We would like to take the time to wish everyone a safe and happy Labor Day!
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
This is the time of year in our CPA practice that I work with small business owners and individuals to perform tax checkups to help them project their tax liabilities for 2014 and make tax saving recommendations of moves they can make between now and year-end. Frequently, just defining the amount of taxes they owe via these planning services helps manage their cash flow so the businesses and individuals don’t have a big amount due and/or surprise each Spring when they prepare their tax returns.
Coming up September 15, 2014 is the date in which the 3rd installment for individuals that have income that is not taxed and withheld (like W-2 income) is due.
Self employed businesses, e.g. Proprietor Schedule C filers, folks that own S Corporations, Partnerships, LLCs, or other flow-through entities must estimate their unpaid income and/or self-employment taxes for the period January 1-August 31, 2014 and pay ½ of this amount to IRS and/or NC Dept of Revenue on September 15, 2014 and the other ½ of this amount on or before January 15, 2015. (April 15th and June 15th of each year are also Quarterly Estimated Tax Payment dates that have also passed by if you weren’t aware)
The rules for estimated tax payments depend on your modified adjusted gross income for 2014. “Safety” estimates can be designed to avoid penalties and interest, optimize cash flow, and save taxes.
Please give us a call to help you save taxes in 2014.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Final Filing Deadline Reminder
If you need to file a Form 1065 (partnership return), Form 1120S (S corporation return) or Form 1041 (fiduciary return), the deadline to file your 2013 return is September 15, 2014. This assumes you had filed for an extension prior to April 15, 2014.
If you put your personal tax return on extension (Form 1040), you still have until October 15, 2014 to timely file your 2013 return.
As a reminder, putting your tax returns on extension can be a good thing—but penalties to miss the extension deadline can be steep.
Give us a call if you need help meeting your deadlines.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
I’d like to share with you a cost savings tip that some insurance companies auto policies offer: The Accident Forgiveness and/or Violation/Ticket Forgiveness Rider. If you have this on your auto policy, it could save you hundreds or thousands of dollars! (it costs me very little)
Here’s how it works:
If you have this rider on your policy and you or someone in your family has an accident or ticket, your insurance company will “forgive” you one time and not increase your rates. Some insurance companies have an accident forgiveness rider only and not ticket forgiveness, so be sure to ask questions and understand the details of what you are buying.
Call and ask your auto insurance agent or insurance company if they offer this insurance rider that could save you thousands.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Revisiting a past article from the Chicago Tribune:
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
Interesting article on investing from USA Today:
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
From Wall Street Journal: Keeping Value in the Family Questions or Comments? You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you. Mark Vitek, CPA/PFS, CFP® …until next week.
From InvestmentNews:
IRS: Only one IRA rollover per year
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
From the Associated Press:
Small Businesses in Limbo again on Tax Breaks
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
After over 30 years in the tax business, we continue to find that solid accounting and good communication with your CPA is the key to lowering taxes.
Solid bookkeeping for your business enables you to take the most deductions possible while minimizing taxes.
Year-end tax planning also helps you know what to expect on April 15th, prevents unwanted surprises, and saves a lot of taxes for our clients each year through this valuable service we offer this time of year. We frequently save our fees through solid recommendations.
Business owners are always looking for ways to maximize your profits and minimize your expenses. Occasionally, you may be approached by folks other than us regarding estate or investment planning.
A quick (even 15 minute or less) phone call with your trusted advisor CPA about topics such as these can help you be sure you have considered all the financial and tax impacts on you, your company and your family.
When you are considering any significant financial decisions, we are available.
Give us a call. Sometimes it can mean saving thousands of dollars.
Questions or Comments?
You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.
Mark Vitek, CPA/PFS, CFP®
…until next week.
