Tax Help

Have A Less Taxing 2013 Tax Season

Under PressureTax day is less than two months away, and you aren’t alone if you haven’t even begun preparing your taxes. This year, how about you keep tax season less taxing, and take away the stress filing taxes can impose on your life. Below are a few helpful tips to make the 2013 tax season less daunting.

  • Get Organized: Easier said than done, right? The first step toward preparing your tax return is to organize every necessary document you need.
  • Become Aware: It’s important to understand what income is taxable. Reach out to a tax professional or do research to educate yourself on what is and what isn’t taxable.
  • Learn About New Tax Changes: In 2013 no major tax changes occurred, but there may be a few tweaks that could affect some taxpayers. Most of the changes that did occur are related to federal health care.
  • E-File: E-filing is the quickest way to receive your refund.
  • Seek Out Help: If you’re completely lost, choose Michael J. Yuda, CPA, LLC in Honolulu, Hawaii. Our tax consulting service includes preparation of all personal and business income tax returns. Michael J. Yuda is a trusted CPA in Hawaii, and can help make your 2013 tax season less taxing on you.

Preparing for Tax Season 101: What You’ll Need to Bring

Tax Preperation

With tax season springing upon us, the time to collect your important documents is not too far off. If you want to make the most out of your meeting with your CPA, it’s important to bring all needed documents. When you’re getting ready to meet with your CPA, make sure you bring the following documents:

  • W-2s from your employer(s).
  • 1099-MISC forms.
  • 1099-INT (interest) and 1099-DIV (dividends) forms.
  • 1099 B forms if you’ve brokered or traded stocks and bonds during the year.
  • K-1 forms for income from a partnership, trust or S Corporation.
  • 1099-SSA forms if you are receiving Social Security.
  • Documents that show additional income not reported on a W-2 or 1099 form.
  • Canceled checks, receipts, spreadsheets that show any tax-related expenses.
  • College expense records and 1098-T forms.
  • Proof of charitable donations.
  • If you paid estimated taxes, be sure to bring a summary of your federal and state estimated payments.
  • If you are starting with a new CPA, bring a complete copy of the prior year federal and state tax returns.

If you’re still unsure of what to bring to your CPA during tax time, consider asking your CPA before your meeting. If you’re looking for a CPA in Hawaii to help you get the most out of your taxes, and keep your personal finances in order, make Michael J. Yuda CPA, LLC your only choice!

Maintaining a Healthy Relationship with Your CPA

Having a positive relationship with your accountant is the best way to help your financial stability. Having regular contact with them is essential to ensure everything is in order. It’s important to try and maintain a good relationship with your accountant, as they can be a crucial component to your personal financial health, as well as the health of your business. The following tips will help you build and maintain a healthy relationship with your accountant:

  • Keep agreed records and deadlines
  • If there are any changes to your business or personal finances, make them known immediately
  • Discuss major issues with your accountant, such as tax implications, salary, dividends, etc.
  • Always pay your accountant on time
  • Don’t be afraid to ask questions
  • If your accountant isn’t adapting to the needs of your growing business, don’t be afraid to speak up
  • Allow your accountant to focus their energy on helping you succeed, not avoiding IRS penalties. An accountant is there to help you stay on track and ensure you’re finances are in order

The major secret to maximizing the relationship with your accountant is to always keep open communication with them throughout the year. If you’re looking for a CPA in Hawaii, you can trust Michael J. Yuda, CPA, LLC.

The ABCs of Early Tax Preparation

The ABCs of tax preparation

Even though tax season has come and gone, April 15th is always looming in the future. There are steps you can take to relieve the stress of this upcoming tax day by following the ABC’s of tax preparation.

A. ASK QUESTIONS! Seek out a CPA, and prepare questions to be answered. Seeking out the help of a professional CPA can help you avoid errors in your tax returns. Don’t be afraid to ask as many questions as you’d like, and always try to seek out a CPA that is qualified. Michael J. Yuda CPA, LLC previously worked for the IRS and has substantial and expert experience in handling tax examinations.

B. BRING ALL DOCUMENTS: Be sure to keep all important tax documents and files together when seeking out tax help. Bring every item you suspect might be necessary for the most accurate completion of your tax return. Important documents include:

  • Previous tax returns
  • All tax forms
  • Records of income and expenses

C. COMPLETE YOUR TAX RETURN EARLY! Filing early means your refund will come sooner! Even if you might owe money, filing early is never a bad idea and payment can be delayed until April 15th.

Even better, when you decide to get your taxes out of the way earlier, your tax professional may be able to devote more time to your return, because you’ll be avoiding the annual procrastinators scrambling to get everything done in time! When you’re ready to get the ball rolling on your taxes, choose the best CPA in Hawaii, choose Michael J. Yuda CPA, LLC!

Using Your Tax Refund Wisely

If you’ve been patiently waiting near the mailbox for your tax refund you’re probably not alone. Some may have already received their refund check, but there are still people waiting diligently for their check! Sure, it’s great to have that extra money in your pocket, but before you go out and spend it on a shopping spree or expensive vacation, consider using this money for more important things! Here are a few helpful suggestions to get the most out of your tax refund check:

don’t hesitate to contact the Honolulu CPA firm, Michael J. Yuda CPA, LLC for any questions

  • Take household expenses into mind and figure out how far ahead you can be if you use your refund to pay them off.
  • Consider the benefits of establishing and creating an emergency fund that can cover expenses in the event of an emergency or even a pay freeze. In the wake of paycheck squeezes and lay-offs, saving your tax refund could provide a blanket in the event that your personal finances take a hit.
  • Pay down credit card or loan debt. With the extra money, you can get a great head start on paying down debt that has been building.
  • Begin planning your retirement fund. Adding money into a retirement fund is not only a sensible decision, but can have you financially stable when you reach retirement.
  • Consider taking that class you’ve always wanted! There’s no better way to spend your money wisely than investing in yourself!

There are many sensible ways to spend your tax refund. Sure it’s easy to go out and spend money on things you really want, but in the long run, using your refund wisely can help pave the way to a more financially stable and fulfilling life. If you’re curious as to how to become more financially responsible, don’t hesitate to contact the Honolulu CPA firm, Michael J. Yuda CPA, LLC for any questions you might have.


What to Look for In a CPA

It’s no secret that taxpayers can benefit greatly by hiring a CPA to help file their taxes. However, like many of life’s decisions, you should not select a CPA blindly. Before you spend your hard-earned cash on CPA services, there are a few questions you should be prepared to ask to ensure you’re selecting a skilled professional for your situation. When it comes to filing taxes, it’s important to remember that the tax industry is ever changing and an appropriate CPA should be well-versed in new or ongoing changes within the industry. When searching for the best suitable CPA, keep these following questions at hand:

What should you look for in a CPA?

  • What licenses and background do you have?
  • How long have you been in the tax business?
  • Are there any particular tax-related issues that you specialize in?
  • Do you outsource any of the work you do? Will you be readily available if any questions arise?
  • Are you knowledgeable and experienced to handle my particular situation?
  • Approximately how long will it take to complete my work?
  • Do you maintain a strict privacy policy? Will my information be kept safe?
  • What are your current fees?

The most important factor to consider when selecting an experienced CPA to handle your taxes is whether or not they specialize and have immense knowledge on how to help with your specific problem. When searching for a competent and experienced CPA, don’t be afraid to ask questions. Always let a professional handle your tax return preparation, especially when you aren’t confident or well-versed to handle them yourself. If you’re looking for a dependable Honolulu CPA firm, Michael J. Yuda CPA, LLC can answer any questions you might have.


Tax Return Preparation: Leading the Way to a Strong Financial Plan

Tax Return preparation! The thought probably never crosses your mind, but tax planning is an extremely integral piece of maintain a strong financial plan. Most people sadly don’t concentrate on tax planning, and scramble to get their taxes done every year so they can get the sweet little check! However, if you properly prepare for tax season, chances are your return will be much more satisfying. Tax return preparation should be maintained through an entire year, and not at the very last minute! Staying organized and keeping records is an excellent way to obtain a strong financial plan and get the most bang for your buck!

Taxes impact one’s financial well-being in a big way, especially for those who are self-employed or business owners. Take enough time to plan for the current year and make necessary adjustments to help keep things on track. Hiring a CPA is a great way to maintain financial success.  Tax law and changing tax codes happen all the time, which can affect your taxes in a negative way. Tax return preparation can help you be ready if those changes are a factor for you. Taking control of your taxes and saving money is what tax planning is all about! Who doesn’t want to save more money? When you actively keep records of your spending, realizing what you’re paying for can help you make cuts much easier.

Tax return preparation will help you take control of your taxes, and be ready well in advance when tax day springs upon us. It’s important to always remember that the tax code is complicated, and Michael J. Yuda,  CPA in Hawaii can help un-complicate them!


5 Small Tricks to Save Time with QuickBooks

QuickBooks Time Savers!When it comes to QuickBooks bookkeeping things can get rather complicated and tedious. However, with a few tricks and tips, you can save time when you’re doing your QuickBooks bookkeeping. QuickBooks is an extremely powerful tool, but like any other advanced programs, QuickBooks has its learning curves. If you manage to do your own QuickBooks bookkeeping, then follow these amazing tricks to help save time when you’re bookkeeping.

  1. Batch Invoicing: QuickBooks allows a user to invoice multiple customers at once for the same item.  This simple trick can cut hours of time off every month.
  2. Customize your icon bar: Customizing our icon bar to include your most used features will make your bookkeeping easier and faster. I bet you wish you thought of that earlier!
  3. Price Changing: If you need to increase prices on a number of items on your list, don’t sit and change the number one-by-one. Using the change item prices tool to change selected items by a percentage will cut a large fraction of time off of your bookkeeping.
  4. Find:  The find feature is no secret to accountants, but many people overlook this amazing feature. The find feature in QuickBooks can helps do a speedy search for transactions, accounts, check numbers, items and any other material you may need. Using find will have you flying through your books.
  5. Email your invoices: If you’re going the old fashioned route and still sending paper invoices, make the switch to Email today! Setting up Email invoices is quick and will save you hours per month.

QuickBooks is a great tool, but hard to conquer without proper guidance. If you’re still stuck, or feel that you’re wasting a lot of valuable time, consulting Yuda QuickBooks ProAdvisor Hawaii can help put you on the right path.


Some Amazing Facts about Hawaii

Fun Facts About Hawaii!Being a Honolulu CPA firm, Michael J.Yuda CPA, LLC gets to enjoy the beauty of Hawaii on a daily basis. If you’ve never been to Hawaii, you more than likely envision it as it’s portrayed in movies and television shows. It really is just as magical as you’ve imagined. When we’re not busy doing tax return preparation in Hawaii, we’re enjoying the beautiful sun and beaches of the most magical place on Earth. Here are some amazing facts about Hawaii!

  • Hawaii is so unique that it actually has its own time zone, Hawaiian Standard Time. Hawaiian Standard Time is two hours behind Pacific Standard Time, and five hours behind Eastern Standard Time.
  • Almost one-third of the world’s pineapples come from Hawaii.
  • Hawaii has eight main islands: Niihau, Kauai, Oahu, Maui, Molokai, Lanai, Kahoolawe, and the Big Island of Hawaii.
  • Hawaii has two official languages.
  • Hawaii is America’s youngest state, entering the nation on August 21, 1959.
  • Hawaii is the only state in the United States that grows coffee.
  • There are only 12 letters in the Hawaiian alphabet.
  • The islands of Hawaii were formed from erupted under-sea volcanoes.
  • Lolani Palace is the only royal palace in the United States.


Why Choose a CPA as your Tax Consultant?

Why hire a CPA to do your taxes?

For many, the idea of doing taxes is equivalent to a nightmare.  Tax laws are tricky all on their own, but the manner in which they are always changing makes keeping up a daunting task.  When preparing to file your business or personal taxes, consulting a CPA can help ensure that your taxes are done correctly.  Simple errors and mistakes in your tax form can cost you penalties with the IRS, and nobody wants the IRS breathing down their backs!  Having your taxes prepared by a CPA can save you from making errors, and help ease the stress of having to figure out how to do them yourself.

In many instances, a CPA will save you money by assuring that you claim all deductions that you are entitled to.  We know the laws and what you are legally entitled to claim to avoid tax penalties.  With extensive training and testing, a CPA tax professional is familiar with state and federal laws, and will help you get your taxes done correctly and quickly.  Using a CPA tax consultant makes taxes seem not so scary anymore. Let a professional handle your tax return preparation, so you can go out and enjoy the sun!