Our firm has offered high quality Accounting, Tax, Payroll and Computer Services since 1976. Whether you are new to our site, or returning for a visit, we hope to provide you with timely and valuable information. As your business partner, we understand your need to save time and will work with you to find effective solutions for your business needs.
We strive to build and maintain long-lasting business relationships, and this website is an extension of our commitment to you. Please feel free to contact us for additional information about our firm and the services we offer, or to make suggestions regarding our website. We look forward to speaking with you soon.
We strive to build and maintain long-lasting business relationships, and this website is an extension of our commitment to you. Please feel free to contact us for additional information about our firm and the services we offer, or to make suggestions regarding our website. We look forward to speaking with you soon.
Services
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.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month 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.
But what should be done with those documents after your check or refund request is in the mail?
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years.
This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.
If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Reviews
Be the first to review Michael J Zima.
Write a Review
