Here at Offutt & Associates CPAs, PA, you will find a professional, peer-reviewed accounting firm ready to make your satisfaction and success our highest priority. You will find here a quality that is increasingly rare these days: a friendly, personal service. Our firm, has been serving the Frederick area since it was established in 1973. Our clients range from the small "Mom & Pop" businesses to the large multi-state companies.
Whether you are a farmer, a physician or an entrepreneur, your needs can be met here. Whether we see you once a year or once a week, we always have time to make your accounting and tax goals our highest priority. We invite you to browse through our site, where you'll find a description of the services we offer and information on ways to contact our firm or our staff.
Whether you are a farmer, a physician or an entrepreneur, your needs can be met here. Whether we see you once a year or once a week, we always have time to make your accounting and tax goals our highest priority. We invite you to browse through our site, where you'll find a description of the services we offer and information on ways to contact our firm or our staff.
Services
Offutt & Associates, CPAs, PA provides a wide range of services to individuals and businesses in a variety of industries.
At Offutt & Associates, CPAs, PA, 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 Offutt & Associates, CPAs, PA, 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 Offutt & Associates, CPAs, PA, 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 Offutt & Associates, CPAs, PA, 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.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
These calculators have been provided as a resource for you to help plan your financial matters.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
There is not and can not be a guarantee of their applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.
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