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!

edlloydcpa

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.

It is difficult to see how the economy functions. The vast majority don’t have the foggiest idea about the guidelines of tax assessment and how cash can be spared. That is the motivation behind why individuals have hard time dealing with their accounts even subsequent to winning an OK measure of cash. The issue can be unraveled by procuring a money related guide. With the assistance of such a specialist, you will have the capacity to decrease your expense, keep a record of the records, and settle on the right speculation choices and significantly more. Be that as it may, you can do this just on the off chance that you locate the right master, which is not simple. Everyone has the impact and potential to win a huge amount of money and everyone is going to procure an impressive measure of money through the range of time yet it is not going to advantage. People should pro the specialty of saving and placing assets into solicitation to secure a prevalent life out of it.


Related Links:

WHAT IS A CERTIFIED PUBLIC ACCOUNTANT?

WHAT KIND OF CPA SKILL SET YOU NEED TO SUCCEED


Ed lloyd cpa

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


Related Links:

GET THE BEST TAX SERVICES AT ED LLOYD & ASSOCIATES, PLLC

WHY YOU SHOULD CONSIDER HIRING FINANCIAL SERVICES


 

 

edlloydcpa

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.

In such manner, numerous proprietors of little organizations contract somebody to deal with their accounting, liberating them to concentrate on more front-end exercises. Yet, even that one stage of enlisting a man to handle the books is not as commonsense as it looks. Here at Profit Financial Services, we prompt little entrepreneurs to outsource their accounting needs, rather than employing a full-time staff part to record the books. This takes out the expense of having another full time, in house representative. All financial information is supplied by the customer and the accounting organization does its financial and bookkeeping work in the solace of its own office. You can hire Ed lloyd and Associates for better tax planning

A bookkeeping organization like Profit Financial Services is basically simply that: A gathering of bookkeepers and clerks who are centered on their control. Indeed, a bookkeeping firm will have colleagues who represent considerable authority in bookkeeping subspecialties, for example, tax collection, finance, expense bookkeeping, stock, and deterioration. Not just do these individuals have a four year college education and even an administration permit in bookkeeping they additionally go to courses to stay up with the latest on the most recent advancements in bookkeeping and new government regulations.


Related Links:

HOW FINANCIAL PLANNING CAN BE HELPFUL IN GROWING YOUR SAVINGS

MANAGING YOUR FINANCES FOR A BETTER TOMORROW


 

 

Ed lloyd cpa

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.


Related Links:

ED LLOYD CPA IS HELPING MANY BUSINESSES TO MANAGE THEIR FINANCES

ED LLOYD CPA IS MANAGING YOUR FINANCES FOR A BETTER TOMORROW


 

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.

Ed lloyd cpa

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.

Ed Lloyd & Associates is considered as one the leading provider of accounting and tax planning services in the United States. These services augment the financial stability of your business and give it a competitive edge. Contact the professionals of Ed Lloyd CPA now and take your business to the next level.


Related Links:

HOW TO REDUCE YOUR TAX LIABILITY? | ED LLOYD CPA

ACCOUNTING & BOOKKEEPING SERVICES IN CHARLOTTE | ED LLOYD CPA


 

If you recoil in fear after hearing the word ‘tax’, then there is a good news for you to be happy. Ed Lloyd Associates PLLC is a trusted source from where you can get expert tax planning and accounting services at highly competitive prices.  Preparing taxes on your own is quite a daunting task. It would not only drain you physically and mentally, but also consumes lots of time. To help you prepare taxes and file back taxes, there comes the need of professional tax  planners into play.

edlloydcpa

Ed Lloyd & Associates, PLLC is a trusted name to reckon with if you are in search Tax planning with the best law firm.  Hiring a tax expert like Ed Lloyd and Associates can benefit you in every aspect to all types of taxpayers, be it an individual or a company. They create an optimal entity structure for you and your business so that the tax benefits can be maximized and you can avail the benefits of legal assets protection. They also develop strategies to meet the long term objectives and goals. Their main goal is to maximize your income and minimize the taxes.

When everything is as desired, you can focus on how to enhance the productivity and performance of your company.  Get a clear picture of the financial status of your company with Ed Lloyd and Associates. They offer much more than it could be elaborated in the words. Contact them now to know more about them.


Related Links:

ED LLOYD CPA | KNOW SECRET TO A SMOOTH TAX SEASON

TRUST YOUR BUSINESS ACCOUNTS AND TAXES WITH THE MOST TRUSTED CPA | ED LLOYD CPA


 

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


Related Links:

TOP BENEFITS OF HIRING A PROFESSIONAL ACCOUNTANT- ED LLOYD AND ASSOCIATES PLLC

ED LLOYD & ASSOCIATES PLLC: ONE OF THE BEST FINANCIAL ADVISORS IN CHARLOTTE