Author Archives: Don R Walker

How to Plan a Budget for Your Business

The number one question we get asked is how to set up a budget. Many business owners have accountants that catalog and summarize their financial data, but they have no idea how to make heads or tails of what it all means. Or they have a bookkeeper that helps them record all their transactions, but they have no idea how much money they need to move forward with a new project. When it comes to budgeting, you can’t look at things as accounting services vs bookkeeping services. Instead, you have to see how the two services can help you. By utilizing the best of both options, you’ll be able to establish a consistent budget for your business. So how do you do that?

• Goals: Before setting out on any budgeting journey or quest, you have to figure out your goals. Do you want to have money saved up for benefits within the next year? Do you plan on buying someone out? Understanding your financial goals in the terms of your business will help you understand other aspects of your business. 
• Analysis: Once you know your goals, you need to go through your finances. Figure out where all your money is coming from. Then figure out where all your money is going. What are you spending the most money on? What are you spending the least amount of money on? This is when professional bookkeeping services for businesses can be incredibly beneficial. 
• Outline the Costs: Now that you know your goals and the state of your finances, it’s time to start putting pen to paper, so to speak. What we mean is it’s now time to begin figuring out the costs of your goals. How much money are you going to need to pay for better benefits? How much money will you need to save to buy someone out? As soon as you have those numbers, you can set tangible goals to begin working towards them. 
• Create: Setting those tangible goals is the first step in creating your budget. Taking into consideration your past income, expenses, and savings, you can create a budget that will help you reach the initial goals that you set. This is essentially a formal document that outlines everything so your business is financially successful. 

When you need reliable bookkeeping services, turn to Don R. Walker, C.P.A.. We are the experts you can trust to help you determine a tangible budget that will work for your business. Call us today to learn more.

Frequently Asked Questions

• What is budget analysis?
  • This is the process of closely examining the means of income as well as expenditures within your business. The goal is to figure out where the money is coming and going from so you can better allocate resources where they are needed.
• What are the 3 types of budgets?
  • In a nutshell, the three types of budgets are a balanced budget, surplus budget, and a deficit budget. It will depend on your situation and what your business needs are that will determine which of these options is best for you. 
• What are the advantages of budgeting? 
  • The main benefit is knowing what you can afford and what you can’t. That might seem simple, but that’s the beauty of a budget. Knowing what can and can’t be afforded will help you make decisions in other areas of your business. 
• What is meant by budgeting?
  • By definition, a budget is a formal statement estimating the income and expenditures of a business. What is meant by budgeting is determining where all the money is coming and going and how what is left over can be properly allocated to the correct areas of your business. 
• What is the main purpose of budgeting?
  • Ultimately, the main purpose is to refine the allocation, use, and coordination of funds within your business. You may have a good idea of everything, but a true budget will help you see exactly where all your money is coming from and going.

Why is it called a tax return?

Income tax is called a tax return based on the evolution of the legal use of the term return. Basically, when a  legal document is given the documented response is called a return. In the case of the provisions of the IRS imposing a tax liability on US person, the US person will legally respond to said tax liability with a return of tax documents which note their actual tax liability.

What are tax return documents?

Tax return documents will calculate a person’s tax liability, will schedule their tax payments or request refunds from the over-payment of taxes. 

What are tax return deductions?

A tax return deduction will lower the taxable income of a person thus reducing their tax liability. How this can be calculated is that the tax deduction is subtracted from income which makes taxable income lower. The smaller the taxable income comes out the lower the tax bill will be.

When are tax return due?

Tax returns deadlines can vary per year but will typically fall in the middle of April. How a tax return due date is determined is if the due date falls upon a weekend or holiday it will be moved to the first following workday. 

What is the difference between a tax return and a tax refund?

The difference between a tax refund and tax return is that a tax refund is money that the IRS will send after accepting your tax return. This refund is sen if the tax return shows that you paid more in taxes the past year than was required. As such, more than ¾ of Americans receive a refund.

How do I get my tax return?

The tax return transcript can be obtained by ordering it online with the get transcript tool at the IRS.gov website. Another way could be to order it by phone. If you order it by the mail Form 4506-T or Form 4506T-EZ will need to be completed and the return will be sent by mail.

When should I get my tax return?

For tax returns which were e-filed and direct deposit is selected, you can expect funds processed within 21 days of the e-file being accepted. WIth mailed paper returns allow for 4 weeks before checking up on the status. From the date the IRS receives this kind of tax return expect processing time to run from 6-8 weeks.  

Can you go to jail for not filing your tax return?

In certain cases yes, you could go to jail for not filing a tax return. You can also go to jail after lying on your tax return. Depending on your circumstances you can go to jail for 1-3 years. However, if you don’t have enough money to pay your taxes you won’t go to jail. A mistake on your tax return will not land you in jail. In any case, a criminal charge will need to be made against you for you to go to jail. Most tax liabilities will fall under civil judgments and will need to follow up with you needing to pay the money.

Contact A Professional Tax Return Service For Assistance

When your taxes are convoluted or just confusing to you in general, it’s not uncommon to rely on the services of a tax return specialist. They will be able to best assist you with the details surrounding your tax documents and what needs to be included. Get in touch with a professional today, like skylight repair it’s best to have services completed as needed with guideline in mind. Have the process of your tax return completed and filled out accurately in a timely manner today.

If you’re interested in assistance with your tax return in Fort Worth, TX call 817-905-1040 with Don R. Walker, C.P.A.! 

Since it does not require the sales taxes to be paid by the consumer, there is no requirement for the taxes to be listed separately an invoice or receipt, even though most sellers do break it down. 

Most other states are “Consumer Tax state”, where it is the consumer that is imposed with the responsibility of paying the taxes to the seller vs the seller charging the taxes. This doesn’t mean the seller doesn’t have to pay sales taxes, it just means the seller doesn’t have to pay taxes for selling in the state, but the consumer does for shopping in the state.

How is sales tax calculated?

Sales taxes are calculated by dividing the amount of the item being purchased by 1 plus the sales tax rate. Sales tax examples in Texas where the tax rate is 6.25 percent of all retail sales, leases, and rentals for most goods and taxable services.

So, with the sale tax rate in Texas at 6.25%, using a calculator or manually, divide the sales taxable receipts by 1.0625 and the tax is .08 cents on every dollar. There are also various sales tax calculators that you can find online or in a retail office supply store now.

For a business owner selling a product or service, the software they use for their POS system will figure the sales taxes automatically. This makes it error-free for the employee and the company.

Is it illegal to not charge sales tax?

For a retailer that hasn’t established a nexus in a specific state, there is no obligation to pay sales taxes in that state. However, if sales taxes are collected by a retailer in any state and is not registered in the state to collect sales taxes, that is illegal.

What happens if you don’t charge sales tax?

The daily operations of a small business can challenge any owner, especially if you handle several aspects of the business. So, with the bookkeeping and paying sales taxes, it’s easy to overlook filing and paying certain taxes monthly, quarterly, or annually, which is why most small business owners use the services of CPA.

What would happen if a business owner doesn’t collect sales taxes? A CPA, financial consultant, or lawyer would be the best person to ask this question, but here we have researched and found the following consequences a business owner could face:  

1. The state could demand a year of sales taxes paid at once.
2. The state could seize your assets, both business and personal.
3. They will require you to pay the sales taxes and interest and penalties.
4. Additional costs such as a CPA and a lawyer. Afterward, you will need professional financial analysis and clean-up services so you don’t find yourself in this position again.
5. You could face fraud charges.

There are just a few of the risks involved when you don’t collect sales taxes, which is why the services of a professional CPA is always recommended no matter the size of your business.

What do sales taxes pay for?

The short answer to this is sales taxes provide funds for state and local budgets that pay for our public services such as fire and police, road repairs, and schools.

The IRS Seizure Process

As mentioned, there is a process when it comes to settling tax debt. The government doesn’t start out by just storming in and taking your things. The IRS actually has a 3-step process that they use in almost every situation. 

• “Notice of Demand for Payment”: The first step in the process is a notice of payment. This occurs when you have failed or neglected to pay your taxes on time so the government sends a written notice to remind you that payment is due.
• Response: Step number two is to wait. You, the property owner can acknowledge, ignore, or neglect the notice however you see fit. There is usually a time-frame in which you are expected to pay. If you don’t pay, the IRS will take action with step three. 
• “Final Notice of Intent to Levy and Notice of Your Rights to a Hearing”: The final step in the IRS seizure process is a 30-day notice. This gives you 30-day to schedule an appeal or make payment arrangements. If nothing is done after 30-days, the IRS can begin taking your assets. 

If you are a business owner, a great step to take for yourself and your company is to invest in business coaching. There are courses that go over these things and can help you avoid being the subject of an IRS seizure. Regardless of the type of property you own, though, the biggest takeaway that we can offer for clients is to pay your taxes on time. Whether you are a homeowner or a business owner, paying your taxes in a timely manner will be the best way to avoid any of these problems. For that, rely on Don R. Walker, C.P.A.. We can help you with organizing, filing, and submitting your taxes so you avoid the possibility of this situation.

Frequently Asked Questions

• What assets can the IRS seize?
  • The IRS can take any item that you do not need for your basic survival and shelter. This includes tax-deductible items such as boats, RVs, cars, fine jewelry, art, motorcycles and more.
• Can IRS seize your home?
  • Yes, the IRS can take your home for failure to pay your taxes in a timely manner. There is very little that the IRS is not allowed to seize or take from taxpayers. 
• How long does it take for the IRS to seize property?
  • Once it is determined that you have defaulted on your taxes, the IRS will issue a 30-day notice. As soon as the 30-days are up, if they have not received full or an agreed-upon partial payment, your property will be seized by the government. 
• What happens when the IRS seizes your house?
  • If and when your home is seized by the IRS, it will be sold. The funds from the sale of your home will be used to pay for a few things. The first is the cost to actually seize and take your property. Once that is paid, whatever is left over will go towards your tax debt. 
• Can the IRS seize your business?
  • Yes, just like your home, the IRS can seize your business for failure to keep up with your tax payments. There is very little that the IRS is prohibited from taking.

How Do I Do Taxes for My Small Business?

When the time of year eventually shifts into tax season, there are different ways for business owners to file their taxes. Initially, the steps will depend upon whether the business is a sole proprietorship or whether it uses a legal entity such as an LLC or corporation. Each type of entity requires a contrasting tax form for reporting. After determining this initial step, the taxable business income can be calculated. The first step for business owners is to collect and gather all relevant business records. If a computer program or spreadsheet has been utilized throughout the year to keep track of the income, the process will be streamlined already, and thus smoother. QuickBooks and Quicken are reputable.

What Kind of Taxes Does a Small Business Pay?

For both large and small businesses, business growth is the goal. This business growth translates, during tax season, into appropriate retribution for the government. There are three different varieties of taxes that small businesses pay: federal, state, and local taxes. All businesses are required to pay taxes on their income. This means that the business must pay a tax on the established profit of the company. How that tax is paid ultimately depends upon the form of the business. It is important to note that businesses don’t directly pay sales tax on services or products that they sell. However, if the business operates in a state that has a state income tax, there needs to be a system set up to collect, report and pay state sales tax.

Why Do Small Businesses Pay So Much Tax?

There have been some changes in the tax code that are worthy of note. The Tax Cuts and Jobs Act, which was signed in December 2017, came with several key changes to how small businesses pay taxes, and how much taxes they pay. According to the National Federation of Independent Business, it has been reported that most small businesses don’t pay income tax at a business rate. Instead, it is recorded that approximately seventy-five percent of small businesses are indeed not corporations. This substantial percentage of small businesses are considered “pass-through” tax entities, which means that each of these small businesses pays tax at the personal tax rate of the owner. The income tax rates that went into effect in 2018 and will continue for eight years have ramifications. Larger businesses and those taxed as corporations have the biggest tax cut under the new law. The corporate tax rate was cut from a table with the highest corporate taxes to a flat 21% and currently has no expiration date.

Can a Small Business Get a Tax Refund?

Whether or not a small business gets a tax return entirely depends on the type of business entity and the type of taxes that are paid. Typically, C-corporations are the only type of business eligible for a tax refund. Unlike other businesses, C-corporation profits are taxed separately from their owners. Subchapter C of the Internal Revenue Code specifies this. If a C-corporation pays more estimated tax during the year that is due on the final return, it can get a tax refund. A business could also get a tax refund if it overpays on payroll or sales taxes.

Business Taxes are Due

Tax filing deadlines have a habit of creeping up on business owners. Frustrations can surmount when business owners have to pay a tax-related fine that could otherwise be avoided. The first day that will be relevant for business owners is January 15th, which is the fourth and final quarterly tax payment for the previous tax year. January 31st is the next date to be aware of, as it is the form W-2 filing deadline. This deadline has been in place since the 2016 filing year. For businesses that have employees, two copies of the form W-2 will need to be filled out. Businesses that work with independent contractors need to be aware of the form 1099-MISC Copy A filing deadline, which also arrives on January 31st. February 15th is the Form 1099-MISC Copy B filing deadline. 

Business and Tax Services

There are many different tax services that are available for business owners. Millions of Americans pay a tax professional or a tax company to prepare and file their tax returns every year. One of the reasons why it is important to procure professional assistance is because Congress continues to make changes to the tax code. The changes in the tax code can be radical and certainly can leave many people confused and frustrated. Nevertheless, decoding taxes is of particular import, particularly since collecting appropriate evidence of profit margin will be a laborious activity for the small business owner.

Business Taxes Checklist

Please consult the following list to determine your business taxes checklist.

• Understand and select the tax forms that will need to be filled out for your business.
• Meet with your professional bookkeeper.
• If you use your personal vehicle for business, update your mileage log.
• Gather your financial records.
• Capture all the expenses you paid for out of pocket.
• Gather any 1099s that have been received.
• Pull receipts for asset purchases.
• Request a tax filing extension if necessary.

To get started on your service, call our office, Don R. Walker, C.P.A., at 817-905-1040 to schedule an appointment for your business tax in Fort Worth, TX.

Examples of Payroll Tax

What is an example of payroll tax? Good question. The two most prominent payroll taxes fall under the FICA umbrella. FICA stands for Federal Insurance Contributions Act and requires employers to take out taxes for insurance benefits such as:

• Social Security
• Medicare

As of right now, employers are expected to withhold 6.2% for employes and 6.2% for employers, for a total of 12.4% for Social Security. For Medicare, a total of 1.45% of all wages paid to an employee are held. On top of FICA withholdings, employers must also hold a percentage of wages for:

• Federal Income Taxes
• State Income Taxes
• Federal Unemployment
• State Unemployment

The total amount that an employer withholds from their employee wages is very important. Inexperienced accountants can overlook things and ultimately cause more stress for employees when it comes time to file their own taxes. That’s why it’s important to work with a reputable CPA like Don R. Walker, C.P.A.. It’s the same idea as if you were looking for a contractor to provide residential roofing services. In either case, you want someone that is reliable, efficient, and accurate.

Why You Have to Pay a Payroll Tax

The payroll tax to business relation is important. If employers are not paying or withholding the correct amount in taxes, it can create serious consequences for their employees. Mistakes are often made, which is why it is recommended for businesses of any size to look into CPA services if they are concerned about their payroll tax calculations. Don R. Walker, C.P.A. is a great place to turn to. We offer every kind of accounting service you need to make sure your business is running smoothly.

All that being said, it is mandatory that employers either pay from their own funds or withhold a certain amount from their employee wages. Those withheld taxes are used in finance insurance programs, income tax program, and more. They provide a blanket or a security for employees during their time with a business and afterwards when they are retired. While it can feel like a nuisance at the time, these taxes are meant to make things easier for employees.  

Payroll Tax vs Employment Tax

The employment tax is an all-encompassing term to refer to federal income taxes that are withheld from their paycheck and paid to the IRS on the employees behalf. The federal income tax is tax on the earned income of anyone employed with a business. Generally speaking, however, there is no real difference between a payroll tax and an employment tax because according to the IRS, everything falls under the employment tax umbrella. Meaning, federal income tax, Social Security, Medicare, and anything else are considered an “employment tax.” Meaning, if you are employed by a business, a certain amount of your wages are expected to go into financing for employee benefits.

The best way to break this down is as such:

• Payroll Taxes are designed to withhold funds that will provide a certain amount of insurance for current and retired employees. Funds are held for the insurance programs Social Security and Medicare.
• Employment Taxes are the taxes or finances that employees are expected to pay towards the federal income tax. These funds are withheld from an employee’s paycheck and paid to the IRS on the employees behalf.

Basically, there is no real difference because ultimately the money withheld from a paycheck all goes to the same place. But there are two terms to help identify what is being withheld for being an employee and what is being withheld to help an employee.

Frequently Asked Questions

• How much does the employer pay in payroll taxes?
  • In the current market, employers are expected to pay 6.2% in Social Security taxes for the employee and 1.45% in Medicare taxes, also for the employee.
• What taxes does the employer pay?
  • Employers are responsible for paying, or withholding, an employee’s Social Security tax and Medicare tax.
• How is payroll tax calculated?
  • The most simplistic way to explain this is that the total amount of federal tax amounts are subtracted from an employees annual wages.
• Do I need to pay payroll tax?
  • Generally speaking, if you are an employer with at least one employee then yes, you need to pay a payroll tax. But then there are things like the federal income tax which employees are expected to pay.

Bookkeeping vs. Payroll

Payroll is the process of calculating a company’s income to pay employees. While it can involve a certain amount of bookkeeping, the two are not interchangeable. Payroll accountants have to keep records of company income, employee checks, and such

Payroll duties:

• Calculate and distribute employee checks

• Keep the financial record of employee wages, salaries, bonuses, taxes withheld, etc.
• Understand the amount of money available to pay employees

Bookkeeping duties

• Documenting receipts and transactions

• Recording invoices

• Billing for services provided
• Processing employee payroll

The biggest distinction that needs to be pointed out the fact that bookkeeping will almost always refer to the recording and documenting the financial process. Payroll, on the other hand, will almost always refer to the process of calculating an employee’s wages and/or salary. At the end of the day, bookkeeping and payroll go hand in hand. The jobs are not interchangeable, instead, the two work in conjunction to make sure the finances of business are functioning.

Bookkeeping for Small Business

The office of Don R Walker C.P.A provides quality bookkeeping services. We know all too well that starting a new business can be daunting. Finances are tight and seemingly non-existent. All it takes is one accounting mistake for even smooth operating businesses to be at risk. Don’t let this happen to your business and call Don R Walker C.P.A for bookkeeping in the Fort Worth, TX area. For competitive pricing, we help you cover all your bases to help make sure your small business starts off right. And with tax season right around the corner, a Don R Walker C.P.A. bookkeeper is a great resource when filing small business taxes in Fort Worth, TX.

Frequently Asked Questions

What are the differences between accounting and bookkeeping?

Bookkeepers help to record transactions and lay the foundation for accountants to go through and do a complete audit of a business’s accounts. An account does need at least a bachelor’s degree to do their job while bookkeepers just need a basic understanding of the accounting process.

Do bookkeepers do taxes?

Bookkeepers can help pay taxes and even fill out certain tax information, but they are not qualified to provide tax information or advice.

What services do bookkeepers provide?

Bookkeepers help to keep an accurate recording of a businesses transactions as well as the income received. They create reports that help to map out a business’s financial status.  

What Are The Duties of a Bookkeeper?

A bookkeeper is responsible for keeping an accurate recording of a business’s financial transactions and income.

If you have recently received an IRS lien and would like to know the implications surrounding it, we’re here to help! Legal jargon and the steps to take to ensure that you’re handling the situation in the right manner can be stressful without proper research. At the very least, what you shouldn’t do if you get a notice for payment from the IRS is to ignore the situation altogether! There can be negative implications on your records and your property if you don’t work towards remedying and replying to an IRS lien notice.

Here is an IRS lien definition that can help you understand the main point surrounding the meaning. An IRS tax lien is when you neglect or fail to pay a tax debt and the government thereby issues a legal claim against your property including any financial assets, personal property and real estate that you may own.

IRS Lien or Levy

An IRS lien doesn’t mean that the government immediately seizes your property, it just protects and secures their interest on it. With a levy however, the government can seize and sale any type of personal property to settle the debt.

Please keep in mind, if you don’t answer the IRS to pay or at least make arrangements to pay or work towards appealing your tax debt in regards to responding to your lien notice, than they reserve the right to issue a levy.

What happens when the IRS files a lien?

Before a lien is officially created, the IRS first assesses your liability and puts your balance due in the books. You will then receive a pre IRS lien notice in the form of a bill titled Notice and Demand for Payment. After these two steps, if your tax debt has not been paid in full after 10 days than a lien is filed. If you neglect or refuse to pay the debt on time than the IRS files a public document called a Notice of Federal Tax Lien to alert creditors of the government’s legal right to your property.

How do I get rid of an IRS tax lien?

It is recommended that you respond to the bill notice either by contacting the IRS yourself through the necessary measures described on your Notice or immediately seek out legal assistance to act as the intermediary in the situation so they can conduct and offer you proper Lien solutions.

If you disagree with the IRS’s determination, you have a right to a hearing and you may *respond within the time limit of the Notice with a request for an IRS Lien Appeal.

*It is recommended by the IRS government site not to send the request to the Office of Appeals as this may delay the process but to send it to the address provided in your letter explaining your Appeals rights.

Depending on your tax history and payment status you may be eligible for Discharge of Property, Subordination or Withdrawal.

Ultimately, the best way to remove a lien is to pay the amount in full whereby the tax lien will be released after 30 days. Within the 30 days it is the IRS’s responsibility to grant you a Certificate of Lien Release as well as releasing the title encumbrance from your home. If the IRS has not given you this Certificate within the 30 after you’ve paid off your tax debt than you have the right to file a lawsuit against the IRS (but not against any specific IRS employees.)

How long does an IRS lien stay on your property?

Once the IRS has a tax lien in place, it can stay on your property for a total of 10 years.

Do IRS liens expire?

Tax liens can be extended beyond 10 years with variable amounts of time either voluntarily by you or through legal operations. There are several scenarios where extensions can take place from submitting and negotiating an Offer in Compromise, filing an IRS Form 900, having a Collection Due Process appeals hearing or even filing for bankruptcy.

How do I avoid an IRS lien?

The best way to avoid an IRS lien is to file and pay your taxes on time. Remember, if you are unable to pay, reach out to the IRS in order to make payments over time with the several payment options they have available.

As long as you are actively responding and sending in the required information asked upon you, you can only help your situation. By no means should you ignore the letters your receive altogether. Remember, if you fail to respond to make arrangements or pay once a tax lien has been filed, you may eventually risk having your property seized if the IRS decides to issue a levy!

If you have recently received an IRS tax lien and require legal assistance in the Fort Worth, TX area, contact Don R. Walker, C.P.A. at 817-905-1040!

As a business owner, you have a responsibility to the United States to pay payroll tax for all of your non-contracted employees. These wages are figured according to the IRS and are available on the IRS website. While most employers have an accounting program or professional that keeps track of these schedules, it’s important to understand the tax system in order to plan and track payments accurately. This can help keep you from accruing fines and Form 941 (Rev. January 2018)Form 941 (Rev. January 2018)other ramifications that can stem from changing laws or miscommunication.

 

What Payroll Tax do Employers Pay and When do I Pay Payroll Tax?

For employers, payroll taxes can be paid either semi-monthly or monthly, depending on your company’s tax liability amount. This payment schedule will be arranged at the beginning of the year and will be monthly for businesses who reported less than $50,000 in tax liability in the previous quarters. Semiweekly payments will be arranged for businesses with more than $50,000 in tax liability. If your business is required to pay semiweekly, your payment schedule will depend on your company payday. Monthly paid companies have a due date of the 15th of the following month. Form 941 (or 940) should be filed every quarter reporting the monthly tax amounts made as well as including any leftover balances. Late deposits accrue a 5 percent penalty for every month they are not fully paid.

Form Details

In general, employers must file a quarterly Form 941 to report each month’s withholdings from employees as well as any taxes paid by the employer. However, if you are a small business owner that paid out $1000 or less during the year in federal and state withholdings, you may be eligible to file a Form 940 Annual Payment form. It’s always best to check with a professional before completing any tax forms, payment, or audits to ensure accuracy.

These taxes will be paid at the local, state, and federal level, and include FICA. They should be paid on every employee that works at your business. Employees are defined as a worker who is controlled by the employer. This includes details such as start and end times, scheduled lunch breaks, driving a company vehicle, or being told in what manner to complete a job. A contract worker is defined as a worker that schedules his or her own work hours, is paid by the job instead of an hourly or salary rate, and drives his or her own vehicle. If you aren’t sure if a worker is contract or employee status, a skilled accountant or tax professional can help.

What is Payroll Tax Used for?

Whether you’re an employee or employer, you pay taxes on every dollar you earn. While this may seem like a nuisance, our tax dollars fund vital projects, programs, and committees that help less fortunate, ill, and elderly. Our federal taxes are collected to fund a number of government-affiliated social insurance organizations that help assist elderly, ill, handicapped, and others with disabilities. These funds are also used for programs related to our safety and well-being. Some Programs and organizations affected by taxes are:

• Social Security
• Medicare
• Medicaid
• CHIPS
• Food Stamps
• HUD
• Other Low-Income Housing Programs
• Unemployment
• Child Abuse and Child Neglect Programs

At the state level, taxes are used for multiple reasons that can include education and school funding, transportation and road work, healthcare, and much more. In fact, they help to fund:

• Low-Income Healthcare
• Correctional Facilities
• State Education Programs
• State College Funding and Grant Programs
• Parks and Recreation Facilities
• Public Employee Salaries
• State Police

While nobody enjoys paying taxes, each business in the U.S. must comply and contribute to the tax pool. In order to ensure that your business pays its taxes timely and accurately, call the professionals of Don R. Walker, C.P.A. to help. Our experts can help with:

1. Quarterly and Annual Tax Preparation
2. Business Registration
3. Tax Amendments
4. Past Tax Year Filing
5. Tax Form Review
6. Assistance With IRS Regulations and Guidelines

When your business needs payroll tax preparation assistance that can be relied on, there’s only one team to call. The Don R. Walker, C.P.A. professionals have years of experience in tax law and scheduling so you can rest assured that your company’s taxes are completed efficiently, accurately, and timely for stress-free compliance. We provide tax services throughout the Fort Worth, TX area to deliver stress-free payroll tax completion for your business that’s correct, complete, and on time so you never have to worry about fines or other consequences. When you need payroll tax preparation for your business in Fort Worth, TX, call 817-905-1040 to reach our experts today.

A lot of people tend to assume that accounting and bookkeeping are the same, but there are a couple of differences between the two. While bookkeeping and accounting deal with financials, one records financial data and the other interprets it. As a bookkeeper, the job involves recording all financial transactions that take place. As an accountant, they analyze and summarize the data that has been recorded by a bookkeeper. Both are integral in keeping the financial aspects of a business in order, but you will need a bookkeeping service in order to make sense of your financials. Below are the types of bookkeeping that are used for bookkeeping service.

Types of Bookkeeping

• Single-Entry: If you have a small business or have minimal transactions that take place, single-entry bookkeeping is the method that should be used for your business. It’s not the most detailed method for bookkeeping as it only requires you to record revenue and expenses. This wouldn’t work for a bigger business because it doesn’t require the need to record accounts payable or receivable.
• Double-Entry: For larger businesses that have two or more accounts, a double-entry system is needed. It’s more complex but considering bookkeepers have to record debits and credits of transactions. Because of how detailed it has to be, it is very reliable for financial records and you can see where you have gained or lost in profits.

To get bookkeeping services in Fort Worth, TX, call 817-905-1040 today! If you need help with an IRS Lien or need assistance with a wage garnishment, Don R. Walker, C.P.A. is at your service.