Atlanta CPA: How Do I Know When I Owe Estimated Payments?

Taxpayers who are not involved in a withholding method then they are most likely subject to pay estimated taxes. Even if your employer does withholding on your W-2 wages you might still need to make estimated payments in the event your withholding is insufficient. As an Atlanta CPA for decades we work with S Corporation and Limited Liability Company business owners to do tax planning at least twice a year. Some of the things that are taxable are income that might also give rise to heightened income and the need to make estimated payments include:

• Self-employment
• Interests
• Dividends
• Alimony
• Rent
• Gains from asset sales and funds
• Stock Sales
• Awards
• Prizes

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Atlanta CPA...Critical Time Issues & IRS Tax Representation

The below is a sample letter we might send to a client facing IRS Enforced Collection Issues

For the IRS Tax Notice you received...Let me know what you want me to tell them ASAP...no later than Monday a.m.

They have sent a notice asking me to "Call immediately to prevent property loss. Final Notice of Intent to Levy and Notice of Your Right to a Hearing."

The tax notice received is for your corporate income taxes.

Please also let me know the status of the open invoice, copy attached, so that I might cash flow the work.

This is to confirm that I believe Enforced Tax Collections are imminent unless you respond favorably immediately.

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Atlanta CPA: Is Using a Payroll Service the Best Thing for My Company?

Payroll is the largest and most burdensome administrative responsibility for a business owner. Whether you have one employee or a thousand, both the IRS and your state has a myriad of payroll reports and deadlines for which you are required to complete. Unfortunately there is not a one-stop shop to pay and report all of the varying deadlines and taxes. However, there is a solution that makes the reporting of payroll dramatically more seamless than if you strive to go it on your own.

Preparing actual paycheck itself is easy, but that is where the simplicity stops and the difficulty begins as there are a dramatic list of reports and varying deadlines to meet. To this end I have recapped below some of the reports and their significance.

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Atlanta CPA...Your Corporations Tax Returns Are Due Soon!

If you have a C or an S Corporation your Income Tax Returns (Form 1120 & Form 1120S) for the 2011 Tax Year are Due soon /March 15, 2012. If you owe any income taxes that there should have already been paid either as an Estimated Tax or with your Federal Extension Form 7004. The IRS & Georgia can and will assess penalties and interest for any late payment, so care should be taken with CPA to ensure appropriate tax planning is done so that you do not unnecessarily incur undue penalties and interest. 

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Determining your Witnessing Style

People often ask me "How Do I Witness to Others?" To gain insight on this and many other relevant articles at www.ChristianPost.com  and to read our article "Determining your Witnessing Style" highlighted on their web site see http://blogs.christianpost.com/cpa/2009/05/witnessing-taking-christianity-into-the-world-16/

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When Does My Business Entity or Corporate Income Tax Return Have to Be Filed?

2012 IRS Tax Filing Deadlines for America's Business Taxpayers

What date does my C or S Corporation, LLC, LLP or Partnership Return Have to be Filed by?

An S Corporation (or Form 1120S for the IRS and Form 600S for Georgia) and C Corporation (or Form 1120 and Form 600 for Georgia) Returns for 2011 are Due March 15th, 2012. An automatic extension to file is available. Please note this is not an extension to pay. Fiscal and calendar year corporate taxpayers due date typically is the 15th of the third month following the close of the tax year.

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2012 IRS Tax Filing Deadlines for Individual Taxpayers

What Date Does My Personal Tax Return or Form 1040 Have to Be Filed?

Knowing IRS Tax Filing Deadlines is essential. You will want to refer here again and again to ensure that you do not run afoul of critical deadlines thereby avoiding unnecessary penalties and interest.

www.HisCPA.com   A Faith Based CPA Firm

2011 Personal Income Tax Returns are due on April 17th, 2012. The due date is April 17 instead of April 15 because April 15 is a Sunday and April 16 is the Emancipation Day holiday in the District of Colombia.

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Atlanta CPA...How Do I Treat Fixed Assets on my Business Tax Return?

"What Assets Are Allowable to be Treated as Fixed Assets & Depreciated?" This is a tough question and often much more difficult answer for all of America's business owners and entrepreneurs. 

 A taxpayer to be able to depreciate any fixed asset/property all of the following IRS Tax Rules/Guidelines must be met:

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Atlanta CPA: Tips to Writing a Successful Business Plan

Writing a Successful Business Plan

Writing a business plan is an essential component to ensuring short and long term business success. These time tested methods of writing a successful business plan are essential to maximizing your business survivability and profitability.  FULL POST

Atlanta CPA...What's New for 2012 Tax Rules

The old adage that you better guard your families and your wealth while Congress is in session has never been more true so tighten down the hatches. Though many in this economy think things will soon return to normal. I believe "this is the new normal."

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