Tax deductions for 2013 are expiring at the end of the year. One of my favorite parts of my job is tax planning with my clients. Prior to the end of the year we can make great use of current tax laws and minimize tax liability. I love saving my clients money. If your business needs any equipment or capital improvements, there is no time like the present. 2013 tax laws allow for up to $500,000. deductions. This drops to $25,000 in 2014. Congress can change tax laws at any time. They can even change them retroactively, but as of right now the current allowed deductions are tremendous. What are capital improvements? A new company truck, a new server, computer, tenant improvements (if you are the tenant). This equipment must be in place and working by Dec 30, 2013. It can not just be ordered. In short, call your CPA and get together early enough to actually make a plan and put it into action. I really enjoy preparing taxes, but this is the time of year when I can do my best … [Read more...] about Tax planning for 2013
Archives for November 2013
Your DDS Audit – Benefits To You And Your Business
What are some uses for my DDS Audit or Reviewed Financial Statement. The obvious is I give it to my regional center and I am in compliance and allowed to continue my vendor relationship with the California Department of Developmental Services as well as my Regional Center. That is a given. Here are a few other uses you may not have thought of. Marketing: I can use my audit report to show new clients I am certified in compliance with California State Regulations. Finance: I can use my audit report at my bank. This verifies my income and is useful to obtain loans or refinance. Taxes: My audit report includes a full review of my tax returns. It's common for me to find areas which can save vendor's tax money. Liability: One of the areas I look at is your LLC, Corporation or business set up. We can help you reduce your liability by keeping your business clean and less vulnerable to law suits. A corporation which is set up wrong or improperly maintained makes the … [Read more...] about Your DDS Audit – Benefits To You And Your Business
