How Small Businesses Can Save on Their Next Tax Bills

How Small Businesses Can Save on Their Next Tax Bills

By | Business Finance, Taxes

We’re all about being proactive. It’s who we are. We prefer to stay way ahead of the game because simply put, it’s the smart thing to do. So, as 2018 begins, we think it’s time to start thinking about how to begin saving on your next tax bill (yes, already!). There are some tried-and-true methods to getting off on the right foot, but due to new tax reform changes, there are a few things you’ll want to begin keeping an eye on now. Here’s what to start doing in 2018 to lower your 2019 tax bill: See if You Qualify…

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How the New Tax Reform Impacts Businesses

By | News, Taxes

To learn how the new tax reform will impact individuals, click here. As you are very likely aware, Congress finally passed the tax reform legislation today. There is a tremendous amount of language in this bill that will impact business taxes, and it will take us some time to get our heads fully wrapped around it to devise the most optimal planning techniques for our business clients to take advantage of it all. In the meantime, here are some of the more salient points and how this bill will likely impact our clients. The c-corporation tax rate cuts are significant….

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How the New Tax Reform Impacts Individuals

By | News, Taxes

To learn how the new tax reform legislation will impact businesses, click here. The tax reform legislation passed by Congress significantly changes the landscape for individuals beginning January 1, 2018, and continuing for many years to come. The vast majority of the new tax law only impacts future tax years. For many taxpayers, the changes made by the legislation present a host of tax planning challenges and opportunities going forward. Due to the elimination or limitation on itemized deductions, and the elimination of personal exemptions, a key consideration in planning for 2018 is to first look at ways to lower…

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2017-year-end-tax-planning-checklist-individuals

2017 Year-End Tax Planning Checklist for Individuals

By | Accounting, Taxes

As the end of the year approaches, it’s time to take a look at some year end tax planning strategies for this year, and possibly the next. Last month, we discussed some possible tax deductions and credits for businesses, but individuals should be preparing for filing time, too. We have compiled a checklist of possible strategies based on current tax rules that may help you save tax dollars if you act before year-end. Not all of these items will apply in your particular situation, but you (or a family member) will likely benefit from many of them. We can narrow…

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2017 business tax deductions and credits

12 Year-End Business Tax Deductions and Credits for 2017

By | Business Finance, Taxes

You may already know that we’re big believers in proactive tax planning, especially for business owners. The earlier you begin to plan for tax season, the better your tax savings are likely to be. Of course, if you’re a business owner paying quarterly taxes, you’re probably already fairly on top of your financial game. (If you haven’t been keeping up with your quarterly tax payments, though, you probably need to read up about quarterly taxes here.) But as we begin to bring 2017 to a close, there still may be time for you take advantage of some other tax credits…

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summary of proposed tax reform legislation

Summary of Proposed Tax Reform Legislation

By | News, Taxes

  The US House of Representatives recently released their first draft (and second draft) of congress’ much anticipated tax reform bill (H.R. 1).  Significant tax reform may actually be passed this year, and it looks possible that it will offer the greatest sweeping changes to the US tax code in more than 30 years.  Although H.R. 1 is likely to see many changes before becoming law and its passage is uncertain, taxpayers should be aware of what has been released by congress and how it may impact them. As CPAs that have spent uncountable hours helping our clients understand and…

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8 Tips for Smarter Small Business Budgeting

By | Accounting, Business Finance, SuccessWatch

Small business budgeting doesn’t have to be a headache. We don’t recommend it, but businesses operate without following a budget or other financial plans more than you think. You might even be running one of those businesses (although we hope that’s not the case). However, there are many free resources for entrepreneurs who are ready to learn the ropes of business finance. (If you don’t already have a budget in place, here’s a business budget template from Quickbooks to get you started.) The fact is, for your business to be a success, you need to have a handle on its…

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prepare for tax season

What to Do in September to Prepare for Tax Season

By | Accounting, Taxes

Are you the kind of person who always has their ducks in a row? Do you consistently keep track of financial records and have a filing system even the most adept CPA would be jealous of? Even if you do, this is for you. If not, this is really for you. Most people are, simply put, busy. With the hustle and bustle of daily life come all sorts of minor complications that often keep you from staying on top of your financial game. We understand, and that’s why we’re here. If you haven’t been preparing for the 2018 tax season…

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Does my business need an accountant?

Does My Business Need an Accountant?

By | About Us, Accounting, Taxes

Does My Business Need an Accountant? Are you wondering if your business needs an accountant? If you’re a business owner or planning to start a business in the future, hiring a financial professional to manage your company’s accounting needs is one of the wisest decisions you can make. Think of it this way: what if one wrong decision in the beginning of your business venture ends up having a negative impact on your business in the long run? We’ve seen case after case in which a client was misadvised at the beginning of their venture and structured their business (and…

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Common Financial Business Mistakes

4 Common Financial Mistakes People Make When Starting a Business

By | Accounting, Business Finance, SuccessWatch

Are you getting ready to start a new business? Or perhaps you’ve already begun running a startup but are feeling overwhelmed by the financial aspects of your operations? Either way, there are a few common financial mistakes new business owners make when beginning their new ventures. Many small business owners start new companies without taking the proper precautions to ensure their chance at success. According to the Bureau of Labor Statistics, around 51% of all new businesses fail within the first four years of operation. And, according to a 2016 Global Entrepreneurship report, over half of businesses fail due to…

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fort-worth-accountant

More About Pine & Co.: Our Tax Services

By | About Us, Accounting, Taxes

Our Tax Services Because many of us at Pine & Company have worked as independent CPAs in the past, we know how difficult it can be to properly manage a client’s taxes as a solo practitioner. So, as a team, we conduct a multi-step quality review process which provides each and every tax return with multiple sets of eyes before filing. During each level of review, we make sure all data has been properly entered, that we’re not missing any deductions or credits, and double-check all of our calculations. By the time your tax return reaches its final level of…

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SuccessWatch - DFW Business Consulting

Introducing SuccessWatch

By | About Us, Accounting, SuccessWatch, Taxes

Introducing SuccessWatch Pine and Company CPAs is excited to introduce our newest service, SuccessWatch! Simply put, this is business consulting at its finest. Whether you need to improve profitability, become more financially efficient, or simply identify costly problem areas, SuccessWatch uses data-driven financial metrics to have a positive impact on your bottom line. We are a firm with nearly 200 years of combined expertise. As a result, we believe we’re in the best possible position to help our clients improve their business’ profitability and efficiency. Essentially, this is business consulting with a financial expertise edge. How It Works Put simply,…

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About Quarterly Taxes

5 Things Business Owners Need to Know About Quarterly Taxes

By | Accounting, Taxes

Hey, business owner — we know you’re busy, but do you have a minute to talk? As an entrepreneur, you know how difficult it can be managing everything on your plate. From overseeing day-to-day operations to conceptualizing your marketing strategy, there are countless moving parts in the machine that is your business. But, if there’s anything you let fall to the wayside, don’t let it be your taxes. Below, we’ll tell you a few things business owners need to know about quarterly taxes. 1. Keeping up with quarterly payments will prevent you from paying steep penalties. Many new business owners…

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7 Things To Do With Your Tax Refund Money

By | Uncategorized

You got your income tax refund back and deposited it “for a rainy day”. Be strategic with how you use the “extra” funds. Below you’ll find suggestions about how to use the money, from the most responsible option to the least. You can’t really go wrong with any of them, though. Pay Off Debt Use your tax refund to pay down a credit card, student loans, a car note, or your mortgage. The extra payment saves you interest in the long run, maximizing your refund without pulling money away from other budgeted line items. Save By Putting It Into An Emergency…

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Types of IRAs

The Various Types of IRAs

By | Retirement

IRAs help you save for retirement, but they also provide some tax benefits today. Those benefits depend on the type of IRA you contribute to and how. Below is an overview of the different types of IRAs and the unique aspects of each. Traditional IRAs Traditional IRAs consist of two types of contributions: deductible contributions and nondeductible contributions. Deductible Contributions You’re eligible for deductible contributions if you meet one of the following criteria: You are not actively participating in an employer-sponsored retirement plan, or You are an active participant and your adjusted gross income (AGI) does not exceed a certain…

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