Hello November. You arrived so soon and where did the time fly? This is the time to reduce tax liabilities. Did you make too much in 2017 in your business? There are ways to reduce tax liability before the end of the year. One of the easiest ways is to send invoices out late in December so you will not receive payments until next year. Another way to reduce taxes is to take deductions for equipment this year. Did you buy new computer hardware or software? What about other equipment you financed? These are legitimate deductions so don’t forget to tell your accountant or CPA about these. For the individuals, it’s time to look at your FSA (Medical Flexible Spending Account) and see if money carries over into next year. If it doesn’t you might want to make appointments for any treatment you need to take advantage in 2017. If you did not have health insurance this year, expect to pay a tax penalty. Since the Affordable Care Act is still in effect as far as the IRS is concerned, you need to think about your options for 2018. No one knows exactly what might happen if it is repealed. Another thing to remember is that December 31 is a Sunday so the last day to take care of reducing your liability may be the Friday before, December 29. Consult with a tax expert before you get wrapped up in the holidays and it is too late. Call CPA Les Merritt today at (919) 269-8553 and see what you can do before the holidays are upon us.
It’s not too early to think about year end. As we approach the holiday season, it is a good time to get organized for your taxes and be sure you have been reconciling your checkbooks the end of the year. Business folks know that at the end of their fiscal year they have to close out their books. Individuals can learn from this practice and begin gathering their financial information and thinking about year end. Before you know it Thanksgiving and the other holidays will be upon us and we will turn our focus to sumptuous meals, gift-giving and gatherings of family and friends. Now is a good time to make sure you have organized your papers so that when the new year arrives, and you get your W-2 those forms that reports your annual wages and the amount of taxes withheld, you can file them with the rest of your paperwork and be ready to visit your Certified Public Accountant or tax preparer. Les Merritt has been helping individuals and companies prepare their returns for many years and keeps up with the latest tax changes, so he can help you to plan and prepare your return. Work with him now and you can get the highest refund or paying the least allowed by taking actions including making donations, investing in your education and contributing to retirement accounts. By planning now, before the holidays begin, you can have the security of knowing you are prepared for the new year and not have to scramble at the close of the year. Call Les today at (919) 269-8553 and take care of business with one less task to worry about during the holiday season.
With the filing deadline a mere 27 days away on April 18th, your tax return is probably completed by now. Your CPA or accountant has crunched all the numbers and you know what’s on the bottom line—how much you owe or will be refunded. How do you feel about your bill or your refund? Did you get back what you expected or wanted? Do you feel you paid too much? Maybe there was a legitimate way to reduce your tax liabilities or increase your refund in 2016. If you did your taxes on your own, did you enjoy the chore? How many hours did it take? Think about whether it was worth your time. Many people are penny wise and pound foolish. They don’t think about how much their time is worth. If you could have used your time to make more money and had handed over the tax task to a pro, you might have saved money. A professional preparer could have saved you time, not to mention money. Planning for next year, figure out how you will cross the finish line. Consider how Les Merritt, CPA and Certified Financial Planner, could save you money, time and headaches. Get in touch and find out how you can save on your taxes. Set up a meeting so that you can have that important discussion early. Contact Les Merritt today by calling (919) 269-8553 and make arrangements to be more productive hire a professional to get the most favorable return done in 2017.
On this day in 44 B.C. Julius Caesar did not heed the warning. A soothsayer reminded him on his way to the Senate that his life was in danger. Caesar ignored the warning, lost his crown and his life. He was assassinated by his enemies. The Ides of March became a day of infamy. Don't let this day be unlucky for you. Remember It's only 33 days until your tax return is due. If you and your accountant have not already started on yours, you might have to file an extension. Tempus fugit (time flies) which was coined by the Roman poet Virgil is still true today, so don't ignore the warning. Les Merritt, who is a CPA, Certified Financial Planner and has the Dave Ramsey Endorsed Local Provider (ELP) designation can help you. If you have been procrastinating, today is a good day to contact Les at (919) 269-8553 and set up a meeting. By filing on time or getting an extension, you can keep the dangers of missing filing at bay.