For years, Holtz Tax & Accounting LLC has been providing quality, personalized financial guidance to local individuals and businesses. Our calculators have been provided as a resource for you to help plan your financial matters. Stay current with recent tax changes, news, and financial tips. We provide a newsletter monthly here on our site and via email so you can stay in touch with changing regulation.
Services
Since 2003, Holtz Tax & Accounting LLC has been providing quality, personalized financial guidance to local individuals and businesses.
Our expertise ranges from basic tax preparation and accounting services to more in-depth services such as financial statements and tax planning.
Holtz Tax & Accounting LLC is not your typical accounting firm.
By combining our expertise and experience, we assure that every client receives the close analysis and attention they deserve.
Our dedication to high standards and a strong work ethic is the reason our client base returns year after year.
Our expertise ranges from basic tax preparation and accounting services to more in-depth services such as financial statements and tax planning.
Holtz Tax & Accounting LLC is not your typical accounting firm.
By combining our expertise and experience, we assure that every client receives the close analysis and attention they deserve.
Our dedication to high standards and a strong work ethic is the reason our client base returns year after year.
Holtz Tax & Accounting LLC provides a wide range of services to individuals and businesses in a variety of industries.
At Holtz Tax & Accounting 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.
At Holtz Tax & Accounting LLC, we guide our individual and business 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 Holtz Tax & Accounting 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.
At Holtz Tax & Accounting LLC, we guide our individual and business 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.
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