Tax Preparation Blog
 Tax Master DFW - Your local tax professionals 
Call us - (972)436-3786 
Visit us in Lewisville, Tx

HomeAbout UsContact UsServicesBookkeepingTax Prep and IRS News 
Form LLC/ CorporationTax BlogIncome TaxHome Ownership & TaxesGlossary of Terms


Income Taxes, Tax Filing, Tax refunds in DFW
IRS Help
Tax Preparation, tax filing, & tax refund Blog

Tax Preparation Blog

What are independent auditors?

by Tax Master DFW on 12/02/14

What are independent auditors?

Keywords:
#Arlington_Tax_Preparation, #Tax_Preparation, #Tx_Tax_prep, #Texas_Tax_Preparation, #Arlington_Tax_Prep, #Arlington_TX, #Tax_Prep, #DFW_Tax_Prep, #Tax_Filing, #Taxes, #Lewisville_Tax_Prep, #Lewisville_Tax_Preparation, #DFW_Tax_Preparation, #Arlington, #Tarrant_County, #Reduce_Taxes, #Tax_Refunds, #Pay_Taxes, #Tax_Help, #Bookkeeping, #DFW_Bookkeeping, #Investing, #tax_bookkeeping, #DFW, #Texas, #North_Texas, #Filing_Taxes, #1099, #W-2, #W-4, #W-9 

Independent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the business's accounting system and methods and gives a report that is attached to the company's financial statements. Publicly owned businesses are required to have their annual financial reports audited by independent CPA firms and any privately owned businesses have audits done as well because they know that an audit report will add credibility to their financial reports.

An auditor judges whether the business's accounting methods are in accordance with generally accepted accounting principles (GAAP). Generally everything is in place and the financial report is a reliable document. But at times an auditor will wave a yellow or red flag. Some indicators of potential trouble include when the business's capability to continue normal operations is in doubt because of what are known as financial exigencies, which could mean a low cash balance, unpaid overdue liabilities, or major lawsuits that the business doesn't have the cash to cover.

An auditor must exercise professional skepticism, meaning the auditor should challenge the accounting methods and reporting practices of the client in order to make sure that its financial statement conform with accounting standards and are not misleading - in short, that the financial statement are fairly presented. Indeed, the words "fairly presented" are the exact words used in the auditor's report.

A good auditor need technical know-how, but also needs to know how to be tough on the accounting methods of the client. His job is to be the agent of the shareholders and other users of the business's financial report. It's incumbent on an auditor to strictly uphold GAAP, and not let any irregularities slide. 

There are a number of well-known companies that engaged in accounting fraud recently  and that fraud was not discovered by the CPA auditors. Enron is one of these companies. In this case, the auditing firm, Arthur Anderson was found guilty of obstruction of justice because it destroyed audit evidence.

Easy Way To Sell Your Home

by Tax Master DFW on 12/02/14

Title: 
Easy Way To Sell Your Home

Word Count:
883

Summary:
It is not pleasant when you want to sell home but nobody is interested in. Selling a home need not be a bitter encounter. We should healthily treat it as a source of marketable commodity, a money-generating property, a real estate. We should see our property as not just a plain house or a shelter, but as a fortress! In selling a home, we should also let other people (especially prospective buyers) get the same home sweet home experience we had. 

Here is the first action yo...

Keywords:
#Arlington_Tax_Preparation, #Tax_Preparation, #Tx_Tax_prep, #Texas_Tax_Preparation, #Arlington_Tax_Prep, #Arlington_TX, #Tax_Prep, #DFW_Tax_Prep, #Tax_Filing, #Taxes, #Lewisville_Tax_Prep, #Lewisville_Tax_Preparation, #DFW_Tax_Preparation, #Arlington, #Tarrant_County, #Reduce_Taxes, #Tax_Refunds, #Pay_Taxes, #Tax_Help, #Bookkeeping, #DFW_Bookkeeping, #Investing, #tax_bookkeeping, #DFW, #Texas, #North_Texas, #Filing_Taxes, #1099, #W-2, #W-4, #W-9 



Article Body:
It is not pleasant when you want to sell home but nobody is interested in. Selling a home need not be a bitter encounter. We should healthily treat it as a source of marketable commodity, a money-generating property, a real estate. We should see our property as not just a plain house or a shelter, but as a fortress! In selling a home, we should also let other people (especially prospective buyers) get the same home sweet home experience we had. 

Here is the first action you should do to have a good move in selling a home is to first cut off your personal attachment from it. Have it ready for others to see and in time, they will consider buying it. 

Most people usually are not searching for big houses. They might consider the size more important if they have a large family, but most probably they will look for the comfort and homey feeling it brings. In selling a home, remember to restore its best features ñ just like the way it looked when you first stepped in. 

You should remove all posters and frames of photos and de-personalize before selling a home and presenting it to prospective buyers. Make sure you have a final walkthrough to see if all personal memorabilia has been removed. Then try to see the parts of your home that need some re-conditioning. 

All the clutter should be removed too as it is also a major step in selling a home. Sadly though, this part is also the hardest to do for homeowners as they have become emotionally attached to it. On the part of the buyer, seeing clutter is a very negative thing that will drive them away from the idea of buying. In selling a home, highlight all spacious area of the house and clear away all visible clutter. 

In selling a home, you will most likely meet two types of realtors. Realtor Type #1 will present and come up with prices much lower than what you have estimated and will strongly strengthen their statements with sales records of homes similar to yours. Then here comes Realtor Type #2 who perfectly agrees and matches with how much value you are expecting to get, or sometimes they may even declare a higher value. Study their Competitive Market Analysis before you decide. 

A last tip for selling your home is to take action now! Review your plans, pair up with the right realtor, and in just a short time you will feel much more comfortable in buying and selling real estate.

Nowadays, home buyers are having more choice about the homes they will buy. In the real estate market, competition is tough now to find a buyer that sees the potential in a home that needs a little work, without substantially lowering your asking price. 

There is a reason why you cannot get a fair price. In many cases buyers expect your home to be in 'move-in' condition before parting with their money. They see new carpets and freshly painted walls in showrooms and are judging your home with the same measuring stick. It changes what people are willing to pay. You receive offers subject to negotiations - meaning you have more work to do before the sale takes place. Others may simply try to give you a ridiculously low offer if they buy 'as-is'. 

If you have pressing circumstances that mean you cannot do the work or cannot afford the time it would take to have the work done you may take one of these offers, losing thousands of dollars of value just because it was the best offer on the table. 

Real estate investors know the market you are selling in. They are not put off by stains on the carpets, fading paint or any of the other typical wear and tear that comes with lived-in homes. You can find real estate investors who will take on all of the hassle of cleaning and prepping your home for new buyers - all the while taking over your payments so you don't have to wait for the closing before moving on. 

You save yourself the hassle of finding a buyer that's willing to give you a fair price for your home while also being relieved of the work involved to make it look what its worth. This can be very important when a move needs to be made right away but you simply don't have the time or ability to fix things up. 

It is better to find a realtor that can sell your home on the date you choose, giving you a fair price and doing the fixing up for you! All they can do is listing your home to the market - the market will decide what they will pay, not the realtor. Instead you may be talked into doing the work yourself or lowering your price - not always an option. 

Remember that an investor is a buyer - you will not be paying them to list your property, they will be purchasing it from you or taking over the payments until a buyer is ready to purchase. You will not pay commission fees and other usual closing costs - you just sell your home. Have your home evaluated and find out the process involved - its easier than you think!

Easy Sell Your Real Estate for Good Price

by Tax Master DFW on 12/02/14

Title: 
Easy Sell Your Real Estate for Good Price

Word Count:
536

Summary:
FsboListAndSell.com has been ranked number 1 realtor website for sellers. Also consider that on average a seller not using the MLS on average receives 16% less or $32,000 for a $200,000 home.

Keywords:
#Arlington_Tax_Preparation, #Tax_Preparation, #Tx_Tax_prep, #Texas_Tax_Preparation, #Arlington_Tax_Prep, #Arlington_TX, #Tax_Prep, #DFW_Tax_Prep, #Tax_Filing, #Taxes, #Lewisville_Tax_Prep, #Lewisville_Tax_Preparation, #DFW_Tax_Preparation, #Arlington, #Tarrant_County, #Reduce_Taxes, #Tax_Refunds, #Pay_Taxes, #Tax_Help, #Bookkeeping, #DFW_Bookkeeping, #Investing, #tax_bookkeeping, #DFW, #Texas, #North_Texas, #Filing_Taxes, #1099, #W-2, #W-4, #W-9 


Article Body:
Person normally sells his home only once or twice in his lifetime. But this is the most important and tedious of work to deal with the selling of home. As, it is so important to list your home with best of the prices and to the best of the buyer.

First thing that come to mind of people who sell their homes is to contact their local brokers or agents to list their property. With the changing times the tradition of searching and listing homes have also changed and now 75% of the buyers use internet as the medium to search homes.

Few of the basic things that is required when you are selling home, is you have the right exposure of your home to the potential buyers and the right presentation which can develop a keen internet in the buyer’s mind.

FSBO (for sale by owners) is the perfect opportunity to get listed your home in local MLS database and in FsboListAndSell.com. The MLS is where realtors will find your listing to show their clients and FsboListAndSell.com is where consumers look for their new homes worldwide.

What is and Facts about MLS
The MLS is a central registry of properties used by REALTOR(s) to match buyers with homes on the market. MLS is described as a "cooperative marketing system" to ensure maximum exposure of properties for sale. The MLS is very effective. Last year, sales across the MLS listings totaled over $100 billion.

In addition to being distributed in printed catalogues, MLS is also a sophisticated computer database of properties indexed by price, location, and type of home, number of bedrooms, amenities and so forth. Photos of homes may also be available on-line and, over the past year, many real estate boards and associations have added their MLS listings to the Internet through FsboListAndSell.com.

Another exciting fact is that on an average realtors are responsible for 85% of all home sales and 4 out of 5 home sold are listed on MLS. Over 75% of buyers use FsboListAndSell.com while searching for a home.

Listing
When you list your home its more than a listing. You get a bunch of benefits, which can make your work selling home easier. Some of the features, which you can get, are:

You don’t have to worry about fees when you are listing with MLS. You will be charged flat fee to list your home and thus providing you maximum exposure.

As MLS has linked with many sites so you get the power of listing on many other websites as well.

The most important aspect of listing at MLS is you get a expert guidance and consultation from real estate professional which indeed can make your work lot easier. 

More
FsboListAndSell.com has been ranked number 1 realtor website for sellers. Also consider that on average a seller not using the MLS on average receives 16% less or $32,000 for a $200,000 home.

Don't miss out on listing your property on the Internet's top homebuyer real estate sites.  Remember it’s not what you pay to sell your home but what you Net and the maximum of buyers who know your home is for sale the more likely you get a good price.

What is earnings per share?

by Tax Master DFW on 11/30/14

What is earnings per share?

Keywords:
#Arlington_Tax_Preparation, #Tax_Preparation, #Tx_Tax_prep, #Texas_Tax_Preparation, #Arlington_Tax_Prep, #Arlington_TX, #Tax_Prep, #DFW_Tax_Prep, #Tax_Filing, #Taxes, #Lewisville_Tax_Prep, #Lewisville_Tax_Preparation, #DFW_Tax_Preparation, #Arlington, #Tarrant_County, #Reduce_Taxes, #Tax_Refunds, #Pay_Taxes, #Tax_Help, #Bookkeeping, #DFW_Bookkeeping, #Investing, #tax_bookkeeping, #DFW, #Texas, #North_Texas, #Filing_Taxes, #1099, #W-2, #W-4, #W-9 


Publicly owned companies must report earnings per share (EPS) below the net income line in their income statements. This is mandated by generally accepted accounting practices (GAAP). The EPS gives investors a means of determining the amount the business earned on its stock share investments. In other words, EPS tells investors how much net income the business earned for each stock share they own. It's calculated by dividing net income by the total number of capital stock share. It's important to the stockholders who want the net income of the business to be communicated to them on a per share basis so they can compare it with the market price of their shares. 

Private businesses don't have to report EPS because stockholders focus more on the business's total net income. 

Publicly-held companies actually report two EPS figures, unless they have what's known as a simple capital structure. Most publicly-held companies though, have complex capital structures and have to report two EPS figures. One is called the basic EPS; the other is called the diluted EPS. Basic EPS is based on the number of stock shares that are outstanding. Diluted earnings are based on shares that are outstanding and shares that may be issued in the future in the form of stock options.

Obviously this is a complicated process. An accountant has to adjust the EPS formula for any number of occurrences or changes in the business. A business might issue additional stock shares during the year and buy back some of its own shares. Or it might issue several classes of stock, which will cause net income to be divided into two or more pools - one pool for each class of stock. A merger, acquisition or divestiture will also impact the formula for EPS.

Revenue and receivables

by Tax Master DFW on 11/30/14

Revenue and receivables

Keywords:
#Arlington_Tax_Preparation, #Tax_Preparation, #Tx_Tax_prep, #Texas_Tax_Preparation, #Arlington_Tax_Prep, #Arlington_TX, #Tax_Prep, #DFW_Tax_Prep, #Tax_Filing, #Taxes, #Lewisville_Tax_Prep, #Lewisville_Tax_Preparation, #DFW_Tax_Preparation, #Arlington, #Tarrant_County, #Reduce_Taxes, #Tax_Refunds, #Pay_Taxes, #Tax_Help, #Bookkeeping, #DFW_Bookkeeping, #Investing, #tax_bookkeeping, #DFW, #Texas, #North_Texas, #Filing_Taxes, #1099, #W-2, #W-4, #W-9 



In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a business. One of the more complicated accounting items are the accounts receivable. As a hypothetical situation, imagine a business that offers all its customers a 30-day credit period, which is fairly common in transactions between businesses, (not transactions between a business and individual consumers). 

An accounts receivable asset shows how much money customers who bought products on credit still owe the business. It's a promise of case that the business will receive. Basically, accounts receivable is the amount of uncollected sales revenue at the end of the accounting period. Cash does not increase until the business actually collects this money from its business customers. However, the amount of money in accounts receivable is included in the total sales revenue for that same period. The business did make the sales, even if it hasn't acquired all the money from the sales yet. Sales revenue, then isn't equal to the amount of cash that the business accumulated. 

To get actual cash flow, the accountant must subtract the amount of credit sales not collected from the sales revenue in cash. Then add in the amount of cash that was collected for the credit sales that were made in the preceding reporting period. If the amount of credit sales a business made during the reporting period is greater than what was collected from customers, then the accounts receivable account increased over the period and the business has to subtract from net income that difference. 

If the amount they collected during the reporting period is greater than the credit sales made, then the accounts receivable decreased over the reporting period, and the accountant needs to add to net income that difference between the receivables at the beginning of the reporting period and the receivables at the end of the same period.

What do you think of our prices compared to other tax preparing services?The best deal in the market
half the price of similar firms
Tax Master DFW offers personal service at a lower price
Tax Master has preparers fluent in Spanish and English
Consult one of our Tax Professionals before acting on any written Blog Post.  Each Tax Case is specific and we will assist you in the best manner for your scenario.
Arlington Tax Preparation
Lewisville Tax Preparation
DFW Tax Filing
Custom Search
DFW Tax Preparation
Many articles are third party works - purchased Private Label Rights - Articles are not necessarily our thoughts or Financial / investment advice.
Arlington - Dallas - Mansfield - Fort Worth - Flower Mound - Denton - Coppell - Roanoke - The Colony