Now’s the time of year when kids across America start heading back to school. New kindergartners eagerly don their snazziest big-kid outfits to pose for smiles and pictures. (The tears come after they get dropped off. We’re talking the mom and dad, of course.) New high-schoolers hit the snooze button and look forward to sleeping through morning classes. (Why yank teens out of bed so early when their younger siblings are up before sunrise without alarms?) And new college students can’t wait for the independence of campus life, because beer. (Their empty-nester parents wonder if it’s finally time to treat themselves to that divorce they’ve always wanted, then look at the tuition bills and sigh in disappointment.)

You know who else is busy this time of year? That’s right, the tax man! Here are some random musings on some of the things that happen when back-to-school time meets tax time:

  • Many states offer sales tax holidays for back-to-school shopping. Ohio is typical: from Friday, August 5 through Sunday, August 7 (2016 only), there was no tax on clothing priced at $75 or less, school supplies priced at $20 or less, and school instructional materials priced at $20 or less. Of course, those back-to-school sales tax holidays are just like your old homework assignments — you can’t get credit if you miss the deadline!
  • Teachers are naturally on the front lines of shrinking school budgets, and they often chip in with their own money to fill the gaps. (Ironic, right, considering how generously they get paid!) The Educator Expense Deduction lets teachers who work full-time at any accredited school deduct up to $250 they pay for books, school supplies, computer equipment and software, and even athletic equipment they buy on behalf of their students. For years, this has been one of those deductions Congress scrambled to extend every December — last year, Congress finally gave our kids’ long-suffering teachers a break and made it permanent.
  • Student loan debt has topped a trillion dollars, and loan forgiveness programs have sprung up to help borrowers who go on to work for qualifying employers like governments and 501(c)(3) not-for-profits. But those service-minded borrowers may face an unexpected surprise: sometimes the amount forgiven is considered taxable income! Sure, eliminating, say, $40,000 would be welcome relief for a hardworking teacher or social worker. But what about the $10,000 tax bill that comes with it?
  • You probably wouldn’t think a college degree would be tax-deductible. And there’s no deduction for training that prepares you for a new job. But if your graduate program is intended to improve or enhance your skills for your current job — or if your employer requires you to get an advanced degree — you may be able to deduct your tuition and other expenses. Let’s say you’re a tax lawyer, and you want to brush up on your skills. That
    $40,000 you drop on a Master of Laws degree may get you a raise and a deduction. (Now you know why tax lawyers drive Jaguars!)

Here’s today’s lesson — pay attention, because there will be a quiz. When it comes to taxes, school is never out! The more you know and the more you plan, the less you’ll waste on taxes you don’t have to pay. So call us before exams and let us help with the tutoring you need!

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There are situations and circumstances that can be well out of your reach. Accidents and then death could leave one’s family in a pile of debt and stress unless one has a backup plan. Ed Lloyd & Associates PLLC – are you financially and legally updated about your children? Children, young or old, can be deeply affected by such events especially when they are not financially independent. For this reason it is important it is imperative to get insurance as it will be the backup plan that one was in search of. And a life insurance would be the most reasonable and economically viable plan to take up as one would have to pay the premium every month or every three months. This way defaulting on payments would be difficult.

Since Ed Lloyd and his associates are experts in this field they would be able to gibe one the right advice. In this way, one can start off securing their future right away without wasting any time. Also, financial advisors in the firm would be give clients the best possible plans according to their income. Apart from that there can be disputes over the return of the provident fund or getting maternity leave. There are laws related to all these aspects and the advisors would be able to determine the right course of action to get the best outcomes in any court of law. So, it is best to get expert help in such cases.One can check out Ed Lloyd and Associates, PLLC on Facebook. | ED LLOYD & ASSOCIATES


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Ed Lloyd CPA is an individual with a high understanding of accounting and tax planning principles and offers the most feasible solutions to his clients. He has dedicated years to practicing CPA and has achieved a great experience in the fields such as Strategic Tax Planning, accounting and auditing management. For someone operating a business, it is essential to pay consideration towards critical parts of your business instead of spending precious time in dealing with the reports and documents. Be that as it may, considering the vitality of correct demonstration of records in a sensible and correct way, it is highly vital to gain the services of a trustworthy accounting professional who can help you with all your needs.

Ed Lloyd CPA, Certifiedis fully eligible to work in the Charlotte region to offer services to business enterprises as well as individuals. He has paved his place strong in the market by offering truly customer-oriented services to his clients. He is known for his excellent knowledge of accounting, tax planning and latest audit techniques.

Ed Lloyd CPA owns a firm Ed Lloyd and Associates, PLLC – Charlotte, North Carolina. He has a gathering of some highly skilled, talented and knowledgeable professionals who are known to pass on meticulous services in the region. No matter whether you require someone who can manage your accounts on a daily basis or can prepare your daily taxes, the team at Ed Lloyd & Associates PLLC is there to assist your needs.


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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.

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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 →

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.

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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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