For years, our firm has been providing quality, personalized financial guidance to local individuals and businesses. Our expertise ranges from simple record keeping and tax preparation for individuals, to fully computerized accounting and financial statement services and complex tax return preparation for businesses and other entities. Our mission is to treat our clients as we would like to be treated - with respect, competence and integrity.
Our clients are our friends and neighbors and we want to continue to earn their business by handling their accounting needs through all stages of their lives in a responsible and professional manner. Elaine graduated from Clinton High School in May of 1959 and received her Bachelor of Science in Accounting from Southwestern Oklahoma State University in May of 1968, after three recesses for motherhood.
She was employed as the accountant at Oklahoma General Hospital in Clinton until the spring of 1969, when she joined the firm of Wilson and Teeter, CPAs in Clinton.
Our clients are our friends and neighbors and we want to continue to earn their business by handling their accounting needs through all stages of their lives in a responsible and professional manner. Elaine graduated from Clinton High School in May of 1959 and received her Bachelor of Science in Accounting from Southwestern Oklahoma State University in May of 1968, after three recesses for motherhood.
She was employed as the accountant at Oklahoma General Hospital in Clinton until the spring of 1969, when she joined the firm of Wilson and Teeter, CPAs in Clinton.
Services
Elaine L. Fransen, CPA is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
On this website, you will find information about Elaine L. Fransen, CPA, including our list of services.
We have also provided you with online resources to assist in the tax process and financial decision-making.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites.
On this website, you will find information about Elaine L. Fransen, CPA, including our list of services.
We have also provided you with online resources to assist in the tax process and financial decision-making.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites.
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.
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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