Looking for a reliable accounting firm to help you manage your year-end taxes? Give Associates in Accounting, CPA a call at 502-451-8678.
Who wants to think about tax season at this time of year? The only season we care about is the holiday season, right? Well – that and the NFL, with the playoffs fast approaching.
The trouble is, the IRS does care about tax season. And that means you sort of have to as well. Unless, of course, you have an expert team to help manage all of the hard work for you. With Associates in Accounting, CPA that's exactly what you get!
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The service aligns with advice from several financial institutions and regulators that you should complete your tax planning and projections no later than the 31st of December. By reviewing income sources, equipment purchases, employee bonuses, and other end-of-year transactions, you can identify ways to lower your tax burden under current regulations.
Many US business owners overpay their taxes, often due to missed deductions and inadequate accounting practices. For example, a study by Xero found that 73% of freelancers don’t claim any business deductions, leading to unnecessary tax overpayments. In addition to its year-end checklist, Associates in Accounting offers customized guidance on bonus depreciation, tax status changes, deferred income, and company structure. A team of CPAs helps identify potential deductions and other ways to reduce tax obligations while ensuring you are audit-ready by the deadline.
Some areas the firm analyzes during year-end planning include equipment and property depreciation, interest expenses, employee benefits, retirement plan contributions, charitable donations, and carryover losses from prior years. Taking the time to evaluate all eligible business expenses and transactions is essential, explains Associates in Accounting.
In addition to pinpointing deduction opportunities, Associates in Accounting CPA also ensures proper income classification. Determining what qualifies as ordinary income versus capital gains directly impacts how much you pay. Correctly categorizing foreign-earned income and special income types are other areas in which Associates in Accounting can guide you.
Associates in Accounting CPA provide tax preparation, planning, bookkeeping, payroll, and other financial services throughout Louisville and surrounding areas. The firm specializes in working with small business owners to optimize their tax obligations.
A spokesperson for Associates in Accounting CPA said: "With our updated year-end accounting and tax planning services, we help business owners wrap up the year from a position of strength. Proper planning and preparation means you don't overpay come tax time and sets you up for an organized, audit-ready 2024."
Let the experts handle your tax planning and preparation for 2024. Get in touch today.
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