Wouldn’t it be nice if investing time and money guaranteed the long-term success and stability of your business? If your passion was always profitable? Unfortunately, this isn’t always the case. When you’ve exhausted all of your options and concluded that you can no longer continue operations, it’s emotionally devastating. Ann Irons, a professional tax preparer and CPA in Bellingham, MA, says that many small business owners’ distress is so great that they neglect to consider all of their options.

Option #1: File for Bankruptcy

Now that you’ve earned your college degree, it’s time to start thinking about your taxes. If you’re like many college students, you’ve spent the last four years focusing on academics (or not), picking up a few shifts here and there for pocket money. If so, you may not have much experience preparing and filings your taxes. Although taxes can be somewhat unnerving to the uninitiated, you have several resources available to you as you work to establish yourself financially. Ann Irons, a CPA and tax professional in Bellingham, MA, shares tips for navigating the tax return process and saving money throughout the year.

Who Can Claim Me as an Exemption?

When you think of finance and its place in your small business, what comes to mind? Like many of your fellow entrepreneurs, you probably think of it strictly as a means of short-term purchasing and collection. At the office of Ann Irons, CPA, we believe that your company’s financial statements have strategic value. If your strategic vision includes the possibility of a merger or acquisition, you’ll need someone who understands your position, appreciates the value of financial reporting, and shares your passion for success.

Due Diligence and Risks of “Going It Alone”

In our experience, even business owners who are knowledgeable about GAAP struggle to fully understand the implications of M & A accounting, especially given the unique requirements that differ radically from GAAP for general compliance and reporting. Four areas in particular are important in matters of due diligence.

Gross Margin and Inventory Focus

As the owner of your own business, you bear the responsibility for serving your customers, your suppliers, your employees, and even your family. When everything and everyone depends on you to succeed, organization and time management skills are critical. Not tech-savvy? No problem, says Ann Irons, CPA. Irons, who has worked with countless family-owned and small businesses in Bellingham, MA, shares her list of must-have apps.

In any business, relationships are everything. For a legal professional specializing in real estate law, some of the most important relationships aren’t necessarily the ones that generate profits. Establishing a mutually beneficial, long-term relationship with a bank or other lender offers financial stability and the ability to capitalize on opportunities as they arise. Ann Irons, a CPA, explains how real estate lawyers in Bellingham, MA can foster healthy relationships with financial institutions.

Ask the Right Questions

Each practice has different needs, just as each lender has different policies and specialties. Choosing a financial institution as a business requires you to look for different services and benefits than you might consider when choosing a bank for, say, a personal checking account. As you compare your options, keep the following questions in mind:

• Does the institution employ a banker who understands the unique needs of a law firm?
• Is there a possibility that the bank could also serve as a source of referrals, i.e. Does the bank provide services affecting real estate transactions, such as mortgages or new home loans?
• How flexible are interest rates?
• Can I make deposits after business hours?
• Does the bank handle IOLTA (Interest on Lawyers Trust Accounts)?

Compared to other legal specialties, real estate law is less theoretical and more results-oriented, attracting lawyers who enjoy the chance to focus on a single discipline.

Practicing solo gives you independence and a degree of control not typically found in large or nonprofit law offices.

CPA Ann Irons, whose experience includes providing accounting and bookkeeping services for real estate law offices in Bellingham, MA, has had the opportunity to work with several clients who've gone solo. She shares five of the most common mistakes that can make or break a newly established solo law practice

One of the most common misconceptions about CPAs, or certified public accountants, is that a CPA really isn't so different from any other accountant.

It's an easy mistake to make, but it could cost major headaches for your small business further down the road. Ann Irons, CPA, answers clients' questions about what it takes to become a CPA and why you shouldn't trust your small business finances to just any accountant in Bellingham, MA.

Now that you’ve filed your tax return, it’s tempting to breathe a sigh of relief before blocking out all thoughts of April 15, 2015. After all, you haven’t been audited yet, and you’ve always managed to get everything submitted before the deadline—even if only by a few days. Sadly, this cavalier attitude towards individual income taxes has cost many thousands of dollars in penalties and untold stress from audits by the IRS. Let’s face it, hiring a tax professional in Bellingham, MA is far less risky.

For someone who has a relatively uncomplicated tax situation, online tax software or commercial tax preparers are a safe bet. There is always a possibility, however, that you will be audited. If so, your tax preparer cannot legally represent you without the designation of an enrolled agent. A more complex tax situation, or filing a tax return for a business, warrants hiring a certified public accountant or accredited tax adviser. So how do you choose the person or company who will guide you safely through the process?

Step One: Ask for Recommendations

Freeing up cash flow is a priority for many small business owners, especially when business isn’t quite booming. On one hand, it takes creativity and resourcefulness to do more with less. Then again, it’s risky to focus on the dollar amount saved today instead of considering the long-term consequences. Ann Irons, a CPA in Bellingham, MA, says that several of her clients have tried a similar approach by trying to tackle accounting and bookkeeping services without professional help, hoping to save money. Before you decide to go it alone, ask yourself whether any of these scenarios sound familiar.

Lessons Learned the Hard Way

Over the past three months, Martin’s landscaping company has been so busy that they’ve actually had to turn clients away. He applies for a loan to fund an expansion, which will require investments in equipment, marketing, and workforce. Demand is high and the venture is sure to be profitable, so Martin is dumbfounded when several lenders reject his application.