Richard W. McMinn, III CPA PLLC is a full-service accounting firm serving clients throughout the Powhatan, VA area. For years, Richard W. McMinn, III CPA PLLC has been providing quality, personalized financial guidance to local individuals and businesses. Our calculators have been provided as a resource for you to help plan your financial matters.
Stay current with recent tax changes, news, and financial tips. We provide a newsletter monthly here on our site and via email so you can stay in touch with changing regulation.
Stay current with recent tax changes, news, and financial tips. We provide a newsletter monthly here on our site and via email so you can stay in touch with changing regulation.
Services
Richard is a Certified Public Accountant and Personal Financial Specialist.
He has been providing accounting, tax and financial planning services for over twenty five years.
Some of his areas of expertise are general business consulting, strategic planning, corporate and individual tax planning and personal financial planning.
He received a B.A. degree in Business and Economics from Virginia Military Institute and a Masters of Accountancy degree from Virginia Commonwealth University.
Richard lives in Powhatan with his wife and two children and enjoys playing golf and spending time with his family.
He has been providing accounting, tax and financial planning services for over twenty five years.
Some of his areas of expertise are general business consulting, strategic planning, corporate and individual tax planning and personal financial planning.
He received a B.A. degree in Business and Economics from Virginia Military Institute and a Masters of Accountancy degree from Virginia Commonwealth University.
Richard lives in Powhatan with his wife and two children and enjoys playing golf and spending time with his family.
We are a full service certified public accounting firm located in Powhatan, Virginia that offers a full range of accounting, tax and financial services.
We specialize in income tax preparation for individuals and businesses as well as consulting and accounting services for businesses.
Our experienced staff includes two Certified Public Accountants who are ready to provide expert advice with personal service.
Here at Richard W. McMinn, III CPA PLLC, you'll not only find advanced technology, but a quality that's increasingly rare these days: a friendly, personal touch.
We specialize in income tax preparation for individuals and businesses as well as consulting and accounting services for businesses.
Our experienced staff includes two Certified Public Accountants who are ready to provide expert advice with personal service.
Here at Richard W. McMinn, III CPA PLLC, you'll not only find advanced technology, but a quality that's increasingly rare these days: a friendly, personal touch.
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.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
Exempt organizations must file a 2020 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) and pay any tax, interest and penalties due, if a six-month extension was previously filed.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
Exempt organizations must file a 2020 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) and pay any tax, interest and penalties due, if a six-month extension was previously filed.
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