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.
If you’re ready to have a better tax and accounting experience, click below to get in touch.
