Duluth CPA Provides Directory of Tax Issues Facing Taxpayers When Preparing for Their Year-End 2009 Taxes

Duluth CPA Provides Directory of Tax Issues Facing Taxpayers When Preparing for Their Year-End 2009 Taxes

Failing to Prepare is Preparing to Fail. We focus on what we can do to interpret the future solely than rather how best to interpret the past. The below will give you a sampling of what you can personally do to get your business ready for you year-end 2009 tax bill:

Based upon your advice that your business will net approximately $100,000 more than last year, you will want to make sure you pay by year end $30,000 to the IRS and $15,000 to GA.
I am mailing to you Estimated Tax Payment Forms for you to use to pay any shortfall.
Though these are dated to be paid 1-15-10, please be sure to pay them by 12-31-09.
Please note the estimated tax payment forms I am sending you are blank. To fill in the amount and pay please use the above tax amounts that will be owed for the year less the respective withholding. Please be reminded that tax law requires you to pay a fair and reasonable salary given position and profit.
Please be reminded that you can fund a SEP/IRA up to 25% of your gross wages. To the extent you opt to fund a SEP/IRA then you can reduce the year end estimated payments by 28% to the IRS and 6% to Georgia.

To help illustrate, I have provided the example below:
If your year to date federal withholding is $18,000 and you decide to fund your SEP/IRA by year end by the amount of $20,000 then you will reduce your year-end estimate by $2800.
Original Tax Estimate to IRS without SEP/IRA $ 30,000
Less year to date federal withholding 18,000
Less tax savings of funding SEP/IRA 5,600
Net amount to be paid IRS by year end $ 6,400

To learn more about how you can prepare for your year-end taxes visit:
http://www.hiscpa.com/incorporating-ga.html  Duluth CPA Helping Georgia Business Owners for 30 Years
http://www.hiscpa.com/incorporating-nv.html  Gwinnett CPA Advises Of Incorporation Pitfalls
http://www.hiscpa.com/incorporating.html  Gwinnett Christian CPA Helps with Basics of Incorporation
http://www.hiscpa.com/business-tax-returns.html  Duluth Christian CPA Helps Georgia Business's with Corporate Income Taxes
http://www.hiscpa.com/depreciation-expense.html  Atlanta Christian CPA Firm Helps Explain Depreciation Expense Deductions
http://www.hiscpa.com/tax-basis.html  Atlanta Christian CPA Firm Advises on Selecting an Accounting Method
http://www.hiscpa.com/independent-contratctor.html  Duluth Christian CPA Firm Helps in Determining Employee vs. Independent Contractor Status
http://www.hiscpa.com/employee-checklist.htm  Gwinnett CPA Firm Advises on Hiring Employees - A Checklist for Small Businesses

John Dillard is an Christian Speaker/Author and an Atlanta CPA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/  and for his latest book Overcoming Life's 9/11's: Job's Journey and a Voice of One: Nehemiah's Prayer visit http://www.john-dillard.com/  or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!