Welcome to Lark Insurance & Financial Services!

As you would expect, Lark Insurance & Financial Services offers you complete and integrated advice on business taxes, preparing and compliance services. Business taxes have a unique set of issues, as do you, personally. Our approach to tax preparing is the same as our approach to all of our professional services - it begins by talking with you to identify where you are today and where you want to be tomorrow - and then defines a plan to achieve minimum tax liability this year, and as you move toward your longer-term goals. Below are some helpful hints to prepare you for the upcoming 2007 tax return:
	Keep track of all donations made throughout the year.
	Keep track of all business-related expenses in their appropriate categories.
	If you are claiming dependents, make sure you have their correct social security number, name, and date of birth.
	Keep track of how many miles you drive your vehicle throughout the year, and exactly how many of those miles are business related.
	Make sure to include all interest-earned statements into your tax returns.
	For electronic filing, your last name must match with what is on records with the Social Security Administration.
	Do not include a dependent unless you are sure that he or she is not included on someone else’s tax return.
	Make sure the mailing address is correct on the tax returns.
	Keep track of car registration dues if you itemize your deductions.
	Keep track of property taxes paid on your properties.
	If you are claiming educational expenses, keep track of all school-related expenses.
	If you are a business owner, ask your tax preparer whether or not it would benefit you to convert your sole proprietorship into a corporation.
	Most businessowners are required to file quarterly tax returns.
	Be sure to send your tax returns prior to the end of March if you are incorporated. For sole proprietors and individuals you typically need to file by April 15^th.
	If you are sent an audit letter or a letter of explanation from the IRS, make sure to respond within a timely manner.
	Make sure to let the tax preparer know if you have bought or sold any property during the year.
	If you have a home office, remember that you must use a room in the house or on the property to claim it as a deduction. You cannot claim your bedroom as a deduction just because you have your computer set up there.
	If you are paying each year to the IRS, ask the preparer what options you have for reducing the amount you owe.
	Remember, if the IRS asks you for receipts for the expenses that you have claimed, it is your responsibility to supply them, not the prepares.
	Keep receipts for meals if you are self-employed, and if you take clients or contacts out to lunches & dinners.
	Keep good track of how much you pay to each employee. He or she must have a name, social security number, and an address in order for you to give them a 1099 form.
	If you are using a particular software program for bookkeeping, make sure you are using it properly. There are professionals who can help.
	Employment taxes must be paid to EDD and the United States Treasury every quarter. Make sure to file in a timely manner to avoid any penalties.
	Sales taxes are due on the 31^st of January.
	It is recommended that you keep 2 cell phones; one to use for work purposes, and the other for personal purposes. This also applies to computers. You can only use your business computer for business purposes.
	Keep track of work-related expenses for which you are not reimbursed by your employer.
	It is recommended that you use either bookkeeping software, or a bookkeeping professional for timely & efficient processing of records. Software programs can give you an up-to-date profit & loss statement and balance sheet.