Why do we Pay Taxes?

Since 1950, individual income taxes have been the primary source of revenue for the U.S. federal government.  Along with payroll taxes, income taxes amount to about four-fifths of all federal revenue and are the essential fuel on which our government runs.  Don’t you feel better already?

The history of income taxes in the United States goes back to the Civil War when Abe Lincoln signed into law the nation’s first-ever tax on personal income to help pay for the Union war effort.  Eventually, in 1909 Congress passed the 16th amendment which allowed the federal government to tax individual personal income.

I just wanted you to know a bit of the history of American taxation as we approach the New Year and income tax time.  I hope that early in 2020 you will give me a call and set up an appointment to have your 2019 tax return prepared.  I am Las Vegas CPA Michael Mathews.  My office is located at 2620 Regatta Dr. Suite 102.  Merry Christmas and Happy New Year to all of my friends current and future in Las Vegas.

When Do You Want to Know your Financial Situation?

For some people it is like going to the doctor to find out how your body is doing.  Some of us tend to put off our annual visit to a top-flight tax preparer fearing the worst.  So, without overstating the obvious, what are some of the primary reasons why you should make an appointment with Michael Mathews as soon as possible?

Among those reasons are –

1.  Early filers usually get larger refunds…that’s what the IRS says (You gonna argue?)

2.  You protect your refunds from identity theft.

3.  If you do have a tax bill you have time to plan.

4.  Very little “waiting until the last minute” stress.

These reasons (among others) should be motivation enough to call Las Vegas CPA and IRS tax accountant Michael Mathews.  People in every corridor of Clark County have trusted Michael to prepare their taxes and handle their accounting for years.  Make an appointment at his office located at 2620 Regatta Dr. Suite 102 in the beautiful Northwest by calling (702) 240-5237.   

Andrea Bocelli at the MGM Grand Garden Arena

Andrea Bocelli at the MGM Grand Garden Arena

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A rare live performance

One of the world's most successful classical crossover and multi-instrumentalist performers, Andrea Bocelli's passion for music has always been with him, since learning to play the piano as a young boy in Tuscany, Italy. Since then, he has gone on to sell 80 million records, win a Golden Globe Award and be honored with a star on the Hollywood Walk of Fame for his services to Live Theatre.

Banks Operate on Their Terms…and Their Schedule.

Banks love to give out loans, but only on THEIR terms!  To obtain a bank loan anywhere in the Las Vegas area you will first need to prepare a financial statement.  You may be very good at it on your own, but a certified public accountant is better suited for the job.  This is something that they do for a living, crunching the numbers and eliminating any emotion.

Here are some of the things that a CPA will do –

1.  They will gather all the documentation that is necessary for the task.

2.  You should count on them to carefully review financial data for any errors.

3.  They record and adjust journal entries.

4.  A good CPA will also draft a final statement complete with notation.

You can walk into your local bank with supreme confidence!  Perhaps you could not have done that without the help of a professional.  One of the very best certified public accountants around is right here in Northwest Las Vegas.  His name is Michael Mathews.  Make an appointment at his office at 2620 Regatta Dr. Suite 102 by calling (702) 240-5237.

Understanding a Client’s Needs.

Here is the bottom line.  If you tell 50 people something, you will get 50 different responses and levels of understanding.  Michael Mathews is one of the top CPA’s in the Las Vegas area.  He could work for a huge firm if he wanted to, but he would rather help you with your personal and/business finances one-on-one.

Here are some of the things he has learned over the years –

1.  He needs to understand what has made you successful.

2.  He has learned from colleagues and competitors.

3.  He knows that he must build trust.

4.  He invests in each individual that he serves.

Sure, you could go to a larger CPA firm in Las Vegas and be handed off to the “next man up” or you could trust your financial present and future to Las Vegas CPA Michael Mathews.  Make an appointment to see him early in the new year at his beautiful office located at 2620 Regatta Dr. Suite 102 in the Northwest by calling (702) 240-5237.

2019 Veterans Day Deals: Free meals, retail discounts and more

2019 Veterans Day Deals: Free meals, retail discounts and more

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Veterans Day will be celebrated on Monday, Nov. 11 and businesses are honoring the day by offering discounts, deals and freebies to veterans. There is everything from free food to dental care.

Estimating What You Will Owe Uncle Sam.

Whether you make estimated tax payments or rely on withholding, you could be hit with a penalty if you don't pay enough tax throughout the year!  The penalty doesn't apply if you owe less than $1,000 in tax.  You can also avoid the penalty if your 2019 withholding or estimated tax payments equal at least 90% of your 2019 tax liability.

It can get a bit complicated and here, in the fourth quarter of the year you should be paying attention to what you HAVE done and what you WILL do.  Why not sit down with Las Vegas tax consultant Michael Mathews at his office located at 2620 Regatta Dr. Suite 102?  Avoid those tax preparation errors before it’s too late!  Just call (702) 240-5237.

Halloween in Las Vegas 2019

Halloween in Las Vegas 2019

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Get set for Halloween!  Check out the list of events around Vegas - grab your ghosts and goblins for a haunting good time!  

Are You Retiring…Ever?

A wise person once said, “don’t expect to live off of your social security when you retire”.  Truer words were never spoken.  If you are past 50 and retirement is more than some down the road dream, it’s time to get serious!  The 50s are crunch time for saving for retirement.  If you set a retirement savings target but have been neglecting it, you need to dust it off for review.

As Dick Bellmer, the recent president of the National Association of Personal Financial Advisors put it “You should be looking at your plan periodically, at least every three years”.  Set realistic goals.  Tackle your current debt (ie: your mortgage).  Create a health savings account.  Generate income beyond your investments.

And…hire a great retirement planner to help you manage your goals.  Having plans without professional help is a little like asking a quarterback to win the Super Bowl without a coach!  The right person for that job in Las Vegas may very well be CPA Michael Mathews.  Why not make an appointment at his Regatta Dr. office and discuss it?  Just call (702) 240-5237.

Oktoberfest Las Vegas 2019

Oktoberfest Las Vegas 2019

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Oktoberfest season is the perfect time to enjoy all things beer. Celebrate Oktoberfest 2019 in Las Vegas through a variety of festivals, events, craft beer specials and more!

Owning and Managing a Small Business.

Running a small business can be very rewarding, as well as empowering not having to answer to “the big boss”.  However, there are certain things you need to be aware of as a business owner that can cause problems down the road, especially when it comes to accounting and keeping good order of your books.

Here are some common business accounting problems –

1.  Budgeting…most businesses fail to work within their set budget.

2.  Receipts…they need to be saved.

3.  Paperwork…when not managed it just keeps piling up.

Suddenly, you the owner are overwhelmed!  Now, where do you turn?  Here is a suggestion.  As the end of the third quarter approaches why not call Michael Mathews?  He is a Las Vegas CPA who has served dozens of small business owners in the Valley.  Sit down with Michael at his office located at 2620 Regatta Dr. Suite 102.  Call for an appointment (702) 240-5237.

2020 Vision.

It seems a long way away, but 2020 will sneak up on us before we know it.  Are you keeping good records?  I mean thorough and complete so that you can file early in the new year and not rush to complete the paperwork that your accountant needs to show exactly how much (I hope) that Uncle Sam will owe you early next year.

Here is what should happen when you file early…

1.  A faster refund…it should work that way and usually does.

2.  If you owe it gives you extra time to pay…don’t diminish the importance of that.

3.  You prepare for the rest of the year knowing where you stand.

4.  You are able to protect yourself from someone stealing your Social Security number AND your refund!

Very few people think far ahead when it comes to filing taxes.  It’s like marking a dentist appointment on your calendar, but you know how it could benefit you and your family if you do.  If you need some advice during this off-season give Michael Mathews a call.  He can be found at 

accountant-lasvegas.com on the web.  Call him at (702) 240-5237.

I Love the ’90s | Free Concert - Sept 1st

I Love the ’90s | Free Concert - Sept 1st

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Vanilla Ice, Montell Jordan, All-4-One,Tone Loc and Coolio 

@Fremont Street Experience Downtown | Free Concert

Form 1120 US Corporate Tax Form.

You can download it rather easily these days.  You can stare at it.  You can even see it in your sleep.  But, can you fill it out accurately and completely without mistakes?  That is a challenge that you will eventually face if you don’t find the right corporate tax accountant in Las Vegas before that day arrives.

There are some lines in the form such as –

1.  Returns and allowances

2.  Cost of goods sold

3.  Dividends

4.  Capital gain net income

5.  Depreciation from form 4562

Do you understand all of this and much, much more?  Even if you do, are you prepared to submit form 1120 to Uncle Sam with your signature and no professional advice from a qualified corporate tax accountant?  It’s too important to take chances!  Call Michael Mathews a certified corporate tax accountant serving all of the Las Vegas area at (702) 240-5237.

Back To School Fundraiser, Aug 17th

Back To School Fundraiser, Aug 17th

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Back-to-school events in Clark County 2019

Back-to-school events in Clark County 2019

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"Summer vacation will be coming to an end shortly as Clark County students will head back to school in mid August. Here are some events for parents and students to help with going back to school."

Questions People of Wealth Ask.

This may include what restaurant should we dine at tonight?  What color would you like for your new Mercedes?  Or…which accountant will protect my financial interests?  The first two will probably not change the life of a high net worth individual.  The last one, however has a profound effect on one’s future.

Here are some questions to ask of your accountant –

1.  Is there anything I can do to optimize my tax return?

2.  Do you have time for consultation periodically?

3.  Could you look at a potential investment that interests me?

4.  What is my actual net worth?

5.  How much more am I able to defer on my taxes?

These and other questions are critical to your financial future if you are a high net worth person in the Las Vegas area.  The right accountant for the job may very well be Las Vegas area CPA, Michael Mathews.  Get to know Michael by making an appointment at his beautiful office located at 2620 Regatta Dr. Suite 102 in the Northwest.  Call (702) 240-5237.

Accounting for a Sole Proprietorship.

The accounting for a sole proprietorship does not require a separate set of accounting records.  The law says that the owner and the business are one in the same.  That may be true, however you should maintain records for business activities, in order to judge whether these operations are generating any type of profit.

As you might expect, a sole proprietorship tends to generate smaller amounts of revenue and, logically, experience lower expenses as well.  Therefore, it can make sense to start off with the most minimal accounting record based on cash flows that go into and out of your bank account.  Just maintain separate cash receipts and journals.

A Sole Proprietorship can be very profitable without the encumbrances of a corporation or partnership.  I would like to help you with your company structure.  My name is Michael Mathews a well-known Las Vegas CPA and accountant.  Summertime is a great time to sit down at my office located at 2620 Regatta Dr. Suite 102.  Give me a call at (702) 240-5237.

Calling All Millionaires.

I know you are out there, but you want to lay low and protect your money.  Retaining the right accountant for your needs is tantamount to your continued peace of mind.  High net worth individuals encounter unique challenges related to financial planning and asset management. Investment activity can complicate tax planning for the wealthy.

It is likely that you own multiple properties or unique and hard-to-value assets.  Without careful wealth management and the guidance of an experienced accountant, affluent individuals will likely pay more in taxes than they legally must.  Now, let me ask you…do you know of anyone (especially yourself) who wants to pay MORE in taxes?

My name is Michael Mathews.  I have been a successful CPA in the Las Vegas Valley for many years.  I will work hard to help you legally minimize your taxes and achieve your financial goals. My experience with advanced tax planning strategies for businesses and executives has put me in a position to assist wealthy individuals.  Let’s get together for a meeting at my Northwest Las Vegas office.  Call me at (702) 240-5237.

Start Ramping up for the Good Life.

We are about to embark on the 2nd half of 2019.  Doesn’t 2020 sound like a good year to retire?  For some of the Valley’s two-million plus residents 2020 is the big year.  If you own a business in the Las Vegas area you probably can’t just walk away from it and expect everything to change on January 1st, 2020.

Here are some tips –

1.  Choose a traditional strategy using your business to fund your retirement.

2.  Establish a simple IRA.

3.  Set up an SEP IRA.  Business owners and employees can both contribute.

4.  Develop a clear exit strategy for yourself.

5.  Speak with a financial advisor.

That final point is the key to your retirement success!  Michael Matthews, a Las Vegas area CPA, is ready to sit down with you and plan the next phase of your life.  Retirement takes planning and there is no one better at it in The Valley than Michael.  Set up an appointment at his office located at 2620 Regatta Dr. Suite 102 in the Northwest by calling (702) 240-5237.

Happy New Year!

Say what?  Well, maybe we should say happy new TAX year in some cases around the Valley.  A “tax year” is an annual accounting period for keeping records and reporting income and expenses.  An annual accounting period does not include a short tax year.  Maybe this applies to you and your business at the end of June.

If any of the following apply, you must adopt the calendar year –

1.  If you keep no books or records

2.  You have not adopted a regular accounting period

3.  Your present tax year does not qualify as a FISCAL year

4.  You are required to use a calendar year by the IRS

Let Las Vegas CPA Michael Mathews help you sort it out.  Do you own a business that would be better served by filing its annual taxes at mid-year rather than early in the next calendar year?  Then contact Michael and make sure that you do it the right way.  Michael is available as always by calling (702) 240-5237.  Make an appointment at 2620 Regatta Dr. Suite 102 soon.  

Need a Loan…Get a Loan.

Make no mistake about it, banks want to give out loans - on THEIR terms!  To get a bank loan in the Las Vegas area you will need to prepare a financial statement first.  You may be great at it, but a certified public accountant is better.  This is something that they do for a living, crunching the numbers and eliminating the emotion.

Here are some of the things that a CPA will do –

1.  Gather all the documentation that is necessary

2.  Carefully review financial data for errors

3.  Recording and adjusting journal entries

4.  Draft a final statement complete with notes

Now you can walk into your favorite local bank with confidence!  That may not be something you could have done without the help of a professional.  One of the very best certified public accountants in the business is right here in Northwest Las Vegas.  His name is Michael Mathews.  Make an appointment at his office at 2620 Regatta Dr. Suite 102 by calling (702) 240-5237.  

Ahhh…Another Tax Season is Behind Us!

Of course, many people only visit their accountant once a year.  Business owners, however, generally speak with their tax professional much more.  So how does an individual investor weave through the maze of deductions and create a tax plan?  It should start with having an open and comfortable relationship with your CPA.

Here are some things you can do in May and beyond –

1.  Talk to your accountant about your financial hopes and dreams.

2.  Ask them if you have taken all deductions into consideration.

3.  You should ask about retirement plans…especially if you are self-employed.

4.  Should you consider converting a traditional IRA to a Roth?

5.  What about giving gifts to family members?

It is just the beginning of the dialogue that you should be having with your CPA during the “off-season”.  In Las Vegas, many entrepreneurs count on the knowledge and expertise of CPA Michael Mathews who serves the Las Vegas area from his office located at 2620 Regatta Dr. Suite 102.  This is a great time of year to call him at (702) 240-5237.    

Events in Las Vegas - May 2019

Las Vegas May 2019

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May is your last chance to enjoy some easy weather before the triple-digit heat of summer fully kicks in. The month is full of culinary festivals and big events. 

What if I Simply Don’t Have the Money to Pay my Taxes Right Now?

Millions of Americans are faced with that dilemma this time of year as April 17th approaches.  If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest.  You may also call the IRS and review your payment options or have a professional advise you.

The great news is that there may be some relief.  You could file a six-month extension in the filing of your tax return.  Penalties and interest still apply to the unpaid taxes.  You could also file on April the 15th (or before) and work out a reasonable installment agreement with Uncle Sam at that time.

Whatever you may be going through, Las Vegas tax accountant Michael Mathews understands.  He has helped many Las Vegas area residents through similar challenges throughout the years.  Michael is someone you can trust for tax preparation, retirement, or business start-ups.  Make an appointment at his office located at 2620 Regatta Dr. Suite 102 by calling (702) 240-5237.

Don’t Panic.

Words to live by in many situations…especially as the tax deadline is rapidly approaching.  Our old friends at The Internal Revenue Service remind taxpayers that quick and easy solutions are available if they can’t file their returns or pay their taxes on time, and they can even request relief by going online.

You can get an automatic six-month extension by filing form 4868.  By properly filing this form with the IRS, a taxpayer will avoid the late-filing penalty which is normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline.

Let Las Vegas CPA Michael Mathews help you sort it all out.  There are two questions…what do you want to do now, and what do you plan on doing in the future?  Important tax, business, and investment questions always pop up at this time of year.  Call Michael Mathews at (702) 240-5237 and plan a meeting at his office located at 2620 Regatta Drive Suite 102 in Las Vegas.

Legitimate Tax Deductions.

Everyone wants to take every available deduction available to them.  We urge you to consult with a professional to understand all of them.  You certainly don’t want to overpay and you cannot afford to underpay!  You don’t have to know them all when you have your taxes done this year, but you ought to know someone that does.

Just a small sample of legitimate deductions include –

1.  Advertising and marketing

2.  Bad debts that can’t be collected

3.  Banking fees

4.  Health insurance plans

5.  Vehicle expenses

6.  Charitable contributions

These are just the tip of the iceberg.  Now, the real solution.  Make an appointment now while there is still a little time remaining with Michael Mathews, a Las Vegas accountant you will want to get to know.  Call Michael today at (702) 240-5237 and arrange to have your taxes done as well as plan for the future at his office in the Northwest at 2620 Regatta Dr. Suite 102.

The Tax Deadline is Coming.

Quick, what is the deadline for filing your 2018 tax return?  Maybe you did not know that this year it is Tuesday April 17^th, 2019.  You can dread it or embrace it, but it looms no matter what!  I can think of at least three reasons why you should make an appointment NOW and not wait until the actual deadline.

Here they are –

1.  If there is a chance you have a refund coming…why wait?

2.  Even if you are not sure about a refund it could be much larger than you think.

3.  Take the time to do it right instead of rushing.

I don’t want to sound like a car dealer, but when I tell you to come in as soon as possible.  It may be in your best interests.  Why not call me today and make an appointment for March instead of April so that we may go over your 2018 taxes calmly and efficiently?  I am Las Vegas CPA Michael Mathews located at 2620 Regatta Dr. in NW Las Vegas.  Call for an appointment even if you are waiting until April at (702) 240-5237.

What is an S Corporation?

S corporations are created to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.  That is especially good to know this time of year.  This allows S corporations to avoid double taxation on corporate income.  S corps are responsible for tax on certain built-in gains and passive income at the entity level.

To qualify, you need to meet some of the following criteria –

1.  Your company must be domestic.

2.  You have no more than 100 shareholders.

3.  You must be eligible to be an S corporation.  Ask your accountant.

Specifically, the right CPA and corporation formation counselor in Las Vegas may well be Michael Mathews.  If you are thinking of filing for an S-Corp or you are already operating under one and you live anywhere in the Las Vegas area, arrange an appointment with Michael Mathews at his Desert Shores office by calling (702) 240-5237.

What is a 1099-Misc Form?

What is this mysterious tax form and when is it due?  Well, as it turns out, it is a tax return document used to report miscellaneous payments made to nonemployee individuals, such as independent contractors, during the calendar year.  Are you affected by this form in one way or another?

Form 1099-MISC should be filed for each person to whom an employer has paid one or more of the following –

1.  At least $600 in services, prizes, or awards

2.  At least $10 in royalties (that’s right…just $10!)

3.  The gross proceeds paid to an attorney

That’s not all.  If you had direct sales of more than $5000 in sales of consumer products anywhere except to a permanent retail establishment you may qualify for form 1099-Misc.  It is just another potential pothole on the road to complying with Uncle Sam this Spring.  For all of your tax preparation needs in the Las Vegas area count on CPA Michael Mathews.  Make an appointment with Michael today by calling (702) 240-5237.

Important Tax Dates.

Before you became a business owner you had one date emblazoned on your brain for filing your yearly tax returns.  All of us know that April 15th (or later if there is a weekend or holiday on that date) is the deadline.  If you became a new business owner last year, then learn this NEW date.  It is March 15th.

What??? March 15th is a month too early isn’t it?  No, not for business tax returns it isn’t!  Form 1065 and Schedule K-1 for each partner must be submitted to Uncle Sam by March 15th 2019 (unless you have or will file for an extension).  S-Corporation returns via form 1120 S are also due by March 15th.

You really do not have time to procrastinate.  It may be mid-January, but it is time to make an appointment with Las Vegas CPA and tax consultant Michael Mathews at his Northwest Las Vegas office at 620 Regatta Drive Suite 102.  Don’t let March 15th sneak up on you!  Call Michael Mathews today at (702) 240-5237.

Things To Do In Las Vegas In January 2019 - Shows, Events, Concerts

Things To Do In Las Vegas In January 2019 - Shows, Events, Concerts

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Las Vegas always has lots to do and enjoy.  Find your sweet spot for January 2019 and enjoy all the city has to offer! 

It’s Never Too Early.

Take a tip from the voting public last November.  They showed up in record numbers to vote early BEFORE Election Day.  Every year Americans wait until the last possible minute to make an appointment to file their federal income tax returns.  If you might be eligible for a refund, that makes even less sense!

Here are some reasons to file in January –

1.  Faster Refunds…last year the IRS began accepting returns on January 29th.

2.  Knowing your liability and giving yourself extra time to pay it.

3.  Obtaining important financial information to prepare for expected life changes.

4.  Eliminate the need to file an extension.

5.  Crooks can’t get ahold of your financials and file a return before you do.

That last point is relatively new to the list, but every bit as relevant.  Why wait until even March or April?  File your tax returns now.  Please give me a call as soon as you can, and we will make an appointment at my office located in Desert Shores at 2620 Regatta Dr. Suite 102.  I am Las Vegas CPA and tax preparer Michael Mathews.  Just call (702) 240-5237.