Today’s small businesses face some big challenges, many of which can be overcome with smart tax planning and preparation. When you partner with us, you’ll spend less time crunching numbers and more time focusing on your business, your clients, and your family. We help ease your financial burden with the following accounting services: Financial reporting [...]
Accurate, timely tax preparation is essential to the financial health and stability of any business or household. In addition to filing annual returns for the prior year, our long-term tax planning services help you look ahead with confidence and foresight. As a result of this careful planning, the time, costs, and liability of tax preparation [...]
So May's recommendation, moves onto June's doing and that always makes me worry about change! Do I have a plan? Is it any good? Oh, and how is everyone else going to respond to the changes! If you are anything like me, then change can be difficult. I was forced to read a book about change long ago in my early career days called "Who moved my Cheese?" and found out that I really enjoyed it. It was fun and it really illustrated the process of change as well as the things that cause us not to change and finally what happens if you don't.
CPA's typically are locked in their offices for the first four months of the year and then hide several weeks after as to regain some brain cells. I admit this is pretty true for me too. After 60 hour work weeks, with intensity and pressure of a time-line breathing down your neck, a brief rest [...]
All tax planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that can result. THE GOAL OF TAX PLANNING IS TO SAVE YOU MONEY! Every taxpayer has the right AND the responsibility to lower his/her tax bill using a number of different legal methods. Tax planning is the tool that helps you evaluate your financial situation in light of current laws to make sure that you get the benefit of all deductions you’re entitled to.
Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS. To ensure compliance with these requirements, there are substantial penalties, and, as part of the recently passed Small Business Jobs Act of 2010, those penalties have been doubled. The penalties are generally based upon how late the returns are filed with the IRS or provided to the recipient of the income and are broken down into three tiers:
If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of. The following are some of the more commonly encountered issues a new business owner needs to cope with. 1. Entity Selection – First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of businesses are the sole proprietorship, partnership, corporation, S corporation and limited liability company. This office can assist you in making that determination and setting up the chosen entity. Depending on the type of entity you choose, you may also need the services of an attorney to complete legal documents required to establish the business.
Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year.
Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS. Here are some basic tips:
Our courageous armed service men and women now have until April 30, 2011 to take advantage of the home buyer tax credit. Although it expired a little over a month ago for most Americans, this extra year goes a long way for qualified service members.