For years, Schmitt & Kaylor CPAs has been providing quality, personalized financial guidance to local individuals and businesses. Schmitt & Kaylor CPAs's expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements, and financial planning. Our 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 our clients' needs, thorough research, and sound analysis. Schmitt & Kaylor CPAs is dedicated to meeting these goals with high standards of excellence and professionalism.
This requires open communication to reach an understanding of our clients' needs, thorough research, and sound analysis. Schmitt & Kaylor CPAs is dedicated to meeting these goals with high standards of excellence and professionalism.
Services
Schmitt & Kaylor CPAs provides a wide range of services to individuals and businesses in a variety of industries.
At Schmitt & Kaylor CPAs, 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 Schmitt & Kaylor CPAs, 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 Schmitt & Kaylor CPAs, 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 Schmitt & Kaylor CPAs, 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.
We are a full-service accounting firm 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 our firm, 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 our firm, 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.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
Exempt organizations must file a 2020 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) and pay any tax, interest and penalties due, if a six-month extension was previously filed.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due.
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
Exempt organizations must file a 2020 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) and pay any tax, interest and penalties due, if a six-month extension was previously filed.
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