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Preparing income tax returns is a very important service offered by your CPA.  However, your accountant can offer many other professional services.   Not only should your accountant understand the myriad of current income tax laws, they should have access to knowledge that will assist you in areas such as estate planning, and inheritance laws.  Your accountant can also be a source of information with regard to technology.  Many accountants offer business valuation services and litigation support. 


September 12, 2014

For the past three to four years, the buzz has been “are you in the Cloud?” With the growing consumer use of IT, not only has the Cloud become a reality, but many people are now using Cloud storage devices such as iCloud, Google Drive and OneDrive. Mobile devices have caused the Cloud to become the ultimate storage which the majority are feeling more comfortable using and are now using in their everyday life. It might be questioned what is the advantage of using Cloud storage?

September 05, 2014

You have probably heard of the term, Stretch IRA, but do you know how to Stretch your IRA?\

A Stretch IRA is an IRA that is set up so the assets can remain in the IRA account after the owner has passed away. The reason you want to do this is so your heirs do not have to pay tax at a higher rate on the IRA. This can happen if the beneficiaries are in their high earning years.\

August 29, 2014

Even though tax-exempt organizations normally aren’t subject to income taxes, most are still required to submit an annual return to the IRS and also make the form available for public inspection.  The complexity of the form required depends on an organization’s amount of assets or gross receipts.

 

August 21, 2014

August is often the time of year for working on late tax returns. Taxpayers frequently wait until after the original deadline to file their business income tax returns. Most of these businesses pay a substantial price in penalties and interest. Many local governments for instance, charge a penalty of 5% per month. If the original tax return deadline was in April and the taxpayer waited until September to file and pay the overdue tax, the business would be charged a maximum penalty of 25%.


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