Woolston Consulting Group, LLC is a full-service accounting firm serving clients throughout the tri-state area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. Our firm wants to remind individual taxpayers that all first and second round Economic Impact Payments (E.I.P.) have been issued by the Internal Revenue Service.
If you did not receive all or part of your E.I.P., you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. Eligibility for the Recovery Rebate Credit is based on your 2020 tax year information, while the E.I.P. were based on 2019 or 2018 tax year information.
If you did not receive all or part of your E.I.P., you may be eligible to claim the Recovery Rebate Credit on your 2020 tax return. Eligibility for the Recovery Rebate Credit is based on your 2020 tax year information, while the E.I.P. were based on 2019 or 2018 tax year information.
Services
Woolston Consulting Group, LLC is a boutique accounting and consulting firm that provides quality, personalized financial guidance to individuals and businesses.
Our expertise includes tax management and accounting services encompassing individual, business, and estate and trust planning and compliance, strategic business planning, exit strategies for small businesses and investment wealth management.
Woolston Consulting Group, LLC is one of the leading firms in the tri-state area, but also serves clients throughout the United States.
Our expertise includes tax management and accounting services encompassing individual, business, and estate and trust planning and compliance, strategic business planning, exit strategies for small businesses and investment wealth management.
Woolston Consulting Group, LLC is one of the leading firms in the tri-state area, but also serves clients throughout the United States.
Woolston Consulting Group, LLC provides a wide range of services to individuals and businesses in a variety of industries.
At Woolston Consulting Group, LLC, 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.
Woolston Consulting Group, LLC, 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 Woolston Consulting Group, LLC, 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.
Woolston Consulting Group, LLC, 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.
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.
Reviews
Be the first to review Woolston Consulting.
Write a Review
