America’s Tax Coach with Ed Lloyd CPA of Ed Lloyd & Associates, PLLC: Recent Episodes
Ed Lloyd
Needing help with Tax preparation? Click Here!Needing help with tax planning? *Click Here!Want to find out more about Ed Lloyd & Associates? Click Here!
*Tax season is here! As you prepare your business’s taxes, I have some tips to share with you today.
First, take a look at your distributions account. Are there items there you can write off? Highlight them to deduct later on once you file.
Examine your personal finances. Maybe it’s your numbers in Quickbooks or something you’re keeping handwritten. Keep in mind credit card statements. Did you use personal funds to pay for anything business-related? Keep track of those expenses!
Lastly, look at your tax plan. Are there expenses there that followed through? Let us know what they are, so we can identify them and keep your tax bill as low as possible.
If you have any tax questions, we’d be happy to help you. Reach out by phone or email today!
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Needing help with Tax preparation? Click Here!Needing help with tax planning? *Click Here!Want to find out more about Ed Lloyd & Associates? Click Here!***
Hello everyone! It's tax time, and we want to help you make the most of what can sometimes be a stressful time of year.
Recently, we sent you some information for your business and individual tax returns, and today we want to help you understand what information we need from you so we can make the process as smooth as possible. Business Tax ReturnsWe sent you a business information checklist that's simple to fill out. First, make sure you sign your engagement letter. After that, go through the information request and answer the questions as completely as you can so we can accurately prepare your return. There are many things in here that can help you reduce your taxes.If we don't prepare your accounting records for you, we ask that you please provide us with a backup. We have sent you some straightforward instructions on how to get this information to us. We also need a copy of your Form 940 and a copy of the shareholder W-2s, so we have an idea of how large your company's payroll is. Make sure your health insurance is included with the W-2s - if it's not, you will not get the reduction! We also need your December bank statements, loan statements, and any additional information you can share!Individual Tax ReturnsThe checklist we've sent you will tell you what information we need from you, as well as what you can do to help reduce your taxes as much as possible. Like the business tax return, the first thing we need is a signed engagement letter. There are additional forms we need you to complete due to the Affordable Care Act, and it's very important you get them to us. We've streamlined the checklist as much as possible, so that we can get the information we need without being burdensome. If there is information outside of what we ask for, there are places you can go for that as well.Help us help you by providing the following items:1. W-2s 2. Mortgage interest statements 3. Dividend 4. Interest income 5. Brokerage Statements
Also, if we did prepare the K-1s you're involved with, we will also need those. If you purchased or sold a home this year, we will also need a settlement statement. We request that you please send us any additional information we ask for, as we are simply trying to help you save as much money as possible.If you have any referrals we could help out with, or have any questions about this tax season, don't hesitate to give us a call or shoot us an email. We would love to give you a hand!
Thank you.
Ed Lloyd CPA, PFS, CTC
Ed Lloyd & Associates, PLLC
Needing help with Tax preparation? Click Here!Needing help with tax planning? *Click Here!Want to find out more about Ed Lloyd & Associates? Click Here!
Our goal is to keep you in the loop on new tax ideas to save you money and help you grow your business. Today, we're going to explain what tax planning is and how it can help you take your business to the next level.
Tax planning looks at the structure of your business and *determines where the gaps are and whether you're wasting tax dollars. We go through and get an understanding of you and your business, before putting a plan together that's tailored to your specific needs so you can save money this year and every year following.
It's important to do tax planning before the end of the year because there are many more opportunities to save during that time than at the beginning of the year. We focus on working with the business and the individual during a particular tax year, and look at all the options available to you to put a plan together. We do the same thing from an analysis perspective the following year: we make sure you're on track and keeping the deductions we found for you in the first year. It's an ongoing process that we do on an annual basis.We provide numerous benefits for our clients. One of the biggest ones is a reduction in their audit risk. Many times, the way someone's claims are structured and presented put them at risk for audit without knowing. One of the things we work on with a tax plan is putting a protection around your return to reduce the risk of being audited. If you are audited, we'll help you substantiate your claims so that your numbers stand up to IRS scrutiny. There are many tangible benefits of tax planning, such as tax reduction that can save you a lot of money on an annual basis. Our average tax savings for clients is $50,000! The people who benefit most from tax planning fall into two categories, one of which is business owners. They have the most things going on and typically have the most missed opportunities to save. Individuals can benefit from tax planning as well, especially if you have multiple streams of income. If you have any questions about tax planning, or would like a free initial analysis from a tax professional, please give us a call. We would be pleased to serve you!Thanks, and have a great day!
Ed Lloyd CPA, PFS, CTC
Ed Lloyd & Associates, PLLC
Needing help with Tax preparation? Click Here!Needing help with tax planning? *Click Here!Want to find out more about Ed Lloyd & Associates? Click Here!
Recently, there have been some important changes in tax law I feel you should know about. Starting this month, there are *eight different changes that may affect how you pay your taxes in 2015. Today, we'll give you a brief rundown of each.
1. Health Insurance Penalty: Part of the Affordable Care Act mandates that all Americans have health insurance or pay a tax penalty as a result. In 2014, the penalty was 1% of your household income, or $95 per person. This year the penalty is 2% of household income, or $325 per person.
2. 401(k) Limit: The limits for 401(k)'s are going up this year. You can now put up to $18,000 in, which is a $500 increase of last year's cap. Make sure you tell your payroll company to adjust your contributions beginning now, so you can save the maximum amount allowable for the year.
3. Catch-up Allowance: For individuals over 50, the catch-up allowance for those over 50 has been increased to $6,000 from the $5,500 cap that was previously in place.
4. Flexible Spending Account Limit: The annual limit on employee contributions to flexible spending accounts is now $2,550 for qualified care expenses. That's up $50 from 2014, so make sure you opt-in for this maximum amount if you take advantage of a healthcare FSA.
5. Standard Deductions: The standard deductions, a basic tax break given to all Americans eachyear, rise to $6,300 for single filers and $12,600 to joint filers.
6. Tax Brackets: Income tax thresholds have again been adjusted up for inflation. The highest tax rate, 39.6%, now applies to single filers making over $413,200 and couples making over $464,850. Both of these figures are up about 1.6% since 2014.
7. IRA Rollovers: Beginning in 2015, you can only make one rollover from an IRA in a 12-month period. This is a little bit tricky because you can still make as many trustee-to-trustee transfers as you like. The IRS is trying to eliminate the practice of taking money, holding it for 60 days, and then putting it into a new account. To protect yourself, limit all rollovers to direct transfers in 2015 if you plan on moving money more than once.
8. AMT Changes: The Alternative Minimum Tax is quite the headache for many Americans. Since certain breaks can significantly reduce your tax bill, the IRS created AMT to set a limit on those benefits and insure a minimum tax burden on everyone. The AMT exemption for 2015 is $53,600 for individuals or $83,400 for joint filers.
That's a lot of information to digest at once. If you have any specific questions about these changes, or would like more details about how you can prepare for the new tax year, don't hesitate to give me a call or shoot me a quick email. I would truly love to chat about how you can prepare for the coming year.Until next time, have a great day!
Ed Lloyd CPA
Ed Lloyd & Associates, PLLC
The end of each year serves as a reminder to set new goals and resolutions. But the end of the year is also a reminder that the date of paying yearly taxes is approaching and you need to start preparing for it. Even if the tax season is several months away, it is the time for you to start preparing for it so that you do not miss out any essentials. As a business owner, you play multiple roles. You are the hiring manager, you ensure the smooth functioning of the business and you are the one who form and implement policies. But while handling various responsibilities, if you missed to keep a finger on the accounts and books of your business, then you may face yourself in the real trouble.
Benefits of Preparing Your Taxes Ahead of Time
1. Keeping your accounts updated in a regular manner is important as it will help you to know the exact financial position of your company so that you can reach to informed decisions. But failing to do so can give you an incorrect picture of your business. We at, Ed Lloyd & Associates PLLC manage your official accounts and books in a timely manner so that you are able to know the financial standing of your business.
2. Our highly skilled, experienced and knowledgeable team of professionals takes time to learn your business processing and then come up great ideas that can help you minimize taxes. We are blessed with the right mindset and experience to oversee money related examinations that allow us to offer our patrons with an accurate documentation of how their organization has performed during various parts of the year.
3. There are various opportunities that may knock your door as you advance towards the end of the year. Therefore, preparing your taxes before the year end can help you obtain those opportunities without compromising with the financial stability of your business.
Our Credibility Speaks for Our Expertise
Throughout the entire process of tax planning, we focus on the various options that can reduce your taxes. By trusting the job with us, you can free up your internal resources and utilize them for performing more productive tasks. We believe in 100% customer satisfaction. We analyze all the options that are available to you and ensure your business is on the right track. We have offered our meticulous tax planning and accounting services to a large number of businesses and individuals.
Need Tax Planning Assistance? Call Us Right Away!
We are always available round the clock to answer your questions and queries that you might have. You may contact us and we will have one of our professional to analyze your business processing and give you the most valuable advice. Give us a call and we would be more than happy to serve you!