Accounting News and Notes

 Duluth  CPA Firm Advises Business Owners How to Lower Their 2009 Tax Bill 

Below is a sample letter we might sent to a taxpayer as well as a checklist of items to evaluate when planning for your 2009 tax bill to both the IRS and Georgia/state. Being well aware of these items will do much to prevent unnecessary tax surprises: 

In Working on Your 2009 Tax Planning Please: 

-Please forward a copy of your year to date pay stub showing this year’s total gross wages and withholding.
-Please advise of any substantive changes you anticipate occurring when comparing your 2008 Personal Tax Return to 2009 Actual Results.

-When you forwarded the detail of your financial data recap for the year you separated out payroll from taxes. Were all of these monies to pay wages and payroll taxes for the business owner or were they for other items and personnel. Please forward a recap of the detail of these items. 

Especially as we close the tax year, we need to take a look at your financials to do some tax planning for the year. Below please find recapped below a list of the items we will need in order to properly evaluate and plan for your year-end taxes as well as address any year-end tax planning ideas.

As the end 2009 approaches, it’s time to think about what can be done to minimize the amount of taxes paid to the IRS by your business. Although tax planning should be a year-round process, there are several year-end strategies you can take, particularly if you are an S Corporation.

Below is a checklist as the end of the year approaches:

• Keep  your inventory as low as possible on December 31st. Since you are taxed based on the value of your goods in stock, it makes sense to minimize your inventory.
• If you are an accrual-based taxpayers may want to consider delaying end of December billing until early January. Since income is recognized when it is billed, you can delay the tax effects from 2009 until 2010.
• Locate and record all tax-deductible expenses and accounts payable before the end of 2009, rather than waiting until next year. This includes your personal expense report for December. Cash-based taxpayers must pay these expenses, while accrual-based taxpayers need only to receive and enter the bills.
• Setting up a qualified retirement plan. A defined-benefit plan can be a good way to reduce taxes while preparing for your retirement.
• Turn in an expense report and obtain reimbursement by years-end for any business expenses you might have incurred personally such as business mileage on your personal vehicle.

2009 Year End Planning Tips

Keep track of your business mileage, the rate for 2009 is 55 cents per mile. Please keep in mind IRS rules state that you must have kept a log of the miles you have driven to take this deduction.

Business owners should take additional steps to ensure the success of their businesses in 2010. If you expect a big change in your 2010 income, you should consult with an accountant now to minimize the tax impact. If you are a subchapter S corporation, you should plan to have the annual meeting of your Board of Directors as close to the new year as possible.

While this generic tax advice can be helpful to any small business, there are probably some specific steps your business can take to reduce taxes at the end of 2009. We have helped many small businesses in Atlanta and North Georgia minimize their tax liabilities and increase their profitability. We would be happy to sit down with you and discuss your situation. Please feel free to call or contact us.

 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.

Atlanta CPA Presents Should Your Newly Incorporated  Business Use a DBA (Doing Business As)? 

-Determining if You Should Trademark the Name of Your Business 

Recently I received an inquiry off of our website for a new business owner seeking to know how best name and market their firm:

I am the owner of a new business.  I have a few questions regarding the changing the name of my business or rather setting up a “Doing Business As.”  It is my understanding that filing a DBA is a better option than attempting to change the name of the corporation.  It is also my understanding that setting up a DBA is a $30 fee and is to be set up when the corporation’s annual registration is filed.  Is the annual registration included in your yearly tax service fees or is this an additional fee?  If this is included, can you add a DBA?  Would you include any additional charges to add a DBA, other than the required $30, since you are already filing the annual registration?  Please let me know. Thanks. 

With the world getting smaller as the Internet helps both broaden your business marketplace and visibility, protecting your business name is becoming more and more important. Below is my response to the above inquiry: 

I would always suggest changing the corporate name rather than the DBA. To do so might I suggest you contact Mr. Rick Campbell, Attorney at 770 564 2600. Changing the corporate name will be one less name for you to be sure to protect. To have better protection it would be prudent to also speak to Mr. Campbell about getting a trademark for your corporate name. Please be reminded to consider if your company needs an international, national or state trademark.

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. 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 CPA Firm) today.

Atlanta CPA on Preparing Your Personal Income Tax Return 

Tax deadlines frequently cause people to panic and to make decisions too quickly. Though the October 15th filing deadline for Personal Income Tax Returns is here, it is wise not to rush and to be sure that you make financial and tax decisions that are valid. Also during the tax preparation process it is the best time to help educate clients on tax issues and rules as well as to ensure that all appropriate tax information is utilized. Below is a sample letter one might use to assist a taxpayer in that process: 

This will confirm your advice that you wish me to re-file your 2008 Personal Income Tax Return Married Filing Separately, which is the highest tax bracket. This is confirm that you have forwarded a copy of the previously prepared joint return marking items on it that should be taken off the return.  

This is to confirm that you are handling all payroll and 1099 issues, your county property tax report, and your business license. 

This is to confirm that you are aware of the need to have annual Board of Directors, Officers, and Shareholder’s Minutes meetings and that each year you should pay the annual fee with the Secretary of State’s Office to renew your corporations annual registration. 

Please be reminded that you need to keep documentation of business miles by day by vehicle. 

This is to confirm that you are aware that all active employee owners have to take a fair salary given their position and profit and that the IRS is a pay as you go system and that you are required to pay your taxes as you earn profits. 

Also I suggest we meet at your earliest convenience to look to set up a retirement account for you and your business both to limit ongoing tax obligations and to set aside money for retirement. 

To prepare your Personal Return I will need to know:

-Which child are you going to claim.

-Who gets to deduct or how is to be treated to handle the $3000 in contributions to charities, $2000 of state  income tax paid with the 2008 return, Real Estate Taxes on your primary home, $600 of Property Taxes on cars and $100 of Foreign Tax Paid.

-Please confirm if you should claim all of the rental properties 

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

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 America’s Entrepreneurs.

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. 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!    

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.

Final Deadline for 2009 Personal Income Tax Returns is October 15. 2009

Another year is getting closer to the end and Christmas is rapidly approaching. Although the original due date for Personal income tax returns is April 15th, a properly filed extension allows a corporate taxpayer to file their return by October 15, 2009. The IRS allows taxpayers to file for an automatic six-month extension, Form 4868. Keep in mind that an extension to file is not an extension to pay and that both the IRS and the state/Georgia expect you to pay your taxes as you earn the monies. Please be reminded there are no valid extensions after the October 15th and the final personal return due date lapses. There a checklist you can use to pull the information together to prepare your personal return at http://www.hiscpa.com/newclient.html

John Dillard is an Christian Speaker/Author and Certified Public Accountant. 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 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!

 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.

Atlanta CPA Advises on 2009 Year End Tax Planning Ideas for You and Your Business: Keep  Your Tax Bill as Low  as Legally Possible

As 2009 winds down,  it’s time to prudent to learn what can be done to minimize the amount of taxes paid to the IRS/GA  by your business. Although tax planning should be a year-round process, there are several year-end strategies you can take, particularly if you are an S Corporation.

Key Year-end Tax Planning Tips:

• Keep your inventory as low as possible on December 31st. Since you are taxed based on the value of your goods in stock, it makes sense to minimize your inventory.
• Accrual-based taxpayers may want to consider delaying end of December billing until early January. Since income is recognized when it is billed, you can delay the tax effects from 2009 until 2010.
• Discover and record all tax-deductible expenses and accounts payable before the end of 2009, rather than waiting until next year. This includes your personal expense report for December. Cash-based taxpayers must pay these expenses, while accrual-based taxpayers need only to receive and enter the bills.
• Setting  up a qualified retirement plan. A defined-benefit plan can be a good way to reduce taxes while preparing for your retirement. Retirement plan deductions are frequently the most ignored opportunity for business owners to substantially lower their tax bill.
• Turn in an expense report and obtain reimbursement by years-end for any  and all business expenses you might have incurred personally such as business mileage on your personal vehicle.

Additional Year End Planning Ides

If you have kept track of your business mileage, the rate for 2009 is 55 cents per mile. Please keep in mind IRS rules state that you must have kept a log of the miles you have driven to take this deduction.

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

To learn more about addressing IRS Tax Issues and Back Tax Returns visit http://www.hiscpa.com/working-with-the-irs.html  

John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. 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!    

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.

Final Deadline for 2009 Corporate Income Tax Returns is September 15. 2009

Wow, another year is getting closer to the end and school is back in again. Although the original due date for Corporate income tax returns is March 15th, a properly filed extension allows a corporate taxpayer to file their return by September 15. 2009. The IRS allows corporations to file for an automatic six-month extension, Form 7004. Keep in mind that an extension to file is not an extension to pay and that both the IRS and the state/Georgia expect you to pay your taxes as you earn the monies. Please be reminded there are no valid extensions after the September 15th and the final corporate return due date lapses. To process your corporate return, please ensure that you have your balance sheet and your profit and loss and copies of any W-2’s the corporation might have issued. If you have not yet done so, please be reminded that 1099’s should be issued by the end of January; your payroll service will handle this if you get them the information. Before you send the current year’s financial please be sure to always review the prior year’s balance sheet on the tax return and ensure that your internal books equals the return while being sure to make any appropriate adjustments. That way you will be assured of starting the year off with a clean set of records which will otherwise distort you current year’s operating results.

HIS CPA – Checklist for Year-End Taxes: • Your year to date Balance sheet, Profit & loss • Year end Bank Statements and Bank reconciliations • Aged Accounts Receivable • Year-end Inventory • Aged Accounts Payable • Year to Date Payroll Records by Employee • Notes Receivable and Payable Balances at Year end • Copies of new Notes • The amount of medical insurance paid for each shareholder • If your company is new, please forward copies of the incorporation papers.

Before you send your Year-End Financial please be sure that: • The general ledger balance agrees to your checkbook and your bank reconciliation. • The Accounts Receivable balance agrees to your internal aging reports. • The Accounts Payable balance agrees to your internal aging reports. • You advise of any fixed assets that have been acquired or disposed of during the year. • That ALL of the balance sheet and profit and loss accounts are correct. • That you have only one retained earnings account. • That as of January 1st of the prior year that you closed the shareholder distributions account to retained earnings. • That the retained earnings account on your internal books equals or is reconcilable to the retained earnings to the last corporate tax return filed.

Confirm that you are aware are handling all of your payroll and independent contractor/1099 needs, of the need to have a business license, to pay the annual registration fee, to have your annual Board of Directors and Shareholders Meeting, and to file the county property tax report (please be sure to claim the Freeport Exemption on your inventory if you qualify as this can substantially reduce the amount owed). Please note that if you have not yet set up a retirement plan or have a formal financial plan, that I suggest that we sit down together soon to get the right plans in place to help ensure your long-term financial success! It is widely suggested that you formally tax plan at least twice annually. Please be reminded that the mileage rate for 2008 is 50.5 cents per mile for 1/1/08-6/30/08, and 58.5 cents per mile from 7/1/08 to 12/31/08. For 2009, the mileage rate is 55 cents per mile. Please turn in an expense report monthly to get reimbursed for these and any other business expenses you might have paid personally. IRS tax rules require you to have a day by day log to support business miles. Please be reminded that extending the filing of a return does not delay the need to pay as you go as both the IRS & GA will bill you for penalties and interest if you do not pay your taxes during the tax year to which they relate. Allow 10 days for me/your CPA to complete your returns after I get all of the information needed.

John Dillard is an Christian Speaker/Author and Certified Public Accountant. 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 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!

 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.

Atlanta CPA Amends Income Tax Returns Saving Tens of Thousands

Proudly Serving Lilburn, Alpharetta, Lawrenceville and Snellville for Decades

Often taxpayers feel after they have filed an income tax return that they are etched in stone. Though you want this to be the case as no one likes to tax returns twice, frequently having a CPA critique your past returns, especially if you are a business owner and had returns filed by someone who is not a CPA, is often a great way to “find unclaimed money.” In reviewing past business/corporate as well as personal income tax returns we  have amended returns to reflect:

-Changing to an S Corporation saving approximately $20,000 on one set of returns and $12,000 on another.

-Tax deductions ranging from thousands of dollars of missed tax deductions such as business mileage.

-Thousands of dollars of missed itemized deductions such as cash and property contributions to charity, state income taxes and real estate taxes.

-Failure to claim Head of Household status, which is a lower tax bracket than filing single. Amended return saved tax dollars as well as then being able to claim additional tax credits.

-Numerous instances where we have filed amended personal income tax returns to claim Earned Income Credit, which is a credit allowed for those who have a dependent and make less than certain qualifying income levels. Amended return saved thousands of tax dollars.

These are just a few of the examples of where a CPA can evaluate past returns to “find money” that you have overpaid to the IRS or Georgia for prior year income taxes. Amended returns come in all shares and sizes:

-If you are an S Corporation you file a new Form 1120S, while marking the amended box on the first page of the return.

-If you are a single member LLC, you should be filing the business results as part of your personal return the business information on a schedule C. Therefore, like individual taxpayers you will file a Form 1040X to the IRS and Form 500X to the state of Georgia.

-Also when reviewing prior tax returns, one can look for deductions, strategic and operational issues that one can use to mitigate future tax bills and to improve overall company profitability.

Tax law only allows for returns to be amended for three years after their initial filing date. Thus, it is essential to ensure that all returns that you have any questions about whatsoever should have them evaluated by a competent and experienced CPA who is well versed in IRS tax law and representation issues. Unfortunately if you have not amended your return after three years, tax law does not allow you to receive a refund of any type or to even apply any refund application to any other outstanding monies due either the IRS or that state of Georgia.

John Dillard, CPA of His CPA, PC, 1940 Woods River Lane,   Phone 770-814-9304   http://www.hiscpa.com/    http://www.john-dillard.com/

Dare to Attempt Something so Great for the that it is doomed to failure, lest Christ be in it!

 John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.

Serving 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, Gwinnett County, North Fulton County, DeKalb County, Hall County, Clayton County, Cobb County, Forsyth County, Hart County, Jefferson County, Duluth, Alpharetta, Johns Creek, Lawrenceville, Milton, Norcross, Snellville, Roswell, Buford, Cumming, Grayson, Lake Hartwell, Suwanee, Sugar Hill, Loganville, Lilburn, Dunwoody, Gainesville, Decatur, and Beyond

Atlanta CPA on How Best to Utilize an Atlanta Payroll Service

For the new business owner getting your new business started; it is essential to get it going in the right direction; utilizing an Atlanta Payroll Service is your best bet to get your Atlanta business started off on the right foot. A payroll service has the advantage, whether you have one employee or thousands, of quickly and efficiently handling all of your payroll needs. Payroll services will handle all of your payroll issues including:

-Payroll Check Preparation.

-Payments to federal, state and local authorities.

-Payroll reports to federal, state and local authorities.

-Printed or Electronic Checks.

-On-line or next day delivery.

-On-line, verbal for fax reporting.

-Active customer support.

-Management ready payroll reports.

-New Hire Reporting Assistance & Compliance.

-Garnishment Assistance.

-Assistance with Payroll Reports.

-Handling of any IRS or state tax notices received.

-Automatic drafting of payroll taxes and fees.

-Automatic crediting of payroll proceeds to an employee’s personal account.

Having served as a CPA in Atlanta for now 30 years, I remain committed now more than ever that a CPA firm, who has your best interests at heart, will not perform payroll services. Though a CPA firm is eminently qualified to handle and perform payroll tasks and all of their reporting issues, a CPA firm by definition will either charge you CPA rates for predominantly clerical services or they will package or bundle the services putting their name on a payroll company’s work adding there mark up for doing so. Desiring first to serve is a motto we all should aspire to. If where you live is at all similar to the Atlanta marketplace, there are many fine payroll companies, many of them national companies, who are more than capable of providing excellent service at a fair price. To read more about payroll tax issues visit:

Information on Payroll and Independent Contractors Reporting

Identifying if a Worker Is an Employee or Independent Contractor
Classification of your workers is often one of the most confusing sections of tax law. This recap will begin to enable you to properly classify your workers.

Becoming a new Employer in Georgia Checklist
An easy to review source of many of the forms, applications, and procedures you will need to be apprised of to ensure compliance with a variety of taxing authorities.

Payroll Tax Withholding
Employers are required to withhold portions of each employee’s salary and pay additional taxes to local, state and federal governments. This article discusses the types of taxes that must be withheld or paid.

Managing Payroll Forms
Easily the most administrative burden of owning your own business, payroll is the bane of many who try to go it alone.  

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304 proudly serving Duluth, GA, Gwinnett County and Beyond.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!” What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31 Why are these verses here? Learn how His CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html

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, Business Acquisitions/Sales, Forensic Accounting, Business Valuations and Bookkeeping.  

Atlanta Personal Tax Returns are Due April 15, 2009

-2009 Tax Deadline News by Atlanta CPA,  Christian Speaker and Christian Author

The 2009 Tax Deadline for filing of your 2008 Georgia Personal Income Tax Return is April 15, 2009. Therefore all individual tax returns are due by that date. If for any reason you are not able to file your return by the due date both the IRS and state allows you to extend your return for six months. However don’t let the extension “fool you.” An extension to file is not an extension to pay as both the IRS and states require you to pay your taxes as you go. Individual taxpayers, as well as corporate ones, since World War II are required by tax law, to pay taxes as they make the money during the year.

To help avoid unnecessary fines and penalties knowing the rules will help you stay free from necessary additional expenditures. If for any reason you cannot file your return by the original due date the IRS allows for an automatic six month extension, which must be filed by the original due date of the return. Taking care to ensure that you have paid all of the tax obligations that are due will help you avoid unnecessary fines and interest in the future.

Please be reminded that if you have an S Corporation, LLC, LLP or Partnership that  is a “flow through” entity in that all of the net earnings from the entities flow down to and are reported on the owner/shareholder’s personal return for their ownership portion. Therefore careful consideration of these issues and tax planning for each personal shareholder’s other income, itemizations, exemptions, etc. should be considered and carefully contemplated when extending all flow through entity returns as well as tax planning becomes even more complicated if these returns have not yet been filed.  Keep in mind that the extension of the corporate return does not also automatically also extend the personal return which is due on April 15, 2009.

John Dillard is a Christian Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta  CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and to learn about his ministry visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!”

What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31

Why are these verses here? Learn how HIS CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html

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 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, Gwinnett County, 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, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton, 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 and Woodstock

The Economic Stimulus Plan and Your Business

President Obama’s economic stimulus plan means change — and Paychex is ready. Is your business prepared? Paychex has been monitoring the stimulus plan, as well as several additional economic proposals, to help you understand how they may affect you, your business, and your employees.

What is the Economic Stimulus Plan?

Signed into law on February 17, the American Recovery and Reinvestment Act of 2009 is a plan to grow the economy through tax relief and investments in health care, energy, and education.

What Does It Mean for Your Business?

Paychex has been following several provisions that could have a significant impact on your payroll, taxes, and retirement plans.

Click the links below for more information

• A tax credit for workers, administered through employer payroll. Updated 2/26/09
• Premium assistance, a special election period, and an additional plan enrollment option for COBRA recipients. Updated 2/26/09

What is the Status of Other Economic Proposals?

Beyond the economic stimulus plan, Paychex is monitoring several proposals for economic growth, including:

Click the links below for more information

• A federal minimum wage increase.
• Penalty-free withdrawals from retirement accounts.

A provision to suspend the required retirement plan distribution for those aged 70½ and older was passed in December, 2008.

Are You Ready for What’s Next?

Every year, Paychex monitors thousands of changes in local, state, and federal laws that affect our more than 572,000 U.S. business clients. No matter the outcome of the stimulus plan and other economic proposals, you can be assured that we will continue to take care of the administrative details — so you can focus on running your business.

Keep Up with the Latest Legislation

Please bookmark this page and visit often for the latest updates on the economic stimulus plan, as well as other pending government legislation.

For information about Paychex products and services, please complete our product request form for a no-obligation quote or feel free to contact Martha Jane Walker of Paychex at 678.699.5988.

Any information provided by this website may no longer be viable subsequent to its issuance. Any information it provides is developed at the time of its issuance based upon facts and circumstances known at that time. 

Provide here by John Dillard is a Speaker/Author and Certified Public Accountant (All Rights Reserved). To See how he takes Christ along with him to work visit http://www.hiscpa.com/ (An Atlanta  CPA firm) and for his latest book Overcoming Life’s 9/11’s: Job’s Journey visit http://www.john-dillard.com/ To contact John Dillard CPA (Atlanta Christian Author/Speaker) today call 770. 814.9304.

“Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!”

What, then, shall we say in response to this? If God is for us, who can be against us? Romans 8:31

Why are these verses here? Learn how HIS CPA became a Christian Accounting firm visit http://www.hiscpa.com/christian-CPA.html

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.