Timothy W Rice CPA, PC is a tax and accounting firm serving clients throughout the Frederick County area, dedicated to providing clients with professional, personalized services and guidance in a wide range of tax and business needs. I offer a full range of tax and accounting services to all clients, from individuals with a question about their personal taxes to businesses in need of complete financial statements.
I will sit down with clients to discuss their needs and work to find cost-effective solutions. I will meet with individuals and business owners at either their work location or my office. On this website, you will find information about my firm, including my 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. Whether you are an individual or business in or around New Market, I have years of valuable experience assisting professionals with their accounting needs.
I will sit down with clients to discuss their needs and work to find cost-effective solutions. I will meet with individuals and business owners at either their work location or my office. On this website, you will find information about my firm, including my 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. Whether you are an individual or business in or around New Market, I have years of valuable experience assisting professionals with their accounting needs.
Services
For years, I have been providing quality, personalized financial guidance to local individuals and businesses.
My expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements 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, hiring of seasoned tax professionals, and work ethic is the reason my client base returns year after year.
My expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements 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, hiring of seasoned tax professionals, and work ethic is the reason my client base returns year after year.
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 changed 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 changed tax laws.
Timothy W. Rice, CPA is a Maryland native.
In 1987, I sat for and passed the Certified Public Accountant exam on his first try.
My many years of experience, I have performed audits, compilations and reviews of large manufacturing companies, real estate partnerships, automobile dealerships, pension and profit sharing plans, grocery stores and many other businesses and industries.
My specialty is working directly with small business owners to help them grow their business.
I accomplish this objective by providing clients with timely and accurate accounting information and by offering insightful, professional advice.
In 1987, I sat for and passed the Certified Public Accountant exam on his first try.
My many years of experience, I have performed audits, compilations and reviews of large manufacturing companies, real estate partnerships, automobile dealerships, pension and profit sharing plans, grocery stores and many other businesses and industries.
My specialty is working directly with small business owners to help them grow their business.
I accomplish this objective by providing clients with timely and accurate accounting information and by offering insightful, professional advice.
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.
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