Accounting and Tax Tips and Information

written by Lauren Bakken, owner of Bakken CPA PC and co-author of the book, One-Income Household

Bakken CPA PC is dedicated to providing timely, professional, personalized service to businesses and individuals.

Monthly Archives: March 2011

Need Help Organizing Your Financial Records?

If finding important financial statements and other documents sends you searching through shoeboxes and overstuffed drawers, you are in need of a “financial organizing” makeover. Time spent gaining control of your financial records will pay off in the long run. Good recordkeeping can:
• Make tax preparation easier and remind you of deductions you might otherwise overlook
• Back up documentation may save you taxes, interest charges and penalties if the Internal Revenue Service (IRS) ever questions your return
• Give you a better handle on your overall financial position and help your CPA identify financial and tax planning opportunities
• Provide loved ones with a roadmap to your financial affairs if you die or become incapacitated

For more information on how to better organize your financial records, give us a call today!

Helping You Meet Your Personal Financial Goals

Whether you’re thinking of selling your home, purchasing a new home, saving for retirement, eliminating debt or funding a college education, we can help you achieve financial milestones with a realistic budget designed around your resources, responsibilities and goals.

For example, let us help you:
• Devise practical savings and investment strategies that help you stay on budget
• Capitalize on your fiscal strengths
• Address your financial weaknesses and provide solutions
• Ensure that your budget is flexible enough to accommodate changes that occur in your personal and professional life
• Help monitor and revise your budget as necessary so you can create a savings system that meets your goals as well as your lifestyle

We’re here to help you so give us a call!

Running Behind On This Year’s Tax Returns?

It’s mid-March and if you’re one of many who haven’t prepared your 2010 tax returns, you’re not alone.

You may want to consider using a tried and true local CPA this year. CPAs can help:

Counsel you through tax-return issues
Complete all required forms and compile necessary back-up materials
Properly prepare your returns in a timely fashion
Design strategies you can follow throughout the year to reduce your taxes, save money and achieve a smoother tax-preparation process
Clarify the impact of the latest tax laws, legislation and IRS rules on your tax liability
Identify the long- and short-term tax consequences of your spending, investment and other financial decisions
Advise you on the steps you can take to reduce your future tax liability
Most importantly, keep the IRS satisfied!