AABS Helps Triangle Businesses Prepare & Understand Financial Statements

Stuart Miles, freedigitalphotosPreparing local small business financial statements and understanding them is key to the success of Triangle small businesses. At AABS, Inc., we can help local business owners understand which financial statements they need, and we can prepare those statements for your business.

Financial statements are important because they tell you the health of your business. By glancing at these reports, business owners can see where they need to increase dollars and where they need to cut back dollars. It’s not quite that simple, but it is information that is necessary to have for that big picture.

AABS personnel are certified members of the National Association of Tax Preparers and are available to assist Apex area small businesses in creating and maintaining their financial reports. AABS is a trusted name in Southwestern Wake County, especially in Apex and Cary, and many small businesses in the Triangle employ AABS to assist them with their business financials.

AABS suggests that there are two primary financial statements that small businesses need to keep track of:

  • The Balance Sheet: The balance sheet includes the company’s assets, liabilities, and net worth. It gives a snapshot of your company’s financial status. The balance sheet will change daily due to the activities of your business, but overall, business owners can monitor their inventory, revenue collections, and creditors with this important information.
  • Loss and Profit Statement: Also known as the income statement, this report shows the health of the business over periods of time. This information helps to forecast how much money the business will make after expenses.

Understanding the financials of your small business can be complex and confusing. And the friendly and knowledgeable team at AABS can help. Our team will sit with small business owners and explain how the financial statements work. We can run your financial reports monthly so that your business will have accurate and timely data at your fingertips.

Let the knowledgeable tax and business professionals at AABS handle your financial statements for your business. Call AABS today at the number listed below to set up an appointment. Bring your questions, and your financials, and we can get started in a long-term partnership.

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This is an “information only” post and is not considered to be legal financial advice. It is simply meant to be helpful to all those who read it. Consult financial professionals or business attorneys for specific information. This blog post ids produced twice a month by the accounting team at AABS, INC., located near Historic Downtown Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit:   Stuart Miles, freedigitalphotos.net

 

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3 Major Changes in Social Security Tax Laws for Triangle Seniors

Ambro, FreeDigitalPhotos.net (2)With our tax laws constantly changing every year, it’s no wonder that many Triangle seniors are confused about whether or not they need to pay Social Security taxes. This year, there are three major changes in the Social Security tax laws that AABS, Inc. can help seniors understand.

Keeping up-to-date with our IRS tax laws is not only confusing, but it’s also complicated. That’s why, many of our local seniors will visit with the professionals at AABS to ask questions and get their taxes prepared correctly. The staff at AABS are trained Certified Senior Advisors (CSA) who are qualified to ethically work with local seniors in North Carolina.

U.S. News reports that the major changes in Social Security taxes in 2015 that AABS can help seniors with:

  • Higher Tax Cap: The maximum taxable earnings for 2015 is $118,500 and that’s up $1,500 from 2014. This may mean higher taxes as a result of this change for some Triangle seniors. If a retiree earns more than the maximum tax cap, then Social Security taxes are not paid on the amount over the cap.
  • Increased Social Security Payments: Every year, Social Security payments are adjusted to reflect inflation. In 2015, Social Security payments will increase 1.7% due to inflation. That increases the average monthly benefit for retirees from $1,306 to $1,328.
  • Social Security Withholding Amounts: Retirees who are collecting Social Security and turn age 66 in 2015 can earn up to $41,880 before every $3 earned; above that amount will result in $1 being withheld for Social Security. Seniors who are under age 66 and collecting Social Security can earn up to $15,720 in 2015 before Social Security withholds $1 for every $2 earned above that limit. However, seniors who are over age 66 have no earnings limits and their Social Security benefits need to be recalculated.

Confusing? It certainly is, and that’s why AABS, Inc. has become a trusted name in Southwest Wake County. Call AABS today to get your tax and retirement questions answered ethically and accurately.

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This is an “information only” post and is not considered to be legal financial advice. It is simply meant to be helpful to all those who read it. It is brought to you by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

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AABS Inc.

PO Box 1677

Apex, NC 27502

 

Photo Credit:  Ambro, FreeDigitalPhotos.net      

 

 

 

 

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4 Taxes that Triangle Small Businesses Need to Possibly Address

Stuart Miles, freedigitalphotos.netOwning a small business is often exciting and allows for much freedom; until tax time comes around. Most new small business owners are confused about business taxes and what exactly needs to be filed. That’s why, AABS, INC., in Apex, North Carolina is a trusted name in helping local small businesses get their taxes right.

Let’s face it; taxes are confusing for almost every one of us. But, the folks at AABS are certified Enrolled Agents who are qualified to represent businesses with the IRS. Through ongoing training, the professionals at AABS are kept up-to-date on changing tax laws and tax forms. At AABS, your business tax filings and questions can be answered timely and accurately.

Triangle owners and management need to keep in mind the four taxes that may and can affect small business:

  • Income Tax: Most businesses are familiar with this pay-as-you-go tax. Employers have income tax withheld from their employee’s paychecks that are filed annually. If your company does not withhold taxes, please contact us to determine whether or not you need to do this.
  • Self-Employment Tax: This tax includes deductions for Social Security and Medicare from paychecks. There are special rules for aliens, state or local government employees, and other classifications. Let AABS check to make sure the correct withholdings are being deducted from your company.
  • Employment Taxes: Employers are responsible for several employment taxes. They include Federal income tax withholding, self-employment taxes, and Federal unemployment (FUTA) taxes.
  • Excise Tax: Depending on what your business does, there may be excise taxes involved. Certain products, equipment, and services need to file special forms for these taxes. At AABS, we can help with this.

Instead of wondering what business taxes need to be filed every year, give staff at AABS a call to assess the business and its tax situation. Our trusted Enrolled Agents will answer all questions about tax filing. We will prepare your taxes in a timely manner to avoid penalties, and we stand behind everything we do for every business.

Contact AABS for more information or to schedule an appointment.

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This is an “information only” post and is not considered to be legal or financial advice. It is simply meant to be helpful to all those who read it. It is brought to you by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

Like us on Facebook

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit: Stuart Miles, freedigitalphotos.net

 

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AABS Helps Triangle Area Seniors and Baby Boomers with Taxes

stockimages, freedigitalphotos.net aabs 1 10-14As Triangle seniors and baby boomers begin looking at their taxes, there’s bound to be lots of questions about IRS tax laws. That’s where the experienced tax people at AABS, Inc. can help any plus 55 with tax questions.

For years, AABS, Inc., has been preparing and helping to file tax documents for Triangle seniors. Our tax preparers are members of the National Association of Enrolled Agents (NAEA) who can represent taxpayers to the IRS, if needed. Our staff keeps up-to-date on all new tax laws and health care reform in order to provide accurate tax preparation services.

Here are three area of focus that many Triangle seniors have questions on:

  • Medical, dental, and vision expenditures: These expenses are always at the top of the list. As Baby Boomers need more care as they age, many seniors don’t know how much of these expenses can be tax deductible. Our knowledgeable staff will explain the allowable deductions and assist in the preparation of your tax filings.
  • Selling a home: There is much stress when move to a retirement community or relocating near family; and there are tax deductions that may be taken for selling a home. At AABS, we’ll sit down together and go over all the numbers to accurately determine what can be taken for a tax deduction.
  • Retirement plan contributions: These plans are quite confusing and many seniors need assistance in determining how much money they can withdraw without penalty and how to file taxes on these withdrawals. The laws change frequently and at AABS, this is one area we are continually assessing to help our local seniors with questions and filings.

Of course, there are many more tax questions that AABS can answer. Other important tax questions and concerns may include investment expenses, charitable contributions, business expenses, and standard deductions for those who don’t itemize their taxes. We can answer all these questions for seniors.

Tax season begins now. Do not wait until the last minute to file. Give us a call to schedule an appointment. AABS is located in Apex and we strive to assist our local seniors with their tax questions and filings.

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This is an “information only” post and is not considered to be legal financial advice. It is simply meant to be helpful to all those who read it. It is brought twice a month by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit: Stock Images, freedigitalphotos.net

 


 

 

 

 

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4 Income Tax Benefits Triangle Small Businesses Should Consider

adamr, freedigitalphotoAABS, Inc., is the perfect tax filing solution for new and established small businesses in the Triangle area. AABS will file last year’s business taxes and stand behind their accuracy.

Every business would love to have more time to manage their day-to-day operations. Small businesses need the help of the experienced staff at AABS in Apex. By letting AABS manage the accounting and/or payroll functions of your small business, more valuable time will be found for daily operations, sales calls, and other major business functions.

Here are four ways AABS in Apex can help your business:

  • Keeping tabs on taxes such as federal, state, and employment taxes is time consumptive: It takes up a lot of time for businesses. The experts at AABS will calculate quarterly estimated taxes during the year and send a report. We also prepare 1099’s, W-2’s, and any other IRS income tax form.
  • Taxes are complicated and they never get easier to understand: A knowledgeable staff member at AABS is available to answer any questions on tax issues. This will help provide clarity on a complex tax issue that a business needs to understand.
  • The owner of AABS is an IRS Enrolled Agent: AABS is qualified to represent taxpayers and businesses before the IRS. Through extensive training and a three-part comprehensive IRS test covering individual and business tax returns, AABS stands behind its tax filings.
  • Peace of mind is very important: It is a great benefit to have while AABS manages any business account. Timely and accurate reports of accounting and payroll functions will be part of the process. This keeps businesses abreast of unwanted situations and is a key to success.

Although AABS is located in the Triangle area to assist local businesses with their taxes, it’s a good idea to check the Internal Revenue Service website for any forms or new tax information at any time.

AABS is an asset to any Triangle small business that needs to create more time to manage their business. Contact AABS at the number below to gain valuable time and accurate tax filings.

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This is an information only post and is not considered to be legal financial advice but is meant to be helpful to all those who read it. It is brought to you by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

Like us on Facebook

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit:         adamr, freedigitalphotos.net

 



 

 

 

 

 

 

 

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Triangle Dreams Can Come True

Mister GC, freedigitalphotos.netNow that 2015 is here, Triangle seniors can think about what goals this year are the most important. Maybe a dream vacation to Europe or Australia is on your list, or maybe it’s a dream car. Whatever your vision is for this year, the folks at AABS, Inc., can help make that dream come true.

The professionals at AABS will listen to your thoughts and wishes and help with recommendations on how to pay for a major investment. For instance, by taking a look at your personal finances such as Social Security, pensions, IRAs, 401k plans, and reward programs, suggestions will be made to finance your wish for 2015.

Here’ are three personal goals that AABS, Inc. can help seniors and baby boomers with as they assess their wants:

  • A dream vacation can come true by taking a detailed look at your personal finances. Reward programs will be looked at in depth to see if points can be applied to hotel stays, airfares, cruises, and more. Savings accounts and checking accounts will also be assessed as well to help pay for travel expenses.
  • Your dream car may be waiting in at the auto shows and dealerships right now! To pay for that new vehicle, a budget may be created specifically for this special purchase. If so, AABS will detail a plan to acquire the new vehicle. Funds from a pension plan or IRA may need to be redeemed to achieve the goal of owning a new car. We will present a number of finance scenarios as well.
  • Many seniors like to travel by RV and if that’s your goal, AABS can help with monthly budgeting so that money doesn’t become an issue. Preparing a budget specifically for your RV travels will give you confidence when traveling. Adding to this account weekly or monthly will keep your budget on track and also add extra dollars to the coffers in case of an emergency.

Whatever your dreams are in 2015, a Certified Senior Advisor at AABS is there to help in any way possible. Call our Apex office today to begin the financial preparation for your 2015 dream!

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This important information is strictly for reading and is not considered to be legal financial advice. It is only meant to be helpful to all those who read it. It is brought to you by the professional associates at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

Like us on Facebook

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit:         Mister GC, freedigitalphotos.net


 

 

 

 

 

 

 

 

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Triangle Area Seniors Can Get Support from AABS with Money Management

ambroAs seniors in the Triangle get older, many of them have difficulty managing their bills and writing checks. Their finances become unorganized as paperwork piles up. At AABS, Inc., we assist seniors who need help with their money management to keep their finances from falling behind.

A Certified Senior Advisor from AABS INC will help local seniors manage their accounts. If bills are not being paid or checks can’t be written due to arthritis or some other health condition, AABS will efficiently manage the account. AABS offers this relief to seniors so that they may continue to live in their home and enjoy financial freedom.

As a personal financial partner, AABS will help Apex area seniors with the following:

  • Maintaining financial independence: We can manage financial accounts ensuring that bills are paid accurately and on time, deposit checks, organize bank and financial documents, balance checkbooks, and maintain and prepare tax documents. Studies have shown that seniors remain independent longer if they have someone trustworthy managing their accounts and keeping their finances in order.
  • Scams: AABS will check for signs of a financial scam. It is well known that scammers target the elderly and if anything looks suspicious on an account, we’ll see that activity right away. We look for signs of fraud by large unexplained withdrawals, suspicious check writing, and other unexplained activity.
  • Relief to Caregivers: When a senior is unable to manage their affairs, adult children or relatives usually help with these responsibilities. However, many adult children live far away or lead a busy life and may not have the time to make money management decisions. Whether it’s paying someone to mow the lawn or investigate a credit card charge, the experienced professionals at AABS will manage this situation.

AABS has gained the trust and respect from many seniors in the Triangle area. Local seniors know that they can get expert advice to any questions or concerns regarding money management or taxes from a Certified Senior Advisor. Give AABS a call today to discuss your money management concerns.

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This is an information only post and is not considered to be legal financial advice but is meant to be helpful to all who read it. It is brought to you by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

Like us on Facebook

Find us on Twitter

Follow us on Google+

AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit:     Ambro, freedigitalphotos.net


 

 

 

 

 

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Triangle Businesses Can Save Time by Outsourcing Accounting and Payroll Services to AABS

LOGO BOX AABS_fullFor Triangle small business owners, the end of the year is rapidly approaching and everyone must be ready to prepare 1099’s and other payroll documents. Is your business in need of accurate employee tax reporting to avoid penalties? Does your small business need to partner with an accounting service that specializes in small business? AABS, Inc. can manage all aspects of accounts receivable and payable plus payroll services for accurate and timely information.

Many documents and reports are needed by businesses to accurately file their taxes and to take a look at their overall expenditures and gains. At AABS, we help local businesses by preparing important documents and services for them. By giving businesses accurate reports, business owners can feel confident about timely IRS reports and maintain a clear focus on day-to-day business operations.

Just take a look at five ways AABS Inc. can improve businesses by managing all aspects of the financials:

  • Our payroll services meet the new Health Care Reform (often called Obama Care) requirements.
  • We provide accurate and timely reports to minimize the likelihood of an audit.
  • We accurately track each employee’s status: full-time and part-time.
  • Benefit deductions and taxes are calculated accurately.
  • All employee tax obligations will be filed on time and correctly to the Internal Revenue Service:

The list doesn’t stop there. AABS is a trusted partner and resource for all Triangle area businesses. We are committed to serving the local business community efficiently and accurately with quality accounting. We are part of the many small business accounting services that use Intuit payroll services by QuickBooks. While owners are busy growing business, we will manage all the aspects of payroll, tax filing, worker’s compensation, 1099’s, and other services. This will free up valuable time for business owner to grow.

To successfully meet your business needs, just give us a call and schedule an appointment. We will be happy to explain how we can help your business save time and money by running your payroll and filing your taxes. Our specialty at AABS is locally owned businesses. We also offer accounting and bookkeeping services that will free up more of your time for other business needs. When businesses succeed, so do we. Let’s partner together in 2015!

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This is an information only post and is not considered to be legal financial advice but is meant to be helpful to all those who read it. It is brought to you by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

Like us on Facebook

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AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit: AABS, INC.      

 

 

 

 

 

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Apex Area Boomers and Seniors get Tax Questions Answered by AABS, Inc.

Arvind Balaraman, FreeDigitalPhotosAs Triangle area seniors get ready for the end of the year, it might be time to take a quick look at personal income taxes and address any questions that come to mind. Now is the time to give AABS, Inc. a call with any income tax questions or concerns.

Several common questions usually come up with Apex area seniors regarding medical deductions, working while receiving Social Security benefits, and senior tax credits. These questions and concerns can be answered by the certified and professional tax preparers at AABS. We have built a trusted name with our seniors in the community and prepare accurate tax filings for them.

At AABS, we are the tax experts in Southwest Wake County for area baby boomers and seniors, and we work strictly on their behalf. As 2014 comes to a close, this is the time to find out North Carolina and IRS tax deductions and whether or not working until the end of the year is in your best financial interests.

Common income tax issues that AABS can help with are:

  • Retirement savings contribution credits: If there are contributions to an employee-sponsored retirement plan or an individual retirement plan, seniors may be eligible for a tax credit.
  • Need to file a tax return? Some seniors may not need to file a tax return. Come talk to us and we will determine together whether or not a tax filing is necessary.
  • Are social security benefits taxable: This question depends on your total income and your marital status.
  • Baby Boomers who are parenting: Baby Boomers who are parenting their grandchildren may have some tax considerations that qualify for a deduction. We can help evaluate the situation and determine if there are any eligible deductions.

Of course, there are other tax questions and concerns that might be relevant to the situation. The IRS offers tax tips to seniors by e-mail simply by subscribing on the site. Please give AABS a call to set up an appointment and have all your tax questions answered by our owner staff.

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This is an information only post and is not considered to be legal financial advice but is meant to be helpful to all those who read it. It is brought to you by the professional team at AABS, INC., located in Apex, NC.

Call us at 919 303-3345 or email us at: info@aabsinc.com

Visit our website: www.aabsinc.com

Like us on Facebook

Find us on Twitter

Follow us on Google+

AABS Inc.

PO Box 1677

Apex, NC 27502

Photo Credit:         Arvind Balaraman, freedigitalphotos.net

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