- October 21st, 2012
- John Dillard
- Income Tax Preparation of Corporate & Personal Income Taxes, Virtual CFO, Business/Tax Consulting, Financial Planning, Business Loans & Money Management
- 1 Comments
Utilizing Tax Information To Understand Changes in Your Tax Situation & to Plan for Your Financial Future
Understanding nuances of your own personal tax information will do much to help you both communicate with your CPA as well as to plan for your current tax bill and well into retirement. As such a CPA will work with a client to help understand and apply the many tax variances that might consist on a return to both enlighten and to educate a taxpayer. Below is a sample of what we might send to a taxpayer to teach and to help show clients reasons for variance in both their final tax obligation as well as the net amount due or to be refunded upon year-end income tax preparation:
In Comparing Your Personal Tax Bill From last year I noted the below, which are the primary contributing factors to your increased tax liability and taxes due:
-Your K-1 from your P.C. increased $25,000 from the prior year.
-Your Interest Income increased $18,000 from the prior year.
-The K-1 from your Partnership Interest increased by $40,000 from the prior year.
-Your federal withholding fell by $8,000 from the prior year.
To help avoid any unnecessary penalties and interest from being assessed by either the IRS or GA I recommend that we tax plan at least twice annually.
Year End Tax Planning for 2012: What Businesses Should Do Now
If you fail to plan, you are preparing to be surprised. Learn how you can get ready now for your year-end liability and survive the year-end tax preparation process. To learn how tax planning tips today visit http://www.hiscpa.com/year-end-tax-planning.html
Should You Maximize Profit or Work to Pay Fewer Taxes?
Tax Planning is an art under-girded by the science of the tax code and proper planning. Learn what you need to know to be a wise steward of your tax monies. To learn more visit http://www.hiscpa.com/profit-maximization.html
To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html There you will also discover a wide host of resources for Atlanta Entrepreneurs.
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