I am a tax accountant in the Central Florida Area. I have been in practice for 17 years. My practice specializes in tax planning, consulting, and tax preparation for small to mid size businesses. This week, President Obama announced that he will outline a new jobs plan next week. Not to be outdone, House Republicans unveiled a new set of job proposals aimed at stripping regulations and easing the tax burden on small businesses. This isn’t the first time the Government has unveiled a jobs plan, in the last three years, so let’s review what they have done in the past, and why they failed. While we are at it, let me tell you what tax incentives the Government should use to spur job creation.
Axing debt: Anyone trying to live well on a limited income cannot afford to have any. Cars tend to be more than five years old, but regardless of their age, they’re always paid. For only the most experienced budgeters, charging on a credit card that offers a rebate such as cash or travel miles might be an option. Most others report that they steer clear of plastic.
You will also need receipts and other documents for deduction purposes to claim on your tax returns. Deductions reduce the taxes you owe because it tells the IRS that after deductions, your income is smaller. Owners of business will use receipts to justify deductions and students receive 1098’s to prove that they have paid tuition expenses.
Everyone with a shingle is not a professional. To choose a good tax professional you must first consider the needs of the business. Read on for more tips on how to choose a good Torrance Tax Accountant.
The tax rates also vary from country to country. Most are a progressive tax where the more profits a company makes, the higher percentage of taxes they owe. America has a modified progressive tax. This is to say that highest taxed corporations are not the ones making the biggest profits.
There is nothing wrong with switching accountants. If you aren’t comfortable or feel that your accountant isn’t right for your financial situation, you need to do what is best for your tax situation. Don’t feel that you have to be loyal to your accountant no matter what. I recently had a friend tell me that they stay with their accountant because he is great at what he does, even if he doesn’t let them take deductions that they qualify for.
Afterall if we read carefully in between the lines, all professional firms have a disclaimer clause. We know they are giving their opinion only and never in the executive role.