Cash flow is the pulse of your business | Commercial Accounting Services Milwaukee

Cash flow is the lifeblood of any small business. Some business experts even say that a healthy cash flow is more important than your business's ability to deliver its goods and services! While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer's business, you can always work harder to please the next customer. If you fail to have enough cash to pay your suppliers, creditors, or employees, then you're out of business!

What is Cash Flow?

Cash flow, simply defined, is the movement of money in and out of your business; these movements are called inflow and outflow. Inflows for your business primarily come from the sale of goods or services to your customers, but keep in mind that inflow only occurs when you make a cash sale or collect on receivables. It is the cash that counts! Other examples of cash inflows are borrowed funds, income derived from sales of assets, and investment income from interest.
Outflows for your business are generally the result of paying expenses. Examples of cash outflows include paying employee wages, purchasing inventory or raw materials, purchasing fixed assets, operating costs, paying back loans, and paying taxes.

Note: An accountant is the best person to help you learn how your cash flow statement works. Please contact us and we can prepare your cash flow statement and explain where the numbers come from.

Cash Flow versus Profit

While they might seem similar, profit and cash flow are two entirely different concepts, each with entirely different results. The concept of profit is somewhat broad and only looks at income and expenses over a certain period, say a fiscal quarter. Profit is a useful figure for calculating your taxes and reporting to the IRS.
Cash flow, on the other hand, is a more dynamic tool focusing on the day-to-day operations of a business owner. It is concerned with the movement of money in and out of a business. But more important, it is concerned with the times at which the movement of the money takes place.
In theory, even profitable companies can go bankrupt. It would take a lot of negligence and total disregard for cash flow, but it is possible. Consider how the difference between profit and cash flow relate to your business.

Example: If your retail business bought a $1,000 item and turned around to sell it for $2,000, then you have made a $1,000 profit. But what if the buyer of the item is slow to pay his or her bill, and six months pass before you collect on the account? Your retail business may still show a profit, but what about the bills it has to pay during that six-month period? You may not have the cash to pay the bills despite the profits you earned on the sale. Furthermore, this cash flow gap may cause you to miss other profit opportunities, damage your credit rating, and force you to take out loans and create debt. If this mistake is repeated enough times, you may go bankrupt.

Analyzing your Cash Flow

The sooner you learn how to manage your cash flow, the better your chances for survival. Furthermore, you will be able to protect your company's short-term reputation as well as position it for long-term success.
The first step toward taking control of your company's cash flow is to analyze the components that affect the timing of your cash inflows and outflows. A thorough analysis of these components will reveal problem areas that lead to cash flow gaps in your business. Narrowing, or even closing, these gaps is the key to cash flow management.
Some of the more important components to examine are:

• Accounts receivable. Accounts receivable represent sales that have not yet been collected in the form of cash. An accounts receivable is created when you sell something to a customer in return for his or her promise to pay at a later date. The longer it takes for your customers to pay on their accounts, the more negative the effect on your cash flow.
• Credit terms. Credit terms are the time limits you set for your customers' promise to pay for their purchases. Credit terms affect the timing of your cash inflows. A simple way to improve cash flow is to get customers to pay their bills more quickly.
• Credit policy. A credit policy is the blueprint you use when deciding to extend credit to a customer. The correct credit policy - neither too strict nor too generous - is crucial for a healthy cash flow.
• Inventory. Inventory describes the extra merchandise or supplies your business keeps on hand to meet the demands of customers. An excessive amount of inventory hurts your cash flow by using up money that could be used for other cash outflows. Too many business owners buy inventory based on hopes and dreams instead of what they can realistically sell. Keep your inventory as low as possible.
• Accounts payable and cash flow. Accounts payable are amounts you owe to your suppliers that are payable at some point in the near future - "near" meaning 30 to 90 days. Without payables and trade credit, you'd have to pay for all goods and services at the time you purchase them. For optimum cash flow management, examine your payables schedule.

Some cash flow gaps are created intentionally. For example, a business may purchase extra inventory to take advantage of quantity discounts, accelerate cash outflows to take advantage of significant trade discounts, or spend extra cash to expand its line of business.
For other businesses, cash flow gaps are unavoidable. Take, for example, a company that experiences seasonal fluctuations in its line of business. This business may normally have cash flow gaps during its slow season and then later fill the gaps with cash surpluses from the peak part of its season. Cash flow gaps are often filled by external financing sources. Revolving lines of credit, bank loans, and trade credit are just a few of the external financing options available that you may want to discuss with us.
Monitoring and managing your cash flow is important for the vitality of your business. The first signs of financial woe appear in your cash flow statement, giving you time to recognize a forthcoming problem and plan a strategy to deal with it. Furthermore, with periodic cash flow analysis, you can head off those unpleasant financial glitches by recognizing which aspects of your business have the potential to cause cash flow gaps.
Need assistance? We can help you analyze and manage your cash flow more effectively and make sure your business has adequate funds to cover day-to-day expenses.
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

Late Tax Filing Info | Milwaukee Tax and Accounting Services

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important facts every taxpayer should know about penalties for filing or paying late:
1. A failure-to-file penalty may apply if you did not file by the tax filing deadline. A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline.
2. The failure-to-file penalty is generally more than the failure-to-pay penalty. You should file your tax return on time each year, even if you're not able to pay all the taxes you owe by the due date. You can reduce additional interest and penalties by paying as much as you can with your tax return. You should explore other payment options such as getting a loan or making an installment agreement to make payments. Contact us if you need help figuring out how to pay what you owe.
3. The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.

4. If you do not pay your taxes by the tax deadline, you normally will face a failure-to-pay penalty of 1/2 of 1 percent of your unpaid taxes. That penalty applies for each month or part of a month after the due date and starts accruing the day after the tax-filing due date.
5. If you timely requested an extension of time to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a failure-to-pay penalty. However, you must pay any remaining balance by the extended due date.
6. If both the 5 percent failure-to-file penalty and the 1/2 percent failure-to-pay penalties apply in any month, the maximum penalty that you'll pay for both is 5 percent.
7. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
8. You will not have to pay a late-filing or late-payment penalty if you can show reasonable cause for not filing or paying on time. Give us a call if you have any questions about what constitutes reasonable cause.
Special penalty relief may apply to taxpayers under certain conditions such as taxpayers affected by natural disasters. If you think this applies to you, don't hesitate to contact us for additional information.
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 Brookfield | Sbas Group CPA's and Accountants

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.

 
Income StatementAn 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 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

Payroll Services in Milwaukee | Small Business Accounting Group

 Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield. We offer payroll solutions to meet all of your business's needs. Call us today at 262-547-6000.

When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner.
Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.
We 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.
   
• It's a Time Saver
  Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries.
   
• Worry Free Payroll Tax Filing
  Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex.  How much time do you want to spend  learning all the rules and keeping your information up to date?
   
• Allows You To Focus On Core Competencies
  Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals--you get the experts working for you and with you.
   
• Comprehensive Reports
  You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll, workers' compensation reports and much more.

Get the Payroll Solution That Best Fits Your Needs.
We know that when it comes to payroll service - no one size fits all. That's why we offer the following 3 custom payroll processing options.
1. Comprehensive Payroll Services
Our Comprehensive Payroll Service takes care of all of the payroll processing for you, so that you won't have to. You get...

• Your payroll checks prepared and printed on-time, every-time.
• All of your payroll checks are laser printed on "blank" check stock to ensure maximum security and meet the micro encoding standards as set forth by the Federal Reserve System.
• Free Direct Deposits
• Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
• User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
• Detailed reports on your employee's vacation, sick days, and personal days accruals.
• Creation and filing of the required new hire reports
• Your payroll records maintained in tip top shape.

2. After-the-Fact-Payroll Services
We will take your manually-prepared payroll records and other payroll information and post this information to our data files, so you get...

• Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
• User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
• Detailed reports on your employee's vacation, sick days, and personal days accruals.
• Creation and filing of the required new hire reports
• Your payroll records maintained in tip top shape.

3. Online Payroll Processing
You can enter your employee's hours and earnings securely online and get...

• The ability to instantly print payroll checks on your own printer.
• Free Direct Deposits
• Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
• User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.
• Detailed reports on your employee's vacation, sick days, and personal days accruals.
• Creation and filing of the required new hire reports
• Your payroll records maintained in tip top shape.

Custom Payroll Reports Service
There seems to be an endless amount of special reports Government agencies require. We can prepare the following reports for you.

• Worker's Compensation Audits
• Unemployment Claims
• Social Security Audits
• Child Support Audits
• W-2 and W-3 processing
• 1099 and 1096 processing
• Preparation/assistance with Federal and State registration forms.

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

Last Minute Tax Advice | Waukesha Accouting and Milwaukee Accountants

Are you one of the millions of Americans who haven't filed (or even started) your taxes yet? With the April 15th tax filing deadline less than two weeks away, here's some last minute tax advice for you.

1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. Our office needs time to prepare your return, and we may need to request certain documents from you, which will take additional time.
2. Include All Income. If you had a side job in addition to a regular job, you might have received a Form 1099-MISC. Make sure you include that income when you file your tax return because you may owe additional taxes on it. If you forget to include it you may be liable for penalties and interest on the unreported income.
3. File on Time or Request an Extension. This year's tax deadline is April 15. If the clock runs out, you can get an automatic six-month extension, bringing the filing date to October 15, 2013. The extension itself does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late-payment penalty if you have not paid at least 90 percent of your total tax by that date.
Call us if you need to file an extension and we'll take care of it for you. If you need to file for late-penalty relief, we can help with that to. See Late-Penalty Relief for Late Filers under Tax Tips below)

4. Don't Panic If You Can't Pay. If you can't immediately pay the taxes you owe, consider some alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late-payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but the processing companies charge a convenience fee. Electronic filers with a balance due can file early and authorize the government's financial agent to take the money directly from their checking or savings account on the April due date, with no fee.
5. Sign and Double Check Your Return. The IRS will not process tax returns that aren't signed, so make sure you sign and date your return. You should also double check your social security number, as well as any electronic payment or direct deposit numbers, and make sure that your filing status is correct.

Remember: Get your documents to us as soon as you can, and we'll help you take care of whatever comes up.

Small Business Accounting Solutions LLC, works 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 Accountants | Small Business Accounting Solutions

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

Payroll Services Waukesha

Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield. We offer payroll solutions to meet all of your business's needs. Call us today at 262-547-6000.

When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner.
Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.
We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.

Payroll Services by Small Business Accounting Solutions LLC

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.
   
• It's a Time Saver
  Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries.
   
• Worry Free Payroll Tax Filing
  Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex.  How much time do you want to spend  learning all the rules and keeping your information up to date?
   
• Allows You To Focus On Core Competencies
  Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals--you get the experts working for you and with you.
   
• Comprehensive Reports
  You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll, workers' compensation reports and much more.

Get the Payroll Solution That Best Fits Your Needs.
We know that when it comes to payroll service - no one size fits all. That's why we offer the following 3 custom payroll processing options.

 Click here for more information

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 and Waukesha | 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

Bookkeeping Services Waukesha, Milwaukee, and Brookfield WI

 Bookkeeping Services by Small Business Solutions LLC

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.

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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 CPA | Small Business Accounting Solutions LLC

Milwaukee  CPA Dan Milos knows what is important to you and your business because.....

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.

We at Small Business Accounting Solutions LLC, work closely with Individuals and 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!
Click here for a list of services

Small Business Accounting Solutions, LLC 

1025 S Moorland Road Suite 500 Brookfield, WI 53005 

Phone: (262)547-6000 http://www.sbasgroup.com

Tax Changes for Businesses | Milwaukee Accounting Tax Changes

2012 Tax Changes for Businesses

Whether you file as a corporation or sole proprietor here's what Milwaukee business owners and Brookfield Wi Business owners need to know about tax changes in 2012.
Standard Mileage Rates
The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations.
Health Care Tax Credit for Small Businesses
Small business employers who pay at least half the premiums for single health insurance coverage for their employees may be eligible for the Small Business Health Care Tax Credit as long as they employ fewer than the equivalent of 25 full-time workers and average annual wages do not exceed $50,000. The credit can be claimed in tax years 2010 through 2013 and for any two years after that. The maximum credit that can be claimed is an amount equal to 35% of premiums paid by eligible small businesses.
Credit for Hiring Qualified Veterans
The maximum credit that employers can take for hiring qualified veterans in 2012 is $9,600 per worker for employers that operate for-profit businesses, or $6,240 per worker for tax-exempt organizations. See Tax Credit for Employers Hiring Veterans This Year (below) for additional details on this tax credit.
Section 179 Expensing
In 2012 the maximum Section 179 expense deduction for equipment purchases is $139,000 ($174,000 for qualified enterprise zone property) of the first $560,000 of certain business property placed in service during the year. The bonus depreciation is 50% for qualified property that exceeds the threshold amount.
Please contact us if you need help understanding which deductions and tax credits you are entitled to. We are always available to assist you.
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