Busted! Don’t Believe These Accounting Myths!
Accounting is a complex and often misunderstood field, with numerous myths and misconceptions floating around. From believing that accounting is only about number crunching to believing that the tax season for individuals ends on April 15th, these myths can lead to costly mistakes and hinder the growth of your business.
We at Halal Bookkeeping and Tax are dedicated to providing accurate and reliable accounting services to our clients. To help you steer clear of these misconceptions, we’ll bust some of the most common accounting myths and help you make informed decisions about your finances. So, buckle up and get ready to separate fact from fiction!
Myth 1: Accountants only do taxes
Because tax season is a busy season for most accountants, most people think that taxes are all we do. There are tax preparers who are generally open only during tax season. Then there are accounting firms that are open all year. Accounting firms keep busy all year doing bookkeeping and accounting tasks, which include income and expense tracking, accounts receivable and payable tracking, payroll preparation, and the preparation of other business taxes. Halal Bookkeeping and Tax is an accounting firm, and we are open all year.
Myth 2: Tax season for individuals ends on April 15th
Some people file and pay their individual taxes by April 15th of every year. However, many people file an extension and do not actually file their taxes until October 15th of every year. Additionally, the IRS usually accepts individual returns for processing through November of every year. If you do not file your return by April 15th, you will be able to file at a later date. If you owe taxes, penalties and interest may apply if you do not file an extension. Our firm is open all year to assist you with any filings you may need.
Myth 3: Bookkeeping is the only thing accountants do
Although bookkeeping is an integral part of the accounting process, it is not the only part. Bookkeeping tracks income and expenses for a business. However, accountants also create up-to-date financial statements for companies and help those companies navigate the financial landscape of their industry. At Halal Bookkeeping and Tax, we are committed to helping our clients maximize their profits.
At Halal Bookkeeping and Tax, we are dedicated to providing accurate and reliable accounting services to our clients. By debunking these common accounting myths, we hope to help you make informed decisions about your finances and achieve financial success. Our mission is to provide accurate, affordable bookkeeping and accounting services to individuals and businesses. We take the time to get to know you and your business to provide high-quality personalized service. Our focus is to use our experience and knowledge of the accounting and tax preparation industry to help your business grow and succeed.
We offer services like accounting and bookkeeping, business tax preparation and filing, individual tax preparation, payroll services, business formation, consulting services, etc. We offer our services to clients across Bossier City, Shreveport, Haughton, Minden, Coushatta, Marshall, and Jefferson.
Get in touch with us today!