Provide Year End Tax Planning Tips For Business:
1. Sole Proprietors:
Q1: Did You Pay Correct Amount Of Estimated Tax based upon your 2013 Income ?
If your Business Revenue was better than last year, need to Pay More Tax in Jan 2014 Quarterly Payment.
Q2: Self Employed Business can also revisit Retirement Plans SEP, SIMPLE, IRA, 401K to see if Maximum Pre-Tax Investment is made for 2013 ?
Q3: Do you Qualify For Health Savings Account or Have Family Health Insurance Deduction ?
Q4: Employee Vs Contractor ? 1099-MSC Vs W2 - TRS Requirements
2. LLC:
Q1: What is the Tax treatment - Partnership / C-Corp/ or S-Corp ?
Q2: What are Effects of Profit / Loss Distributions on your Personal Taxes ?
3. S-Corp:
Q1: How Are the Articles Of Incorporation Executed through out the Year ?
Q2: What to do if your hired Employees in 2013 ?
Q3: Did your business Sign Guaranteed Service Agreement in the 2013 ?
4. C-Corp:
Q1: What would the Corp do with Retained Earning ?
Q2: Is Your Business Fully Utilizing Business Credits ?
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Thursday, December 26, 2013
Friday, December 20, 2013
" Charity Begins At Home And Ends In Your Tax Return !! "
So what will your Charitable Donations on your Tax Return look like ? Smiling, Tax Tips!
If Tax Payer Files Schedule A with Form 1040, tips on what is required at Tax time for Charitable Donations:
1. Cash Donations - Keep Receipts from Church or other Charitable Organizations.
2. Non-Cash Donations :
o Number of Bags of clothing donated
o Appliance/ Furniture /TV : Fair Market Value on Donation day, Purchase Price/ Date Of Purchase
3. Car/ Boat / RV - Receipts from the Buyer/Organization after the Donated item is sold.
Happy Holidays from Yajnik & Mehta Associates - Stay Healthy & Stay Safe...
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
If Tax Payer Files Schedule A with Form 1040, tips on what is required at Tax time for Charitable Donations:
1. Cash Donations - Keep Receipts from Church or other Charitable Organizations.
2. Non-Cash Donations :
o Number of Bags of clothing donated
o Appliance/ Furniture /TV : Fair Market Value on Donation day, Purchase Price/ Date Of Purchase
3. Car/ Boat / RV - Receipts from the Buyer/Organization after the Donated item is sold.
Happy Holidays from Yajnik & Mehta Associates - Stay Healthy & Stay Safe...
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Monday, December 16, 2013
" What Are The Year End Business Tax Planning Tips?"
Provide Year End Tax Planning Tips For Business:
1. Sole Proprietors:
Q1: Did You Pay Correct Amount Of Estimated Tax based upon your 2013 Income ?
If your Business Revenue was better than last year, need to Pay More Tax in Jan 2014 Quarterly Payment.
Q2: Self Employed Business can also revisit Retirement Plans SEP, SIMPLE, IRA, 401K to see if Maximum Pre-Tax Investment is made for 2013 ?
Q3: Do you Qualify For Health Savings Account or Have Family Health Insurance Deduction ?
Q4: Employee Vs Contractor ? 1099-MSC Vs W2 - TRS Requirements
2. LLC:
Q1: What is the Tax treatment - Partnership / C-Corp/ or S-Corp ?
Q2: What are Effects of Profit / Loss Distributions on your Personal Taxes ?
3. S-Corp:
Q1: How Are the Articles Of Incorporation Executed through out the Year ?
Q2: What to do if your hired Employees in 2013 ?
Q3: Did your business Sign Guaranteed Service Agreement in the 2013 ?
4. C-Corp:
Q1: What would the Corp do with Retained Earning ?
Q2: Is Your Business Fully Utilizing Business Credits ?
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
1. Sole Proprietors:
Q1: Did You Pay Correct Amount Of Estimated Tax based upon your 2013 Income ?
If your Business Revenue was better than last year, need to Pay More Tax in Jan 2014 Quarterly Payment.
Q2: Self Employed Business can also revisit Retirement Plans SEP, SIMPLE, IRA, 401K to see if Maximum Pre-Tax Investment is made for 2013 ?
Q3: Do you Qualify For Health Savings Account or Have Family Health Insurance Deduction ?
Q4: Employee Vs Contractor ? 1099-MSC Vs W2 - TRS Requirements
2. LLC:
Q1: What is the Tax treatment - Partnership / C-Corp/ or S-Corp ?
Q2: What are Effects of Profit / Loss Distributions on your Personal Taxes ?
3. S-Corp:
Q1: How Are the Articles Of Incorporation Executed through out the Year ?
Q2: What to do if your hired Employees in 2013 ?
Q3: Did your business Sign Guaranteed Service Agreement in the 2013 ?
4. C-Corp:
Q1: What would the Corp do with Retained Earning ?
Q2: Is Your Business Fully Utilizing Business Credits ?
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
Monday, December 2, 2013
" What is Year End Tax Planning for Tax Payers ? "
For Tax Payers who would file 1040 for 2013, see the list of Tax Planning Items to focus on:
1. If 2013 Income is lower than prior Years and is expected to go high in the future years Consider converting Traditional IRA into a Roth IRA. Since the Income is lower the tax on conversion will also be lower than future years.
2. If you have invested in Stocks & Securities and the current price is higher, it would be prudent to hold on to them for longer than year since long term gains are taxed at a lower rate than short term rate.
3. However, is the Stocks and Securities that you bought in the year, have less value than what you paid, it would be wise to sell them before the year end and deduct the capital loss on your 2013 tax return.
4. Are you withholding enough to pay for your Taxes and Avoid the April 15th, tax shock ?
5. If you are getting a large Refund, Increase your allowances to withhold less tax and get more money in your pay check.
6. Make Charitable donations before the year end and keep receipts.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
1. If 2013 Income is lower than prior Years and is expected to go high in the future years Consider converting Traditional IRA into a Roth IRA. Since the Income is lower the tax on conversion will also be lower than future years.
2. If you have invested in Stocks & Securities and the current price is higher, it would be prudent to hold on to them for longer than year since long term gains are taxed at a lower rate than short term rate.
3. However, is the Stocks and Securities that you bought in the year, have less value than what you paid, it would be wise to sell them before the year end and deduct the capital loss on your 2013 tax return.
4. Are you withholding enough to pay for your Taxes and Avoid the April 15th, tax shock ?
5. If you are getting a large Refund, Increase your allowances to withhold less tax and get more money in your pay check.
6. Make Charitable donations before the year end and keep receipts.
For More Information or Q & A Contact :
Kash, @ (925) 963 4891
Yajnik & Mehta Associates (YMA)
Facebook : www.facebook.com/yma.taxpro
Twitter : http://twitter.com/kash_yajnik
Linked-In URL:
http://www.linkedin.com/company/3246905?trk=tyah&trkInfo=tas%3Ayajnik%20and%20mehta%2Cidx%3A1-1-1
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