Blog

Want to stay informed about what is happening in the world of accounting and tax? Michael J. Yuda, CPA, LLC’s blog is here to help. We understand just how important it is for our clients to not only know what is going on with their finances, accounting and taxes, but also how the constantly changing tax laws, etc. will affect them. That is why we have set up a blog that posts informative articles, tips, and techniques designed to help you stay in charge of your financial life. Regularly updated, our blog is a great place to learn how to better approach taxes, bookkeeping, and personal finances so that you can give your financial future some direction. If you find an article or piece of information that interests you and want to learn more about what it means then we encourage you to contact us. We always look forward to helping our clients in any way possible when it comes to their financial needs. Contact our accounting firm in Honolulu, Hawaii, for more information about the different topics we discuss on our blog.

Taxes

Benefits of Filing Taxes Early

We know tax season just ended, but the reality of tax season being here again is right around the corner. Did you know that there are numerous benefits that come with filing your taxes early? Here are a few reasons you should considering filing early this upcoming year:

Taxpayers who have children in college should get tax information early as it will impact the amount of financial aid the student may receive.
Filing taxes early can lessen the odds of becoming a victim of identity theft. The sooner a return is filed, the less likely someone else can file a return in your name.
When filing early, you have plenty of time to catch potential mistakes. Early planning prevents poor performance, and when you decide to file taxes early you’re not forced to stress out over missing paperwork or trying to meet a tight deadline.
Filing earlier gets you your refund much earlier!
This one might be a no-brainer, but filing early avoids one to have to file for an extension. People who wait to the last minute often have to go through the process of filing for an extension, which can lead to unneeded and preventable stress plus additional costs.

When tax season is here, seek out the tax consulting professionals in Hawaii at Michael J. Yuda, CPA, LLC.

Hawaii Tax Consulting

Hiring a Certified Public Accountant to help with your taxes is well worth the money spent. If you’re in need of strategic tax planning, which is important for small business owners or individuals with complex returns, someone who pays high income taxes, or have unusual circumstances that warrant the guidance of a professional, then choosing a CPA over another enrolled agent or general tax preparer is highly recommended.

CPAs help provide guidance related to the grey areas of your taxes, whereas anyone can deal with the black and white of filing tax returns. The guidance and strategies provided by a CPA in terms of tax preparation of consulting are based on their interpretation of IRS rulings and past experiences. Michael Yuda previously worked for the IRS as a revenue agent and has unparalleled experience in handling tax preparation.

When you’re in need of tax consulting in Honolulu, Hawaii, choose Michael J. Yuda, CPA, LLC. The tax consulting services with Michael J. Yuda include the preparation of all personal and business income tax returns. This includes and is not limited to partnership, corporation, S-corporation, and limited liability company returns. We also prepare state tax returns, as well as multi-state returns, such as required for entertainment individuals and professional athletes, who work in several states during a calendar year.

Overlooked Tax Deductions

Every year, the IRS reports on the most common mistakes that taxpayers make on their returns. Everything from missing Social Security numbers to name misspellings make the list. However, there are some mistakes that people make on their taxes every year that you might not be aware of. Here are a few common overlooked tax deductions that you might miss when filing your taxes.

Dependent Parents: If you’re providing more than 50% of your parent’s financial support, and those expenses exceed 10% of your adjusted gross income, you may qualify for a very large deduction.
Sales tax on a new car: Used cars don’t count, and there are a few restrictions, but if you purchased a new car, you might be able to deduct the sales tax.
Continuing education deductions: If you itemize your deductions, you may be able to deduct various employee business expenses, including continuing education, professional publication subscriptions, professional association dues, and even tax preparation fees.
Business meals and entertainment: If you’re a small business owner or work freelance, you can write off business and entertainment expenses.
Home energy efficiency improvements: If you are or have made your home more energy efficient, you may be able to deduct up to $1,500 off your tax bill.

There are many more hidden deductions that are often overlooked. If you don’t want deductions to be overlooked, consider seeking the tax consulting service of Michael J. Yuda CPA, LCC today!

Have A Less Taxing 2013 Tax Season

Tax 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

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!

The ABCs of Early Tax Preparation

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

Why Choose A QuickBooks ProAdvisor?

Are you looking for someone to handle bookkeeping for your small business? If the answer is yes, it’s best to choose a bookkeeper that is a Certified QuickBooks ProAdvisor. A Certified ProAdvisor knows the ins and outs of the powerful and useful software, and can help keep your books in order, which translates to a more financially stable business. Why should you choose a QuickBooks Certified ProAdvisor?

In most cases, Certified QuickBooks ProAdvisors are trained CPAs, accountants and other professionals who have spent years studying and learning how to handle small business finances.
Certified QuickBooks ProAdvisors have completed a comprehensive and thorough QuickBooks training course and exam in order to be certified.
They can help get you started on the right foot with aiding in set-up, proper training and even troubleshooting.
Certified ProAdvisors can help provide the best guidance to help you have the highest satisfaction from using QuickBooks.
A Certified ProAdvisor knows how to get the most out of the software.

If you’re looking to get the most out of QuickBooks for your small business bookkeeping, consider contacting Michael J. Yuda, CPA LLC, in Honolulu, Hawaii. There’s no better QuickBooks ProAdvisor in Hawaii, than Michael J. Yuda to help learn the ins and outs of QuickBooks. With personalized service and attention to your unique business, Michael J. Yuda can help provide only the best and most experienced QuickBooks bookkeeping services! Contact us today!

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 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.

Aloha!

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

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!

Aloha!

5 Small Tricks to Save Time with QuickBooks

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.

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.
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!
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.
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.
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.

Aloha!