Making a list, checking it twice.
We sent out our yearly reminders to our business tax and bookkeeping clients.
We thought we'd share them here so everyone can see it. Especially 'cause tax season is around the corner!
With the election now over, so many of my clients are asking me about "rumors" they heard regarding Trump lowering taxes. Is this true? Overall, what he is proposing is true in that taxes for most will be lowered. Will it actually become law? I don't know because there's so much that goes into passing tax legislation. The President-elect can't just pass these laws by himself. He would need congress to go through the process of writing up the detailed tax law and passing it through various departments of Congress. It's not a simple process and can take many months for anything to come to fruition.
From what he is proposing, there are 6 things that caught my attention that would affect most of my clients.
Below is a video I made explaining the 6 biggest changes in Trump's new tax plan.
Unfortunately, the title is correct. As most will see when looking at your pay stub, you'll see all kinds of taxes being taken out. What most don't know is that the various taxes you see come out of your pay stub doesn't apply to other types of income, such as rental income.
The IRS sees income in two different categories - Earned Income and Passive Income.
This year I decided to take on interns for the summer. I've taken on interns before, usually one or two, but this year I've decided to take on six! We knew it would be a big time commitment but I felt the experience would be invaluable.
Infographic explaining a possible tax resolution if a person owes way too much money to the IRS that, realistically, can't pay it all off - Offer in Compromise.
As a business owner, there are so many choices and decisions that must be made for the business - marketing, budgeting, hiring, etc. One of those decisions is: should I incorporate my business? With all the various choices and reasons, it can be a daunting task to learn and understand it completely. Lawyers, accountants, and neighbors all have their opinions on which is best - and this makes everything so much more confusing. I'll explain it from a business owner's perspective on why incorporating would be a good idea or if it's unnecessary. Depending on the situation, sometimes incorporating isn't the best idea because it's unnecessary for the type of business or the cost effectiveness might not be worth it.
Most of my clients get hit with the dreaded Alternative Minimum Tax (AMT). This is an additional tax that people have to pay on top of their regular income tax if the taxpayer meets certain rules.
Here are the common things I see across my client base on who usually gets hit with AMT:
Below are videos I created to help explain it better. I hope it helps!
I value how clients perceive us - it's obvious as a business owner. The business I run has an emphasis on service we provide. Not just the service of knowledgeable tax advice/preparation but friendly and helpful customer service as well. We do not sell goods where the product is the only thing the customer cares for. We are not a restaurant where great tasting food can make up for the horrible service.
This was an Open Letter I wrote to my associates after tax season. I wrote this to lay out the vision I wanted for the team and also to hold me accountable for what I wrote.
First, I would like to thank all of you for choosing to be part of Alpha B Group. It means so much to see this team grow, not just in the number of people, but the growth in each of you. This past tax season was tough and I appreciate everyone who weathered the storm and muscled through. Long hours, challenging experiences, and an overwhelming amount of work has really proved to me that you are more than capable of handling the toughest parts of this job.