Get help correcting, updating, and resolving issues you have with a tax return that you have already submitted to the IRS.
Overspent or Underspent on something?
Withheld too much or too little in taxes over the four quarters?
Didn't understand or realize a tax law that could benefit or depress your revenues for the year?
Whatever your situation, there are often strategies that can be applied to minimize your tax payment, maximize your tax refund, minimize a tax penalty, negotiate an agreement with the IRS, or devise a plan over several years to ease any burden .
Any given year of your business can get so busy that it's not until the end of the year that you realize there were factors that got overlooked, problems that were missed, or opportunities that were overlooked.
Our accountants can help you identify all of the opportunities and problems, identify the best resolution for them, and help you minimize costs and/or take better advantage of tax opportunities.
So if you want to sit and chat next week to see how we can help you, schedule your free consultation below!
www.jackmanprofaccount.com
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#success #finance #growth
Don't wait for the opportunities to fall into your lap! Go out and create them! That's how winners are made.
Helping as many families and businesses succeed this year has been our number one goal for 2020!
Assessing business models, providing relief strategies, and helping people save as much money as possible are just a few of the tasks we take on with our clients.
So if this sounds like you something you would like to discuss. Hit the link below!
https://calendly.com/jackmanprofaccount/taxplanningstrategy
Or Visit our website for more info!
https://www.jackmanprofaccount.com/
Happy Wednesday JPA Family!
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#success #finance #financialfreedom #growth #follow #like #share
Happy Wednesday Go-Getters!
Sometimes when we feel a bit of success we ease up on the grind and think we’ve done enough. Sadly that’s usually how most entrepreneurs lose their flame. Now we’re not saying you can't celebrate small wins, but don’t ever ease up on the gas. Keep GOING!
Failure is also a major mental block for most business owners. Over here we believe in taking our failures and learning what we can from them. Remember, it takes a strong character to take on a loss with your head held high.
So keep going no matter what!
#motivation #motivational #growth
It’s sad but true. If you missed simple strategies in 2018..You may have overpaid by tens of thousands of dollars.
Now we can’t know for sure until we know where your business is at. But if you’re making over $100,000 per year in gross sales.
You’re at risk. We recently went through the largest tax change in over 30 years. If you haven’t don’t a full overhaul, it may be time to reassess your strategies
The truth is…
Deductions
Legal Entity Structure
Retirement
Insurance
Loopholes
Tax Cuts & Jobs Act Updates
Niche strategies
Advanced strategies
All of these need to be re-assessed and we can show you how!
Click the link below to schedule your free consultation and we will walk through every step you need.
https://calendly.com/jackmanprofaccount/jpafinancialstrategycall
#success #finance #growth
Happy Wednesday People! Here to drop off some more advantages of good cash flow management!
Good Vendor Relationships
When cash flow management becomes a priority in your business, funds are always available to you. This means your business will always be in a position to honor any vendor obligations the business might have. Keeping your various vendors satisfied can create negotiable grounds for you to receive better credit terms and opportunities!
Good Employee Relationships
SO many business owners struggle with things like employee morale, motivation, and an all-around healthy work environment. But are you paying on time? Good cash flow management ensures you can pay your staff on time, maintaining high morale and not forcing them to leave their “Dead-End Job”
If you found this info useful, share it with your friends and colleagues! Follow us for more financial tips and updates!
Happy Monday Family!
Take calculated risks when it comes to investments! Watch your money multiply.
#business #finance #investment #mondays #growth
Let’s talk a bit more about 2020 Tax Planning Considerations!
Use current losses for quick refunds.
The CARES Act resurrected a provision allowing businesses to use current losses against past income for immediate refunds. Net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020 can be carried back five years for refunds against prior taxes.
These losses can even offset income at the higher tax rates in place before 2018. Consider opportunities to accelerate deductions into a loss year to benefit from this rate arbitrage and obtain a larger refund.
If you want to discuss more tax considerations for 2020, hit the link below! Let’s set up a time to talk!
https://calendly.com/jackmanprofaccount/taxplanningstrategy
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#success #finance #financialplanning #growth #information #advice #tips #wisdom #JPA
Marvelous Wednesday Folks
Remember to strive to be a person of value. When people value who you are, you find yourself being elevated in ways you never would have imagined.
So focus on becoming someone of value, so that wherever you go… you make an impact!
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#success #financialplanning #finance #financialeducation #quote #positive #positivevibes #JPA
The right mindset will determine the winners and the losers. Where you fall all depends on your outlook!
Have a great weekend go-getters!
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#mindset #win #positive #growth #motivation #quoteoftheday #quote #like #follow #success
Today let’s talk about some tax planning considerations for 2020!
AMT Refunds
The CARES Act has accelerated the timeline for corporations to claim all their remaining credits in either 2018 or 2019. This allows companies across the US to have several options as it relates to filing for quick refunds.
The fastest method for many companies will be filing a tentative refund claim on Form 1139, but corporations must file by Dec. 31, 2020, to claim an AMT credit this way.
Check out the full article below!
https://www.cpapracticeadvisor.com/tax-compliance/news/21157807/2020-yearend-tax-planning-tips-for-businesses-and-individuals
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#success #motivation #financialplanning
Happy Wednesday Millionaires! Here’s an awesome way to maximize deductions.
Home Office Deductions:
If your office space is located in your house, you can deduct your bills for utilities, homeowners’ insurance, homeowners association fees, security, and general repairs and maintenance.
Mortgage interest and property taxes are deductible expenses if you qualify for home office deductions. You can deduct the percentage of the square footage of your office divided by the total square footage of your house.
So if you’re someone that works from home take this into consideration!
If you need assistance with maximizing your deductions feel free to click the link below! We’re always happy to help!
https://calendly.com/jackmanprofaccount/taxplanningstrategy
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#business #success #deductions #taxes #financialplanning #motivation #follow #growth #home
CALENDLY.COM
Tax Savings Strategy Call - Jackman Professional Accounting
It’s OVER! Well…. So it seems.
The lockdowns are practically over but still, a few questions remain.
How can I make up the losses?
How can I pay down this debt?
Will my sales recover 60-70-80-90-100%
Will this initial sales increase last?
That’s exactly what our company is here for! We’re part of a community that is NOT going to let this event define us.
So if you’re ready to map out a plan to REGAIN the revenue and profits lost from COVID 19 and if you’re ready to FINANCIALLY PLAN a comeback.
Click the link below to schedule your free consultation!
https://calendly.com/jackmanprofaccount/taxplanningstrategy
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#advice #motivation #tips #financialplanning #financialfreedom #taxplanning #wealth
Here are some quick tips on Maximizing Accountable Plans
An accountable plan allows employees, and in this case, owner-employees to be reimbursed for expenses paid out of pocket. The expenses become deductions to the business and the employee or employee-owner can be reimbursed, creating non-taxable cash flow to them.
In order for this plan to be a “Qualified Accountable Plan”, it must have the following connection
points:
-Business Connection
-Substantiation (Expense Reports - with receipts)
-No Excess Payments
-Timeliness (30 - Day Rule)
If not disbursed under an accountable plan, the payments to the employees could be considered additional wages by the IRS.
Found this post insightful? You know what to do! Like, share, and comment!
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#business #success #successful #insight #finance #financialliteracy #growth #tips
Happy Friday Go-Getters!
We all know how important health care is, so here are some tips on how to maximize your health insurance premiums!
2% or greater S-Corp shareholders can either be reimbursed for health insurance premiums or the S-Corp can directly pay health insurance premiums. Under either method, the S-Corp can deduct the cost. The amount paid for health premiums must be included in W-2 earnings for the shareholder, exempt from FICA. The shareholder then deducts the premiums on 1040 as a self-employed health insurance deduction.
Partners in a partnership may also elect the same treatment for insurance premiums; however, premiums must be included as Guaranteed Payments since partners should not be paid salary or wages from a partnership they own.
Sole-proprietors can pay for and deduct insurance premiums on their 1040 as self-employed health insurance deduction.
If you guys found this post insightful, give it a thumbs up! Share it with your colleagues and spread the knowledge!
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#tips #finance #financialplanning #business #businessowner #healthcare #advice #success #successful
Happy Thursday!
Here are some quick tips on Maximizing Depreciation
Normal Depreciation.
Make sure assets are confirmed and properly capitalized along with being depreciated. Many times this is not being done properly or at all by the current accountant/financial advisor. For example, a recent client owned a commercial building that was not capitalized or being depreciated, and the accountant had only the rental operations on the books.
Expenses.
The IRS allows for expensing items under certain limits, like small tools and equipment. The business should set a reasonable policy for capitalization limits, then expense individual items under that limit. For example, if you establish $1,000 as the limit and buy a computer for $800, the computer would be expensed rather than depreciated.
If you found this post insightful. Share it! Give it a thumbs up!
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#tips #tipsandtricks #tipoftheday #finance #financialplanning #save #SmartSpending
Happy Wednesday Folks!
Don't let anyone define you! You are the author of your story! Live life boldly and stand by your decisions.
Some may criticize your path others may support it. Either way, YOU are in control!
Have an awesome one!
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#Success #finance #quoteoftheday #quote #motivation #business #Growth
Deducting Travel Expenses Part 2!
Remember if you’re a business owner that travels regularly, don’t shy away from deducting travel expenses to maximize your savings.
Here are some additional ways in which you can deduct your travel expenses
Conferences & Seminars
Travel to attend conferences and seminars is also deductible, and vacations can often be tacked onto these trips. Travel to and from the location for the participants is deductible, as is lodging for conference/seminar nights. However, non-business and non-conference days are not deductible.
Board Meetings
Board meetings in resort locations can be deductible with clear business purpose and a reason for why they can not be held at the business primary location. For example: enticement for board members to attend.
Season's Greetings and Happy Holidays from us here at Jackman Professional Accounting ☃️🎄
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#merrychristmas
COMMON MISTAKES SMALL BUSINESSES MAKE ON THEIR TAX RETURN
https://bit.ly/34EcR3f
Contact Jackman Professional Accounting for accounting & financial services. Visit us at jackmanprofaccount.com or Call us at (617) 910-9196.
#JackmanProfessionalAccounting #accountants #waltham
It might seem entirely too early to start thinking about your 2021 taxes. After all, it's still 2020 and the tax deadline for this year's taxes is nearly six months away.
However, it's a good idea to think of tax planning as a year-round process, not just something you do at the end of the year and before your tax return is due.
With that in mind, here are six tips to help you start thinking about how you can save thousands of dollars on your taxes in 2021.
Read more below!
https://www.jackmanprofaccount.com/blogs/blog/584321-6-tax-tips-to-save-you-thousands-in-2021#.X-J3YNhKhPY
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#tipoftheday #tips #successmindset #success #business #follow #growth #inspiration #JPA #JackmanProfAccount
Having an office located outside of your home is preferred for many reasons; conducting business away from home, better concentration and so much more. However, having a home office has its advantages as well.
Check out this awesome tip for business owners who have both a home office and physical location.
Business owners who have a business location outside of their home, but also maintain a home administrative office for running the business can claim the home office as their primary office. As a result, all mileage for business purposes from the home office is deductible, including trips to office(s) outside of the home.
Found this post insightful? Give it a share! Spread the wisdom! Have an awesome weekend!
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#business #success #tipoftheday #tipoftheweek #growth #innovation #insights #inspirepeople #inspire #inspiration
2020 took an unexpected turn for all of us, if it's one thing we all learned is that emergency planning can make or break you.
Revenues that were once fairly predictable are no longer stable or even present, and organizations trying to navigate the crisis face previously unseen costs.
Below are some tips for managing Cash Flow during a crisis/pandemic. Check it out!
https://www.fm-magazine.com/news/2020/oct/cash-flow-management-during-uncertain-economy.html
FM-MAGAZINE.COM
Cash flow management in an uncertain world
Every opportunity may not be for you, but there is always another one coming. Stay positive!
Spread the positivity today!
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#success #business #motivation #growth #finance
