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Today’s financial world can be complex and we provide you with answers to common questions… and not so common questions.
How will my taxes change in 2021?
The short answer is that for 70 percent of Americans who take the standard deduction, the tax bill probably will go down. Your tax preparer can give you a better idea of how much. Read more…
What do I need to talk to my CPA about regularly?
Your CPA should get to know you and your business well enough to regularly keep you aware of, and swiftly and appropriately reacting to, an array of factors that could effect your bottom line, for better or for worse. Read more…
How much of my office in 2021 is deductible?
If you work from home, this is an important question. You can deduct utility and mortgage or rent amounts that you spend on your home office, but there are certain guidelines you must follow. Talk to your accountant for exact answers that pertain to your situation.
How will the new tax law change the way I save for my kids’ education?
While funds from tax-advantaged 529 education savings plans have been used in the past to finance college education, they can now also be used toward paying for the cost of a private school education from kindergarten through 12th grade. Read more…
Can my CPA help me assess the overall value of my business?
Your accountant can estimate your company’s fair market value in excess of your tangible assets. He or she will start by examining your financial plan and then execute a discounted cash flow (DCF) analysis, a common but effective valuation method. Read more…
How will the 2021 tax law change my retirement?
If you’re a retiree and no longer itemizing because of the new tax law, there are still ways you can reduce your total tax bill. A professional tax preparer’s advice will be important. Read more…
I own my own business, do my employees count as contractors or employees?
This is a very important question because you have more responsibilities for a true employee, such as withholding income taxes and paying a portion of the employee’s employment. The rules can change every year, so it’s important to talk with your CPA before tax time arrives.
As a business owner, how can I take advantage of new, lower taxes?
If you file Schedule C, for business income, there are new rules that apply to so-called “pass-through entities” that could be beneficial to you. Read more…
What are the special requirements for business deductions?
If you plan to take deductions for a home office, a car, travel expenses, or household bills and equipment, then you will need to know the rules of doing so. For example, the portion of your home that you write off as your home office must be a space that you use exclusively for business purposes. Contact your CPA to learn more.
How much should I pay in quarterly taxes?
If you file quarterly taxes because you are self-employed or are a retiree with significant income, you can protect yourself from penalties by overpaying in the first and second quarter. Read more…
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We want to be on your team. Let us hear from you so we can connect you to one of our partners.