You work too hard for your money, we want you to keep it in your pocket, not the IRS’s. Come see us for proper tax planning.
Thinking about starting a business-we can save you taxes! We can help you with the proper entity choice, bookkeeping and payroll set up, all while helping you pay the least amount of tax allowable. We have saved thousands of clients tens of thousands of dollars over the last 30 years of tax accounting.
We work for YOU, not the IRS! We’re on your side.
We offer full time bookkeeping and payroll services in addition to income tax services.
We do taxes for all states.
Transportation expense guidelines. Driving back and forth to work is considered nondeductible commuting, whether from Afton to Thayne or Afton to South Dakota. If you are required to carry job tools, materials, supplies, you may be able to deduct commuting expense. Once to you job location, if your employer requires you to use your vehicle, that mileage s deductible. IRS does require a log of business miles and the business purpose.
Travel expense guidelines. Generally, while traveling, away from your tax home, your hotel and food expense is deductible during a temporary stay (up to 12 months). In most cases, when working in a location for over 12 months, the travel expense may no longer be deductible. IRS does require a log of travel expenses and the business purpose.
Self-employment basics. If you are operating a business, you will want to have at a bare mumimum, business cards, a separate checking account and some sort of record keeping. Let us help you avoid the pit falls of a ‘hobby,’ where you may not deduct your expenses in excess of your income.
If working out of state, keep an eye on the state income tax being withheld. Often the employer will not stop withholding a state income tax, even when you are no longer working in that state. If state tax is erroneously withheld, you will still have to file that states tax return to get the tax refunded.
File early, especially if there are potential dependent issues. For example, if two taxpayers feel they have the right to claim a dependent, the first one that files will initially receive the dependent exemption. The second taxpayer to file will not be able to claim that dependent on the original tax return. IRS correspondence will be required to determine whom is entitled the exemption.
1099/W-2 requirements. There are specific differences in employees and contract laborers. Wrongly classifying an employee as a contract laborer can result in back taxes and fines being due. A 1099-Misc are not just for contract laborers, there are many other instances in which a 1099 needs to be sent. Please contact us for further information about 1099s. Both forms are to be delivered to the recipient by January 31 of every year. We can help you file these forms and other payroll forms.
Obama care! The only thing I can say at this time is, it is not working! Come in and we will be glad to help you decipher the complex, ridiculous, ‘off the wall’ rules, with our simplified worksheet.
Buying or selling stocks, real estate, a business, or other investment please contact us. There has not been a year gone by where taxpayers paid thousands of dollars more in taxes than they should have because they did not tax plan.
A divorce can have many hidden taxes without careful tax planning.
Hiring your spouse and/or children can have many tax saving oppotunities.
Retirement is great – the taxes could also be great without proper tax planning.
LLC’s, S-Corps, Partnerships could be for you, but they are not for everyone. Let us help you decide.
