The Tax Techs

What will the economic impact of this pandemic be??? How can we each make a difference? Look for a way to do your small part! God speed!

Join The Tax Techs family as we partner with One Way Business Alliance presented by MCOG!!! If you are interested in starting a business or looking for an amazing networking event!! Like their page and RSVP!!! MCOG:OneWay Business Alliance

What will the economic impact of this pandemic be??? How can we each make a difference? Look for a way to do your small part! God speed!

Join The Tax Techs family as we partner with One Way Business Alliance presented by MCOG!!! If you are interested in starting a business or looking for an amazing networking event!! Like their page and RSVP!!! MCOG:OneWay Business Alliance

HAPPY 2020!!!!! Business Owners! Do you want more time to focus on your business growth? Do you want more time to focus on what you like doing? Let us give you 5 to 10 hours back a week! Ask us how!

We are scheduling appointments right now!!!!! Give us a call for your 2019 Return needs!!!!

For all your graphic needs!!!!! Meet our newest partners!!!!

Get your business ready to sale!!! Come strategize with The Tax Techs and let us introduce to you some of our network. #financialsarethekey #strategicpartners

How To Fix Negative Cash Flow Negative cash flow is a major reason why more than half of businesses don’t survive past their fifth year. Below I listed five steps that your business can take to fix cash flow problems: 1. Keep your books in order... Many business owners put their bookkeeping aside because they are too busy with the huge work load. Inconsistent invoicing and not keeping track of customer payments result in poor collections from the clients. The best way to get your business books in order is to use accounting software. Once your business books are in order, you’ll be able to stay on top of how much each customer owes you. 2. Run a credit check Unpaid bills and bad debt can be crippling for any business and can easily occur if a proper credit control system is not put in place. Check the prospective customers's credit history before you extend credit to an individual customer or a company. 3. Manage your payment terms If the payment terms you have set for your customers are out of sync with the payment terms set by your suppliers, negative cash flow can build up over time. The typical example is when your customers have 60 days to pay you but your suppliers want to be paid within 30 days. The best solution in this situation would be to renegotiate terms with your customers and/or suppliers. 4. Ask your customers for a deposit Large orders or projects require your business to spend a substantial amount of cash upfront. That might lead to cash shortages. To avoid cash crunch have your clients to provide you with working capital by asking them for a security deposit. Be consistent and build the deposit policy into your business sales model. 5. With a cash flow forecast, you’ll be able to see which months are expected to have a cash deficit, and which months you can expect a surplus. This is something you can do yourself or ask us to create for you. Taking the steps described above, and developing solutions to keep cash flowing into your business, will make you successful.

Introducing The Tax Techs of Augusta

IR-2019-01, January 7, 2019 WASHINGTON Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period, said IRS Commissioner Chuck Rettig.... Congress directed the payment of all tax refunds through a permanent, indefinite appropriation (31 U.S.C. 1324), and the IRS has consistently been of the view that it has authority to pay refunds despite a lapse in annual appropriations. Although in 2011 the Office of Management and Budget (OMB) directed the IRS not to pay refunds during a lapse, OMB has reviewed the relevant law at Treasury’s request and concluded that IRS may pay tax refunds during a lapse. The IRS will be recalling a significant portion of its workforce, currently furloughed as part of the government shutdown, to work. Additional details for the IRS filing season will be included in an updated FY2019 Lapsed Appropriations Contingency Plan to be released publicly in the coming days. IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years, said Rettig. As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file. They should file when they are ready to submit a complete and accurate tax return. The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns. Software companies and tax professionals will be accepting and preparing tax returns before Jan. 28 and then will submit the returns when the IRS systems open later this month. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.

Keeping you updated!