- December 26th, 2013
- John Dillard
- Income Tax Preparation of Corporate & Personal Income Taxes
- 0 Comments
Suwanee/Duluth/Lawrenceville CPA: Corporate & Personal Income Tax Preparation
Having helped Atlanta Taxpayers for Over Thirty Years with their Corporate & Personal Income Tax Return, I have learned that it is important to be a “Teaching CPA.” Be helping properly guide, assist and educate taxpayers I have learned that over time out tax clients become much more wise and prudent in both their financial and tax decisions. Below is a sample of a letter we might use to help a client understand the nuances of tax law, understand their personal tax situation, take every legal tax deduction and make prudent and long term financial decisions:
I did not see/know that the company owned a car as I saw car interest and insurance on the P/L, which should be moved to the Shareholder Distribution accounts as all of these monies should be paid personally, as the company does not own a corporate vehicle. I generally recommend that all of clients own their cars personally and then turn in an expense report to get reimbursed for their business miles. As such, all of the operating costs of the vehicle should be paid personally. Please re reminded to keep a by day log to support business miles.
Please move the Gain on Sale of Fixed Assets to Other Income Section so that your Internal Books and Records will properly classify Income and Expenses. Adjust your sale of the fixed assets so that the appropriate fixed asset accounts on the Balance Sheet are relieved/zeroed out.
Please confirm that the Long Term Debt amounts listed are correct and that all attendant Interest Expense is recorded.
Please adjust the Total Retained Earnings equals $100,000. Please be sure to make the adjustment in the year that needs adjustment/reconciliation.
Below is a list of Data needed for your personal return. ASAP after I get that along with your corporate data I will get the returns completed and out your way ASAP.
It appears you are renting your old home here. If so, please compete the attached being sure to prorate items between the time of personal use versus renting. Also, I will need the mortgage statement on this property and the original purchase price of the home so that I can record depreciation.
I did not see any information on the moving expense reimbursement you had mentioned. Please forward.
Did you have any other income such as capital gains, distributions from pensions, interest, dividends etc.
Please forward the property tax on the cars.
Please forward to me the date you moved to another state so that I can record accordingly and report your income appropriately on the state income tax returns.
Please forward to me a detailed description of the items you gave to charities being sure to value the items at what they would sale for at a flea market/garage sale.
Feel free to call might you have any questions.
http://www.hiscpa.com/article1.html Suwanee/Duluth/Lawrenceville CPA: Illustrates Difference Between Planning & Historical Accounting
http://www.hiscpa.com/article3.html Suwanee/Duluth/Lawrenceville CPA Teaches Personnel Keys to Managing Business Growth
http://www.hiscpa.com/article6.html Suwanee/Duluth/Lawrenceville CPA Teaches the Tax Effects of Entity Choice
http://www.hiscpa.com/marketing-efforts.html Suwanee/Duluth/Lawrenceville CPA: on Tracking Marketing Statistics for Your Georgia Business
And this is only some of the information available on our web site. You also have at our blog a host of other varied and timely tax and business management issues you can use.
John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/