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McCormick-Smith Services LLC
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"Your Bookkeeping, Tax & Administrative Professionals"
"Your Bookkeeping, Tax & Administrative Professionals"

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Elements of Long-Term Business Success

Success…many want it, many attempt it, and many achieve it. One’s success is ultimately determined by the individual. Unlike individual success, successful businesses usually have similar characteristics. Although there is no exact formula to business success, there are elements that can help you to achieve long-term success in business. Utilizing these elements can help build the framework of prolonged existence and lucrativeness.

1. Choose a business venture that you truly enjoy.
2. Strive to become a specialist and not just another professional.
3. Organize your work life.
4. Discipline yourself.
5. Be Persistent.
6. Network, network, network.
7. Market yourself and business with extreme confidence.
8. Present yourself professionally.
9. Great verbal and non-verbal communication is key.

Business ownership is more than a full-time job. It is an adventure. Your business is a sculpture that has to continuously shaped and molded. Success in business will come and go during the short-term but the ultimate goal is long-term success. Apply the elements listed above along with additional experiences and knowledge to grow and maintain a successful business for years to come.
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Yes We're Open For Business!!!!

Got your W-2's, 1099's and/or other tax forms? Well swing into the office of McCormick-Smith Services LLC to have your taxes prepared. We also have drop off service and you can sign your documents through your smart devices.

Additionally, TODAY ONLY, if you bring your taxes to McCormick-Smith Services LLC, you will receive not only a chance to win a new laptop but you will receive 25% OFF tax preparation fees. Also, we are open today until 6pm.

We look forward to seeing you soon and making your income tax preparation experience one of a kind.
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The Official First Day of Tax Season Will Be January 29, 2017

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds.

The IRS set the Jan. 29 opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns.

PLEASE NOTE: The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return. The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years.
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Ten Tips for Choosing a Tax Preparer

It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely. This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return.

Here are ten tips for taxpayers to remember when selecting a preparer:
1. Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers.
2. Check the Preparer’s History. Ask the Better Business Bureau about the preparer. Check for disciplinary actions and the license status for credentialed preparers. For CPAs, check with the State Board of Accountancy. For attorneys, check with the State Bar Association. For Enrolled Agents, go to the verify enrolled agent status page on IRS.gov or check the directory.
3. Ask about Service Fees. Avoid preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition. When asking about a preparer’s services and fees, don’t give them tax documents, Social Security numbers or other information.
4. Ask to E-File. Taxpayers should make sure their preparer offers IRS e-file. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit.
5. Make Sure the Preparer is Available. Taxpayers may want to contact their preparer after this year’s April 17 due date. Avoid fly-by-night preparers.
6. Provide Records and Receipts. Good preparers will ask to see a taxpayer’s records and receipts. They’ll ask questions to figure things like the total income, tax deductions and credits.
7. Never Sign a Blank Return. Don’t use a tax preparer who asks a taxpayer to sign a blank tax form.
8. Review Before Signing. Before signing a tax return, review it. Ask questions if something is not clear. Taxpayers should feel comfortable with the accuracy of their return before they sign it. They should also make sure that their refund goes directly to them – not to the preparer’s bank account. Review the routing and bank account number on the completed return. The preparer should give you a copy of the completed tax return.
9. Ensure the Preparer Signs and Includes Their PTIN. All paid tax preparers must have a Preparer Tax Identification Number. By law, paid preparers must sign returns and include their PTIN.
10. Report Abusive Tax Preparers to the IRS. Most tax return preparers are honest and provide great service to their clients. However, some preparers are dishonest. Report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer. If a taxpayer suspects a tax preparer filed or changed their return without the taxpayer’s consent, they should file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit.
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The Official First Day of Tax Season Will Be January 29, 2017

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds.

The IRS set the Jan. 29 opening date to ensure the security and readiness of key tax processing systems in advance of the opening and to assess the potential impact of tax legislation on 2017 tax returns.

PLEASE NOTE: The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before mid-February. While the IRS will process those returns when received, it cannot issue related refunds before mid-February. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb. 27, 2018, if they chose direct deposit and there are no other issues with the tax return. The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years.
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Come to the Business Empowerment & Career Fair and meet the professionals of McCormick-Smith Services LLC on Saturday, August 5th 2017. Florence Civic Center beginning at 10:00am. Bring your resumes and be prepared to be entertained and encouraged as well.

Look forward to seeing you there!!!
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Come to the Business Empowerment & Career Fair and meet the professionals of McCormick-Smith Services LLC on Saturday, August 5th 2017. Florence Civic Center beginning at 10:00am. Bring your resumes and be prepared to be entertained and encouraged as well.

Look forward to seeing you there!!!

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Business Tip of the Week: Debit vs. Credit

Business transactions are events that have a monetary impact on the financial statements of an organization. When accounting for these transactions, we record numbers in two accounts:

A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry. .

A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry.
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Business Tip of the Week: Single vs. double entry accounting

Single entry bookkeeping can used by small businesses where a balance sheet is not required for financial control or tax purposes. Double entry bookkeeping is required for all businesses that must produce both a profit and loss account and a balance sheet.

To decide if a single entry or double entry system would be best for your business...consider the type of business you own. A small sole proprietorship or home-based business may not require a double entry system for recording business transactions.

However, if you have quite a few accounts receivable (money owed to your business by your customers) or accounts payable (money owed by your business), you may want to consider utilizing a double entry system. Most small business owners do not usually start right out with a double entry system. It is easier for them to use a single entry method which is kind of like your check register. You just add the money coming in and subtract the money going out and keep a running balance.
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Personal Finance Tip of the Week: Owe the IRS? Experiencing hardship? Apply for a hardship extension!

If you owe tax with your federal tax return, but can’t afford to pay it all when you file, the IRS has options to help you keep interest and penalties to a minimum. File your return on time and pay as much as you can with the return.

Qualifying individuals may request an extension of time to pay and have late payment penalties waived as part of the IRS Fresh Start initiative. To see if you qualify visit www.irs.gov and get Form 1127, Application for Extension of Time for Payment of Tax Due to Undue Hardship.
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