Duluth/Gwinnett CPA Advises on Tax Planning 101
Utilizing Tax Information To Understand Changes in Your Tax Situation
Understanding nuances of your own personal tax information will do much to help you both communicate with your CPA as well as to plan for your current tax bill and well into retirement. As such a CPA will work with a client to help understand and apply the many tax variances that might consist on a return to both enlighten and to educate a taxpayer. Below is a sample of what we might send to a taxpayer to teach and to help show clients reasons for variance in both their final tax obligation as well as the net amount due or to be refunded upon year-end income tax preparation:
In Comparing Your Personal Tax Bill From prior years I noted the below, which are the primary contributing factors to your increased tax liability and taxes due:
-Your K-1 from your P.C. increased $25,000 from last year.
-Your Interest Income increased $18,000 from last year.
-The K-1 from your Partnership Interest increased by $40,000 from last year.
-Your federal withholding fell by $8,000 from last year.
To help avoid any unnecessary penalties and interest from being assessed by either the IRS or GA I recommend that we tax plan at least twice annually.
Year End Tax Planning: What Businesses Should Do Now
If you fail to plan, you are preparing to be surprised. Learn how you can get ready now for your year-end liability and survive the year-end tax preparation process. To learn tax planning tips today visit http://www.hiscpa.com/year-end-tax-planning.html
To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html There you will also discover a wide host of resources for Atlanta Entrepreneurs.
John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/