Janel Marie Varnadoe: Money Matters
Not surprisingly, most individual taxpayers and small business owners do not relish having to plan for and file taxes. Many find it daunting and confusing. Even if you are capable of managing bookkeeping in-house, that "extra pair of eyes" can make a world of difference. Meet an extra special pair of eyes, Janel Marie Varnadoe.
Not surprisingly, most individual taxpayers and small business owners do not relish having to plan for and file taxes. Many find it daunting and confusing. Even if you are capable of managing bookkeeping in-house, that “extra pair of eyes” can make a world of difference. Meet an extra special pair of eyes, Janel Marie Varnadoe.
South Magazine: Can you tell us a little about the business of taxes?
Janel Varnadoe: Not surprisingly, most individual taxpayers and small business owners do not relish having to plan for and file taxes. Many find it daunting and confusing, and we understand and appreciate this. So, it’s our goal to be both accessible and sensitive to our clients’ anxieties and concerns. It’s not always easy, but we work hard to ensure they understand both their responsibilities and rights as taxpayers. This is especially important for our small business owners when they are just getting started.
Why is it better to have a book keeper?
JV: As with most things, playing to your strengths is important and we help small business owners assess this in terms of accounting. The level of bookkeeping support we recommend is always based on the uniqueness of each individual business. For some, we might set up the books, train an in-house person and be on standby as needed. For others, we might manage the bulk of their accounting work directly. Either way, we feel it’s important for small business owners to have an assessment so that they can make the right decisions for their business to run efficiently day-to-day, but also so that they are ready for tax time.
Can you tell us about the check and balance system?
JV: Checks and balances in accounting terms are procedures set up to ensure that no one person is responsible for all aspects of a business’s financial transacting. This helps prevent mistakes, but also minimizes the risk of fraudulent behavior or activity. By separating duties, a business of any size can ensure they aren’t exposing themselves to unnecessary risks. This is another excellent reason to work with an outside accounting firm; even if you are capable of managing bookkeeping in-house, that ‘extra pair of eyes’ can make a world of difference.
How do you save your clients money?
JV: Our tagline is ‘personalized quality services.’ For us, that’s meeting clients where they are by customizing quotes to suit their needs, but also their resources. We are also deeply committed to continuing education, which includes staying abreast of changes in tax law; to which I am personally bound as a designated enrolled agent with the IRS. Across our suite of services, we look for smart, legal strategies to help our clients save money. Because, after all, if they aren’t doing business, neither are we.
Do you know these money matters tax tips?
Check your Withholdings and update your W-4 and State Withholdings
All taxpayers should review their federal/state withholdings each year to make sure they’re not having too little or too much tax withheld. Checking your withholding can help aim for a desired refund.
If you missed the deadline
Anyone who didn’t file on time and owes tax should file a return as soon as they can to reduce penalties and interest for not making the proper estimated tax payments throughout the year. You can still file personal tax returns through October 15, 2021 if you filed an extension.
Employers should always do this
Using a reputable tax preparer including a certified public accountant, enrolled agent or other knowledgeable tax professionals can also help avoid errors. Mistakes can result in processing delays and potential penalties.
Why should you tax plan
It’s always best to understand your tax situation and it should be an essential part of your financial planning, as tax planning aids in minimizing tax liability and costly penalties.
Did you know? If small business owners/entrepreneurs use part of their home regularly and exclusively for business-related activity, the IRS lets you write off associated rent, utilities, real estate taxes, repairs, maintenance and other related expenses. You may use this deduction whether you rent or own a home.
Contact Janel Varnadoe at J&S Accounting & Tax Services