An LLC is a very common business legal entity structure, BUT it may not be the best legal entity structure for tax purposes. I can do much more than prepare your taxes. As a tax consultant, I can help you maximize your deductions and minimize your tax liability. www.TerryKleinCPA.com #taxconsultant #taxplanning #taxpreparation #taxdeductions #taxes#legalentity #austincpa… Read More
I have seen several instances this tax season where an individual is reporting rental income under an LLC that the LLC does not own. Not only is it not allowed by the IRS, but it could cause problems with your lender and other legal issues. www.TerryKleinCPA.com #cpa #taxconsultant #taxplanning #taxpreparation #taxdeductions#austincpa #georgetowncpa #roundrockcpa #leandercpa#cedarparkcpa #taxreturns… Read More
All CPA’s and Tax Preparers are NOT alike…Many people think a tax return is a tax return. That’s just not true. I see it every day. Missed opportunities to maximize deductions. A tax return is like building a house. Two builders may have very different designs even though they both can pass inspection. There are… Read More
And being a CPA for almost 30 years, I am totally ok with that… I like to read the tax code and understand the nuances. My background has a lot to do with it. I spent 9 years working with the largest tax and accounting software company in the world reading tax code. And I… Read More
Its tax season, so I am well caffeinated on this fine Sunday morning! ☕️ I love being a CPA and Tax Consultant but I am still amazed at what I uncover. Everything from the wrong legal entity structure; to 401k withdrawals that are not done to minimize tax and penalties; to the wrong social security… Read More
If you are a w-2 employee and have a simple tax return, you probably don’t need to pay someone to do your taxes. But, if you have a side business, like driving for Uber, and get a 1099, you are subject to things like self employment taxes and you may be eligible for some pretty… Read More
If you pull money out of your 401k and you are using consumer tax software, it will calculate a 10% penalty. However, there are exceptions for disabled persons and medical expenses. There are additional exceptions for IRA withdrawals such as higher education expenses, first time home purchase, and health insurance premiums. www.TerryKleinCPA.com #CPA #taxconsultant #taxplanning #taxes… Read More
This really breaks my heart….A new client funded a new business with 401k proceeds and paid more than $40,000 in taxes and penalties. They could have paid zero! Its called the ROBS Plan (Roll Over Business Startup). It allows you to use 401k proceeds to start a business without paying tax or penalties. If you… Read More
Tremendous changes to the tax code have made things much more complex for businesses. A tax preparer files your return but you may a Tax Consultant, to help reduce your taxes as much as possible by, Maximizing your deductions,Ensuring you are utilizing the best legal entity structure and much more… #TaxConsultant #Taxes #TaxPreparation #deductions #AustinCPA#GeorgetownCPA #RoundRockCPA… Read More
Many accountants and tax preparers are focused on just “preparing” your tax returns, but with the Tax Cuts and Jobs Act, there have been significant changes for individuals and businesses that are probably costing you money. I have spent hundreds of hours researching the best way to structure things for my clients and save them… Read More