How to keep the cash flowing

Any kind of profit making business will encounter cash flow problems once in a while. Business Accountants can assess the financial condition of any business, track cash flow, cash requirements and estimate financial requirements. They will prepare cash flow statements which eventually becomes an invaluable management tool and the company’s financial master plan. Business Accountants will develop cash flow plans including setting up payment schedules, establishing credit policies, exercising inventory controls and maintaining payroll accounts. To get the right guidance and help in regard to maintaining your cash flow and payment schedules, contact Cirimelli Pyle and Associates in San Jose, California.

 

Tax Professionals to help maintain your financial stability

 

Cirimelli Pyle and Associates based in San Jose is a Certified Public Accounting Company which offers in depth service in business expertise and professional skills to a variety of organizations. Tax professionals will help you monitor and update your annual cash flow plan. Proper cash-flow statements will help the business owner to determine whether he will need a bank overdraft or make the necessary arrangements to increase extra capital into the business. This Certified Public Accounting Company will make sure your cash flow plan is in place and will also monitor the planned figures against the actuals, at the end of each month.

 

To contact these CPA professionals, call 408-879-9990 or Fax them at 408-879-0992. Visit www.cpasllp.com for more information on other services. Whether you need a CPA professional in Campbell, Cupertino, Los Altos or Santa Clara, you could contact Cirimelli, Pyle and Associates LLP .

Why do you need Tax Consultants?

You might think that taxes are simple and easy for the most part, that you just plug in a few numbers in the tax software and hit ‘continue’ for results. However, it can be quite a hassle if you don’t calculate your taxes correctly, and this might lead to trouble with the IRS. Qualified tax consultants can input the same information into their professional tax software and use their past experience to get a totally different outcome. Cirimelli, Pyle and Associates are tax consultants in Saratoga who keep themselves updated about changes in tax laws and can provide assistance with all tax matters.

CPA Firm to help you with your tax filing

Cirimelli, Pyle and Associates are a CPA Firm in Saratoga who can help with San Jose tax filing and also provide tax help in Saratoga and other parts of California. The various professional services they offer include environmental sampling firms, computer software developers, retail establishments, construction contractors, vending businesses, and consulting services. Cirimelli, Pyle and Associates have years of experience working with tax issues and they include alternative minimum tax planning, outsourced accounting controllership, IRS problem resolution and e-file, financial statement preparation, succession planning in the services they offer. This CPA Firm will work out all your tax issues making sure that you take advantage of all the tax benefits and allow you to focus on building up your business.

For San Jose tax filing services or general tax help in California, call 408-879-9990 to fix an appointment. You can also e-mail them at cpa@cpasllp.com or visit www.incometaxbayarea.com for more information.

Tax tips for retirees and families

Mention the words “employee benefits” to a small business owner and you might hear the groans of someone burned by skyrocketing costs and mind-numbing complexity. But one type of benefit, a retirement plan need not be a stress-inducing perk. In fact, it might just be the powerful tool you’ve been looking for to save taxes and retain employees. While choosing a retirement plan can be complicated, the underlying concepts are not. The best plan for you will depend on your personal retirement needs, the size of your business, and how you wish to motivate your employees. Some of the most popular plans are the 401(k) Plan, Simplified employee pension plan (SEP IRA) and the Simple IRA. To help you choose the right one, employ the services of a business accountant from Campbell, if you’re living in California, to get the best plan suited for you.

 

Qualified business accountants to serve you

 

Cirimelli Pyle and Associates LLP is a Certified Public Accounting Company in Campbell dedicated in providing you the highest quality of service possible, in a timely manner. To better meet the needs of their accounting and tax clients in Sunnyvale California, these business accountants from Campbell have customized services for small businesses in industries like construction accounting, real estate accounting, healthcare accounting, technology accounting, and other service businesses. Cirimelli Pyle and Associates in Campbell they give several interesting ideas and suggestions on Capital gains and losses, Business Assets, Charitable donations, Medical expenses, Tax penalties, Business Travel, Tax tips, Splitting of Family Income and Kiddies tax.

 

These business accountants from Campbell are part of this Certified Public Accounting Company who provide accounting, tax and financial management services to meet the needs of small and large business enterprises. They can be reached at (408) 879-9990. If you would like a free consultation, visit their website www.incometaxbayarea.com and register with them. You can get various resources and tax tips by contacting them.

Accounting services for businesses and families

Today the CPA profession has become high profile, exciting, stimulating and offers boundless opportunities. CPAs are viewed as leaders in business and industry as well as private practices. Certified Public Accountants (CPAs) act as independent auditors, as well as financial and tax advisors to individuals, businesses, government, and the not-for-profit community. Certified Public Accountants are professionals, distinguished from other accountants by stringent licensing requirements. In addition, CPAs are governed by a strict code of professional conduct. The hallmarks of this profession are: independence, objectivity, and integrity.

FREE tax consultation in the Bay area

To employ the best, get in touch with Cirimelli Pyle and Associates LLP in San Jose, California. This company has professional staff to help you get started on filing your income tax returns in the Bay area and other surrounding areas of California. By taking advantage of tax breaks and avoiding unnecessary additional interests, you can concentrate on building your business in San Jose or save money for your family. Many existing business owners throughout the San Jose area come to them with previously formed corporations or Limited Liability Companies (LLC), but are not taking advantage of the “built in” tax benefits. Effective tax planning and coordination, often puts money into your pocket. Cirimelli Pyle and Associates’ goal is to simplify the start-up and development phases so you can focus more of your attention on growing your business.

They provide a FREE consultation to select the right structure for your company. Significant tax savings can be achieved based on the nature of your business and the structure of your company. Their goal is to help you select the right structure and then realize the tax savings each year going forward. To get started on filing your income tax returns in the Bay area, call (408) 879-9990 and ask for Steve to discuss your specific needs.  For more information, please visit: http://www.sanjose-cpa.com/ and http://cpasllp.com/ .

Accountants in the Bay area

With the tax planning season about to end, most individuals are rushing around to make investments to minimize their tax liability. It has been observed that salaried individuals end up paying more taxes than they are obligated to. Due to lack of sufficient time or lack of awareness about different incentives, allowances and rebates under the American tax code, many of us don’t conduct the tax planning exercise. We believe there is a need for salaried individuals to devote adequate time and effort to the tax planning exercise and be aware of the various benefits that they can avail of.

 

Help with tax filing

 

This can be done if they contact a professional tax consultant and employ the services of a Certified Public Accounting Company to help you with your tax filings. Cirimelli Pyle and Associates in the Bay area provide the best accounting and financial strategies to help you get through your payment of all your income taxes. Their individualized services have helped them to address industry specific challenges, compliance needs and industry standard tax practices.

 

To simplify the business formation and incorporation process for new and developing businesses throughout the San Jose area, Cirimelli Pyle and Associates will provide the following services like Incorporation and Business formation, Business plan management, loan assistance, new business consultation and cash flow projections. Taxes may be a burden to some, for its complicated filing procedures.

To get started on your tax filings, contact Cirimelli Pyle and Associates in the Bay areas for a hassle free payment of all your taxes. They can be reached at 408-879-9990. If you need more information visit their website at www.incometaxbayarea.com

Tax-saving tips from expert tax accountants

You can make your maddening February a very sane one if you take the time to understand how tax-saving investments could fit into the big picture of your finances. You need to adopt approaches that will help you choose the right tax-saving investments. Like all other investments, tax-saving investments too need to be linked to your goals. Given the fact that tax-saving investments are mostly long-term investment products with lock-in periods of various lengths, it makes sense to earmark them for long term goals such as kids’ future and your own retirement.

 

CPA firm in Santa Clara

 

Cirimelli Pyle and Associates LLP in Santa Clara will help you take advantages of tax breaks throughout the year by helping you avoid paying unnecessary remunerations.

This CPA firm in Santa Clara offers in depth services in managing your tax payments and providing quality financial management solutions. These business accountants can also assist in accounting systems design, selection and training of personnel, computer selection and installation, and related information systems to help you improve efficiency in your business.

This efficient CPA firm in Santa Clara assists their clients by ensuring that they receive the counsel and information necessary to help them make sound business decisions and save money for future uses. Cirimelli Pyle and Associates in Santa Clara is the best company to avail tax benefits throughout the year and helps you schedule your tax payments efficiently. To contact these business accountants and get the best tax advice and guidance, call Cirimelli Pyle and Associates at 408-879-9990. If you need more information visit their website at www.cpasllp.com .

 

 

Big business expresses views on health care reform

According to a recent survey of 489 U.S. employers, big companies do not favor many of the proposals now being offered for reforming the country’s health care system. Nearly 88% of those surveyed opposed the idea of replacing the tax exclusion for employer-paid health insurance premiums with refundable health care tax credits for employees. Survey respondents also opposed requiring companies to contribute to individual health coverage for employees if the company didn’t have group coverage. The companies did indicate support for health care reforms that emphasized the individual’s responsibility for health care. In your business are you constantly putting out fires caused by cash shortages? How well you manage your cash flow affects your business’s profitability and longevity. Here are a few “fire prevention” suggestions.

* Create a cash flow projection. A cash flow forecast should be one of the quarterly reports prepared in every small business. It consists of your beginning cash balance plus your expected receipts minus your expected disbursements. A forecast allows you to anticipate cash shortfalls in order to give you time to carefully consider all your financing options.

* Collect your money as fast as possible. Send invoices as soon as you ship goods instead of billing at the end of the month. Your invoices should clearly show the payment due date and any penalty for late payment.

* Follow up on delinquent receivables. The longer an account remains unpaid, the greater the chances are that you’ll never see your money. Once an account becomes delinquent, make no more credit sales to that customer until the account is brought up to date.

* Postpone paying your bills. Take early payment discounts when it makes sense, but otherwise use the full grace period to pay your bills. You might want to pay early to key suppliers.

* Don’t let inventory buildup. If your inventory includes slow-selling and high-cost items, consider making them special order items. Get rid of obsolete inventory to free up cash and valuable shelf space.

* Track your expenses. At least once a month, compare your spending with your budget. If you are spending more than you planned, it’s a good indicator that you may need to take corrective action.

* Establish a lifeline of credit. Set up a line of credit before you need it. It takes time to secure a loan from a bank, and it may be more expensive and difficult to obtain credit when you really need it.

For a review of your company’s cash management plan or for help in establishing one for your business, give us a call. Call Cirimelli Pyle and Associates Certified public Accountants in San Jose today at (408) 879-9990 or email them at: cpa@cpasllp.com.

What’s New in Finances

Federal Reserve releases financial statistics

A report from the Federal Reserve states that Americans lost a record 17.9% of their net worth in 2008. U.S. “net worth” is a measure of households’ assets minus liabilities. The 2008 net worth was $51.5 trillion in 2008, the lowest since 2003. In just the fourth quarter of 2008, net worth dropped 9%, the largest quarterly decline recorded since 1951.

Other statistics from the report -

* Total home value fell 10.5% in 2008, the biggest drop on record. Total value of U.S. homes was $18.3 trillion, the lowest in five years.

* Stock market value dropped 39.9%. At $5.5 trillion, stock market wealth in 2008 was the lowest since 1996.

* In the fourth quarter of 2008, corporate profits fell 10.8%. Profits for the full year were down 8.8%.

Some tips for the twenty-something generation

Young people generally feel pretty good about life, but in todays troubled economic environment, they may wonder if they’re making the right financial moves. Here are some simple (yet effective) financial strategies for people in their early twenties.

* Pay yourself first. Every time you get paid, put something aside in a savings or investment account. As a general rule, save 10% of your income. Even smaller amounts add up over time.

* Watch your plastic. Credit cards are an expensive form of debt, and it’s easy to lose control of them. Try to pay your entire credit balance every month, even if it’s a stretch. If you’ve been carrying a balance, buy nothing more on credit until the balance is zero.

* Keep a clean credit record. If you plan to own a home, buy a car, or start a business, you’re going to need squeaky-clean credit. Keep all of your financial obligations current, and never make a financial commitment that you can’t keep. If you fall behind on any obligation, talk to the creditor immediately to make alternate arrangements.

* Make sure you have top-notch medical coverage. You may not see a doctor even once this year. But if you do need medical care, it could be for something serious and expensive. Anything less than a good major medical policy could ruin you financially.

* Watch your expenses. At this point in your career, you may not receive large or frequent pay raises. But you can achieve the same effect by cutting expenses. Shop before you buy. Very similar – and sometimes identical products – are sold at widely varying prices. Wise shopping can be the equivalent of having a good-paying second job.

For assistance with financial strategies suitable for your particular age and situation, give us a call. Call Cirimelli Pyle and Associates Certified public Accountants in San Jose today at (408) 879-9990 or email them at: cpa@cpasllp.com.

Payroll tax deposits

* April 1 – Deadline for taking your first required IRA distribution if you turned 70-1/2 in 2008. Unless you’re still working, this deadline also applies to your other retirement accounts (except for Roth IRAs).

* April 15 – Individual income tax returns for 2008 are due.
* April 15 – 2008 calendar-year partnership returns are due.
* April 15 – 2008 annual gift tax returns are due.
* April 15 – 2008 income tax returns for calendar-year trusts and estates are due.
* April 15 – Deadline for making 2008 IRA contributions.
* April 15 – Deadline for employers to make contributions to certain retirement plans.
* April 15 – First installment of 2009 individual estimated tax is due.
* April 15 – Deadline for amending 2005 individual tax returns (unless the 2005 return had a filing extension).
* April 15 – Deadline for original filing of 2005 individual income tax return to claim a refund of taxes. Each year some taxpayers have tax refunds due them for prior years, and unless a return is filed to claim the refund by the three-year statute of limitations, the refund is lost forever.

NOTE: Businesses are required to make federal tax deposits on dates determined by various factors that differ from business to business. For filing tax returns call Cirimelli Pyle and Associates Certified public Accountants in San Jose today at (408) 879-9990 or email them at: cpa@cpasllp.com.

Payroll tax deposits: Employers generally must deposit Form 941 payroll taxes (income tax withheld from employees’ pay and both the employer’s and employees’ share of social security taxes) on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual liability is $1,000 or less.

* Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the fifteenth of the following month.

* Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

For more information on tax deadlines that apply to you or your business, contact our office. Call Cirimelli Pyle and Associates Certified public Accountants in San Jose today at (408) 879-9990 or email them at: cpa@cpasllp.com.

 

 

IRS expands 2009 homebuyer credit

The IRS announced recently that taxpayers who qualify for the first-time homebuyer tax credit on a home purchased from January 1, 2009, through November 30, 2009, may claim the credit on either their 2008 income tax return due April 15, 2009, or on their 2009 tax returns due April 15, 2010. This option makes it possible for qualifying taxpayers to put money in their pockets in 2009, rather than waiting until next year to benefit from this tax break. The first-time homebuyer tax credit provides a refundable credit of 10% of the home’s purchase price, up to a maximum credit of $8,000. If the taxpayer lives in the home for at least three years, the credit does not have to be repaid. Income limits apply, with phase-out of the credit starting at $75,000 for single taxpayers and $150,000 for married couples filing jointly. For first homes purchased from April 9, 2008, through December 31, 2008, a credit of up to $7,500 is available to qualifying taxpayers. This credit can only be taken on a 2008 tax return, and it must be repaid in 15 equal installments beginning with the 2010 tax year. For further advice call Cirimelli Pyle and Associates Certified public Accountants in San Jose today at (408) 879-9990 or email them at: cpa@cpasllp.com.

Use the “saver’s credit” to cut your tax bill

Would you like to shave $1,000 off your income tax bill? Would your spouse like to join in the tax savings of up to $2,000 on a joint return? This potential savings comes in the form of a tax credit called the “retirement savings contributions credit” or “saver’s credit.” Unlike a tax deduction, a tax credit is a dollar for dollar reduction of the taxes you owe.

How do you qualify for this credit? By contributing to a retirement plan, you could be eligible for the saver’s credit. This includes contributions to both Roth and traditional IRAs. It also includes salary deferrals into SEP, SIMPLE, 401(k), 403(b), and 457 plans.

How much is the credit? The credit ranges from 10% to 50% of the first $2,000 contributed to a retirement plan. In other words, the maximum credit is $1,000 for an individual. If you and your spouse both contribute at least $2,000 to your retirement accounts, you could qualify for up to a $2,000 credit on a joint return.

Are there limitations? Like many tax breaks, this credit decreases or phases out entirely once your income reaches certain levels. The credit is not available if 2008 income exceeded $26,500 for individuals, $39,750 for heads of household, and $53,000 for married couples filing a joint return. 2009 income limits are $27,750 for singles, $41,625 for heads of household, and $55,000 for married couples. In addition, you cannot take the credit if you are under age 18, a full-time student, or someone else’s dependent.

Here’s an example. Say you put $3,000 into an IRA and you qualify for the maximum $1,000 saver’s credit. You can deduct your $3,000 contribution for a tax savings of $450 ($3,000 x 15% tax rate). Add this $450 tax savings to the $1,000 saver’s credit, and your total tax savings equals $1,450.

If you haven’t been contributing to a retirement plan, this tax credit adds yet another incentive to do so. You have until April 15, 2009, to make a 2008 IRA contribution that could reduce your 2008 taxes. For more information about the saver’s credit or about retirement accounts, contact our office. Call Cirimelli Pyle and Associates Certified public Accountants in San Jose today at (408) 879-9990 or email them at: cpa@cpasllp.com.