Go-Pro Inc

Let Us Help You Keep More of Your Money

August 10, 2017
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Five Places Where Spending More can Make You More

It’s generally a good idea to keep overhead costs low so that your business profits will be higher. This is especially true with items such as utilities and rent. But there are times when increasing expenses pays off nicely, and here are five areas to consider so you can reap the rewards.

Training -

Whether it’s for you or your staff, good training can pay back for years to come. Learning new skills, no matter what our crafts are, will keep our businesses from becoming stagnant. Implementing what we learn will help us grow. Continue Reading →

August 4, 2017
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Depreciation

Hello everyone, I was talking with a lady yesterday who’s business bought a new warehouse. I was asking for the cost of the land, building. Then I asked what was inside the building when you purchased it. Maybe I said it wrong or maybe it  is that people do not understand depreciation.

So today I want to explain why you want to separate the building from the carpet, furniture, computers and other equipment.

When we depreciate a property we use a formula to figure out how long the item will last.  In the case of a building, the IRS tells us to use 27.5 years for residential rental property and 39 years for a commercial building.

Desks and fax machines for example is 7 years while carpeting, furniture and computers is 5 years.

If you purchase a commercial property for say $100,000 and you depreciate the whole thing all together it will take 39 years before you have taken the value of the carpet off your taxes. By then the carpet has or should have been replaced. Why not depreciate the carpet by 7 years instead of 39. The technical term for this is “cost segregation” and it is legal for you to do this.

If you want to lower your taxes give us a listing of what is in the property that was include in the purchase price, so we can get you the most deduction.

I have prepared a list for your use. You will find it Here.

August 1, 2017
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Did you file an Extension for your tax returns?

Please keep in mind that if we filed an extension for you, you have until October 15th to file the returns. Just so you know we have around 25 extensions we filed. Please try to get me your return information by September 1st so I will have enough time to complete your return by October 15th. Thank you.

July 29, 2017
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Summer is in Full Swing

Yes I am sure you have your favorite places to travel to during the summer months. If you are traveling only for fun then you can not deduct any of the cost on your taxes.

If you invest in real estate or want to why not buy where you like to travel? Then you would not only be traveling for fun but also to check on your investment. Now that is a tax deduction. You can take your miles, hotel and meals off on your taxes. The rule is that you need to spend at least 50% of your time on business. You could meet with the rental management company. Look for more investments, and of course drive by and see what your property looks like.

Or depending on the type of business you have you can look for clients in the area. This will allow you to take mini vacations through out the year.

Or maybe you are a travel agent, how can you sell a trip package if you have never taken it? Deductible.

Make an appointment today to talk to me about how you can make your vacation spot a business deduction.

June 26, 2017
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Ways to Prevent Employee dishonesty

You’ll find most of your employees are honest and walk the straight and narrow. However, not all employee fraud is intentional. From disorganized expense reports to poorly defined office procedures, employee mistakes could be costing your client thousands. Here’s some ideas to help:

Automate Expense Reports:

Mistakes happen, and they’re especially easy to make on manually processed expense reports. If you are using QuickBooks you can set up the program to automatically pull in transactions. It can be set up to classify each employees expenses.

In QuickBooks, expenses are automatically categorized and manual data entry is virtually eliminated. The ease of use may also be a morale boost.

Instill Checks & Balances:

No single person should be responsible for money coming in and going out. Simply diversifying staff can reduce the chance for human error, as well as intentional fraud. For example, an administrative assistant struggling to play bookkeeper may not have the proper training or organizational mindset to deal with bills, mail, deposits and payments for the entire company. There should always be a second set of eyes on important financial documents.  Continue Reading →

June 20, 2017
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Hello Today I Want to Tell You a Story

Every now and then someone will come to the office to see about me doing their taxes. When we get to my price sometimes they complain that they did not pay that much last year. Sadly I can not say what I want to say so I just asked him “then why are you looking for a new tax person?” I tried to explain why I charge what I do. Today I am going to share with you a true story:

A client this past tax season was complaining that our $300 tax preparation fee was too high.  He said “I can get the same thing across the street for $60.”  He stated that his information had not changed, same income and everything. I explained that I was sorry but you get what you pay for and I am a professional and the person across the street is working out of their home. Please feel free to go back to her or find someone else. Continue Reading →