David Auer, Founder and CEO of Auer Tax Recommends Revising Business Chart of Accounts
Founder and CEO of Auer Tax Group, author and Premier Tax Expert, David Auer, encourages business owners to review and revise chart of accounts or set them up initially in order to simplify life at tax time.
Tulsa, OK – June 14, 2016 – David Auer, recognized Premier Tax Expert and Founder/CEO of Auer Tax Group posted a new article on the company website entitled “Revise or Set Up Your Business Chart of Accounts for Ease at Tax Time.”
According to Mr. Auer, “If you haven’t revised your business’s chart of accounts since you initially set it up, you may be missing out on an easy way to simplify your life at tax time.” He continues adding, “That’s because your chart of accounts is more than a basic bookkeeping tool. Your chart can also help you keep track of items that affect your tax return.”
Auer elaborates. “For example,” he writes, “your business income may have multiple sources, including the sale of goods and services to customers, rents, royalties, interest, dividends, as well as gains from the sale of business and investment assets, and “miscellaneous” receipts.” “These different types of income,” says Auer, “are treated differently under federal income tax rules and appear in different places on your return.”
According to Auer, “Arranging your income accounts for tax-specific categories can streamline tax preparation time and reduce mis-statements.” Don’t overlook expense accounts. Auer says they “can benefit from organization too. For instance, you’ll want to separate allowable deductions, such as ordinary and necessary business costs, from expenditures that produce benefits in future taxable years, such as equipment.”
The entire article can be read at http://www.premiertaxexpert.com/revise-business-chart-of-accounts-ease-tax-time/
About David Auer
With over 30 years of experience, David Auer is the Founder and CEO of Auer Tax Group, a national tax consulting firm, Blue Ocean Strategies, a business strategic planning group, and The Advanced Planning Group, a collaboration of multidisciplinary advisors focused on tax, estate, asset protection, and business succession strategies for successful business owners, professionals, and high net worth families. He is also a founding member of Financial Gravity Law, a division of Financial Gravity®.
David is a frequent speaker, is recognized as one of America’s Premier Experts®, is on the adjunct faculty of Asset Protection Corporation founded by internationally acclaimed asset protection attorney Robert Lambert, LLM in Taxation, Esq., and is the author or co-author of several books, including 57 Ways to Grow Your Business – Bright Ideas for Serious Entrepreneurs; “You Can Deduct THAT?”; Ignite Your Life with Brian Tracy; and Performance 360 Special Edition with Richard Branson.