Coral Springs, FL bookkeeping services: The team also works to reduce your overall expenses. Not only do they ensure that books are maintained properly to avoid costly mistakes, fees, and penalties, but they can also help alert you to waste and mismanagement of supplies and inventory. All while saving you time since you will no longer need to try and perform these tasks yourself.
Collect Pertinent Income and Expense Information: Around the end of January each year, employers, vendors, financial institutions, and others prepare and forward various tax forms and information pertinent to your filing. Create a set of files – whether that’s a large multi-pocketed accordion file, a group of large manila envelopes, or a digital filing system on your hard drive – to sort and separate the data into one of the following categories: Personal Information. This information should include your legal name, as well as the legal names of your spouse and all dependents. You also need their Social Security numbers and dates of birth. I also keep my primary bank information – account number and bank routing number – so I can request a direct deposit refund if circumstances warrant. Income. Common forms include W-2s from employers; 1099 forms for other types of income, such as self-employment, investments, and retirement distributions; and K-1s for any partnerships in which you participate. Keep a separate folder for security transactions so you can quickly determine holding periods from buy and sell dates to ensure you qualify for capital gains treatment wherever possible.
Convert Money From a Traditional to a Roth IRA: Withdrawals from traditional IRAs are taxed in retirement, but distributions from Roth IRAs are tax-free. Plus, Roth IRAs don’t have required minimum distributions, which can also be beneficial for those looking to reduce taxes in retirement. While money can be converted from a traditional to a Roth account prior to retirement, taxes must be paid on the converted amount. That means people might want to be careful that the amount they convert doesn’t bump them into the next tax bracket.
Consider saving more for retirement: If you have a 401(k) or traditional IRA, you may get a tax break by contributing more money to your retirement account. That’s because contributions you make to these accounts are typically deductible on your tax return. Keep in mind, though, there are income restrictions and contribution limits that determine how much you can put in an IRA, and deferral limits on how much you can put into your 401(k). Be sure you understand what those limits are, and how much you’re able to contribute for the year. Read more info at South Florida Bookkeeper.
For most garnishments including child support, creditor garnishments, and student loans, Title III of the federal Consumer Credit Protection Act (CCPA) requires that the amount of pay garnished should be based on an employee’s “disposable earnings,” meaning the amount remaining after legally mandated deductions. Broadly speaking, disposable income is the employee’s total compensation, less mandatory deductions including federal, state, and local taxes; state unemployment insurance contributions; and Social Security taxes. This includes salaries, bonuses, and sales commissions, as well as earnings derived from retirement plans and pensions. Tips aren’t usually regarded as earnings for garnishment, but service charges are considered earnings.
State tax you paid last spring: Did you owe taxes when you filed your 2018 state tax return in 2019? Then remember to include that amount with your state tax itemized deduction on your 2019 return, along with state income taxes withheld from your paychecks or paid via quarterly estimated payments. Beginning in 2018, the deduction for state and local taxes is limited to $10,000 per year. When you buy a house, you often get to deduct points paid to obtain your mortgage all at one time. When you refinance a mortgage, however, you have to deduct the points over the life of the loan. That means you can deduct 1/30th of the points a year if it’s a 30-year mortgage—that’s $33 a year for each $1,000 of points you paid. Doesn’t seem like much, but why throw it away? Also, in the year you pay off the loan—because you sell the house or refinance again—you get to deduct all the points not yet deducted, unless you refinance with the same lender.
When our accountant does the bookkeeping he is looking at it with years of experience, tax laws, and best accounting practices in mind… that is not what you will get with a person with 4 months of experience. Amazing experience with a professional accountant. Up to date on all income tax and accounting rules and knows the tax deductions to save money. Definitely the best accountant in Coral Springs! This is a Life Changer if you need a knowledgeable and dedicated accountant. Very satisfied, Great accountant! Definitely a tax expert! Trustworthy and reliable. I would highly recommend, Reasonable fee and provided free tax advice. See even more information at this website.
