Plan Ahead With A Memphis CPA At The Griffith Firm
Let A Memphis CPA Look Into Your Financial Future
A subject that I think is very important as a Memphis CPA and is a question that you should ask if you are a tax client is “can you project next years taxes?” Let’s say that you just got done preparing your personal income tax return for the current year. As a Memphis CPA I think the question you should ask is, “what are next years taxes going to look like?”
Why don’t we project next years taxes? Lets take a minute and do that. As a Memphis CPA we do this with many of our clients. We’re happy to do this because it is preventive maintenance. It’s a question that a lot of tax clients do not ask and I think that you should. It’s a very good question to ask towards then end of the tax preparation process. “How are we looking for next year?” Know what next year is going to look like. Kind of where you are this year vs. where you are going to be next year. It’s going to be very important to you.
If you contact the Griffith Memphis CPA firm we will come out to your business and do a business check up of your business for FREE. Obviously you have to be in the Memphis metropolitan area. This will help you to know what kind of expenses you can or can’t make, what kind of deductions you should look for during the year and other important topics that can mean the difference between paying and getting money back from the IRS. As your Memphis CPA we can help you understand more about this topic if you go to Memphis CPA or check out our blog at Memphis CPA Firm.
We don’t have a crystal ball but we do have the experience as a Memphis CPA to help you prepare for the future so that you don’t get surprised in a bad way next April 15th.
We want to earn your business. When you’re searching for a Memphis CPA we hope you will allow us at the Griffith Firm to serve your needs.
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about 1 year ago - 4 comments
Things To Ponder From Your Desoto County Ms Bookkeeping Firm
As a Desoto County Ms bookkeeping firm it seems every-time you turn on the news you are bombarded with how bad the economy is and that unemployment is at record highs. Job losses are reaching record highs. Big companies are going under everyday. This is happening even though the government spent all that money on the stimulus package.
The truth is, that the government isn’t going to be the savior here. Let’s face it, as a Desoto county ms bookkeping firm we know it’s up to us as individuals to take a stand and become in charge of our own financial destinies. The days of just sitting around and placing the blame all around us is over. Maybe some things are out of our control, but there is plenty we have control of. What I mean is that within our own households, we have control of our actions.
How many of us are saving at least 6 months of living expenses in an emergency fund? I recently went through a period of time that I was thankful that I had an emergency fund set aside. You’d be amazed at how far you can stretch $15,000. As a Desoto county ms bookkeeping firm we’ve found the truth is that the majority of us are about 2 or 3 paychecks away from being broke.
I’m here to tell you that emergencies do come, and when they do, they come harder than expected. I guess you could call this the ultimate procrastination. We wait until the last minute or until the problem spirals out of control. Our politicians and big business leaders have been running the economy like most of us run our own households. They have spent lavishly on stuff that has no permanent value in our lives. We enjoy the momentum of wealth as long as we don’t have to be held accountable for its origins. Our habits must change in order to make a difference. As a Desoto county ms bookkeeping firm we can help.
At our Desoto county Ms bookkeeping firm we’re just as sympathetic with the next person about the financial challenges many households are facing. The biggest issue is we need to change our spending habits. Create that emergency fund now. Every little bit counts. My wife always says, “hey, a penny is a penny”. Even If you’re receiving unemployment, take some of the funds and put aside in a separate account for future use. Most importantly, don’t touch those funds. Treat it the same as when you borrow from a retirement fund. Pay yourself back an additional 10% for borrowing funds from the account.
Our Desoto county Ms bookkeeping firm has a summary of 5 of the most popular financial suggestions that many of us are familiar with. Most of us are very familiar with them but it bares repeating.
1. Pull all your financial demons out of the closet. All those past due accounts, turn off notices, judgments, harassing calls. Then, create a spreadsheet of all your expenses separating them into categories such as household, vacation, education, and so on. Compare this to your income to determine your status. From this create a budget and don’t budge from it.
2. Put away at least 6 months of your earnings into a savings account to build your emergency fund. Do not invest this money into risky ventures like the stock market. This money should be immediately available to you at no cost.
3. Live below your means. I know that sounds scary but do it. If you’re a two earner income family, get into the habit of living entirely on one contributors income. You may think you need something that only 2 incomes can provide but you’ll soon see that the thing you thought you needed was something you really just wanted.
4. Find unique ways to save money. Did you know that if you have cable TV you could cancel the service and sign up for Netflix. You can save about $50-$100 per month.
5. Get started today. Don’t put this off anymore. Procrastination doesn’t serve any of us at this point.
Taking care of your financial profile is your responsibility. Not the government, not your employer, not your financial adviser, it’s yours. Our advice to you as a Desoto county Ms bookkeeping firm is to take back your life and create a new financial future!
about 1 year ago - 2 comments
Our Memphis CPA firm knows that running a business is kind of like being in the circus.
I took my son to the circus when he was smaller and he was thrilled to see the clowns that could juggle bowling pins, knives, chainsaws and apples. The best part was when the clown would juggle these objects and then take a bite out of the apple as he was juggling everything else. The exciting part was knowing that if he wasn’t completely focused that he might end up taking a bite of of the chainsaw.
As a Memphis CPA firm we know that running a business is like juggling bowling pins, knives, chainsaws and apples. If you loose focus you could loose thousands of dollars or worse. You could end up killing your business and then you’re in terrible shape.
Hiring a Memphis CPA firm can drastically take the drama out of running your business. You decided to go in business because you were good at something. If you’re not good at accounting and your spouse doesn’t want to be the one that has all the pressure of the business finances, calling a Memphis CPA firm is the best business decision you could make. From tax planning and tax preparation, your Memphis CPA firm can keep you from juggling yourself out of business.
Every single year, the laws that relate to a company’s income tax preparation specifications appear to change considerably. It’s almost impossible for someone who isn’t keeping up with these changes to make the right decisions when it comes to your businesses finances. Some consider tax preparation and tax planning services being an expense they can do with out, while others quickly recognize hiring a skilled Memphis CPA firm is worth the assurance of avoiding an audit.
Leave the juggling to the clowns in the circus and leave your businesses finances to the Griffith Firm a trusted Memphis CPA firm.
about 1 year ago - 1 comment
Caring is something not many Memphis CPA firms know much about these days.
Let’s face it, the bigger a Memphis CPA firm gets the harder it is for them to have the ability to pay close attention to every detail of your case. On the other hand you want a company that is big enough to be able to handle the details of your case. Choosing the right Memphis CPA firm can leave you scratching your head. When you do a Google search for Memphis CPA Firm you get page after page of results. Don’t be overwhelmed, do a little investigation and you’ll soon discover that you have found the perfect match.
You’ll want to find a Memphis CPA firm that has the experience to handle your IRS tax issues. Not all Memphis CPA firms have dealt with the IRS. Then there are the Memphis CPA firms that you see on TV that say they have former IRS agents on their staff. You may want to run as fast as you can away from a firm that claims that. First of all, it’s most likely not true and second if they were any good they’d still be with the IRS.
You’ll want to find a Memphis CPA firm that is in business 365 days a year. There a many Memphis CPA firms that are only in business a few months out of the year, usually right around tax time. This is all fine and well, but what happens if you get an audit or you have to file an amended return?
As you do your home work you’ll soon discover that you’re looking for a Memphis CPA Firm that isn’t a conglomerate but is not a “one man show” either. The Griffith Memphis CPA firm is perfect balance of big and small.
Let us prove to you that we are the best choice when choosing a Memphis CPA firm, 662-470-4132.
about 1 year ago - 1 comment
The Griffith CPA Firm PLLC is family owned and operated Memphis CPA firm with over 40 years of cumulative experience in accounting and tax preparation.
Our Memphis CPA Firm are members of the Better Business Bureau with an A+ rating, as well as members of The Olive Branch, Southaven and Byhalia Chamber of Commerce.
At The Griffith CPA Firm PLLC we welcome the opportunity to discuss your specific needs. We are conveniently located in Southaven, MS. Give us a call or visit us on the web at our Memphis CPA website.
Memphis CPA Bookkeeping Services
GRIFFITH CPA FIRM PLLC HAS A PROVEN RECORD OF HELPING BUSINESSES CUT TAXES WITH RELIABLE CONSULTING.
- Or your spouse doing the books and hating it?
- Wasting valuable selling time by doing your own bookkeeping?
- Frustrated from not knowing how your business is doing on a timely basis?
- Paying too much in taxes
- Making critical financial mistakes in your business?
If you answered yes to any of these questions we can help!
Our Bookkeeping Services include:
- Reconciling bank account(s) to monthly bank statements
- Writing journals & posting ledgers from documents of original entry furnished by you (checkbooks, bank statements, receipts, etc.)
- Compiling financial reports tailored to your business in accordance with statements on Standards for Accounting and Review Services.
- Preparing personal property tax returns
- Preparing sales tax returns (if applicable)
- Preparing 1099’s at the end of the year for your subcontractors (if applicable)
Other Services Available from your Memphis CPA…
- Tax preparation and planning for Individuals, Partnerships, Corporations, Estate & Trusts
- Tax Problem Resolution
- IRS representation,
- QuickBooks Consulting
about 1 year ago - Comments Off
Don’t Be Afraid Of The IRS, The Griffith Firm Is The Memphis CPA That Will Fight For You
One of the big things we as Memphis CPA‘s hear from clients, is “I’ve got this notice from the IRS”. The next question out of our mouth is, “what does it say?” A lot of people will say, “I’ve got this letter from the IRS but I haven’t opened it”. So, the first step is, open the letter. At the Griffith Memphis CPA Firm we do have clients that bring us the IRS letter and say “please open this for me, I can’t open it”. So, open the letter, that’s step number one. Then take a deep breath.
First of all you’re going to have some time to deal with this. This is not something typically that you have to deal with right now or tomorrow. Take a deep breath and don’t panic is the best way I can say that. But, then secondly I would say to you, don’t procrastinate either. This is not something you can just stick your head in the sand and hope that it goes away. That’s not the case with the IRS. The IRS will not go away. It’s just going to make the problem worse if you procrastinate. You’re going to have to take some action. Let a Memphis CPA help you. To get more information please go to Memphis CPA.
What we recommend is that you get professional help. Get someone who deals with IRS problems, not just a tax preparer. Not someone who just fills out your income tax forms. As a Memphis CPA we know how to deal with the IRS. Get some professional help because there is a process that the IRS goes through. It gets very involved and can be very costly to you if you don’t know what you’re doing. Whether you call us or someone else make sure whoever you call is capable and that they’ve taken care of these type of problems in the past. So take a deep breath, open the letter and get some professional help from a Memphis CPA and you can handle the IRS.
about 1 year ago - 3 comments
Every New Business Should Consult A Memphis CPA
The Griffith Memphis CPA Firm asks the question, “what do you need to do when you start a new business? We have people that come to Griffith Memphis CPA all the time that are all fired up, they have a great idea they’ve built a better a better mouse trap and they say, “what do I do next?”
Well, some of the steps that we see as a Memphis CPA firm is, first step is to choose your business entity. Are you going to be a sole proprietorship, are you going to be a corporation or are you going to be an LLC? That can get pretty involved and I don’t have enough time to talk about all of that but you need to know, you need to have an entity of some sort. The way those are taxed and the way the liability, legal liability occurs with those is very important. So, taxation and legal liability are the two things you want to conceder when you’re choosing an entity.
Another thing you have to keep in mind is that you have to keep records. As a Memphis CPA we see this, this is a classic where we see the guy who is the greatest salesman in the world but he keeps no records. That is a classic and we see that and all you’re going to do is put yourself out of business in about a year or two.
Something else you are going to want to consider if you are hiring employees you want to be careful about that. Be sure you talk to an accountant or Memphis CPA about that because it creates all sorts of tax issues and some legal liability as well. So, make sure you talk to somebody about that. As a CPA in Memphis we specialize in this.
You also want to make sure that if you’re a small business that you are going to want to out
source as much as possible to different people. You can’t be an expert in all things. You’re the expert in your product, your better mouse trap, whatever that is. You be the expert in that and pass off, outsource to reliable individuals the things you need done. For instance payroll taxes, income taxes any type of extra activity that you need. You might thing you can do it all yourself, you are better off if you out source it. You concentrate on what our the best at. As a Memphis CPA we can assist you in the areas you may not be the expert in. Please visit us at Memphis CPA or Memphis CPA Firm.
Those are just a few things that we at Griffith Memphis CPA see and that comes up. I hope this has been helpful to you. If you would like more information on this topic and other tax topics please visit our blog at Memphis CPA. You can also call us at 662-470-4132.
We would love to earn your business as your Memphis CPA Firm.
about 1 year ago - 1 comment
A Memphis CPA Can Save Your Business
One of the things we deal with a lot as a Memphis CPA are small business and record keeping. So much paper goes in and out of offices and the biggest question is how do I deal with this mess of stuff? How do I put it into some sort of order that is going to help me?
The main thing you need to remember is, number one, it’s very important to keep good records. One thing you should really think about, is how much time is it costing you to deal with the bookkeeping and the keeping up of the records yourself or having a spouse do it? At the Griffith Firm we are a Memphis CPA that recommends that you out source your bookkeeping, whether it’s to us or to another accountant or some other service that handles the bookkeeping.
As a Memphis CPA we do bookkeeping for several small businesses where we’re able to take their bank statements, their checks, their credit card statements and cash receipts and we’re able to put it all into a format where the bank accounts are reconciled every month. As a Memphis CPA we can show them what the profit and losses are every month or every quarter. We can then discuss the financials with them. So it gives them the opportunity to talk to a Memphis CPA, to have a relationship with us and we’re able to do some tax planning for them. This way we can give the best tax cuts possible for their industry and their business.
The main thing to remember is to just do what you’re good at. You need to do what you’re good at doing and outsource the rest. A Memphis CPA is an inexpensive alternative to doing it yourself or having your spouse or a family member do it. It gives you peace of mind knowing that an accountant is handling it. This is what we do everyday and we’re experts with it. We have experience dealing with a lot of different business and a lot of different industries. We at the Griffith Memphis CPA Firm can give you pointers, we can give you help and we can give you peace of mind. For more information on this topic please go to Memphis CPA or Memphis CPA Firm.
The Griffith Firm would love to earn your business. Let us show you how a Memphis CPA can help your business thrive.
about 1 year ago - Comments Off
Terry Griffith of the Memphis CPA firm, The Griffith Firm, explains the difference between a credit and a deduction.
The question that comes up a lot, is “what’s the difference between a credit and a deduction?” Credit; let me give you an example. Lets say you have a child who is younger than 17 years old and you’re filing jointly with your wife and your income is less than a hundred thousand dollars for the year. You are entitled to a thing called the Child Tax Credit. Now that Child Tax Credit is typically a thousand dollars for each child who’s under 17 years old. That means you’re going to get $1000 in your pocket. So, that is a thousand dollars you’re going to get for each child if your eligible for that particular credit. As your Memphis CPA firm we can help you understand what will be best for you.
Now, what’s a deduction? As a Memphis CPA Firm this is probably the most talked about. One that most people think about more often than any other it seems like is charitable deduction. If you itemize deductions on your tax return and you take a charitable deduction lets say for a thousand dollars, then that’s probably only going to save you depending on your tax bracket, that’s going to save you perhaps $250.00. So, you can see pretty quickly that what we say as Memphis CPA’s about credits and deductions, “deductions are silver and credits are gold.” This is because a $1000 credit puts a thousand dollars in your pocket, a deduction for a thousand dollars may only put $150.00 in your pocket or $250.00 depending on whatever your tax bracket is.
I’m Terry Griffith of the Griffith Memphis CPA firm. We are a Memphis CPA firm serving all of the Mid-south. You can find us at Memphis CPA.
We at the Griffith Memphis CPA Firm really appreciate you checking out our tax preparation site. If you’d like to see FREE videos that explain many more tax preparation questions plus go to http://cpamemphistn.com and drop you name and email in the form. We also have a FREE report about things that every tax payer should know that we’d be glad to give you. As a bonus as your Memphis CPA we want to offer to review your past 3 years tax returns for FREE. This is to make sure you receive all of the deductions and credits that were available to you during those years. As your Memphis CPA we will go over those for free. Just let us know 662-470-4132
We are the Griffith Memphis CPA Firm and we would like to earn your business.
Memphis CPA Firm.
about 1 year ago - 1 comment
As a Memphis CPA we get clients that ask, so, what tax bracket am I in?” At Griffith Memphis CPA we also hear people say, “what happens if I have this additional income?” Let me explain how the tax brackets work. The tax brackets are stair steps. Initially you may start out at a lower bracket, lets say the 10% bracket. Up to a certain point of your income, when your income gets to a certain point then you get into the 15% bracket. Now, that doesn’t mean that all of your income is going to be taxed at 15%. It just means that each additional dollar that you receive is going to be taxed at 15%.
It’s what we at the Griffith Memphis CPA Firm call a marginal tax rate. That’s what the IRS calls it. When people say “what tax bracket am I in? If I earn one more dollar, what rate is it going to be taxed at. It doesn’t mean that all of your income will be taxed at that rate. You have to think about each additional dollar and marginal is the key word there.
We have people come to us our Memphis CPA firm and say “tell me when I move into this new tax bracket because I don’t want all of my income being taxed at 25%, I would like to stay back in the old tax bracket.” Well, not all of your income is ever going to be taxed. I’m repeating myself but it’s not ever going to all be taxed at 25%, it’s just each additional dollar. The previous income that to get up to that point is going to be taxed at other levels.
As a Memphis CPA I know that it can be some what confusing at times. We at the Griffith Memphis CPA Firm will have to re-phrase the question for a lot of clients and say “your marginal tax rate is….” which means the next dollar you earn is going to be taxed at that particular rate, not all of your income.
If you’d like to watch FREE videos on different tax topics just go to Memphis CPA and while you’re at the web site you can also get a FREE report about the IRS collection process. Also if you’ll act now we will give you one hour free consultation related to tax problems. At Griffith Memphis CPA we’re not going to prepare your taxes during this one hour. This is looking for tax problems. If you have tax problems you need to talk about and you’re getting notices from the IRS, if you can’t sleep at night and you’re having fear of the IRS then we want you to call us at our Memphis CPA Firm. The first hour is free. During that hour will come to understand and help you see what the issues are and map out a solution for you.
If you still have questions give us a call at our Griffith Memphis CPA Firm at 662-470-4132. You can also get answers to your questions by going to Memphis CPA. As your Memphis CPA we want to help you keep more of your hard earned money.
We want to be your Memphis CPA.
about 1 year ago - 2 comments
Take the guess work out of life with a Memphis CPA especially if your thinking about using a debt elimination service.
I’d like to talk about cancellation of debt. This is a very timely topic. As a Memphis CPA we get a lot of questions about this.
Let’s say you engage a credit card debt elimination firm and they go out and get your credit card debt reduced. Lets’s say you owe $15,000 on a credit card and they settle with the credit card company and your going to pay them $2500. So that leaves $12,500 that is forgiven. Well guess what, that $12,500 is income as far as the IRS is concerned. The way that works is, $15,000 worth of debt got reduced down to $2,500 you got $12,500 which is the result of cancellation of debt and at the end of the year you will get a 1099 from that institution that said “we forgave this debt”. The IRS then gets a copy of that 1099 as well. You have to pick that up as income on your tax returns unless you can show that this was because of a bankruptcy or you can show that you’re insolvent. Don’t go through this alone, a Memphis CPA can help you each step of the way.
Those are the two things that most people do to to keep from having to report that income on their tax return. Insolvent means that your assists are less than your liability on the day that that debt was forgiven. For example, lets say your assists were $50,000 when you count all your assets; house, cars everything. Then you count your liabilities and your liabilities were say, $75,000. You would be considered insolvent. There’s a special form to file with your tax return to say that. You don’t have to give all the numbers with that, but you have to be prepared to demonstrate that to the IRS if in fact if the question as to why you didn’t pick that up as income on your tax returns. As a Memphis CPA we can help you with this. What you do is pick it up as income on your return and then you show it as a deduction so that you don’t have to show the debt income of $12,500 on your tax returns.
If you would like more information about this topic you can go to Memphis CPA and while you’re at the Griffith Memphis CPA web site you can enter your name and email address to receive a FREE report concerning the IRS collection process.
If you would like to see free videos on different tax topics that we at the Griffith Memphis CPA Firm have made, go to Memphis CPA and while you’re at the web site you can submit your name and email and receive a FREE report about the IRS process. As a Memphis CPA we can handle the IRS. And if you’ll act now we will give you one hour meeting for FREE. This is a one hour free consultation related to tax problems. We’re not going to prepare your taxes during this. This is one hour FREE with a Memphis CPA where we’ll look for tax problems you may be facing. Maybe you’re getting notices from the IRS and you can sleep at night because of the fear of the IRS then we want you to call us. Again the first hour is FREE. During that hour we’ll come to understand and help you see what the issues are and map out a solution for you.
Again go to http://www.CpaMemphisTn.com to get more information about this and other tax topics answered by a Memphis CPA at the Griffith Firm.
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