500 limit in 2013 phases out on incomes between $112,000 and $127,000 (single filers) and $178,000 and $188,000 (joint filers). Also, the $5,500 limit is reduced for contributions to traditional IRAs though not SEP or SIMPLE IRAs.
You can contribute to a Roth IRA for your spouse, subject to the income limits above. So assuming earnings (your own or combined with your spouse) of at least $11,000, up to $11,000 ($5,500 each) can go into the couple's Roth IRAs. As with traditional IRAs, there's a 6% penalty on excess contributions. The rule continues that the dollar limits are reduced by contributions to traditional IRAs.
Read more here

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Quickbooks Milwaukee Payroll | QuickBooks Payroll Runs: Easy, Fast, Accurate

It's not just a catchy ad slogan: It's true. Unless you have dozens of employees or numerous exceptions each payday, you can literally process a payroll run in just a few minutes using the employee compensation tools in QuickBooks.
No matter which version of desktop QuickBooks you're using, payday chores are similar. Even if you've subscribed to Full Service Payroll and are having most of the work done by Intuit, you still have to enter the number and type of hours worked for each pay period.
If you're doing payroll manually or through a payroll service, you might be surprised at how quickly and easily your payroll tasks can be completed once you've finished entering information about your company and its employees, taxes and deductions.

A Simple Process

When you get a reminder that it's time to run payroll, go to Employees | Pay Employees and choose Scheduled Payroll to get to this window:

Figure 1: No matter how many payrolls you've run, it's important to verify that these dates are correct.

When you click Start Scheduled Payroll, a new screen displays your employee list in a spreadsheet grid. By default, QuickBooks displays several columns, including Employee, Regular Pay and Sick Hourly; you can opt to include others, like Employee Number. If you hide columns that contain information, that data will still be used in paycheck calculation. Then:

• Verify that the information at the top of the screen is correct (Payroll Schedule, Bank Account, etc.).
• Make sure that all employees to be paid have check marks next to their names.
• Enter the number of hours worked for each hourly employee, placing them in the correct pay type column.

Select one and click Open Paycheck Detail to see a complete breakdown of compensation and withholding -- all calculated automatically by QuickBooks based on your setup data -- within the Preview Paycheck screen. Close the window when finished.

Figure 2: The Preview Paycheck screen shows the numbers behind the check amount.

Checking Your Work

If you're satisfied that everything is correct, click Continue. In the next screen, you'll verify Payroll Information again and check a box to indicate whether checks will be printed or handwritten (you can assign a starting check number to the latter). QuickBooks displays a grid containing each employee's total gross pay, total taxes and deductions, net pay, employer taxes, contributions and total hours. The Direct Deposit field will be checked if the individual is signed up.
If you're not sure that your payroll information is correct, you can click Finish Later, otherwise, select Create Paychecks.

The Final Step

QuickBooks will then display your results:

Figure 3: Once you've previewed and approved a payroll, you can simply click to print any paper checks and pay stubs.

Check the box at the bottom of this window next to Do not advance the dates of this payroll schedule in the Payroll Center if you still have employees to process for this run. If the box isn't checked, QuickBooks will change the dates in the Pay Employees window to reflect your next pay period.
When you select Print Paychecks or Print Pay Stubs, the selection window opens. You can toggle among views of Paychecks, Direct Deposit or Both. Select the ones you want to dispatch and click Print or E-Mail. You'll have the option to reprint any checks if you need to; otherwise, click OK.

Figure 4: Click Preferences in the print selection window to customize paycheck vouchers and pay stubs.

No Room for Errors

Sounds simple, and it is -- as long as your setup was error-free. As you well know, you can't make mistakes running payroll or you'll initiate a whole series of incorrect numbers, making employees, benefits providers and government agencies unhappy.
So do not proceedWe at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Waukesha and Milwaukee Home Based Businesses | Accounting help from SBAS Group

 Accounting help from SBAS group (Small Business Accounting Solutions) for Milwaukee Home Based Businesses.

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of the newest entrepreneurs - home-based businesspeople.
And, with technological advances in smartphones, tablets, and iPads as well as a rising demand for "service-oriented" businesses, the opportunities seem to be endless.

Is a Home-Based Business Right for You?

Choosing a home business is like choosing a spouse or partner: Think carefully before starting the business. Instead of plunging right in, take time to learn as much about the market for any product or service as you can. Before you invest any time, effort, and money take a few moments to answer the following questions:

• Can you describe in detail the business you plan on establishing?
• What will be your product or service?
• Is there a demand for your product or service?
• Can you identify the target market for your product or service?
• Do you have the talent and expertise needed to compete successfully?

Before you dive head first into a home-based business, it's essential that you know why you are doing it and how you will do it. To succeed, your business must be based on something greater than a desire to be your own boss: an honest assessment of your own personality, and understanding of what's involved, and a lot of hard work. You have to be willing to plan ahead, and then make improvements and adjustments along the road. While there are no "best" or "right" reasons for starting a home-based business, it is vital to have a very clear idea of what you are getting into and why. Ask yourself these questions:

• Are you a self-starter?
• Can you stick to business if you're working at home?
• Do you have the necessary self-discipline to maintain schedules?
• Can you deal with the isolation of working from home?

Working under the same roof that your family lives under may not prove to be as easy as it seems. It is important that you work in a professional environment; if at all possible, you should set up a separate office in your home. You must consider whether your home has the space for a business, and whether you can successfully run the business from your home.

Compliance with Laws and Regulations

A home-based business is subject to many of the same laws and regulations affecting other businesses and you will be responsible for complying with them. There are some general areas to watch out for, but be sure to consult an attorney and your state department of labor to find out which laws and regulations will affect your business.

Zoning

Be aware of your city's zoning regulations. If your business operates in violation of them, you could be fined or closed down.

Restrictions on Certain Goods

Certain products may not be produced in the home. Most states outlaw home production of fireworks, drugs, poisons, sanitary or medical products, and toys. Some states also prohibit home-based businesses from making food, drink, or clothing.

Registration and Accounting Requirements

You may need the following:

• Work certificate or a license from the state (your business's name may also need to be registered with the state)
• Sales tax number
• Separate business telephone
• Separate business bank account

If your business has employees, you are responsible for withholding income, social security, and Medicare taxes, as well as complying with minimum wage and employee health and safety laws.

Planning Techniques

Money fuels all businesses. With a little planning, you'll find that you can avoid most financial difficulties. When drawing up a financial plan, don't worry about using estimates. The process of thinking through these questions helps develop your business skills and leads to solid financial planning.

Estimating Start-Up Costs

To estimate your start-up costs, include all initial expenses such as fees, licenses, permits, telephone deposit, tools, office equipment and promotional expenses.
Business experts say you should not expect a profit for the first eight to 10 months, so be sure to give yourself enough of a cushion if you need it.

Projecting Operating Expenses

Include salaries, utilities, office supplies, loan payments, taxes, legal services and insurance premiums, and don't forget to include your normal living expenses. Your business must not only meet its own needs, but make sure it meets yours as well.

Projecting Income

It is essential that you know how to estimate your sales on a daily and monthly basis. From the sales estimates, you can develop projected income statements, break-even points and cash-flow statements. Use your marketing research to estimate initial sales volume.

Determining Cash Flow

Working capital--not profits--pays your bills. Even though your assets may look great on the balance sheet, if your cash is tied up in receivables or equipment, your business is technically insolvent. In other words, you're broke.
Make a list of all anticipated expenses and projected income for each week and month. If you see a cash-flow crisis developing, cut back on everything but the necessities.
If you think a home-based business is in your future, then don't hesitate to give us a call. We'll set up your business and make sure you have the proper documentation system in place to satisfy the IRS.

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com