The Entrepreneur's Advisor and CPA
Tax, Accounting and Consulting
TO OUR CLIENTS: THE 2019 INDIVIDUAL AND BUSINESS YEAR END TAX STRATEGIES ARE IN YOUR VAULT ACCOUNT
We are licensed multi-state CPAs (NY, FL, AL) and successful entrepreneurs who serve local, national and international entrepreneurs and business owners as trusted advisors. We are specialists in individual and business multi-state taxation and inbound USA international filings. Average CPA preparer of partnership returns, S Corp returns, Individual returns and C Corp returns is 25 years. We also speak Mandarin.
Accounting and Outsource
Our CPAs and accountants stay current on the latest changes to accounting rules, including Generally Accepted Accounting Principles and International Accounting Standards. We are a QuickBooks ProAdvisor offering Compilation and write-up services. Several companies in the USA and abroad outsource their full-service accounting function to our CPA and accounting degree professionals in our main office. We serve as virtual Controllers for our best clients with regard to general ledger accounting, bill pay, payroll and reporting.
With over 75 years collective experience in-house we offer valuable advice pertaining to financial statement presentation, taxation compliance and planning for fast growth entrepreneurs, medical practices, real estate investing, credit line applications, buying/selling a business, cost benefit analysis and general business decisions impacting debt, taxes, investors and prospective buyers of your business.
2020 FEDERAL INCOME TAX DEADLINES FOR CALENDAR YEAR 2019
- January 15th, 2020 - Individual final estimated tax payments Q4 to reduce risk of interest and penalties.
- January 31, 2020 - Last day to postmark and send all 1099s and efile IRS copy.
- March 16th, 2020 - S Corporation and Partnership tax filing return deadline unless extensions filed. Extend till Sept 15th.
- April 15th, 2020 - Individual and C Corporation tax filing deadline unless extensions filed. Extend till Oct 15th. Individual IRA deadline. Q1 2020 estimated tax payments due.
Sample of certain 2019 Tax Year changes
- Fines for not carrying full ACA Compliant health insurance no longer apply. TIP: Consider high deductible plans and HSA's.
- Threshold for itemizing and deducting medical expenses rises to 10% of Adjusted Gross Income in 2019.
- Maximum 2019 401K contribution raised to $19,000 (plus 6K if born before 1970). Traditional IRA is now $6,000.
- Standard business mileage rate for 2019 is now 58 cents per mile. Charitable remains at 14 cents per mile.
- First $1,100 of UNEARNED income of a child age 19 or younger tax free (24 if FT student).
- Standard deduction increases to $12,200 for singles and $24,400 for couples.
- HSA single max contribution is now $3,500 and family plans $7,000.
Clients are encouraged to schedule a 2019 year end tax planning call or meeting.