Stories and Opinions From Our Tax Experts.
NC Sales Tax
Tax Cuts and Jobs Act (TCJA)
Qualified Business Income (QBI)
Home Office Deduction
A CFP® is a Certified Financial Planner professional that focuses on taking a holistic approach to goals-based planning.
While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.
IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts
IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions.
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
Certified Financial Planner
Affordable Care Act (ACA)
We are approaching mid-year (for those of us on a calendar year…) and enough time has passed that we can reflect back on some of the technology that GP CPA has been using and is no longer using in 2019.
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed.
As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes upfront and then, with the proper holding period, pay no taxes after that.
For clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is).
Dear Client: It was good seeing you both again. Each time we meet the numbers and growth are getting better and better.
This is what the GP CPA “takeout drawer” looks like after tax season ends…
NC Sales Tax Quizes
GMP CPA (aka Gary M Prusiensky, CPA, P.C.) has now officially become “GP CPA, P.C.” Since 1996 GP CPA has served the greater Charlotte area with accounting, tax, and payroll services in one form or another.
GP CPA recently had an opportunity to speak with Tina Orem, author and journalist at Nerd Wallet, about personal income tax extensions.
The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business.
When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent.
Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if: you have a high income, and you’re married and both you and your spouse are paying premiums.
When possible, you want to claim that your office in your home qualifies as a principal place of business because of this classification gives you the home-office deduction, andeliminates commuting from your home to your regular office.
Extensions are a dirty word at our office. Nearly all of our clients are able to get their business’ books closed and personal tax information to us in plenty of time to make the filing deadlines.
Dear Client, the home office deduction is rather limited for your tax situation (and most people other taxpayers), especially in the trade-off between S-corp and schedule C.
“Basis” is a loaded word for accountants. It is very much described in the same regards as “time”, in that there never seems to be enough time when it is needed most.
GP CPA’s arch-nemesis, Intuit, is raising prices across the board. That isn’t even the worst part, as Intuit will be offering “live” bookkeeping as an add-on service for their QBO subscribers.
As serial entrepreneurs grow businesses and expand their overall business footprint, there is a tendency for advisors (such as GP CPA) to explore the idea of consolidating certain elements of the businesses.
The big focus this year has been on tax refunds, which were expected to be quite a bit different this year due to the tax changes that happened last year. A lot of taxpayers are finding reduced refunds or other surprises this year, for many different reasons.
GP CPA has an affinity for all things current events, and sometimes, just sometimes, they are not even tax-related.
Dear GP CPA Client: We are wrapping up the Company’s tax returns and would like to make you aware of an option that the Company is eligible to make based on the new tax laws passed in 2017.
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI).
Working with family in a small business environment tends to be either very rewarding or makes for even more awkward holiday gatherings.
We recently had an engagement that required GP CPA to gather data from several different accounting softwares and create enough of a documentation trail to support an audit.
Using the Gusto platform, GP CPA can offer a customized, flexible, payroll process for any small businesses that will help efficiently manage cash flow.
Welcome to 2019! We start the year off a little ominously; a partial government shutdown, looming international trade issues, and a rollercoaster stock market.
Recent client question from a CFP (Certified Tax Planner) to GP CPA.
Cost segregation is the magic sauce that breaks your real property into its components and some of these components can depreciate much faster than the typical overall standard 27.5 or 39 year periods.
In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act.
The buzzword “Advisor” or offering “Business Advisory Services” have been trending for a while now. Traditionally, the advisory titles and services were the exclusive territory of “consultants” and ex-auditors, although that is changing.
GP CPA exclusively uses Gusto for our payroll processing and we couldn’t be happier with them. We encourage you to check out Gusto and see if it might make your payroll experience more pleasant.
During this most wonderful time of the year, GP CPA looks forward to as much snow as possible and giving clients good news about their business performance.
Xero is a technical masterpiece for accountants, it is the one tool that allows us to work remotely and closely with a business owner at the same time.
(980) firstname.lastname@example.orgMon - Thu 09:00-17:00FICO presents the UltraFico ScoreOct 30, 2018Estimated Reading Time: 55 seconds For those of you who bemoan your credit score, FICO, the company that everyone recognizes as behind that magical number is making some...
If you live in New England, New Jersey, New York, or California, an info-graphic confirms the pain you experience when it comes paying high state taxes (income AND sales taxes).
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive times.
Whether your real estate investment is for appreciation (or speculation), flipping, or renting, the ability to prove what you did and when during the year is often an afterthought.
Having a management company (“MGTCO”) can often be part of an flexible long term strategy, particularly when the overall owners are considering an exit.