We offer tax advice and expertise tailored to your situation and goals. People who prepare their own taxes, even using tax software, often miss deductions and tax credits and lose significantly more in their tax bill than what they “save” by doing it themselves.
We offer tax advice and expertise tailored to your situation and goals. People who prepare their own taxes, even using tax software, often miss deductions and tax credits and lose significantly more in their tax bill than what they “save” by doing it themselves.
Managing a business account and paying your employees can be confusing and time-consuming. Let us handle the heavy lifting so you can focus on other areas of your business.
Managing a business account and paying your employees can be confusing and time-consuming. Let us handle the heavy lifting so you can focus on other areas of your business.
Facing an audit can, frankly, be very intimidating. To start, we recommend creating an organized filing system, reconciling accounts soon after the end of the year, and completing your auditor’s checklist.
Keep in mind that the audit will likely happen by mail or in-person. It’s important to work with, not against, your auditor. And after the audit, relax! You earned it!
The IRS defines the QBI as follows:
“Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction. For more information on what qualifies as a trade or business, see Determining your qualified trades or businesses in Publication 535.”
A financial forecast is a tool that businesses use to create a plan to determine if it’s going in the direction. Even though budgeting and financial forecasting are commonly used together, explicit differences exist between the two. Budgeting quantifies what we’ll expect from revenues that a company wants to achieve for a period in the future, while financial forecasting estimates how many revenues will be achieved in a period in the future.
Self-employed taxpayers are allowed an “above the line” deduction (in other words, a deduction directly from your gross income) for the entire cost of providing medical and dental insurance for themselves and their families. S Corp stockholders who own at least 2% of stock are considered self-employed. However, if these benefits are not treated properly, the greater than 2% stockholder would lose access to those deductions on their tax return.
It depends. If you’re looking for someone to enter daily transactions into your accounting system, we’d recommend going with a bookkeeper. However, if you want someone to analyze your financial data, you’ll want to go with an accountant.
Absolutely! We can take a deep dive into your business and its expenses in order to determine which items are deductible.
For the first year of putting the car into service, clients should be tracking mileage and fuel, and the determination can be made at tax time to see which is the better deduction. If you are unsure of what you have done in years past, reach out to us, and we can help.
If you are an employee (a.k.a. you get a W-2), you cannot claim your home office. If you are a business owner, then we would need your home total square footage and sq. ft. used exclusively for business.
CPAs are under a state’s jurisdiction and EAs are under federal. EAs focus on tax knowledge and CPAs don’t have to. You do not need a CPA to file your income tax return.
Our secure portal is the safest way to send your documents to us, whether that be bank statements, banking information, past tax returns, Social Security numbers, tax documents, etc. We suggest using only PDFs, Word Documents, or Excel sheets. If sending an image, it needs to be a PNG file. Your portal also has a secure message feature where you can reach out to us as well. You will get notified anytime we message you in your portal or when we have uploaded a new document for you. We will get notified much the same: anytime you upload a new document or send us a message.
If you are new or do not have a portal, please call our office at 507.206.0677 or email [email protected] and our admin team will set you up with a portal and walk through set up steps with you.
You can access your portal through our menu link, “Client Portal,” or by bookmarking this quick link for ease. There is also a “forgot username/password” on this login screen, should you need to reset your password.
If you’re ready to have a better tax and accounting experience, click below to get in touch.
