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!
In terms of discovering a money related counselor, a few advantages everybody ought to comprehend, guaranteeing the procedure is basic and charming for you. Ed Lloyd & Associates PLLC: One of the best Financial Advisors in Charlotte From family commitments, to work necessities, to other individual duties; there simply doesn’t appear to be sufficient time in the day to get everything fulfilled. Working with a trusted money related counselor gives a game-plan to seeking after budgetary security and serves to free up more individual time for restoring exercises that can build you’re quality and satisfaction in life.
Driving Providers of Accounting and Tax Planning Services in the United States-Ed Lloyd & Associates PLLC provides the money related administrations industry is loaded with complex venture items, ideas, and speculations. Understanding what ought to be considered for your remarkable circumstance, alongside what ought to be maintained a strategic distance from, can be a troublesome assignment. Working with a trusted money related consultant can give the advantage of saving you the season of looking the web, perusing articles, and attempting to discover the answer all alone from the heap of sources accessible. By minimizing the “clamor”, you can concentrate on your extraordinary needs and execute your one of a kind money related arranging methodology.
Your budgetary organizer can likewise assist you with comprehension the dangers you are bringing with your cash and how they can affect your money related security. One test you may be managing is keeping track of whose winning. Deciding how your speculations are measuring so as to perform all the time your advancement in connection to your objectives and contrasting that execution against fitting benchmarks can be both tedious and befuddling.
ED LLOYD CPA IS HELPING MANY BUSINESSES TO MANAGE THEIR FINANCES
ED LLOYD CPA IS MANAGING YOUR FINANCES FOR A BETTER TOMORROW
Everyone has the power and potential to earn a lot of money and everyone is going to earn a lot of money over the course of time but it is not going to benefit. People will have to master the art of saving and investing in order to acquire a better life out of it. The world is going to change for better and people from around the world are mastering the art of investment. This is going to change the world for better, businesses will be able to see new heights and it is going to be a total turn around experience for them.
Why Tax Planning Is So Important? Explains Ed Lloyd & Associates PLLC and it is going to provide you with the requisite understanding about the contemporary world and you will be able to do more and learn more. It is important for you to be socially active to learn these skills and invest properly. Ed Lloyd & Associates PLLC- A Highly Reliable and Assured Accounting Firm in the United States is going to help you in acquiring all the requisite share and all the bonded papers, life is going to turn around for better and it is going to be fun see it happen.
WARD OFF TAXATION AND ACCOUNTING TROUBLES WITH ED LLOYD & ASSOCIATES PLLC
CATER YOUR BUSINESS NEEDS PROFICIENTLY WITH ED LLOYD & ASSOCIATES PLLC
Plan your Business Strategies with Ed Lloyd & Associates, PLLC
Ed Lloyd & Associates is a renowned and reputed firm established in 1994 to provide exceptional accounting and tax planning services to the businesses and organizations. The managing director of the firm is Ed Lloyd, who holds a degree of B.S in Accounting. He personally understands the needs of his clients in different situations and then suggests them necessary steps to be taken in order to guard your financial stability.
Ed Lloyd CPA, PFS, CTC, along with his team pay attention to all the aspects of the tax planning and accounting. At no point in time, they feel like winding up the things in a hurry, but pay adequate attention to all the aspects of accounting to ensure you get the value for your hard earned money. You do not need to worry when you know a highly skilled group of professionals is there to aid you. They know that planning is the most basic requirement for managing taxes. They properly plan tax beforehand and advise you the best ways to minimize it.
The team at Ed Lloyd CPA, PFS, CTC provide various services like Bookkeeping Services and Accounting Services, setting up the quick books, as well management of wealth. With them, you can feel safe and secure as the information shared by you is kept confidential and not disclosed to anyone. The professionals take the appropriate time and listen to every minute detail of the clients. They help you in identifying the mistakes and opportunities available and thus plan accordingly. When you can get so many benefits, then what are you waiting for? Contact them now!
TRUST YOUR FINANCIAL NEEDS WITH ED LLOYD CPA FOR SUPERIOR BUSINESS FUNCTIONING
GIVE YOUR BUSINESS A VIABLE TOUCH WITH THE EXPERT FINANCIAL SERVICES OF ED LLOYD & ASSOCIATES PLLC
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.
HOW FINANCIAL PLANNING CAN BE HELPFUL IN GROWING YOUR SAVINGS
WHY SHOULD YOU CONSIDER HIRING FINANCIAL SERVICES?
It is important to secure your children future when they are totally dependent upon you. You are the only one who can only provide a safety net around them, suggests Ed Lloyd & Associates PLLC, one of the leading tax management firms in the United States. Read More →
Paying income tax can be a threat to many of the business owners. But proper tax planning can make you feel confident about paying income tax on time, says Ed Lloyd & Associates, a tax expert who helps you in reducing the audit risk and help you prepare proper documents for all your finances. Many people ignore tax planning and do not even think about the amount of taxes they have to pay. Then they regret at the time when they have to pay a huge amount in taxes.
It is important for you to plan for your taxes as they are bound to have priority demands in any company’s cash flow. There are a number of benefits of strategic tax planning if done in a proper manner.
Tax planning is not a single time process, rather, it is an ongoing process that continues with your every purchase, says Edward Lloyd. There are a number of tax planning strategies available for a person and some of them are:
- Reducing your taxable income
- Decrease your tax rate
- Paying tax on time
- Checking for any tax credit availability
- Making retirement plan contributions
According to Ed Lloyd CPA, a strategic tax plan always consists of a proper and customized tax strategy that is completely built around your objectives. The first area to analyze is your desire and need that is making you pay heavy taxes at the end.
A firm foundation plan is needed in strategic tax planning. All the sources of income need to be studied in order to determine the best way to decrease the taxable income, says Edward Lloyd. One of the methods of strategic tax planning includes that you must get every tax deduction that you are entitled to under US tax code.
Another way to save on your taxes is to increase your entertainment expenses as these expenses are great deductions. Even you can get business automobile deductions as well. All these deductions can make you happy after paying your income tax.
Are you facing financial problems? Read – Best Advice on Financial Problems Faced by Young Generation by Ed Lloyd & Associates
ED LLOYD CPA | KNOW SECRET TO A SMOOTH TAX SEASON
TAX PLANNING WITH BEST LAW FIRM – ED LLOYD AND ASSOCIATES, PLLC
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.
Read More →
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 →