News and Announcements
As the year draws to a close, it’s important to start going over your tax documents and information now, so that you’re prepared for the coming tax season. But while you’re going over your own tax documents, don’t forget to familiarize yourself with any changes to tax law that may be pertinent to you. For example, did you know that the Tax Cuts and Jobs Act (which largely went into effect for the 2018 tax year) had another change that was implemented at the start of 2019? That change seriously impacts the way alimony and support payments are taxed, so if you make these payments to an ex, here’s what you need to know.
Taxpayers know that you’re expected to pay taxes on all sources of income. And, if you’re a wage earner, that aren’t too many things you have to consider beyond that fact. However, if you’re self-employed, or you’re an earning partner in a business, there’s another question you have to ask yourself: What happens if the business operates at a loss? How does this impact your taxes? This blog will give you a quick overview of how business losses are handled on tax returns. However, we strongly recommend you work with a qualified CPA to get more detailed advice on handling business losses when filing your return.
For large corporations, the loss of a partner in the business can be jarring, but isn’t typically life-threatening for the company. However, for small businesses—particularly family-owned businesses—the death of an owner can crumble the company entirely. If you own a small business, it’s vital that you plan for the succession of that business in the event of your death. Here are four reasons to do so right now.
If you filed an extension for your business tax return back in March, then your new deadline is quickly approaching. For most business owners and partners, the business extension deadline is September 16th, and if you haven’t filed your full return yet, time is running short. Here’s what you need to know as we close in on the business extension deadline.
When filing your taxes, you have a few different options. The first is to file your taxes yourself; while this may be the sensible option for those with extremely simple tax returns, if your return is more complex than a single W-2, you may want to consider working with a professional. There are generally two types of professionals to choose from for your tax preparation needs: a CPA, or a non-CPA tax preparer. Here are a few key differences between these types of tax preparation professionals.
The majority of Americans have taxes withheld from each paycheck they receive. Then, at the beginning of the next year, they file a tax return and either receive a refund for overpaid taxes, or submit an additional payment for underpaid taxes. However, this isn’t the process for every taxpayer in the country. Certain individuals are required to make quarterly estimated tax payments, and you may be surprised by exactly who is required to this. Here’s what you need to know about quarterly estimated taxes.
If you’re searching for a CPA firm in Ormond Beach, you’ll have no shortage of options available to you. And, you might think that one firm is just as good as the next, so long as they provide the services you need. But this couldn’t be farther from the truth. Every CPA firm is going to offer you a completely different experience, based on a number of different factors. Here are just a few of the factors we offer here at Camputaro & Associates, which we think help to make us the best Ormond Beach CPA firm.
You submitted your tax return, and thought that you were done with that hassle for the year. Then, you received the notice that every taxpayer dreads receiving—you’re being audited by the IRS. What does this mean for you? What can you expect from your audit? And can you get help to guide you through this process? Here’s what you need to know.
The tax deadline is fast approaching, and many taxpayers are scrambling to not only file their returns, but to figure out how to handle their tax bill. Due to the changes to tax law, with the implementation of the Tax Cuts and Jobs Act, many people are finding themselves with much higher tax bills than normal; even some individuals who typically get refunds may find themselves owing and not know what to do about it. Here are some tips for handling an unexpected or larger-than-normal tax bill, as well as some explanation as to why you might have received such a high tax bill this year.
If you own a business, and you pay your taxes based on the calendar year, then your deadline for filing your business tax return is March 15. That date is just around the corner, and if you’re feeling the time constraint pressing in on you, then you need to take proper steps to avoid major fees and penalties from the IRS. But if your tax return simply isn’t ready, and won’t be ready before the deadline, there is another option available to you. Here’s how you can request an extension for your business tax return.
DIY tax programs have grown rapidly in popularity over the last several years. And while they might work perfectly if you have nothing to input but a W2, for many taxpayers, those DIY programs don’t do the job right. Taxes can get very complicated very quickly, and if you don’t have the experience or knowledge to handle all aspects of your tax return properly, you can quickly miss out on some important deductions, or file your taxes incorrectly. Here are 5 signs that you shouldn’t be attempting to file your taxes on your own. If any of the following are true about you, be sure to work with a professional tax preparer instead.
The New Year is here, and if you haven’t already set some resolutions for yourself, it’s not too late. The most common resolutions are usually health related, but there’s another category that many people resolve to improve at the beginning of the year—their finances. If you’ve been thinking of improving upon your financial situation this year, consider making some of these New Year’s resolutions.
As 2018 draws to a close, you’re probably starting to think about filing your taxes in the first few months of 2019. But in reality, this is the best time to start thinking about planning for the 2019 tax year. With most of 2018 gone, there’s very little you can do to impact your upcoming return. However, with all of 2019 laid out ahead of you, it’s the perfect time to map out your tax plan to ensure you get an optimal return for the next tax year. So, here are a few things you should start doing right now to improve your outlook for your 2019 taxes.
DIY is all the rage these days. The general attitude among most people seems to be “Why pay for it when you can do it yourself?” And while this policy might work out just fine for building a coffee table out of wood pallets, there are certain things that you’re better off paying for—and bookkeeping is foremost among those. Contrary to popular belief, it takes more than a basic understanding of Excel and Quickbooks to do proper bookkeeping and accounting for a business. So here are the top 5 reasons you should hire a CPA firm to handle these things for you.
Nobody has ever complained about starting to plan for retirement too early. Even if you’re still decades away from leaving your career, it’s a good idea to make some plans for that phase of life. Most people underestimate how much they should be saving for retirement, but even more people just don’t think about it at all. Here are some factors to take into consideration when you’re building your retirement nest egg.
Many companies have embraced a fluid workforce to keep up with the competition. Instead of hiring an entire staff of full-time employees, your business may utilize a mix employees, contractors, and seasonal staff to get the work done. It’s important to understand the difference between an employee and a 1099 contractor for tax purposes. Additionally, you should consider taking a closer look at your job descriptions and employee manuals and keep them up to date once you have them.
Over the long haul, people that hire CPA firms to prepare and file their income tax return save money. Companies benefit even more when they invest in bookkeeping and tax planning services. Camputaro and Associates, an Ormond Beach Tax Preparation CPA Firm, work hard to reduce your tax liability at the end of the year, but we also practice prevention with professional tax and estate planning services designed to reduce your tax burden.
Most people use the services of an accountant to file their income tax returns, but businesses also need assistance throughout the year. For example, an accountant provides essential assistance during the start-up phase. They can also help you with bookkeeping, filing sales and payroll taxes, and representing your company before local or federal tax authorities. Additionally, it’s good to have an accountant to call whenever you have questions or concerns regarding your company’s finances.
There are many reasons why retirees and people from all over the nation flock to the Sunshine State. In addition to beautiful beaches and gorgeous weather year-round, Florida offers many tax advantages. For starters, there is no state income tax for individuals. Sales and property taxes are also lower than in other areas of the country, and the city of Ormond Beach even made it onto the top 10 list of budget retirement cities.
Most people only think about hiring an accountant or CPA during tax season. While that’s certainly necessary given that the tax code is only getting more complicated and not less, your company can benefit from financial experts throughout the year, too. You need someone to handle your bookkeeping, accounting, auditing, and planning for the future. Most companies keep a bookkeeper on retainer. If you hire a CPA to do your books, then you have the option to ask them to perform additional services as you need them.
Camputaro and Associates
Certified Public Accounting Firm
136 N. Orchard Street, Suite 8
Ormond Beach, FL 32174