By Michael Davis 5 February 06, 2017
Called this company with questions I had about information on filing my taxes, and scheduled an appointment for the next day. I wasn't charged any hidden fees, and the process was smooth. Definitely would recommend to a friend/colleague. ...read more
By Eric Rodriguez August 13, 2015
Excellent services, a people accountant. ...read more
By jb305 August 05, 2015
I have been going now for 6 years and woud not trust anyone else to do my taxes. He has the full history of my records and ensures he reviews and explains everything thoroughly. Now I live in Orlando and we will drive down to get our taxes done. He goes above and beyond scheduling his appointments and the oddest times to ensure he is able to see all his clients. ...read more
Question of maximum tax return might have crossed your mind several times. But the lack of direction on how to do so will leave you struck with the same question. Gratefully there are many ways to maximise the refunds and that too with not much of hassles. Proper and regular tracking along with the claim of tax deductions stand as a supreme key to that door. Our experts thus guide you through by listing 10 ways by which you can maximise your tax refund: Keeping a copy of last year’s tax return: While Tax Planning it becomes quite mandatory to have an overview of your last year’s returns. It is thus suggested to keep your tax returns properly maintained so that it becomes easier to access that information in coming year. Comparing the tax returns is quite essential so as to get a clearer picture of the company’s financial flow. Ignoring standard deductions if you can itemize: Standard Tax Deduction seeks to provide you with the benefit where you can reduce your taxable income if you are unable to gain more tax deductions by itemizing. Thereby you can seek these deductions by putting an effort to gather some of the concerned receipts. Besides lowering your taxes, you’ll explore that further itemizing your deductions can help you get bigger tax refunds. Other expenses that are considered in standard deductions are - additional expenses like contribution to charity, expenses during job hunt along with state and local sales tax deductions. Claiming deduction for expenses during earning: As per rules you are allowed to claim for the expenses you incur while earning your income. It thus includes expenses while transporting goods from one site to another or while visiting clients or suppliers for business reasons. Along with this, meals and accommodation while travelling for business and the equipments used for work related activities can also be claimed. Taking Above-the-line deductions if applicable: Contrary to the Standard Tax Deductions, Above-the-line Tax Deductions seeks to offer reduced taxable income and that too without itemizing. This deduction covers the expenses incurred while paying for student’s school, self-employment taxes, unreimbursed moving expenses or paid alimony. Mentioning your filing status: While filing Tax Returns it is thus expected from you to appropriately file your status whether it’s single, married filing separately or married filing jointly and many more categories mentioned there. The rate at which your income is taxed depends on the status you have chosen while filing. Reporting income from other job: Filing self employment income stands mandatory based on the income one receives there. It’s worthwhile to note that a part of your home-running expenses comes under tax deduction if you work from home. Besides the primary thing you should know is - whether you are eligible for Home Office Deductions or not and should be considered beforehand. Keeping up with the current tax laws: Thorough knowledge of the latest Tax Laws is expected while filing as it is directly proportional to the refund you will be getting. A detailed knowledge that our expert team holds thus makes us a pro in Tax Planning thereby carrying out maximum refunds out of it. Knowing what to claim: While filing your taxes you should tend to know about the credits you can claim because then only the refunds will come as per desired. Collecting required documents for e-filling: The documents to be attached while e-filling should be gathered together depending on the taxes you have filed. Along with this documents from other income sources are also to be mentioned if you are working from home. Hire a help: Our expert Team is there to help you in your Tax Planning providing you with the expertise and experience you seek while filing your taxes.Tax Planningis not just a single day job; it demands continuous monitoring and appropriate knowledge ...read more
By Joyce CPA, LLC June 12, 2018
What is Tax Planning? Tax Planning basically analyzes the financial position through tax’s aspect. Effective Tax Planning thus demands a lot more than just maintaining and managing the assets. So if Tax Planning is not there in your current financial strategy, it’s time to get one. According to a recent survey, tax stands as the highest business risk in recent times. Due to which many organisations are required to go for a comprehensive risk oriented approach while managing their taxation. A properly planned tax proves beneficial for a business that saves them a lot of money with beneficiaries like tax credit along with reduced penalties and interest. Our experts thus bring forth some measures that can help you avoid the risks while Tax Planning: Acknowledging risks while moving out of your expertise: Tax Planning requires the CPA to be fully aware of the risks that a firm encounters while offering new service line. Tax Planning is not just tax compliance monitoring and thus demands much more from a CPA. CPAs are thus required to have complete understanding of the planning involved. Thus, taking up the work aptly based on their capability to do it as desired. Before rendering new services in their business, a firm is expected to have a complete overview of the potential liabilities and risks involved. Only then, introducing new services will cater some profit instead of losses. Mandating the Documentation: Be it Tax Planning or any other financial matters documentation holds utmost importance. So while considering Tax Planning risk management documentation is the best way to avoid the risk of liability. CPA should focus on mandating the documentation in order to have an upper hand on another party in case of dispute. The documentation involved need not be an official form or notary approvals and can be in a form of email that mentions the concerned details. Accountants require documents to prove their goodwill approach towards their client in case any issue prevails in coming future. Thinking twice about the Referrals: The referrals that are suggested by the CPAs are sometimes not quite beneficial for the firm. It’s thus required by the CPA to refer the referrals not based on their personal relations with them and on the basis of their capabilities instead. It is thus required to know about the referrals beforehand so that they render a standard of work. In case it doesn’t match the desired standards, CPA is considered equally responsible as the referral. While providing referrals, CPAs should suggest more than one referral, thus providing various options to choose from. This helps the firm to have their referrals as per desired along with a lot of options. Review income and expenses monthly: Besides all the measures, one regular practise a CPA is required to adopt is a regular review of income and the expenses involved every month. It helps a CPA to manage the financial flow which makes the Tax Planning process much easier and less risky. Tax Planning basically involves various considerations like timing and size of income and purchases along with planning for other expenditures. Besides this the investments that are selected should be in accordance with the tax filing status in order to gain profitable outcomes. CPA thus holds a great responsibility while doing so. Thus they are expected to be fully acknowledged about the latest facts and figures along with the ongoing risks that firms are facing. Besides that an overview of tax internal control strategy is mandatory for aCPAto adopt. ...read more
By Joyce CPA, LLC June 06, 2018
Due to the newleasing accountingstandards which were announced by FASB and IFRS by IASB, all industries are facing major changes in lease accounting. The new leases standards wants you to report most of your operating leases on the balance sheet by 2019 that is increasing the transparency. This will help in increasing the interest from auditors, lenders and analysts. Further this will impact on IT systems operational functions, taxes and internal controls. Before beginning let us understand what is lease accounting? Well lessor is someone who rents something he owns and lessee is someone who pays for that assets periodically and lease is agreement between both of them. Now lessee will pay the lessor periodically and lessee will invest on the asset in order to earn more than the cost of lease thus meeting there respective needs. ...read more
By Joyce CPA, LLC May 01, 2018
Many people give money to family members as a gift in their time of need or if they come into a substantial amount of money. Giving money to a family member can sometimes be taxed; however, there are ways to avoid this this and give money to family members free of tax. ...read more
Many people have opted to learn to file their taxes themselves. This is a great way to save money, and it puts people in control of their own tax return. The process can be confusing, but there are enough resources to learn the correct method. ...read more
