As a Faith Based CPA Firm…We Work Hard on Your Tax Planning being sure that you pay only your lowest legal possible tax. The below is a sample letter we might send to a client to help them with their year-end tax planning. Is it time to upgrade your CPA firm today?
In regards to your 2011 Tax Planning….
Be sure you have reimbursed all of your business expenses before year end.
Be sure you have maximized out your pension/retirement plan before year end.
If you are able to set aside more money than your have been in your retirement plan then I suggest you look to set up a Owner 401K. If you would like to meet with a investment adviser to discuss, please let me know and I will be happy to set up a meeting.
I noted in reviewing your 2010 data I noted you did not have any federal or state withholding on your W-2, I suggest you make your 2011 monthly withholding $3000 to the IRS and $1000 to GA as both the IRS and GA are a pay as you go system and they can add penalties and interest for late payment.
If you opt to change to a Owner 401K then we can look to decrease your 2011 federal and state withholding accordingly. Please note that you are in a 35% tax bracket for the IRS and 6% for the state.
John Dillard, CPA of His CPA, PC, 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 www.HisCPA.com A Faith Based CPA Firm
Corporate Income Tax Returns
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