Atlanta CPA Advises on Keeping Your Tax Bill as Low as Legally Possible

Friday, July 30th, 2010

Atlanta CPA Advises on Keeping Your Tax Bill as Low as Legally Possible  

Hello John, I hope you are well. I got your message about. I just need to figure out my estimated taxes. Also I am trying to mail out my returns. I have a copy, and another that says Georgia form 500. I cannot find another to send to Federal that does not say Copy. Do I need to make a copy and sign the one that says copy and send that one in? Please let me know. Thanks. 

Below is my response: 

I mailed a copy for you to file with the IRS. 

If you cannot now locate it please just make a copy and file. 

IRS tax law requires estimated payments based upon your current net profit from your business. 

Please do a recap of your proprietorship results from the beginning of the year and send it to me along with an estimate of what you expect your current year corporate profit to be and I will be happy to advise accordingly.

At His CPA PC we strive to do business the old fashioned way giving our clients much more than they thought they needed. In our ever changing economic times it is even more important to stay ahead of the power curve in addressing your business issues, trends, and tax planning. To that end we have dramatically improved our web-site. 

A Christian CPA Firm: Imagine the Long-Term Benefits 

Business Management and the whole of its many varied issues are a daunting issue for both the new and experienced business owner. His CPA P.C. has combined at their web site a litany of many varied issues, which has never before been available in such a succinct and well written format. John Dillard, CPA the firms founder desired to develop a firm which lived out the “Golden Rule” in serving both others and the community. By offering this information gratis, Mr. Dillard’s desire is to heighten the understanding of his fellow business owners and to contribute back to the community in which he lives and works. 

By turning onto www.HisCPA.com where you will find a plethora of information, within our articles and our blog, which will always be available at your fingertips. Covering issues for selecting a new entity type, how to look for a CPA, new corporation forms, and even a registration checklist is a must read for the new business owner striving to get off on the right foot of their financial future. For those who need financing you will be able to learn the various types of lending options available ranging from both traditional sources to alternative financing methods. By discovering which plan type works best for you and your business you will be better suited to successfully fulfill your business’s financing needs. There’s even a section on how to work with and “court” your banker to gain access to needed financing. 

For the savvy business owner there is much to be gained as there are recaps of payroll forms and how they are utilized, clarification of how to properly classify workers as either independent contractors vs. employees, and a checklist on how to come a new employer in Georgia. For those who have run afoul of the IRS and are dealing with tax issues, there are words of wisdom to successfully resolve your tax problems, how to pay your taxes on a timely basis by properly utilizing withholding, estimated payments, and extensions. You will also be able to discover the general guidelines and rules of how to qualify for and process and Offer in Compromise, which is where the Internal Revenue Service and Georgia both will reduce your bill to what you and afford to pay, based upon detailed tax rules and regulations. 

Proper preparation of financial statements and their utilization of financial statements are essential to a business owner being able to understand and adequately interpret their own operational results. Explaining the difference between current and long term assets, cash flow statements, forecasting, and gross margin analysis will give the savvy business owner the information they need to account for their business accurately. By utilization and understanding of this information, you will be able to accurately decipher trends and variances well before they become problematic or worse. The web site details how to use your own business’s financial information to discover how to manage the pulse and heart beat of your business. 

Knowing how to properly track business deductions, protecting your business’s intellectual property, how to buy insurance, handling automobile expenses, mergers and acquisitions, business purchases and sales, and just some of the other issues you will discover as you will want to go back again and again gaining needed wisdom and insight as you plan your business’s future. 

Call John Dillard CPA at His CPA P.C. Today at 770-814-9304 or visit us on-line at www.HisCPA.com  Put our CPA to work for you to make sure you pay only your lowest legal tax. We work hard helping with Advice on:

Entity Selection and Incorporating in Georgia  http://www.hiscpa.com/article2.html
Tax Analysis of LLC vs. S Corporations        http://www.hiscpa.com/article6.html
IRS Representation/IRS Tax Problems      http://www.hiscpa.com/irs-audit.html

Offer in Compromise/Back Taxes    http://www.hiscpa.com/offer-in-compromise.html
CPA/Tax Services                                                http://www.hiscpa.com/
Financials/Financial Statements             http://www.hiscpa.com/what_we_do.htm
Bookkeeping/Accounting                   http://www.hiscpa.com/keeping-books.html

Corporate Income Taxes/Tax Returns        http://www.hiscpa.com/tax-services.html

Personal Income Taxes/Tax Returns          http://www.hiscpa.com/tax-top-ten.html
Payroll Administration                                  http://www.hiscpa.com/payroll-tax.html
Retirement Planning                             http://www.hiscpa.com/retirement-planning.html

Financial Reporting                            http://www.hiscpa.com/attestation-services.html

Strategic Business  Checklist            http://www.hiscpa.com/business-checklist.html  

Atlanta CPA & Beyond                          http://www.hiscpa.com/tax-services.html

An Award Winning CPA                        http://www.hiscpa.com/pressrelease1.html
Our Ministry/Key-Note Speaking                    http://www.john-dillard.com/

Contact John Dillard CPA of His CPA (a Christian CPA firm) at 770 814 9304 and visit www.HisCPA.com 

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Duluth CPA Presents Excellence in Service, Every Step of the Way

Friday, October 16th, 2009

Duluth CPA Presents Excellence in Service, Every Step of the Way 

Recently I had the opportunity to meet with one of our best clients to assist with pulling their information together in order to prepare their income taxes. As a CPA we serve both their business/corporate income tax returns as well as their personal and are very involved in ensuring that every single client, every single time, receives every legal deduction available. Below is a letter we recently received after such a meeting: 

I want you to know how much I appreciate you.  You were a champion with me today.  Your going over the items with me taught me so much.  I really appreciate how much you helped me today and let me come at a later time and explained what I could not understand.  Your are an excellent role model. 

God bless your efforts.   

I tried to use the list you wanted initially but I could not see how I could put everything into those categories.  I will begin in a week to start my posting on ledger sheets monthly and have those as the titles for each.  Then we can see if that will work. My mother did that for years as a bookkeeper.  Everything worked out fine.   

God bless us as we work for HIS kingdom.  Prayers for you. 

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 Atlanta 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.

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Atlanta CPA on Tax Tips to Reduce Your Personal Tax Bill

Friday, May 1st, 2009

Atlanta CPA on Tax Tips to Reduce Your Personal Tax Bill

 

Never assume that what you have been doing for the past several years is in your best interest to continue. As personal tax situations, personal goals, kids go off to school, retirement, kids marry and tax law changes, staying abreast of what you should be doing to ensure that you pay only your lowest legal tax. These tax tips to reduce your personal tax bill will help remind you of the many tax planning opportunities available:

 

Tax Brackets. Knowing your Tax Filing Status, Effective Tax and Marginal Tax Rates are essential components of good tax planning and financial management. There are four tax filing status with the lowest to highest being Married Filing a Joint Return,  Head of Household., Single and Married Filing Separately. Your effective tax rate can be calculated by taking your total tax bill and dividing it by your taxable income. It is suggest that you know this as a percentage calculation of your personal income tax bill itself and then a calculation including your FICA/Medicaid charges as well. Your marginal tax rate is determined by your income and what you tax bill would be on the earning of any additional tax income earned. Accordingly as the U.S. Tax system is a graduated system (i.e., your taxes as a percentage goes up as your income rises), your Marginal Tax Rate will most always be higher than your Effective Tax Rate.

 

Retirement Plans. Planning for your retirement is essential to a well thought out and practical plan for the future. Understanding Traditional IRA’s, Roth IRA’s, 401K Plans, Simple/IRA’s, SEP’s and Defined Benefit Plans will do much to ensure that you have the maximum set aside upon the date of your retirement. The IRS has the above and many other qualified retirement plans that should be evaluated to plan for your future. If you are a business owner the options are even greater, but one needs to be sure to keep in mind that all employees who qualify (under IRS tax rules and guidelines) will be able to participate as well.

 

Managing/Tracking Your Itemized Deductions. Since the mid 1980’s Congress did  much to limit what can be claimed as an itemized deduction on an individual taxpayers personal return. However there is still much a taxpayer can legally do to help keep their tax bill as low as legally possible. Taxpayers who own their own home can deduct mortgage interest and real estate taxes. Also advalorem taxes (property taxes on cars), cash and charitable contributions to qualified charities are also itemized expenditures taxpayers can utilize. Thought limited by tax law it is also prudent to evaluate if you might have sufficient qualifying monetary expenditures in either medical expenses, unreimbursed employee expenses, and casualty losses.

 

When planning for one’s long term future I suggest that you retain a wise and experienced Certified Financial Planner (CFP) and a Certified Public Accountant (CPA) who can work together as a team to plan for your long term financial needs.

 

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

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What Clients of John Dillard CPA Have to Say

Wednesday, March 25th, 2009

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What Clients of John Dillard CPA Have to Say

Wednesday, March 25th, 2009

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