There are many types of tax clients who can be more trouble than they are worth. If you are a tax preparer, you should seriously take a look at your client list and see if you have any of these types of client; if you are a client of a tax preparer you should be aware that if you exhibit this type of behavior you could be a pain. See the article by Terry Sheridan in Accounting Web for the details: http://www.accountingweb.com/article/4-kinds-clients-you-need-fire-primer-accountants/224334 This should clear the air on this issue and allow both sides to work together better (or go their own ways!) For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: How Understanding Assets vs. Expenses Can Make You Rich
Assets and expenses both have a “debit” balance on the financial statements, but that’s where their similarities end. Spending on one can make you rich and spending too much on the other can leave you broke. An expense is money you may need to spend, but after a year, there is nothing lasting to show for it. An asset is a tangible resource that is still worth something after a year or more and that belongs to you or your business. The best assets grow in value over time, but some lose their value too. Real estate typically goes up in value, while a car loses value, or depreciates heavily, in its first few years. The best example of an asset versus an expense is spending on a mortgage versus rent. When you pay a mortgage, you own more of the property than you did last month. One day, you can sell your ownership in the property and get cash or another asset in trade. When you pay rent, there’s nothing left at the end of the month. There’s no accumulated value. Generally speaking, spending on an asset builds or at least better preserves your wealth. Spending on an [...]
CPA Business Musings: Are You a Brand or a Business?
So the million dollar question – Are you a brand or a business? You are both. The problem is that you might not think of yourself as a “Brand”. You think brands are Apple, Facebook, Starbucks, McDonalds, etc. Wikipedia says a brand is a… “Name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.” I underline the word “distinct” because I believe that’s the key to a good brand. So what’s distinct about you? Are you the BEST bookkeeper on the north side of Atlanta? The small business EXPERT in the western suburbs of Chicago? The LEADING firm for Accounting and Cloud Computing in Las Vegas? If you haven’t thought about this, or haven’t thought about this recently, you should. In this Social Media age, you need to establish yourself as something. Give your clients and prospects a way to distinguish you from all others that may offer a similar (but lesser) service. Your website, newsletter, Social Media and Blog have a lot to do with your brand. These outlets can establish you as a thought leader. They give you the opportunity to make your case. Your well [...]