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Bookkeeping During COVID-19

Small businesses already have many odds stacked against them when trying to thrive in a world run by larger corporations. The newer the business is, typically the most difficult the struggle to survive. With the unexpected and financially devastating impact of COVID-19 in our communities, small businesses have had to overcome many additional obstacles this year. While the total impact the current pandemic will have on our economy is yet to be seen, there are certain steps small businesses can take in order to help navigate these difficult times. This includes practicing due diligence, aggressively monitoring business costs, keeping more detailed records of receivables, and checking your books with the intention of adjusting your business’s budget more frequently.

Make Smart Choices

For any business to succeed, creating financial plans, and sticking to them is critical. However, at this time, more than ever you will want to actively plan your decisions before making them. If you have a restaurant with an extensive menu of exotic items, consider offering a limited menu with your most popular dishes only. If you are a retail store, work to push the merchandise you already have before investing in new products. Changes like these, while simple, can offer a lifeline for struggling businesses in this financial climate. Working with a professional bookkeeping company, such as King Financial Services in Dallas, TX, can help you to survey your finances and maintain your business.

Federal Relief Aid in Fort Worth, TX

The global pandemic has led to many businesses having to shut their doors, some on a temporary basis, and sadly others will never reopen due to the financial destruction this highly contagious virus has caused them. At King Financial Services in Dallas, TX, we offer small businesses a wide range of services to ensure business owners are utilizing every available resource to them during this difficult time.

Our team of financial professionals will work with your business to find and apply for all financial assistance you may qualify for through the government as well as help you properly file taxes for 2020. We have many tools to help businesses overcome the traumatic devastation this pandemic has brought to our economy. This has been a difficult time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan and how to ensure you are getting all the tax breaks you qualify for.

King Financial Services in Fort Worth

Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understands how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.

King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343
https://kingfinancialsvcs.com/
https://www.facebook.com/kingtaxsvcs
https://kingfinancialsvcs.com/bookkeeping/

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Do I Have To Claim My Stimulus Check On My Taxes?

This year the IRS sent a stimulus check to every qualifying American that amounted to $1,200, with the addition of $500 for every child. The talk of a second round of stimulus checks has been buzzing around since the summer with no set dates or certainty when they will be decided on, or when they will be distributed. While this money has been an aid for many Americans, it comes with a lot of questions. A question on many people’s minds is, “Do I have to claim my stimulus check on my taxes?”

Under the Cares Act, the stimulus checks Americans have received will be treated as a fully refundable tax credit for 2020. This means you will not have to include the money you receive in your gross income, so it will not be taxed by the government. However, the stimulus check is considered an advance on your 2020 tax credit, which means you will be required to report the stimulus when you do file your taxes for the year.

While the term, “refundable credit,” has caused widespread upset online, it is important to note that your 2020 tax return and any refund you’re due when you file that return in early 2021 will not be impacted by the stimulus check you have received.

Federal Relief Aid in Fort Worth, TX

COVID-19 has led to the shutdown of many businesses, some on a temporary basis, and sadly others will never reopen due to the financial devastation this pandemic has caused them. Our dedicated financial team offers services to ensure business owners are utilizing every available resource to them during this difficult time.

We will work with your business to find and apply for all financial assistance you may qualify for through the government as well as help you properly file taxes for 2020. This has been an extremely trying time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan and how to ensure you are getting all the tax breaks you qualify for.

King Financial Services in Fort Worth

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Do I Need To Hire Someone For My Bookkeeping and Payroll?

For many small and medium-sized businesses, working with an outside company in order to keep up with bookkeeping and payroll services is the most financially viable option. This is because hiring an in-house employee to track these finances means adding an additional employee to pay the salary of and worry about benefits for. In other cases, business owners may attempt to handle all of the financial tracking and payroll services on their own, which can also cause issues as a business owner’s time is already spread thin. Our team is here to help you grow your business and get the solutions you are looking for to have accurate and consistent record keeping. All of the services we offer are simple for business owners to utilize in order to cause as little disruption to their lives as possible.

Why Is Bookkeeping Important For My Business?

Major problems can arise whenever businesses fail to keep accurate and up-to-date records of all of their financial information. Not only can this impact them come tax season, but it also can make it difficult for businesses to understand what is financially working and not working for them. When you are unable to track your progress or see what areas you can improve in your company, you will struggle to maximize your profits.

Our services help business owners track shipping costs, maintenance fees, and even hourly wages, inventory costs, and more. Having an understanding of your business’s fixed and varied costs brings you the information needed to measure how much you are required to make in order to break-even. Without this, it can be difficult to understand if you are making more than you are spending. This is how the team at King Financial Services in Fort Worth, TX can help you! We work closely with small and medium-sized business owners to help them identify what issues they may be having with their company’s finances. Contact us today to learn more about how we can help get your company on track!

Federal Relief Aid in Fort Worth, TX

No matter what industry you work in, it is safe to say that the COVID-19 pandemic has probably impacted your company in some form. While some businesses have been able to maintain throughout this global crisis, not all businesses have been as fortunate. At King Financial Services in Fort Worth, TX, our financial staff does more than just help businesses stay organized with their bookkeeping and payroll services. Our team is dedicated to helping all businesses financially thrive in any way possible, this includes in the toughest times such as natural disasters and now a viral pandemic. COVID-19 has led to the shutdown of many businesses, some on a temporary basis, and sadly others will never reopen due to the financial devastation this pandemic has caused them. Our dedicated financial team offers services to ensure business owners are utilizing every available resource to them during this difficult time.

King Financial Services in Fort Worth

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Affordable Bookkeeping and Payroll Services

Business owners are required to take on several different tasks in order to keep their business functioning properly and to continue growing it. This can make it difficult to find the time to keep up with some essential aspects of running your business, such as doing your bookkeeping and payroll services. While larger businesses may find it best to hire an in-house employee to keep up with their finances and payroll services, this may not be a financially viable option for business owners running small to medium-sized businesses.

At King Financial Services in Fort Worth, we have the solution! We offer affordable bookkeeping and payroll services that can help your small or medium-sized business thrive. Our team makes it simple for you to keep up-to-date records of all of your financial transactions and expenditures, as well as keep accurate records of the hours and pay for all of your employees working for your company. Spend your time doing things that matter, like growing your business, and leave the busy work to King Financial Services. Our team is dedicated to helping you get the best solutions for all of your financial record-keeping needs. We work closely with business owners in order to quickly identify and track the needs of your industry as well as the specific needs of your company. Learn more when you schedule a consultation with our team today.

Federal Relief Aid in Fort Worth, TX

At King Financial Services in Fort Worth, TX, we do a lot more than just help businesses stay organized with their bookkeeping and payroll services. Our team is dedicated to helping businesses financially thrive in any way possible, this includes in the toughest times. COVID-19 has led to the shutdown of many businesses, some are only temporarily closed, and sadly some will never reopen due to the financial devastation this pandemic has caused. Our dedicated team offers financial services to ensure business owners are utilizing every available resource to them during this time.

We will work with your company to find and apply for all financial assistance you may qualify for through the government. This has been a difficult time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan and how to ensure you are getting all the tax breaks you qualify for.

King Financial Services in Fort Worth

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Local Bookkeeping and Payroll Services

When it comes to running a successful business finding time for your bookkeeping and payroll may be difficult to manage. Many businesses hire an in-house bookkeeper and payroll employee, but this can be expensive and not in the budget for many small and medium-sized businesses. At King Financial Services in Fort Worth, we have the solution! We offer local bookkeeping and payroll services, as well as out-of-state bookkeeping and payroll services. Our team makes it easier than ever for you to keep accurate records of all of your financial transactions and expenditures, as well as track the hours and pay for all of your employees. Don’t waste your valuable time doing busy work, instead work with King Financial Services for all of your financial needs.

At King Financial Services in Fort Worth, we work with businesses to help them keep accurate and up to date financial information for their books, while also providing the most convenient payroll services available for small and medium-sized businesses. Our team will work closely with business owners in order to identify and understand the needs of your industry as well as the unique needs of your company. Our goal is to help your business succeed by keeping it financially accounted for, so all your financial information is accessible and correct. Schedule an appointment with our financial staff today to learn more about how King Financial Services can help you succeed.

Federal Relief Aid in Fort Worth, TX

In addition to bookkeeping and payroll services, the team at King Financial Services in Fort Worth, TX, offers services to ensure you are utilizing every available resource during unexpected downturns and natural disasters, such as this current pandemic. We will be able to work with your company to find and apply for all financial assistance you may qualify for through the government. This has been a difficult time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan.

King Financial Services in Fort Worth

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Guideline for Deducting Business Expenses

According to the IRS:
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit.

What Can I Deduct?
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

It is important to separate business expenses from the following expenses:

-The expenses used to figure the cost of goods sold,
-Capital Expenses, and
-Personal Expenses.
-Cost of Goods Sold

If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax year to determine your cost of goods sold unless you are a small business taxpayer (defined below). Some of your expenses may be included in figuring the cost of goods sold. The cost of goods sold is deducted from your gross receipts to figure your gross profit for the year. If you include an expense in the cost of goods sold, you cannot deduct it again as a business expense.

The following are types of expenses that go into figuring the cost of goods sold.

-The cost of products or raw materials, including freight
-Storage
-Direct labor costs (including contributions to pensions or annuity plans) for workers who produce the products
-Factory overhead

Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities unless you are a small business taxpayer (defined below). Indirect costs include rent, interest, taxes, storage, purchasing, processing, repackaging, handling, and administrative costs.

At King Financial Services in Fort Worth, we can help businesses to identify all expenses that are deductible for their business. Our team works closely with businesses to understand their unique needs and traits, to ensure they are getting the best financial advice and help. Our goal is to help your business succeed and utilize all tax breaks you qualify for. Schedule an appointment with our staff today.

Federal Relief Aid in Fort Worth, TX
At King Financial Services in Fort Worth, TX will be able to work with your company to find and apply for any financial assistance you may qualify for through the government. This has been a difficult time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan.

King Financial Services in Fort Worth

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Tax Help For Businesses Affected By The Pandemic

Unfortunately, 2020 has been an extremely trying time for many individuals and business owners across the world. Not only have we been impacted by the spread of this virus, but we also have been exposed to a new way of life that has left many people in an unstable financial position. No one could have planned for the shut-down of so many different businesses throughout the country and beyond. At King Financial Services, we are working hard to help provide tax help for businesses affected by the pandemic. We understand that taxes can be difficult even under the best circumstances, but with all of the uncertainty surrounding this pandemic, they can be even more complex for business owners to file on their own. From helping you to ensure you are utilizing every tax break available for your business to helping you apply for federal relief, our team of financial professionals are here for your company.

If you have a business with under 500 employees, you may qualify for The Families First Coronavirus Response Act, which gives all American businesses funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members.

If your business has been financially impacted by COVID-19, you may qualify for The Employee Retention Credit, which is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.

Federal Relief Aid in Fort Worth, TX

At King Financial Services in Fort Worth, TX will be able to work with your company to find and apply for any financial assistance you may qualify for through the government. This has been a difficult time for all of us and should not be made any worse by trying to navigate the complex financial climate on your own. Contact King Financial Services today to learn more about how we can help your company apply for a federal disaster loan.

King Financial Services in Fort Worth TX

Don’t get lost in the paperwork that comes along with running a business, instead reach out to King Financial Services. Our team of financial professionals understand how overwhelming it can be to you and your staff to keep up with additional tasks and record keeping. This is why we help eliminate the workload that comes with bookkeeping in house by managing all of the additional responsibilities, such as payroll and bookkeeping. Contact us today to learn more about the tax and financial services we offer. Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.

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Affordable Tax Help in Fort Worth TX

Filing your taxes can be difficult even in the most simple of circumstances, filing your taxes during a global pandemic and shut-down, can be downright overwhelming. Luckily, the team at King Financial Services is here to help you. We understand that for many businesses, the lockdown orders we have seen throughout our communities have made it nearly impossible to keep your business financially afloat. You may have taken federal relief or loans, in order to help your business survive these difficult times. But how will all of this impact you when it comes time to file your 2020 taxes? Many business owners are left with more questions than answers as we inch closer to the end of the year.

Working with the financial experts at King Financial Services for affordable tax help in Fort Worth, TX, is a great place to start. Our team can help ensure your company is not overpaying taxes, and that you have applied for all of the federal relief aid you qualify for. We understand that things have not been easy, but this does not mean filling your taxes needs to be more complicated too. Instead of stressing out trying to determine how you can have your needs met this coming tax season, reach out to our team today! The tax professionals at King Financial Services are the best in Tax Preparation. King Financial service has decades of experience. From individual taxes to complex business taxes, we have got you covered! Don’t forget to ask about our payroll and bookkeeping services for your business as well!

Federal Relief Aid in Fort Worth TX

King Financial Services in Fort Worth TX

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2020 Tax Assistance in Fort Worth TX

Dealing with the stresses of filing your business or personal taxes can be overwhelming even under the best of circumstances. Trying to navigate this task during a pandemic, where your business has been forced to either shut down or quickly adapt to new guidelines can be extremely stressful and confusing. Luckily, the financial experts at King Financial Services in Fort Worth, TX have got you covered! Our team is here to help you navigate this difficult time and protect your business. We understand how financially devastating the events of 2020 have been for many business owners who want to do everything we can to help your business thrive. From helping you determine what federal relief you qualify for, to helping you get every tax break you deserve, our team is dedicated to helping you recover from this pandemic.

At King Financial Services, our focus is to offer our clients the most affordable and reliable financial and tax services in Fort Worth, TX and surrounding areas. Our team of financial experts work hard to make it easy for you to stay on top of your finances and leave no stone unturned. Managing your company’s finances and keeping track of all the numbers can feel like a busy work and even a distraction from the things that really matter when it comes to running your business. If something goes wrong with your commercial taxes you can end up in a financial disaster! Don’t gamble with the accuracy of your finances- especially during such a difficult time in our lives, instead trust the professionals at King Financial Services to handle your financial needs this coming tax season!

Federal Relief Aid in Fort Worth, TX

King Financial Services in Fort Worth TX

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What Federal Relief Do I Qualify For?

Around the world people are changing the way they live their lives and interact with the world around them in order to help fight the spread of COVID-19. This pandemic has been difficult for individuals and businesses alike. The government is providing federal disaster loans of up to $2 million have been made available to small businesses and nonprofits significantly affected by the coronavirus pandemic. The team at King Financial Services in Fort Worth, TX, are here to help you understand what relief funds you qualify for. Schedule an appointment with us to get the answers you are looking for about what relief your business qualifies for and how you can apply for it.

We are offering virtual tax services for those who are looking to maintain social distancing while also getting financial help. From federal relief services to maintaining your bookkeeping, we are prepared to help customers get the same quality of services without feeling obligated to be in pressing social situations. Get the help you need with our team today!

Federal Relief Aid in Fort Worth, TX

King Financial Services in Fort Worth TX

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