We exist to enable you as our clients with all of the information and the services you need to approach our fast changing financial landscape. We are the experts you need to address the business and personal taxes for all occupations in the USA and abroad. Our company has a personal, low-pressure approach to managing your business and individual tax needs with a professional perspective regarding all of your financial concerns.
We are highly experienced with an excellent client-retention record. We are extremely proud of the high-quality services that we provide that can always be scaled to your personal requirements and complete satisfaction. Please, feel free to browse our website and see the services and resources that we can offer you as your personal CPA office, at your service anytime.
Edward K. Hara is an experienced and highly respected CPA and business advisor with an extensive background in supporting a variety of personal and business establishments. His accounting specialty has been to provide financial guidance, direction and support with tax compliance and to monitor governmental regulation alignments with business operations as a key for solid financial health and growth.
We are highly experienced with an excellent client-retention record. We are extremely proud of the high-quality services that we provide that can always be scaled to your personal requirements and complete satisfaction. Please, feel free to browse our website and see the services and resources that we can offer you as your personal CPA office, at your service anytime.
Edward K. Hara is an experienced and highly respected CPA and business advisor with an extensive background in supporting a variety of personal and business establishments. His accounting specialty has been to provide financial guidance, direction and support with tax compliance and to monitor governmental regulation alignments with business operations as a key for solid financial health and growth.
Services
If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business.
As your business needs grow and change, we will provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
As a true business partner, we are available to help you deal with any business problem or opportunity.
As your business needs grow and change, we will provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
As a true business partner, we are available to help you deal with any business problem or opportunity.
Of course, to make this happen, you need to strip your personal vehicle of its personal status and re-dress it as a business vehicle.
This is not difficult.
In its new business dress, your former personal vehicle can qualify for up to 100 percent bonus depreciation.
Sam has a personal vehicle with a tax basis for depreciation of $31,000.
With 70 percent business use on this 100 percent bonus depreciation-qualifying vehicle, Sam has a new $21,700 tax deduction for this year ($31,000 x 70 percent).
This is not difficult.
In its new business dress, your former personal vehicle can qualify for up to 100 percent bonus depreciation.
Sam has a personal vehicle with a tax basis for depreciation of $31,000.
With 70 percent business use on this 100 percent bonus depreciation-qualifying vehicle, Sam has a new $21,700 tax deduction for this year ($31,000 x 70 percent).
As the seller, you have self-created goodwill when the total sales price of your business exceeds the fair market value of its assets, both tangible and intangible.
You have acquired goodwill when you purchase the assets of another company for more than the value of its tangible and intangible assets.
Self-created goodwill is a capital asset because the law doesn't specifically exclude it from being a capital asset.
Thus, your sale of self-created goodwill produces tax-favored capital gain.
You have acquired goodwill when you purchase the assets of another company for more than the value of its tangible and intangible assets.
Self-created goodwill is a capital asset because the law doesn't specifically exclude it from being a capital asset.
Thus, your sale of self-created goodwill produces tax-favored capital gain.
Cost segregation breaks your real property into its components, some of which you can depreciate much faster than the typical 27.5 years for a residential rental or 39 years for nonresidential real estate.
With a cost segregation study, you front-load your depreciation deductions and take them sooner, but you'll take the same total depreciation amount over the lifetime of the property.
Tax reform under the Tax Cuts and Jobs Act boosted bonus depreciation from 50 percent to 100 percent, and this new law also allows bonus depreciation on qualifying used property.
With a cost segregation study, you front-load your depreciation deductions and take them sooner, but you'll take the same total depreciation amount over the lifetime of the property.
Tax reform under the Tax Cuts and Jobs Act boosted bonus depreciation from 50 percent to 100 percent, and this new law also allows bonus depreciation on qualifying used property.
Passive foreign investment companies, or PFICs, are subject to some of the most complex provisions of the tax law.
You may own one and not even know it.
50 percent or more of its assets produce passive income or are held to produce passive income.
Passive income includes most investment income, including, but not limited to, interest, dividends, rents, annuities, and the sale or exchange of capital assets.
Almost all foreign mutual funds are PFICs.
Stock you hold directly in a corporation can also be PFIC stock if the foreign corporation's activities meet one of the above tests.
You may own one and not even know it.
50 percent or more of its assets produce passive income or are held to produce passive income.
Passive income includes most investment income, including, but not limited to, interest, dividends, rents, annuities, and the sale or exchange of capital assets.
Almost all foreign mutual funds are PFICs.
Stock you hold directly in a corporation can also be PFIC stock if the foreign corporation's activities meet one of the above tests.
Reviews
Be the first to review Abacus Tax Service CPA.
Write a Review
