small business tax preparation in reno

Filing a Tax Extension: Your Saving Grace on Tax Day

"The 15th of April": Just saying the date out loud can be reason to cringe.

It’s tax day, and while those over achievers who filed their returns moments after receiving their W-2’s near the end of January have long-since passed off Tax Day, procrastinators the nation ‘round are suffering the blow that comes with realizing that today is … today.

Lucky for you who specialize in procrastination, the end is not as near as you may think. Saving graces exist in many forms, and for you: the tax extension. Filing a tax extension can help you avoid IRS penalties even though your taxes are not 100% complete. Here’s why.

You would be surprised at just how many people have an inaccurate understanding of what exactly a tax extension is. Perhaps, that person is you. A tax extension is essentially exactly what it sounds like: a 6-month extension for submitting your tax paperwork to avoid penalties from the IRS. However, tax extensions only apply to the paperwork portion of your income taxes, not the monetary value that you must pay in the event that you owe money for your personal or company 2014 taxes.

Therefore, estimating the amount you owe on your income taxes is vital to navigating the tax extension slope because although your tax paperwork isn’t due until October 15, 2014, however much you owe for your taxes is due on April 15 (otherwise known as today). The team at VAST gladly assists clients in need of tax estimates when filing extensions, but there are a variety of online tools you may use as well.

Assuming that either you don’t owe anything on your taxes or you have estimated the amount you owe and paid it by April 15, there are several benefits to filing a tax extension. Filing a tax extension not only offers you more time to gather the information and necessary paperwork to file, it also offers your accountant more time to thoroughly file your taxes, which can oftentimes decrease potential for error (not that VAST makes errors, how absurd).

Additionally, filing a tax extension has little to no direct correlation in warranting an audit. While nobody really knows exactly what triggers audits, there is no significant reason to worry that filing a tax extension will doom you to an audit.

Filing a tax extension is a useful, practical way to give yourself more time to file those pesky tax forms. While you still have to pay the amount you owe on your 2014 income taxes by April 15, you can find all of the information to file a tax extension online at the IRS website.

Happy Tax Day! (OK, maybe not happy).

Small Business Tax Preparation in Reno (and Well Beyond)

For most small business owners, tax season stinks. As a fellow small business, we understand the blow that comes with being sideswiped by the unpredictable laundry list of requirements necessary to file small business taxes. Mix in the already overwhelming everyday duties of a small business owner and tax season is a recipe for disaster (AKA an impending mental breakdown, a lash out at unsuspecting victims or a series of holes in your office walls).

Fortunately, we know exactly what it takes to make tax season that much easier on you and your business. How? By putting VAST in charge of your small business tax preparation. Whether you use VAST services for your accounting needs year-round or you’re simply looking for a professional hand to assist in filing for 2013, let us give you the ultimate peace of mind. Our expertise handling small business tax preparation in Reno (and beyond) is extensive, mind-boggling really.

As a virtual accounting firm in Reno, the systems we have established to ensure convenience and ease-of-access are unbeatable. We specialize in bringing quality, efficiency and accuracy directly to you and your small business. Let us do what we do best: crunch your numbers and keep your hard earned cash in your pockets where it belongs.

As a small business owner, it’s easy to feel overwhelmed. At VAST, we make accounting so easy that you’ll swear you just discovered the small business accounting “easy button.” April 15th is racing toward us, so help us help you by contacting VAST today.

Whether your small business is based in Reno or elsewhere, VAST has the resources, experience and know-how to competently prepare your small business taxes.

 

Now That it's Tax Season, Has Your Accountant Gone MIA?

Did you outsource your accounting to a firm that promised they specialize in "cloud" accounting or virtual accounting only to find that now that it's tax season, they've run back to their true love (and breadwinner): preparing taxes? There are bushelfuls of accounting firms that moonlight as outsourced accounting firms, generating revenues to fill in those "slow" months when tax returns aren't pouring in. This can often leave their clients scratching their heads during the busy tax season months of February, March and April. Unable to connect via email, phone, in-person visits, telegram or any other means of communication, clients are left asking themselves "where, oh where did my accountant go?"

At VAST, we are dedicated to virtual accounting and outsourced CFO services for our clients and this means that our clients have dedicated accountants on their team (year-round).  These specialized accountants love VAST and work full-time for VAST--so they won't get pulled away when it's busy, regardless of the time of year. We dovetail our virtual accounting services into our tax team so that we can provide more intuitive and calculated tax advice to our valued clients. This way our valued clients receive consistent virtual accounting throughout all 12 months of the year and also the value-add of a tax team that is familiar with their finances.

Connect with us today to learn how VAST can empower you with financial information.

VAST is a virtual accounting service based in Reno, and with the cloud capability to work with clients all over the world. When it comes to tax preparation in Reno and beyond, we aim to take a comprehensive look at our small-business and individual clients in order to prepare and file their taxes professionally, intuitively, and on-time.