Athough our CPA tax and accounting offices have been in Westlake Village for over 40 years, we have clients all over the United States. Our clients include a wide variety of professionals including physicians & dentists, entertainment, veterinarians, insurance and financial professionals. In addition, I act as a professional trustee and conservator for a wide variety of trusts.
Currently our California clients are throughout the Los Angeles area, San Diego, the San Francisco Bay and the desert communities. Our clients are also located in Chicago, New York, Atlanta and Phoenix. We only provide accounting services - we don't sell you any products.
We do work closely with you and your team of key advisors such as attorneys, bankers, financial advisors, insurance professionals and pension plan administrators to insure that your estate planning, financial planning, retirement planning and insurance needs are met.On our website, you will find information about our firm, including our list of services.
Currently our California clients are throughout the Los Angeles area, San Diego, the San Francisco Bay and the desert communities. Our clients are also located in Chicago, New York, Atlanta and Phoenix. We only provide accounting services - we don't sell you any products.
We do work closely with you and your team of key advisors such as attorneys, bankers, financial advisors, insurance professionals and pension plan administrators to insure that your estate planning, financial planning, retirement planning and insurance needs are met.On our website, you will find information about our firm, including our list of services.
Services
Our CPA firm works closely with a wide variety of professional clients and their team of key advisers: attorneys, financial advisors, insurance professionals, bankers/lenders, and pension administrators.
Our goal is to assist the client by using their team of professionals to maximize profitability, achieve their financial and professional goals and minimize income and estate taxes.
We proactively and creatively work with clients to improve their professional practices, including their profitability, billing and collection systems, buy-in and buy-out strategies, practice purchase and sales transactions, and associate agreements.
Our goal is to assist the client by using their team of professionals to maximize profitability, achieve their financial and professional goals and minimize income and estate taxes.
We proactively and creatively work with clients to improve their professional practices, including their profitability, billing and collection systems, buy-in and buy-out strategies, practice purchase and sales transactions, and associate agreements.
Paul B. Shane provides a wide range of services to individuals and businesses in a variety of industries.
At Paul B. Shane, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Paul B. Shane, CPA, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At Paul B. Shane, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At Paul B. Shane, CPA, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
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