What Is A CPA?

What A CPA Can Do For You

Published on January 8, 2013 by: Earl Johnson, CPA

The better CPA's in Georgia are members of The Georgia Scoiety of Certified Public Accountants. This organization serves many useful functions in organizing and improving the accounting profession in Georgia.

As a member of the GSCPA it is our pleasure to help promote the organization and highlight its importance to our profession. There website has informative information for professionals and the public at large. Below we are sharing the content from a page which answers the common question, "'What Is A CPA?". If this is a question you've had, wonder no more. Here is the answer from the leading organization in Georgia for certified public accountants:

 

What is a CPA?

Certified Public Accountants (CPAs) advise individuals, businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial and related matters. In Georgia, CPAs are licensed by the Georgia State Board of Accountancy to practice public accounting.

CPAs are distinguished from other accountants by stringent licensing requirements. They are committed to continuing professional education, and they are certified, licensed, and regulated by state boards of accountancy. To become a CPA, individuals are required to pass a rigorous professional exam after they complete their college education in order to be licensed by the states in which they practice. After they are licensed, mandatory continuing professional education requirements ensure that CPAs are current with regulatory and legal changes, as well as changing accounting standards and tax laws.

As members of the GSCPA, CPAs are required to adhere to strict professional ethics standards, which stress independence, integrity, objectivity and technical competence. Additional ethics rules apply to CPAs who are tax practitioners.

Services CPAs Provide

People turn to CPAs for a wide range of assistance – everything from business advice to help with income tax preparation. CPAs can also help with personal financial planning to build college funds, plan for retirement and create estate plans. If the IRS raises a question about a tax return, only CPAs, attorneys and enrolled agents are authorized to represent taxpayers before the IRS. CPA tax professionals often know a lot about your personal situation, so the continuity of service you receive from a CPA may be an important factor to consider. CPAs are business people in the community who will be there for taxpayers year after year.

How to Find a CPA

The GSCPA has a referral service that allows you to be matched to a CPA with the expertise you need, right in your geographic region. Please visit www.gscpa.org for more information.

ABOUT THE GSCPA: The GSCPA is the premier professional organization for CPAs in the state of Georgia. With over 10,500 members throughout the state, the purpose of the GSCPA is to promote the study of accountancy and applicable laws, provide continuing professional education, maintain high ethical and work standards, and provide information about accounting issues to the membership and the public.

Top Tax Tips 2013

Small Business: Better Tax Record Keeping

Published on Janaury 1, 2013 by: Earl Johnson, CPA

How to Better Organize Your Small Business Tax Deduction Expense Records

As a small business owner, keeping track of your yearly tax deductions can be one of the most unpleasant, cumbersome aspects of running your company. Obviously, it is also one of the most important jobs to keep up with if you want to get back all that you deserve while simultaneously avoiding the dreaded IRS audit. Learning a few tips about small business tax deduction organizing can help you stay on track and be better prepared for your quarterly or Spring tax filing deadline.

Familiarize Yourself With Generally Permissible Business Tax Deductions

Business tax deductions that you are unaware of can literally cost you thousands upon thousands of dollars in unclaimed tax credits each year. You might be aware of some of the partial or fully deductible claimable expenses related to your business. However, it is always a good idea to periodically take some time out to brush up on some common tax credits that you might be missing out on. These include advertising, professional organization dues, equipment rentals, business credit card interest, bad debts and business entertaining. According to Stephen Fishman of Nolo.com, consultant fees, online business computer services, petty cash funds, commissions and business association dues are also commonly overlooked deductions.

Use Smart Phone Apps

A plethora of business tax deduction smart phone apps are available for your smartphone. Travel a lot for business purposes? The Trip Cubby iPhone app allows you to easily input your mileage, log trip data, and mass-edit mileage records at the touch of a button. Have a lot of unrelated business expenses? You might find the free or paid apps for all types of smartphones at Lemon.com handy. This company's software lets you scan business expense data, create reports, track tax deductible data and create different subcategories to help you better organize your small business tax deduction records.

Dedicated Filing Areas

If you do not have a smartphone or are admittedly not up to par with using technology to keep track of things, you are not alone. Many people simply have not adapted to up-to-the minute, hand-held modern device offerings. In this case, it is wise for you to keep a dedicated area in your office for business receipts. Even if it is just a large, fire-safe box that you throw records into once a week, it can be your saving grace when it comes time to file your taxes.

Legal Tax Deductions For Average People

Tax Deductions of Interest

Published on December 12, 2012 by: Earl Johnson, CPA

With tax rates continually increasing it's important to know about every legal deduction to minimize your tax burden. This article, while not presented as professional advice, is presented as a representative example of some of the types of deductions that have been utilized in filing personal tax returns in the recent past.

10 Commonly Unused Tax Deductions You Should Know

• 1. Refinanced Your Home This Year? Take the Points Off of Your Taxes
  If you refinanced your home mortgage loan this year, the IRS will allow you to take the points, or the fees the bank charged you to refinance the loan, off of your taxes. For example, if you refinanced your mortgage on May 1, 2012, with a 20-year term, and $2,400 in points, you can write off 10 bucks per month, or $80, of those points on this year's taxes.
• 2. Did You Get Physically Touched Up for Your Job?
  While many people get, um, surgically enhanced purely for a self-esteem boost, you might have gone under the knife this year to make more money at your job. A Tax Court judge set a precedent when she allowed stripper “Chesty Love” to deduct the costs of her breast augmentation to make more tips on stage. If you and Chesty Love share a similar profession, your new body parts might also be considered a valid tax deduction.
• 3. Driving to the Doctor
  If you have an illness that requires out-of-town specialist visits, you can claim your mileage and parking costs as a tax deduction, if they exceed 7.5 percent of your adjusted gross income.
• 4. Pencils, Pens and Play Things
  As a qualified teacher, teacher's aide or school principal, you can claim up to $250 in credits for items that you bought and used in the classroom for educational purposes.
• 5. Out of Town Job Hunting
  Did you leave the state for a job interview while you were unemployed? Even if you used the rest of the time to work on your tan or visit art museums, you can write off your plane ticket and the cost of the hotel room for the night before your big interview.
• 6. Medically Necessary Home Improvements/Additions
  If it was necessary to alter your home in any way due to a medically necessary reason, you can claim the remodeling expenses as a tax deduction on your tax return. Some examples of medically necessary expenses include wheelchair entrance ramps, shower or bathtub access or hand rails near toilets and sinks.
• 7. Moving Expenses
  You might be aware that you can deduct job-related moving expenses from your gross income on your tax return. However, you might not be aware that you can also claim tax deductions for moving expenses associated with any pets you own – including dogs, cats, snakes, gerbils, frogs and lizards.
• 8. Noncash Charity Items
  Did you donate a significant amount of clothing to your local Goodwill store? Or, did you volunteer to drive your car to help senior citizens shop for food each week? Your approved documentation of these events can help you get a much-needed tax write-off.
• 9. Laid Off Due to Outsourcing or Receiving Government-Funded Retirement Funds?
  If you are receiving a government-funded pension due to your employer terminating its retirement plan, or TAA, trade adjustment assistance benefits, you are also entitled to a lesser-known tax credit. This health care tax credit pays up to 80 percent of your total yearly health coverage costs. If you feel that you qualify, contact your local IRS office for help obtaining this highly overlooked federal tax deduction.
• 10. Spring Silverbells, Winter Snowdrops
  If you are a sole proprietor that usually meets with your clients in your home office, you can write off a percentage of your yearly landscaping costs. The Tax Court also allows you to take part of your driveway repair costs, and even grass cutting fees, as a tax deduction, also.

Information Sources

• Tax Software Review
• TurboTax
• MSN Money
• ABC News

DISCLAIMER: Information in this article is believed to have been reasonably accurate at the time it was originally published. As with any information posted online you should not consider it to be expert advice, and always consult with a CPA or certified tax planner for any tax questions or legal advice. The posting of this third party information on our website does not imply our endorsement of said third party information. The information provided is presented without any warranty of fitness for any particular purpose or application.