Accounting advice - baldwinaccountingcpa

Procrastination Can Lead to Unneeded Taxes & Penalties

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Post published: July 22, 2016
Post category:Accounting advice Events That Create Tax Problems & Opportunities
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If you are like so many people that tend to wait until tax-filing season to worry about your taxes, there’s a chance that you will be missing out on opportunities to reduce your tax and avoid certain penalties.

Events That Create Tax Problems & Opportunities

The following are some events that can affect your tax return and you may need to take steps now to mitigate their impact and avoid unpleasant surprises after it is too late to address them. (more…)

Thinking about Converting Your Traditional IRA to a Roth IRA?

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Post published: January 17, 2016
Post category:Accounting advice Converting Your Traditional IRA to a Roth IRA
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Take a look at the Pros & Con of Roth Conversions

The tax provision that allows taxpayers to convert a Traditional IRA to a Roth IRA is a great tax-planning tool when used properly, and timing is everything. Conversions can be tricky, so if you are considering a conversion, take a look at this article regarding conversion considerations or give our office a call and set up an appointment so we can help you properly analyze your conversion options. (more…)

Need to File An Amended Tax Return?

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Post published: July 12, 2015
Post category:Accounting advice amended tax returns
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Did you forget about a deductible expense on your tax return or an expense that would qualify for a tax credit? Did you receive an unexpected or amended K-1 from a partnership, S-corp, trust or estate?

These are just a few examples of overlooked income or deductions that you may have forgotten on your tax return whether it was for the 2014 return or even prior year returns.

If you are considering whether to file an amended return (Form 1040X) or even a state income tax return, we recommend reviewing the following points: (more…)

Tapping in to your IRA?

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Post published: July 6, 2015
Post category:Accounting advice IRA withdrawal
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If you’re planning on withdrawing funds from a taxable IRA or other retirement accounts, with some advanced planning, it’s possible to minimize or possibly avoid taxes, as long as you consider some of the following points: (more…)

Tax Tips For Starting a New Business in 2015

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Post published: June 18, 2015
Post category:Accounting advice tax issues 2015
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If you have decided to start a new business in 2015, it is important to be knowledgeable of your federal tax responsibilities. The following provides you with tax information regarding the type of business, the importance of keeping good records as well as using consistent accounting methods for your business.

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Affordable Health Coverage Mandated for Large Employers

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Post published: April 14, 2015
Post category:Accounting advice
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If a company has at least 100 full-time employees as well as full-time-equivalent employees, effective January 1, 2015, the company must offer affordable health coverage that provides minimum value to at least 95% of full-time employees and their dependents or the company may be subject to an employer shared responsibility payment. (more…)

Benefits of Saving for Retirement

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Post published: March 24, 2015
Post category:Accounting advice Benefits of Savings for Retirement at an early age
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If you are a teen or young adult, you probably haven’t considered the importance of the benefits for long-term retirement savings. Concentrating on today’s earnings are more important than thinking about retirement. However, the earlier you start to contribute to a retirement plan, the more substantial the nest egg when you retire. (more…)

When to Seek Assistance from Your Accountant

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Post published: March 18, 2015
Post category:Accounting advice
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If you wait for your regular appointment to discuss current tax-related issues, it might create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. If you have a substantial change in taxable income or deductions, by contacting our accounting office to discuss those changes would be beneficial to you in the long run. We can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine and explore tax options. (more…)

Education Tax Benefits

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Post published: February 27, 2015
Post category:Accounting advice education tax benefits
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The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each individual’s particular circumstances. The following is an overview of the various possibilities. (more…)

Beware Of the 1-per-12-Month IRA Rollover Limitation

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Post published: February 27, 2015
Post category:2015 IRA Rollover Limitations Accounting advice
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This article discusses the new interpretation of the 2015 one-per-12-month-period rollover rule, the 60-day limit and the types of plans included.

The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the distribution. (more…)