Accounting News and Notes

Duluth CPA Illustrates Directory of Tax Issues Facing Atlanta Taxpayers When Preparing for Their Year-End 2009 Taxes

Failing to Prepare is Preparing to Fail. We focus on what we can do to interpret the future solely than rather how best to interpret the past. The below will give you a sampling of what you can personally do to get your business ready for you yearend 2009 tax bill:

Based upon your advice that your business will net approximately $100,000 more than last year, you will want to make sure you pay by year end $30,000 to the IRS and $6,000 to GA. 

I am mailing to you Estimated Tax Payment Forms for you to use to pay any shortfall.

Though these are dated to be paid 1-15-10, please be sure to pay them by 12-31-09. 

Please note the estimated tax payment forms I am sending you are blank. To fill in the amount and pay please use the above tax amounts that will be owed for the year less the respective withholding. Please be reminded that tax law requires you to pay a fair and reasonable salary given position and profit.

Please be reminded that you can fund a SEP/IRA up to 25% of your gross wages. To the extent you opt to fund a SEP/IRA then you can reduce the year end estimated payments by 28% to the IRS and 6% to Georgia

To help illustrate, I have provided the example below: 

If your year to date federal withholding is $18,000 and you decide to fund your SEP/IRA by year end by the amount of $20,000 then you will reduce your year-end estimate by $2800.

Original Tax Estimate to IRS without SEP/IRA                       $ 30,000

Less year to date federal withholding                                            18,000

Less tax savings of funding SEP/IRA                                              5,600

Net amount to be paid IRS by year end                                      $ 6,400

To learn more about how you can prepare for your year-end taxes visit:

http://www.hiscpa.com/incorporating-ga.html Duluth CPA Helping Georgia Business Owners for 30 Years
http://www.hiscpa.com/incorporating-nv.html Gwinnett CPA Advises Of Incorporation Pitfalls
http://www.hiscpa.com/incorporating.html Gwinnett Christian CPA Helps with Basics of Incorporation
http://www.hiscpa.com/business-tax-returns.html Duluth Christian CPA Helps Georgia Business’s with Corporate Income Taxes
http://www.hiscpa.com/depreciation-expense.html Atlanta Christian CPA Firm Helps Explain Depreciation Expense Deductions
http://www.hiscpa.com/tax-basis.html Atlanta Christian CPA Firm Advises on Selecting an Accounting Method
http://www.hiscpa.com/independent-contratctor.html Duluth Christian CPA Firm Helps in Determining Employee vs. Independent Contractor Status
http://www.hiscpa.com/employee-checklist.htm Gwinnett CPA Firm Advises on Hiring Employees – A Checklist for Small Businesses

 John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!  

Contact HIS CPA PC (A Christian Atlanta CPA Firm) today.

We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.

Serving Atlanta, Duluth, Gwinnett, Barrow, Bartow, Carroll, Cherokee, Clayton, Coweta,  Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, Newton, Paulding, Pickens, Rockdale, Walton, Barrow, Bartow, Carroll, Henry, Newton, Bartow, Walton, Rockdale, Barrow, Spalding, Coweta, Dawson, Douglas, Fayette, Newton, Paulding, Spalding, Walton, Henry, Paulding, Douglas, Coweta, Canton, Covington, Douglasville, Druid Hills, East Point, Forest Park, Griffin, Lithonia, Mableton, McDonough, Milton, Mountain Park, Newnan, Powder Springs, Stockbridge, Union City, Villa Rica, Winder, Woodstock,  Smyrna, Sandy Springs, Marietta, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, Atlanta GA, Gwinnett County, North Fulton County, Cherokee County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Atlanta, Alpharetta, Johns Creek, Lawrenceville, Marietta, Milton, Norcross, Snellville, Roswell, Buford, Smyrna, Marietta, Cumming, Grayson, Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, East Point, Gainesville, Snellville, Buckhead, Buford, Peachtree City, Dunwoody, Kennesaw, Decatur, Conyers, Stone Mountain, Decatur. Sandy Springs, Peachtree City, Douglasville, Newnan, Griffin, Woodstock, Carrollton, Forest Park, Canton, College Park, Cartersville, McDonough, Riverdale, Fayetteville, Covington, Stockbridge, Conyers, Clarkston, Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Coweta, Dawson, and Douglas.

Related posts:

1. Duluth GA CPA Offers Guidance in Preparing Corporate & Personal Income Taxes for Atlanta Taxpayers: Addressing Back Taxes for Atlanta Taxpayers for Decades
2. Atlanta CPA Provides Directory of Tax Issues Facing New Georgia Business Owners
3. Gwinmett/Atlanta CPA Provides Directory of Tax Issues Facing NewBusiness Owners
4. Duluth CPA Illustrates Tax Return Preparation 101: Ensuring You Have Adequate Documentation to Prepare Your Income Taxes
5. Duluth CPA Illustrates Preparing the S Corporation Election

This entry was posted on Thursday, December 17th, 2009 at 4:33 pm and is filed under Duluth CPA, Financial News...How to Protect and Make Money, Personal Income Taxes.
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