Please reference the table and details in the following Insights article.

Reference our IRS Tax Withholding Estimator page here.

We provide both CPA related services, such as auditing, we also provide basic accounting functions such as bookkeeping, we are a one-stop service shop for all your accounting needs.

Although lawyers can get the paperwork together to make your incorporation happen, they might not know all the different tax laws that can apply to the different kinds of incorporations. Therefore, we suggest you see an accountant first to find out exactly which kind of incorporation you should pursue. Then have either your accountant or the lawyer to finish the paperwork.

A good retirement plan can be an essential weapon in your arsenal for accumulating wealth. I will go out on a limb…Every business owner with taxable income from some source (whether from the business or not) should have a retirement plan to help defer taxes and to accumulate savings tax free!

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act is a federal law passed in late 2022 to help Americans save for retirement. The law includes several changes to retirement policy, including:

• Raising the age for required minimum distributions (RMDs)

  The age at which you must begin taking RMDs increases from 72 to 73 in 2023 and then to 75 in 2033. The penalty for not taking an RMD is also reduced from 50% to 25%, and to 10% if corrected within two years.

• Increasing catch-up contribution limits

  For people ages 60 to 63, the catch-up contribution limit increases to the greater of $10,000 or 50% more than the regular catch-up amount.

• Allowing student loan repayments to be treated as elective deferrals

  Employers can treat student loan payments as elective contributions to a 401(k), 403(b), or SIMPLE IRA for purposes of their employer match.

• Encouraging employees to contribute to retirement plans

  Employers can offer small financial incentives to employees who choose to participate in retirement savings arrangements.

• Making part-time employees eligible to enroll in retirement plans sooner

  Starting January 1, 2025, long-term part-time workers can enroll in their employer's retirement plan after two years instead of three.

SECURE 2.0 is a continuation of the original Secure Act of 2019, which also changed how Americans saved and withdrew money from their retirement accounts.

For more in-depth information on the SECURE Act vs. SECURE Act 2.0, and optimizing your retirement strategy, learn more here.

The answer to your question is an unequivocal “YES”. Obviously, the markets have been tough on all of us over the last few years. But we have strategies available to us still that can get you on the road to developing a wealth base, and then in helping you to develop that base and RETAIN IT! Please give us a call and we will set up a time to discuss this.

We are affiliated with various registered advisory firms. We all meet together to determine your goals and strategies and develop an action plan.

No. Child support payments are not deductible, because they represent a pre-existing legal obligation to support your children.

You can call the IRS at its toll-free line at 800-829-1040. or online at: https://www.irs.gov/

To be ready to respond, you should have your Social Security number, your filing status and your refund or payment due amounts. Allow between 4 to 6 weeks before you contact the IRS.

Many times you are correct, and you can prepare and file a return. But did you take all the deductions? Did you take the available tax credit? Did you go to a tax course in the past 12 months? We find that many returns can be self-prepared, but many are lacking in all the deductions that can be taken.

No. IRS does not have access to credit card numbers or directly participate in the credit card transactions. The IRS relies on private credit card processors to verify the validity of the card and line of credit. The processors forward the appropriate tax payment information to the IRS.

The company that processes your credit card payment charges a convenience fee. You are informed of the convenience fee amount before you authorize the payment. The fee is in addition to any charges, such as interest, that may be assessed by your credit card issuer.

Our experience shows us that if you know something about accounting AND your computer software is set up properly from the beginning, it is possible that we don’t need to spend as much time on your accounting. But in some cases, the initial set up was not done properly and we end up spending more time ‘cleaning up’ the errors than if we had just entered the detail from the beginning.

QuickBooks Online can help you with your small business accounting, but they cannot think for you. The software has to be set up properly from the beginning or you will have problems. We find that by setting it up yourself, it can cost you more in accounting fees because it takes longer for us to resolve those errors. We advise that if you are going to use one of these products you have your accountant help you set it up. We can help you with this process.

Typically, most people will go to their lawyer first, get the business set up and then contact an accountant. We would rather that you contact us at the beginning. There are many different kinds of companies and we can help you select the best one for the kind of company that you will be setting up. Then we will continue to help you with payroll, tax returns, monthly accounting, and financial statements to whatever degree you need.

Keep detailed records of your income, expenses, and any other information you report on your tax return. This is especially important with cryptocurrency taxes. A good set of records can help you save money when you do your taxes and will be a trusty ally in case you are audited.

You should bring all your information in as soon as you have it all together. The sooner you bring it in to us the better chance we have at making sure we’ve done the best possible job for you.

Yes, you should keep your old tax returns for at least 7 years. When a return contains information pertaining to the basis of property owned, it should be kept until that property is sold. One of the benefits of keeping your tax returns from year to year is that you can look at last year return while preparing this year. If you do throw out an old return you may fill out form 4506, Request for Copy or Transcript of Tax Form, and send it to the IRS service center where you filed your return.

There are other records you should keep, even though they don’t appear to have any use for your tax returns. Family documents, certain medical records, insurance policies, records of major purchases, are just a few examples. These documents will be needed in the case of any emergency that may arise.

Yes. When setting up a new business, it is crucial to set up the right type of business, such as corporation, S corporation, limited liability company, limited liability partnership, partnership, sole proprietorship, etc. Our consulting services will help you form the right type of business based on your unique situation with consideration given to liability issues and tax advantages.

We charge by the hour. We can give you a quotation of our expected costs. When providing our services, if we can help you reduce our time, we will tell you how. Our support, such as our tax organizer, is designed to offer professional, fast, and accurate services and to minimize our charges to you. Our overhead is kept low to allow us to pass our cost savings onto our clients. Our charges are normally less than other quality firms.

Of course. With our technical abilities we can provide services anywhere in the world.

You sometimes may benefit from filing separately instead of jointly. We use a comprehensive tax software system that computes and provides the best alternative in your situation.

Since each client situation is different, we strive to first understand the situation and needs of the prospective client before providing a fee estimate. We bill our fees based on actual time devoted.

We prepare all tax returns including individual, corporation, LLC and LLP, estate and trust, partnership, payroll, sales tax, and other taxes. We offer bookkeeping and accounting services, financial & tax planning and estate and trust planning. For more detail regarding our services please visit our services menu in our website.

Yes! Many of our clients are just starting in business. We will lead you through the necessary governmental forms. We also offer Fractional CFO services to assist in growth strategies and help manage expenses.

Through our networking, we can also assist in finding you other necessary professionals to deal with (lawyers, insurance agents, mortgage brokers, etc.) throughout the state.

We provide services to businesses, professionals and retailers of small to medium size.

It is not necessary to visit our office. Many clients utilize email or meet using Skype services to provide their information to us. For new clients, we encourage a meeting so that we can discuss your unique tax situation.

Yes. Our leadership team tracks regulation and cryptocurrency tax changes to help guide our clients in the rapidly changing digital currency ecosystem and provides strategic accounting expertise to assist meeting the goals of individuals and businesses of all sizes.

For more information on cryptocurrency tax, view our Cryptocurrency Tax Guide.

The EFTPS system allows both individuals and business owners to electronically pay the IRS. The Direct Pay system is only for individuals.

Please reference our 2024 IRS Tax Calendar here.