Why Is Working With a Certified Public Accountant Essential When Preparing Taxes?

certified public accountant HonoluluMost people know someone who’s good with numbers and who claims that filing taxes is a breeze. It’s tempting to offer to let that friend or family member do your taxes for you, especially if that person works as an accountant at a company. However, when you’re looking for help when preparing your taxes, it’s essential you find a certified public accountant for several reasons.


The type of certified public accountant Honolulu residents work with to file taxes is certified to work on your tax paperwork as your representative. At the end of your tax form, you’ll see a box where you indicate whether or not you had someone work on your taxes. A certified public accountant shares responsibility if there’s an error on the form. A person who’s not certified to help with your taxes can’t put their name on the form and if an error is made, you and you alone are responsible for it.


At the same time, while a certified public accountant shares responsibility for any errors that were entirely his or her fault (not withstanding inaccurate financial information provided), the certified public accountant is far less likely to make errors than an amateur accountant in the first place. You decrease the likelihood of an audit with a certified professional, and if you are audited, you’ll be able to ask that professional’s assistance in making sure the audit goes smoothly.

Tax Planning

A certified public accountant will help you prepare for next year’s taxes by discussing plans to increase your deductions and pay in installments so you decrease the total owed next spring. A certified public accountant is invested in making your funds grow year-round.

Do you need a certified public accountant in Honolulu? Request a consultation today with Michael J. Yuda to see what a certified public accountant can offer you. Rest easy knowing your taxes were filed correctly and to your benefit each year, and discuss ways to manage your funds year-round so your tax bill is even lower next year.

Tips for Handling a Club’s Finances Part 2

quickbooks proadvisorHandling a new club’s finances can be difficult if you have never done it before. It is important to contact the right accounting firm to help you stay on top of your club’s finances. After all, the end result you’re after should be to make money. Mishandling finances can cause you to lose money both short-term and long-term.  Here are some more tips to correctly handling your club’s finances.

Rely on Software

Invest in a program like QuickBooks in order to more easily manage the flow of money into and out of your club. A certified QuickBooks ProAdvisor can help you get the program set up to meet your club’s individual needs and goals and can even help you manage it year-round.

Plan Charitable Events

If your group earns revenue, consider investing the money into charitable causes in order to raise awareness about the cause and your club at the same time. These contributions may prove tax deductible for your group; ask your CPA to be certain and keep careful records of the finances associated with the event.

If your club is in Hawaii, schedule a consultation with Michael J. Yuda, a certified public accountant and QuickBooks ProAdvisor. From tax help to managing the club’s expenses and advice for collection of dues, the right CPA makes running a club fun instead of cumbersome.

Tips for Handling a Club’s Finances Part 1

tax consulting services HonoluluIt starts off as a few friends gathering once a week or once a month to discuss books, share tips on car maintenance, or sample each other’s recipes. Friends invite friends and family members, the neighbors get curious and eventually your small gathering becomes a bona fide club — and a club needs funds to get anything done. If you’re in charge of handling an informal club’s finances, don’t handle it all on your own.

Get on Top of Taxes

Does your club have to file taxes? Research which tax consulting services Honolulu individuals and businesses rely on, and make an appointment with a certified public accountant. Depending on the size, nature, and revenue of the club, you may not have to file, but it’s better to speak with a CPA to be sure, as you don’t want to be audited and fined by the IRS because you failed to file taxes on the money you collected and revenue you earned from sales, performances, and other events.

With tax return season coming to a close, make sure you get your return filed as soon as possible before the April 18th deadline. Visit today for tax consulting services in Honolulu, Hawaii.  With over 40 years in business, you can trust Michael J. Yuda, CPA, LLC for all personalized and professional accounting needs.

It’s Never Too Soon to Prepare for Tax Season

Although the year is only halfway over, you may have already begun to start thinking about next year’s taxes. It’s perfectly normal to start your preparation for the upcoming tax season because, before you know it, you’ll be scrambling to get all over your information together and April will be here in no time. 2016 Tax Prep

If you’re a business owner or someone who is looking for help with their tax preparations, hiring a Quickbooks ProAdvisor can help ensure you’re ready to go when 2016 arrives. These qualified and trained tax professionals can guide you into the next year with their experience and knowledge.

Quickbooks may seem like an easy program to use, but without experience or knowledge, you may wind up with a headache and little progress. Instead of trying to do everything on your own, begin organizing your documents the old-fashioned way: with a folder system. This is a great way to keep all of your paperwork in one place so when tax season arrives, you can give your tax professional all of the information he or she will need to get things moving. Separating these folders into categories, such as receipts, invoices, or payroll information will make the entire process run smoother.

If you’re concerned about the next tax season or you’re a business owner who wants to make sure everything is being done correctly, speak with your tax advisor right away. It’s never too soon to seek advice from the person who is in charge of your taxes and finances. These accountants can usually offer tips on what you should be keeping documents of and what can be thrown away.

It doesn’t matter what kind of financial assistance you need; at the office of Michael J. Yuda, CPA, LLC, we’re here to help. If you’re looking for the best Quickbooks ProAdvisor or tax consultant in Honolulu, Hawaii, request an appointment with Michael J. Yuda today!

Get Your Taxes Done by April 15!

As the deadline to file taxes approaches, millions of individuals and businesses across the United States scramble to get their returns completed. Tax return preparation in Hawaii can be done through several methods, and the right method for your needs likely depends on how complicated your tax return is expected to be. Tax Day

A great way to get started with tax return preparation in Hawaii is to be prepared for the task at hand. QuickBooks bookkeeping allows businesses to keep track of revenue and expenses throughout the year. If you implement QuickBooks bookkeeping in your business at the beginning of the fiscal year, you can make the process of filing a tax return go much smoother in April.

Businesses that have not kept records with bookkeeping software have a challenge to face when filing taxes, but it is still a task that needs to be done. Failure to comply with IRS tax regulations will result in fines and penalties that continue to accrue until a return is filed and all fees are paid.

If you are dealing with a complicated return and have yet to get organized, the best option is to seek out a tax professional. Michael J. Yuda, CPA, LLC is an experienced tax firm serving clients in Honolulu, Hawaii. Not only is the firm able to assist with the preparation of tax returns, but it can also help businesses with tax planning to ease the burden of filing next year.

Tips for Getting Your Taxes Done on Time

When you are facing the strict deadline associated with tax filing, the pressure is on. Failing to meet this deadline will result in significant penalties, but people who have complicated tax returns may hesitate to get started. Here are some tips for staying on track when it comes to tax return preparation in Hawaii. Money

  • Gather all of the necessary forms and paperwork before you get started. Not only do you need W-2 forms and the tax forms associated with your return, but you may also need receipts to accurately claim deductions. Keeping this information centrally located throughout the year will help you avoid the hassle each April.
  • Start on your tax return as soon as you receive the necessary paperwork from employers, banks and investment companies.
  • If it becomes apparent that you are not going to meet the April 15 deadline, consider filing an extension. The simple form required to file for an extension is due by April 15 and gives you an extra six months to work on your taxes.
  • Do not go through tax return preparation in Hawaii on your own. Michael J. Yuda, CPA, LCC is a CPA firm that has extensive knowledge when it comes to filing tax returns for clients. You do not have to worry about complying with complex tax regulations when you hire someone else to complete and file your return.

Organizing your Records for Tax Time

Good organization is one of the first steps to having a stress-free tax season. For many, the biggest hassle at tax time is often getting all the proper documentation together, including last year’s tax return, W-2 form, 1099s, receipts, and so on. If you’re hoping to have a smooth tax season, consider these helpful tips. Tax Preparation

  • Print out a tax checklist to help you gather all of the proper documents you’ll need to complete your tax return.
  • Group similar documents in the same file folders.
  • Collect receipts that you’ve compiled throughout the year.
  • If you’ve sold stock, be sure to know the price you paid for them or the funds that you have sold. If you’re unsure, call your personal broker before preparing your tax return.
  • Keep all information and forms that come in the mail in the same place. This includes items like W-2s, 1099s, mortgage interest statements, and even student loan documents.

By organizing early, you give yourself plenty of time to complete filing your taxes properly, saving you much needed time, stress, and even money. Proper planning is the key to an easy tax season.  If you’re looking for the very best tax preparation in Honolulu, Hawaii, make Michael J. Yuda, CPA, LLC your first choice!

Tax Consulting in Honolulu

83901064_scaled_153x180Tax season is here and at Michael J. Yuda, CPA, LLC in Honolulu, Hawaii, we offer tax consulting services for personal preparation as well as business income tax returns. This includes partnership, corporation, S-corporation, and LLC returns. When you choose Michael J. Yuda, you can rest assured that you’re getting the very best tax consulting imaginable. Michael J. Yuda has an extensive tax background that dates back to the years spent working for the Internal Revenue Service.

From tax planning to tax representation, we’re equipped to handle all of your tax needs. We take pride in helping our clients secure a financially healthy future, and look forward to working with you this tax season and beyond. Your success is our success, and we are committed to not only help you reach short term financial goals, but help foster a relationship to keep you financially stable and happy for years to come.

Michael J. Yuda, CPA, LLC not only prepares federal returns, but also prepares all required state tax returns, as well as multi-state returns for those who work in several states during the year. When you’re looking for a CPA in Hawaii to help you with your taxes, there’s only one choice. Choose Michael J. Yuda, CPA, LLC today.

Contact us  today to schedule an appointment to discuss your tax situation.


Start Getting Ready for Tax Season Today

Tax Time Ahead

With Christmas comes a brand new year, and with that brand new year comes another cycle of preparing one’s taxes.  Thankfully, there are numerous steps one can take -starting today- to make the new tax year smoother than ever before. Below are a few steps you can take to make your life easier this tax season.

  • Come up with a plan! It’s not wise or recommended to wait until the very last day to do all of your taxes at once. An easy way to motivate yourself to start your taxes early is to set a calendar reminder that you’ll start them in early February, and try to stick to the reminder. This will help you plan other things around this one task.
  • Meet with a CPA. At Michael J. Yuda, CPA, LLC, we take pride in developing long-term relationships with our clients.
  • Keep your tax documents in one central location. It might be a desk drawer, or a simple folder. However, it’s important that you keep your tax documents that you’ll receive in January and February in one location to ensure they are easy to find.
  • Do a rough estimate. Of course a CPA in Hawaii can help you come up with a closer estimate, but why not do a calculation to see whether or not you’re actually going to owe taxes this year. Try and keep your estimate high, so you don’t have any big surprises when you do get your taxes done.

End of the Year Tips to Maximize your Tax Refund

iStock_000045491268_LargeIt seems that tax season ended just yesterday, but a new season is upon us. Like most Americans, we’re sure that you’re looking for ways to pay no more than what you owe, and even boost your tax refund. Below are a few tips at maximizing your taxes this upcoming season:

  • Travel for work? See the doctor often? Don’t shy away from tax deductions. Believe it or not, but a lot of things add up without you knowing it. Keep a log of tax deductible activities and see if it’s worth writing them off. The same holds true for charitable deductions, and even moving fees if you relocate to a new home.
  • You have until April 15 to open a traditional IRA for the previous tax year.  Typically, traditional IRA contributions reduce taxable income.
  • Consider scheduling health-related exams during the last quarter of the year to boost medical expense deduction potential.  It’s actually been proven that taxpayers who pay particular attention to the calendar improve their chances of receiving a larger refund than those who don’t. Paying property taxes or things like your mortgage before the end of the current year can actually yield a larger refund. Make the calendar your best friend!

Don’t forget that when you’re looking to truly maximize your tax refund to seek out the premier CPA in Hawaii! Visit Michael J. Yuda CPA, LLC today!