As you prepare your company for tax time, you may wonder how to organize financial records for tax filing tax returns correctly. On February 2, Myrna Stacey, CPA, joined the team of financial education ACCION USA to offer an online seminar on strategies ideal for a good accounting. In a nutshell and stressing the importance of keeping good accounting, these are the wise counsel of Myrma.

WHAT ARE THE BENEFITS OF KEEPING A GOOD ACCOUNTING?

If you operate your business alone, as your business grows you will have less time dellevar continuous and accurate record of your finances. But strive not to leave the accounting side, remember that good accounting brings many benefits:

Taxes will be made and sent correctly, earning money as possible.
You may make a price analysis and see if they sell at the right price.
Ensure that the costs are based on amount of income.
Know the percentage of spending for every dollar in wages, utilities, etc..
Identify the amount of income that the business will need to obtain the desired personal salary.
Recognize if you have enough income to pay for debt.
Good accounting will allow you to work effectively and allow you to use this valuable information to make decisions and take the company in the direction you want.

Prepares bank mortgage war on forecasts of a recovery in home sales in coming quarters for tax reasons and prosecutors. However, the granting of mortgages will be more selective.

Economic recovery and reform of the VAT will be incentives that will drive new home purchase in mid-2010, according to Cristina Martín, director of Inter-bank Mortgage Financing.

For this reason, financial institutions prepare for more competitive products for customers in the second half of 2010, although the risk policy of banks will remain stricter than years ago. In a situation with a default rate above 5% as the current institutions are clear that “we have to see what customers are interested in and what not”

On a mortgage at 100% with prices down, ensuring that the bank receives less than the money it lends, so it is necessary to study more to customers, according to the entities. sectors more difficult it is: young people and non-residents.

• Debtors must file more documents, including detailed statements of monthly net income, proof of income (pay stubs) for the past 60 days and tax returns last year.
• To pay off debts, debtors must receive credit counseling before filing bankruptcy and after an educational course.
• Debtors facing higher fees for filing bankruptcy, plus the charges for credit counseling and educational course.
• The request and the bankruptcy process is more complicated, so it is very difficult to declare it without the help of a lawyer.

The process of declaring bankruptcy is now more difficult for attorneys:

• The signature of an attorney in an application certifies that counsel has conducted a reasonable investigation of the circumstances that gave rise to the request.
• Attorneys must carefully review documents such as tax returns and pay stubs, as well as requesting credit reports to customers.
• The attorneys may be sanctioned if they make mistakes in the process.