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!
Ed Lloyd CPA, PFS, CTC – Certified Tax Coach is an ensured open bookkeeper (CPA) from the North Carolina State Board of Examiners. Other than that, he is additionally an individual money related pro (PFS) and a confirmed assessment mentor (CTC). He did his level of B.S. in bookkeeping and in 1994 set up his own firm. He serves as the overseeing executive of his firm, yet at the same time watches out for the records of each customer. Every one of the experts at this firm are decent at what they do. Get more information about Ed Lloyd CPA on Vimeo.
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WHAT IS A CERTIFIED PUBLIC ACCOUNTANT?
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WHY YOU SHOULD CONSIDER HIRING FINANCIAL SERVICES
The need to slice expenses to a base is one of the difficulties all organizations must face. Yet, all the more so for the little or fledging venture. Numerous new businesses will see deals incomes stream in strictly when a couple of days, weeks or even months of operation. This is the reason numerous new companies open shop utilizing their own homes or carport as their office or generation plant to save money on restrictive rental expenses. They likewise multitask. The proprietor takes the part of general administrator, sales representative and accountant. In that way, he saves money on pay rates. Be that as it may, this is not such a smart thought. As a financial organization, we realize that accounting is a backend action and must not weigh down on little entrepreneurs. Trust the Professionals of Ed Lloyd CPA for Quality Financial Services.
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HOW FINANCIAL PLANNING CAN BE HELPFUL IN GROWING YOUR SAVINGS
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Ed Lloyd & Associates PLLC is a trusted name with whom you can depend for all your accounting and tax planning needs in the United States. It is a Charlotte-based firm that has been delivering flawless services, meeting the highest principles of excellence. If you are not able to get an apparent picture of the company, then you must think of outsourcing your bookkeeping needs with Ed Lloyd & Associates. Bookkeeping and tax planning are two imperative aspects of any business. In order to get an idea about the correct monetary status of the company, it is essential for you to administer your accounts on a regular basis so that you are able to calculate profits and losses truthfully.
The professionals of Ed Lloyd & Associates PLLC are highly talented, knowledgeable and skilled. After carefully assessing the business requirements of your company, they would suggest you great ideas and tips that can effectively reduce taxes and increase profits. With over years of experience in the field, they have turned out to be the leaders. There is a long list of happy customers that can speak over the professionalism and expertise of Ed Lloyd CPA.
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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
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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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