On this website, you will find information about Estep Burkey Simmons, LLC, 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. Estep Burkey Simmons, LLC has been providing our clients with a full range of audit, review, tax, and advisory services.
With offices in Muncie and New Castle, Indiana, we are able to provide expert financial services to our clients. We are dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
With offices in Muncie and New Castle, Indiana, we are able to provide expert financial services to our clients. We are dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
Services
Estep Burkey Simmons, LLC, named after its founders, Jim Estep, Patrick Burkey, and Al Simmons was established in 2001.
Located in the heart of the city, the firm has made a commitment to downtown Muncie, New Castle, and the surrounding communities.
The experience of the firm's employees has taught us to not be a traditional accounting firm.
We adopt an attitude of doing what it takes to meet our client's needs on an individual basis.
We're growing businesses from insight out.
Whether you're an individual, for-profit, or not-for-profit organization, we offer a full range of tax, accounting, and consulting services.
Located in the heart of the city, the firm has made a commitment to downtown Muncie, New Castle, and the surrounding communities.
The experience of the firm's employees has taught us to not be a traditional accounting firm.
We adopt an attitude of doing what it takes to meet our client's needs on an individual basis.
We're growing businesses from insight out.
Whether you're an individual, for-profit, or not-for-profit organization, we offer a full range of tax, accounting, and consulting services.
Estep Burkey Simmons, LLC provides a wide range of services to individuals and businesses in a variety of industries.
At Estep Burkey Simmons, 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 Estep Burkey Simmons, 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 Estep Burkey Simmons, 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 Estep Burkey Simmons, 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.
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