As head of household, the ability to make responsible, informed financial decisions determines the quality of life for yourself and your family. When things get hectic, poorly managed money could spell disaster. Fortunately, you have options for keeping tabs on your personal finances.

With just over one month left before the 2014 tax filing deadline, millions of taxpayers have yet to begin preparing their returns. Ann Irons, CPA advises that high earners should be aware of some new requirements when filing individual income taxes in Bellingham, MA. Whether filing individually or jointly, recently enacted federal tax laws may determine the best course of action. According to Irons, filing jointly will save money for spouses who generate comparable income. For households in which one spouse earns a significantly higher income than the other, you may benefit from filing separately.

Analyzing financial statements is one of the most challenging—not to mention, important—aspects of planning for growth. As a business owner, you know all there is to know about your industry, your target customer, and your market. When you review your income statement, balance sheet, and cash flow statement, you have a general understanding of each item and how the numbers are calculated. Surely you can take it from there, right? Not necessarily, says Ann Irons, CPA, LLC, who provides tax and accounting services in Holliston, MA.

The Difference Between Reading and Analyzing a Statement

The most critical pieces of information on a balance sheet include the value of your assets, liabilities, and what remains after all financial obligations have been met. People often refer to the balance sheet as a snapshot of a company’s financial position because it shows these accounts at the end of the last business day of the specified period. In the capable hands of an experienced Holliston CPA, and combined with data from the income statement and cash flow statement, the balance sheet is more than just a snapshot. It’s your past, present, and future.

In a world where the cost of living and unemployment rate are higher than ever, single parents in particular are finding it more difficult to provide for their children financially. Even preparing and filing your taxes as a single parent poses challenges not seen in filing jointly or as an individual without dependents. Ann Irons, CPA works with single parents, families, and businesses who need assistance filing income tax returns in Holliston, MA.

“It seems like I’ve spent more time doing menial data entry tasks than I have meeting with prospective clients or catching up on industry news.”

“By the time I finish entering accounts receivable and accounts payable, the sun has gone down and everyone’s in bed. I can’t tell you the last time I sat down to have dinner with my family.”

As the dreaded 2014 tax filing deadline looms just weeks away, it’s time to choose your method of preparing your tax returns. Sure, you could muddle through it on your own or with a software program, but what happens if you have questions about complex deductions or calculations? Google and Wikipedia aren’t exactly the most reliable sources of tax tips, and software programs lack the human element and expertise that only a CPA can provide. Ann Irons, a CPA who offers tax preparation services in Bellingham, MA, explains the importance of hiring a professional.

We’ve had the pleasure of working with some of the most ambitious and passionate small business owners in the area. They have great people, great products, and great services, but even the greatest business suffers greatly in the face of a financial mishap. Ann Irons, CPA, who provides accounting and tax preparation in Bellingham, MA, shares a few of the most common missteps made by business owners.

Placing Too Much Trust in a Single Employee

Many small business owners are heavily involved in the recruiting, hiring, and training of every employee, which is wonderful for creating a tightly knit “family” environment. Unfortunately, first impressions aren’t always accurate, and a dishonest worker slips through the cracks every now. Every year, hundreds of small business owners lose substantial amounts to embezzlement, often forcing the owner to scale back or close shop. This is where hiring a CPA can save you thousands of dollars and untold hours of grief and stress. Entrusting check writing and accounting to a single employee creates a major risk for your small business.

Even though tax time is just weeks away, many local small business owners have yet to seek the help of a Boston, MA tax professional. Ann Irons, CPA, cautions that waiting too long to begin preparing your business taxes can have serious consequences for your company. Once panic sets in, you are more likely to make mistakes, cut corners, or leave out critical information. The result? Audits, late fees, and nasty penalties.

When your livelihood depends on filing an accurate, timely tax return, you simply cannot afford to wing it or entrust your taxes to a second-rate firm with slipshod business practices. Owning and operating a family business creates challenges that can overwhelm even the most seasoned entrepreneur. CPA Ann Irons invites you to consider the unique requirements involved in small business accounting in Bellingham, MA.