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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. 


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%.

August 13, 2014

Most colleges and universities will be back in session this month which reminds us to think about the possible tax deductions and credits available for education expenses. There are now two main credits available, the American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC). The maximum credit or benefit for these is $2,500 (AOTC) and $2,000 (LLC).

 

August 07, 2014

Proper preparation for your future and family’s future can make all the difference when it comes to estate and business transition planning.  In order to have your savings, personal assets, and business passed on to your heirs according to your wishes, it is vitally important to have your plans recorded in an up to date will. Your will should be very specific in how you want your assets distributed upon your death. If you have young children, you may want to consider setting up a trust to manage the assets until the children are old enough to handle this on their own.


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