Since 1984, Nancy Chapman McNamee, CPA has been providing quality, personalized financial and tax guidance to individuals and businesses. My expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements and tax and financial planning. I am one of the leading firms in and throughout the area.
By combining my expertise and experience, I assure that every client receives the close analysis and attention they deserve. My dedication to high standards and work ethic is the reason my client base returns year after year. My mission is to help clients maintain financial viability in the present, while taking a proactive approach to achieve future goals.
This requires open communication to reach an understanding of my clients' needs through research and sound analysis. I am dedicated to meeting these goals with high standards of excellence and professionalism. I have been a staple of the area's business community for years, and pride myself on the level of esteem I have earned.
By combining my expertise and experience, I assure that every client receives the close analysis and attention they deserve. My dedication to high standards and work ethic is the reason my client base returns year after year. My mission is to help clients maintain financial viability in the present, while taking a proactive approach to achieve future goals.
This requires open communication to reach an understanding of my clients' needs through research and sound analysis. I am dedicated to meeting these goals with high standards of excellence and professionalism. I have been a staple of the area's business community for years, and pride myself on the level of esteem I have earned.
Services
I provide a wide range of services to individuals and businesses in a variety of industries.
I 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.
I 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.
My expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.
I 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.
I 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.
My expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.
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.
But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
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