Accounting News and Notes

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.

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