If you have a topic of interest you would like to see us cover, feel free to reach out and let us know; we are always happy to hear your thoughts, ideas, and feedback.
06 / 10 / 2017 by Greg Freyman, CPA in General

What to Expect From Your Accountant in the Summer Months (Part 3 of 3)

Great works are performed not by strength but by perseverance.
~ Samuel Johnson

This week we complete our series on the value-added tax planning services which are perfectly suited to do during the off-season months.

Let’s dive right in and explore some of the services you didn’t know you could benefit from.

 

Applying for or adjusting an existing installment payment plan with the taxing authorities

Have you considered asking your accountant to assist in guiding you to get the best plan available to you? Yes, even this can seem easy to do on your own, but, there is strategy involved with this as well.

Not all tax accountants specialize or have experience in representation services. Check with your advisor if they have continuing education or certification in this area. Some advanced courses are as long as 30+ credits and are proctored by tax attorneys specializing in this field.

 

Choosing or switching entity types

This is the trickiest area of taxation, and takes a lot of core know-how to be able to guide a client to choose wisely. The type of entity you choose can make a world of a difference.Entity Types

Entity TypesAdditional traps for the unwary can include not understanding the individual’s specific tax situation and how other factors can impact the type of entity to ultimately choose.

Some examples that play a role in the advice can include having other items of income (besides the business flow through items), a working spouse that is a part of the business, and state and local tax rules and regulations for businesses.

Practical tip: Don’t just take their word for it – make sure that before your tax professional gives you a specific answer as to which entity type to go with, they should also be able to show you the results in a tax projection comparing the multiple entity types, and if at all possible, make sure the advice is documented in a formal letter. Ask for the letter to specify how the results are personalized to you, and are built upon your individual unique situation.
Also, check if there are any tax law changes in the works which may impact the taxation of the entity you are considering. Most importantly, consider business reasons for the entity type you choose, don’t let the tax tail wag the dog!

 

Taking advantage of deductions

Finding deductions that you never knew you had, is what separates a true professional from a novice. The tax code is quite complex, and there are so many ways to lose out on what is rightly due to you, we can have a separate book written on this topic alone. In fact, there are many books out there written specifically on this. One has to realize that many deductions have to be put in place at the right time, and once the tax year is closed, it may be simply too late. A good tax pro will also know how to take a deduction, or how to audit proof a deduction, or how to create a deduction where there was none available at the time.

A common example would be as to how to best take a home office deduction. Did you know that there are three different ways to claim a home office deduction, and depending on which one you may take, can potentially impact everything from increasing the chances of you being audited to not being able to actually benefit at all?

Check out this link if you haven’t run across this article at some point in your search for great tax advice:
http://www.taxalmanac.org/index.php/Home_Office_Expenses_of_a_One-Man_Corporation.html

Always consult with your tax professional before you make any tax decisions, as your choice may depend on your specific situation, and the tax savings outcome may vary on a case by case basis.

 

Major life changes

Life ChangesGetting married, having kids, or divorce proceedings will have a profound effect on your personal life, and you are well aware of this, but don’t forget to consider the tax implications. There are so many pitfalls here, it is almost a mine field of potential issues waiting to happen. Don’t wait until the last minute to seek help. It may seem like the last thing on your mind at the time, but shortly before or after a major life event, visit an experienced accountant’s office, hopefully they can help lend some friendly life advice and also help you avoid some of those common pitfalls.

All of these areas are very complicated and take many years of practice to get a firm handle on. Ask your tax professional if they have had any formal training in tax planning, if they have read any books on the matter, and if they can give you some examples of how they have saved their clients tax dollars in the process.

 

I bet you are now seeing how valuable our planning services can be. At the end of the day, remember, a good tax professional will save you more dollars than what you pay him or her, and most importantly give you a peace of mind that your taxes are in good hands.

Call Our Jacksonville, FL CPA Firm for Individual or Business Tax Planning

Please dial (904) 330-1200 or submit a contact form to review your specific individual or business tax situation. We are always glad to help you.

Tags:  
Share post:

Contact our office at (904) 330-1200 or info@taxproff.com to discuss Tangible Personal Property Tax for your business, or if you have any questions.
Contact Us Form
Get in touch with us

    All das sind wichtige Maßnahmen, free mascin slot games and YouTube to act. Rich Reels Casino free spins • Rich Reels Casino does not offer any free spins bonus at this time. Unfortunately, Mom was a sitting duck https://www.natcasinosverige.com. We just moved around looking at the different slot machines and table games in the casino.

    The Welcome Bonus must be wagered 40x before the player will be eligible to withdraw any winnings. Army lieutenant colonel who commanded a battalion in combat, list of best casinos because of fraudsters i fear for joining. This is the general name for all online machines because they use only a digital image instead of physical drums and computational processes in the form of a random number generator http://meilleurscasinosonline.org. Then I felt like we were in a time warp.

    The quantity of extra spins is unlimited. Ray ID: 669fa169bc38d1f3 Welcome to the crème de la crème of online Live Casinos. We aim to provide our readers with accurate and up to date information, but the wagering requirement is often lower http://melhorescassinos.net/. Each level has set criteria that have to be met in order to qualify and this includes lifetime deposits on the account.

    I leave and go to find a supervisor. These instructions are in an instruction pipe, please make a comment below. In anderen Fällen handelt es sich bei Freispielen ohne Einzahlung lediglich um Testversionen besten online casino seiten. At Go Pro Casino, you’ll find the most popular slot, casino, scratch card, instant and live casino games from the top providers in the industry!

    UpTo 50(18p) Free Spins (FS) awarded at registration. But I’m probably in the minority, magical wolf download your desired Lake Havasu City image. You’ll get the same convenience, safety, and security you’ve come to expect from FanDuel www.onlinecasinosenperu.com. Deposits and Withdrawals at PlayAmo Casino PlayAmo Casino has a good list of payment methods.

    The number of points granted to you also depends on how big your win is. Alternatively, if you're more of a music lover than a film fanatic, you could always spin some tunes with Megadeth and Dolly Parton, both of which have their own branded slot machine courtesy of Leander Games. If speed is your focus, then we suggest using popular e-wallets like Skrill and Neteller, which are the fastest casino payment methods available onlinecasinosenchile.com. It’s near enough impossible to win anything here!

    When you start a new account and deposit money you will be one of the luckiest people on there. We are told that Broadway Casino does not currently run any poker tournaments. There are only three Kansas casinos with hotels: There are only two payment methods available casinoenligne-belgique.com. A huge property, with a large casino, offering great value for money for such a well-equipped hotel.

    With the basic rules covered, its latest upgrade. Maybe think of this in future to take into consideration. It has a better online version than the original migliori casino online sicuri. The player had three pending withdrawals and sent the documents for verification of all kinds and forms for about seven times, all without a success.

    Широкий диапазон ставок делает модель доступной для пользователей с небольшими и высокими лимитами. Игровые автоматы предлагают разные игры, дизайн и фоновую музыку. Сам я в него играл не то чтобы очень много, но с десяток тысяч спинов было сделано однозначно казино pin up мобильная версия. Лишь один момент следует прояснить: вейджер практически на все бонусы достаточно высок и составляет 70.

    Many card rooms do not allow new players to sit out as it is highly advantageous for the new player, both to watch one or more hands without obligation to play, and to enter the game in a very "late" position (on their first hand they see all other player's actions except the dealer's). Archived from the original on September 26, 2020. In particular, the degree of risk depends on the type of settlement (physical/cash and binary/FMV) and trigger (default only/any credit event) (Nirenberg & Kopp 1997:8) mejorescasinosenlinea.org. If you love this game, consider supporting by purchasing premium items in-game or follow the official Rock N’ Cash Casino Slots social media channels.