RCM Tax Services, Inc.

01/19/2019

Accounting Hacks for Your Small Business

1. Start a different bank account for your business.

This will prevent you from getting your personal and business finances mixed up.

2. Maintain your records as accurately as possible.

This will help you review the current state of your business.

3. Keep track of your invoices.

This will aid you in understanding the cash flow in your business.

4. Review your taxes.

This will prevent you from getting into disputes with the IRS in the future.

5. Stay ahead of your deadlines.

This will save you from paying penalties and losing capital.

01/18/2019

Ways to Keep Personal and Business Accounts Separate

1. Give your business a new bank account.

It’s easier to keep track of your business finances when you have it filed separately from your personal expenses.

2. Get your business a separate credit card.

Not only will this prevent you from overspending, but it will also protect your business from suffering a sudden dip in the capital.

3. Sort your receipts in advance.

Don’t wait until tax filing season to do this. The earlier you start; the more time you will have in getting your documents in line.

01/17/2019

Do You Still Do Payroll Manually?

You might have grown comfortable with it through the years, but there are better and more efficient ways to do your payroll. One of which is outsourcing it to RCM Tax Services. With us on the job, you will have more time to focus on your business.

01/13/2019

A Quick Guide to Budgeting

Here are a couple of steps that could help stay on top of your budget. To begin, you will need to:

1. Calculate your net income for the month (that means minus taxes, insurance, and retirement savings).

2. Create a list of your non-negotiable expenses (rent, utility fees, etc.)

3. Now, subtract the two and the amount you’re left will be the money you have to spend on food, gas, and other miscellaneous expenses.

With this, you will have a clearer picture of how much you can spend and the luxuries you can afford.

01/12/2019

Payroll Terms You Should Be Familiar With

You’ve probably heard these words one way or another, but what do they really mean?

1. Compensation

This is defined as the amount a company gives their workers in exchange for their labor.

2. Deduction

This is the sum of money withheld by a company from their employee’s salary for the purpose of paying taxes and other benefits.

3. Gross wages

This is the value of money an employee is to receive before deductions.

4. Net Wages

The exact opposite of gross wages, this is an employee’s salary after deductions.

01/11/2019

Don’t Second Guess, Consult an Expert

Making decisions for your business or establishment is never an easy task. You will need to ruminate over it for weeks on end and review all the related paperwork. But if ever you feel you could use some guidance, RCM Tax Services can provide you with expert advice.

12/29/2018

True or False: Are Payroll Services Costly?

A lot of small businesses shy away from getting the aid of payroll services because of the cost. But what they don’t know is that using payroll services brings more benefits than what meets the eye.

With payroll services…

1. You can avoid errors and fines regarding payroll taxes.

2. You can easily keep track of your employees’ work hours.

3. You can free up more time to concentrate on your business.

So, to conclude? Payroll services are cost-efficient.
Get the payroll services you need from RCM Tax Services today.

12/28/2018

Small Business Owners, Here Are How You Can Lower Your Taxes

Taxes take a considerable chunk from your business capital. But did you know there are several ways you can save more money from business taxes? It’s quite easy to miss these when there’s so much to understand about the U.S. tax code.

But don’t worry. You can start by:

1. Keeping tabs on adjusted gross income.

2. Making use of accountable plans.

3. Utilizing tax-free ways to collect business income.

4. Changing the structure of your business.

Need an expert assistance for your business tax?
Call in the aid of RCM Tax Services.

(SOURCE: https://sba.thehartford.com/finance/10-ways-to-lower-taxes-small-business-owners)

Here are 10 ways to save on taxes for small business. Check out these tips from The Hartford to learn how to lower taxable income for your small business today.

12/27/2018

W-4 Form: Who Is it For?

This form is to be used by employees who have just started a new job (which greatly impacts their current financial status). In addition, this form serves to indicate the amount of tax that should be deducted from your income and paid to the government.

12/26/2018

How Long Should Tax Records Be Kept?

The IRS suggests for you to hold on to those records for at least three years. Why three years? It’s the look-back period allowed to the IRS in the event that you will get audited.

New to filing taxes?
Avoid the hassle with RCM Tax Services.

12/22/2018

Parents, Here Are Tax Credits You Can Claim

Raising a family can be expensive. Thankfully, there are tax credits you can take advantage of:

• Child and Dependent Care Tax

You can receive tax credit amounting to $1,050 for a single dependent (and
over $2,010 if you have two or more).

• Earned Income Tax Credit

This translates to cash back that can amount to $6,044 if you have low to
moderate income.

Would you like to know about other tax credits you might be missing out on?
Get in touch with RCM Tax Services today.

(SOURCE: https://www.cnbc.com/2014/03/10/confused-about-taxes-answers-to-common-questions.html)

Are you confused at tax time? You're not alone. TurboTax provided CNBC with answers to some of the most common questions on its website.