01 24 2014

01 24 2014

Prepare For Your 2014 Taxes Today

Preparing to pay your taxes is something that business owners should think about no matter how close to April it is. Here are two tips that will make filling out tax forms easy:

Keep your business easy to understand

Bonnie Lee of Taxpertise writes in Fox Business that companies must keep their tax documents organized and easy to understand. This is crucial at the beginning of the tax year when you will have a lot of outdated files relevant to your 2013 return but not relevant to your 2014 return. Make sure to archive everything, and then use a different file cabinet for the new year’s tax information to keep things separate and avoid confusion. Things to keep include your appointment book and financial statements.

Hire a professional

You should make sure to hire a competent CPA to help you file your taxes at the appropriate times. Depending on how your business is structured, there are different laws for filing taxes, and you would benefit enormously from having a professional who knows the rules and can get you the best deductions. Although it will cost money to hire a professional, you will earn a lot of money in tax refunds. Additionally, this will help you avoid paying penalty taxes from not knowing the appropriate laws.

In a separate article for individual taxpayers, Lee recommends meeting with your tax professional once a year to do tax planning. However, if you own a company, and if your tax situation will change, whether from buying new equipment or expanding your business in other ways, you might want to meet more often than this. Your tax accountant will know what to do.

Lee also recommends that you make sure to give your CPA electronic copies of all the files associated with your business that you will need for tax, as these will become necessary in case of an audit.

If you need money to pay off tax debt, consider a working capital loan from National Lending. They offer equipment financing as well, and you can get your money in as little as 24 hours.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan.  What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number.  We will also ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents.

 

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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.