Tax Benefits for Senior Citizens

According to Ed Lloyd & Associates PLLC, the number of senior citizens and retired people in the USA is growing at a very fast rate. When a person turns 65, the way he files his taxes changes. It should be noted that there is a major difference between a retired person and a senior citizen. A retired person is someone who has completed his term of full-time work. On the other hand, a person who is of the age 65 or more is known as a senior citizen.


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Popularly known as contribution plans, 401 (k) is your key to smart saving towards retirement based on tax-deferred aspect. That is to say, now you don’t have to pay state taxes on savings or even their investments until retirement when you actually withdraw your money. But the benefits don’t end there. Experts at Ed Lloyd & Associates PLLC give you a clear picture of what 401 (k) exactly is and the pros of vouching for it.


Interestingly, there are many employers who sponsor a retirement savings plan for the betterment of their employees through various plans. The fact is that tax rate is low at the time of retirement than during working years and when you pay tax on your retirement; you eventually pay a lot less on your savings. Now these 401(k) plans are for public or private for-profit companies’ employees. Under these plans, a regular amount is cut from your salary before you are made to pay taxes, which reduces the amount income which is taxable and so you end up paying less tax. You can also put money aside on after-tax basis under this plan. Read More →

Today, more than 4 million firms across the world are using smarter applications to use make their accounting hassles convenient to deal with. The introduction of Quick Books in the world of numbers is one big relief. For those who are new to the concept of Quick Books, experts from Ed Lloyd CPA offers insight into the way it works and can be used to make the most of it. Before delving into the details, it’s important to know what these Quick Books really are. Quick Books is bookkeeping software that uses various accounting processes in one single system.


The basic function of a Quick Books is to make tracking sheets, spreadsheets and various tasks convenient. These also help you in maintaining your tax planning. The most interesting part is that users can modify it according to their needs. Read More →

Strategies for Tax Planning to save your the precious dollars:

Ed Lloyd & Associates PLLC believe that small business owners overpay a lot of money on tax every year whereas this money can be saved and used for business purposes. They recommend strategic tax planning which ensures that the business owners pay the least amount of tax.

  • Claiming the Deductions which the Business is Eligible For:

Ed Lloyd CPA recommends that first and foremost the business owners should be aware of all the deductions which they can claim. The two most common deductions which all small business owners are eligible to claim are

  • Expenses of Home Office:

If a business owner has an office at his home, then he is eligible to deduct a part of the office expenses in relation to the area that he uses as office at home. Some of the common expenses that a person using a home office is eligible to claim are

  1. Utilities
  2. Property Taxes
  3. Repair and Maintenance
  4. Mortgage Interest
  5. Home Insurance
  • Expenses of Car:

If a business owner uses a car for his business purpose then he is eligible to claim the portion that he uses for work purpose. This could include driving to and from work or driving for other business needs. The expenses that can be claimed are

  1. Insurance
  2. Oil and Fuel
  3. Depreciation
  4. Repair and Maintenance
  5. Lease
  6. Tolls and Parking
  • Benefiting from Splitting the Income:

A person is required to pay more taxes if he earns more income. Thus, Ed Lloyd & Associates PLLC recommends that splitting the income with a family member could help in reducing the income and thereby the taxes. The IRS allows this strategy if the person with whom the income is split actually works for the business and is paid the same amount that other people on the same post are being paid.

  • Incorporating the Business:

If a business owner has enough resources to handle the costs that occur on incorporating a business and if a business can save tax money by incorporating it is always advisable that the business owner incorporates his business.

Ed Lloyd & Associates PLLC recommend these strategic tax planning tips for business owners to save on taxes.

Want to know about the services of Ed Lloyd & Associates? Read – Tax Services of Ed Lloyd & Associates PLLC

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Whether it’s about buying, selling or merging two organizations, only certified professional accountants can help you strike the right deal. You need someone who can evaluate your assets well, at the same time helping you get acquisitions as per your needs and demands. This is what experts at Ed Lloyd & Associates PLLC do for you.

With years of experience in dealing with property and taxation policies, they conduct audits and give you the right value of assets belonging to the company acquired. Furthermore, Ed Lloyd CPA, PFS, CTC help you in structuring due diligence in case of many-entity acquisitions. And then there are reviews on acquisition agreements to make sure your deals are made according to proper accounting methods.


Ed Lloyd & Associates PLLC also help you in creating a pro forma financial statement in the case of entities that are combined. Providing you professional advice on tax planning, their experts also help you in coordinating various administrative and accounting complexities as you work on mergers.

When you are merging two setups, the most important aspect is to know if you are working on the right purchase price and if the business valuation works for you. Edward Lloyd helps you build this up with help from professionals with years of experience in the field.

They work with banks and attorneys and take care of all your paperwork, giving you enough time to focus on other details of the acquisition. When you purchase a business, the first thing to do is to assess it well. This is done by accountants at Ed Lloyd & Associates PLLC. They help you make the right offer on your business, creating a blueprint that helps you make an informed decision.

Understand the market value of the business and know what exactly you need to pay. Work on baselines given by the experts themselves. From investment rates to returns, here’s a brand that helps you achieve your dreams profitably!

Thinking about how to value your business? Read -Determine the right value of your business with Ed Lloyd & Associates PLLC

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