Take Advantage of a New Tax Law…Now!

While filing season won’t arrive until the new year you may want to act quickly to take advantage of the provisions of a sweeping tax law that was passed in 2017.  There are steps you may need to take right now at year’s end to attain the biggest benefit.

At the beginning of 2018 many independent contractors as well as small business owners could get a 20% federal tax deduction on their business income.  Chances are you did not know that as you prepare to file in the spring of 2019. 

Could you use some extra money early next year?  I’m sure that we all could.  Why not give Las Vegas CPA and business tax preparer Michael Mathews a call?  He will sort out the tax breaks that you may have coming to you.  Michael’s office is located at Desert Shores in Northwest Las Vegas.  Just call for an appointment and learn more at (702) 240-5237.

What is the Difference Between C and S?

Well that seems obvious, doesn’t it?  When it comes to forming a corporation that letter can make a world of difference.  Setting up a corporation provides limited personal liability for its owners.  Let’s start with a basic premise.  All corporations dawn as C Corps.  A C Corporation may be converted to an S Corporation by filing IRS Form 2553.

To obtain S Corp status for a certain year, Form 2553 must be filed no later than the 15th day of the third month of the fiscal year.  Of course, it can also be filed during the previous tax year.  There is a big difference in how a C Corp and an S Corp are taxed.  The main reason for choosing an S Corp is to save on taxes.

Is a C Corp right for your burgeoning business?  There are questions that should be asked of a professional CPA.  In Las Vegas, that man is Michael Mathews one of Las Vegas’ leading corporation specialists.  The name says it all.  You can find Michael at www.accountant-lasvegas.com.  Call (702) 240-5237 for a meeting at his 2620 Regatta Drive Suite 102 office.

Is the Next Year the Big Year?

Have you determined that 2018 will be the final year that you work full-time?  If so, this upcoming fourth quarter would be a perfect time to plan for it.  Health of course is an issue, but just as important to a stress-free retirement is and will continue to be your financial situation.  So, why not prepare now…even if you are two years away?

Maybe you have thought ahead by stashing available dollars in a 401(k) or an IRA.  What happens when you start distributing this cash?  Have you carefully planned for the tax ramifications?  Prudent planning can reduce those effects.  Perhaps a strategy known as “discounted retirement” is right for you.

Make an appointment and we will begin sorting it out before the busy tax season arrives.  Mike Mathews is a Certified Public Accountant who has been serving the Las Vegas area for decades.  He will discuss your specific retirement plans and dreams with you at his office located at 2620 Regatta Drive Suite 102 in the Northwest.  Call ahead at (702) 240-5237.

The IRS has a Different Calendar.

Uncle Sam works on a slightly different schedule than you might.  There are certain times of the year that are of paramount importance when filing proper income tax forms.  Forgetting, or not knowing these at all can be financially damaging to your business.  Don’t get caught because you forgot an IRS deadline!

Here are a few dates coming up along with their meanings…

    November 15th…the final deadline for exempt organizations with extensions.

    September 17th…the final deadline for partnerships and S Corporations with extensions.

    October 15th…the final deadline for C Corporations and individuals with extensions.

You don’t have to keep a calendar of these events.  Why not count on Las Vegas accountant Michael Mathews?  He is one of the business owner’s best friends in the Valley.  Find out what Michael can do for your business year around by calling his office on 2620 Regatta Dr. Suite 102.  That’s (702) 240-5237.

My Accountant…My Buddy.

Your accountant may be your small business’ best friend like an attorney, banker, and insurance agent.  Why then, are most small business owners calling their accountant only once a year?  When you have a good, healthy relationship with anyone, you will be on the "inside scoop" of whatever it is they know.

Seventy-one percent of small business owners outsource their tax preparation according to a report by Wasp Barcode Technologies.  Since your accountant is so vital to the success of your business, it's a smart business move to check in often--at least month to month.  Why not work with your CPA on a proactive basis?

Why not arrange an appointment at the beautiful Regatta Drive office of CPA Michael Mathews?  Get to know him and the latest information of what can help your business grow.  He may become your business’ best friend.  Call him, really!  This is a great time of year to begin cultivating your relationship.  The phone number is (702) 240-5237.

Take a Breath…Plan your Future.

We made it to April 15th!  Hooray, tax season is pretty much in the rear-view mirror now and it is time to make other financial plans.  One of them may be to choose the correct business entity.  2018 may be the year when you embark on that journey of self-employment.  The economy is better in the Las Vegas area and the time may be right.

Here are some mistakes to avoid when choosing a business entity –

1.  You must fully understand the tax implications of each one.

2.  Don’t make the mistake of thinking you do not need a formal entity.

3.  It will not protect you against all risks.

4.  An out-of-state incorporation probably will not save you much, if any money.

5.  Not having a rock-solid agreement with your partners.

So, take a breath and as soon as possible make an appointment with Michael Mathews.  He is Las Vegas’ professional entity planner.  He will guide you down the path in being a successful business owner in 2018 and way beyond.  Now is a great time to make an appointment at 2620 Regatta Drive Suite 102 with Michael.  Call (702) 240-5237.

What is your Entity?

It may sound like something a medium would ask you before a “reading”, but in this case, it is vital to the future of your business and the relationship that you have with others involved in it.  It is one of the most important business decisions that you will ever make.  Don’t take it lightly!  Come to my office and let’s discuss it.

In general, here are some of the business entities you may choose -

1.  Corporation

2.  An S-Corp.

3.  A partnership of two or more individuals.

4.  A Sole proprietorship…just you on the bottom line.

Every type of entity comes with its unique pros and cons.  You need a professional to help you sort it out.  This is a great time to sort it out as you prepare your 2017 tax return.  Please give me a call.  I am Michael Mathews.  You can call ahead for an appointment in my office located at Regatta Drive in the Northwest Valley.  Call (702) 240-5237

Why Should I Hire a CPA to Prepare my Taxes?

If you are like most Americans living in Las Vegas or not you may think that you have a pretty good handle on your upcoming IRS taxes.  Over the years it has become increasingly easy to sit in front of your computer and just enter the data.  For the very simple circumstances that might well be the way to go.

What about those of us in the Valley with a slightly more complex financial situation?  It seems obvious, with more complex finances comes more time and money required to get through the tax filing process, not to mention more room for error.  At what point does it become cost-effective to hire someone?

Enter Las Vegas CPA Michael Mathews.  He is a tax preparation professional who is ready to help you navigate these yearly waters.  Why not save the headache and arrange to have your taxes done by Michael?  Call for an appointment well ahead of the April deadline at his beautiful office located at 2620 Regatta Dr. Suite 102.  That phone number is (702) 240-5237.

LLC Tax Preparation.

First of all, here is a tutorial.  If an LLC is taxed as a sole proprietorship it does not fill out any tax return whatsoever; instead, one of the members records all income and expenses on Schedule C of his or her individual tax return, or 1040. An LLC that is taxed as a partnership files Form 1065, and an LLC that is taxed as a corporation files Form 1120.

In the aftermath, when you create the LLC, the IRS automatically treats your business as a partnership.  This is only for income tax purposes!  However, if you are the sole owner of the LLC, then you must pay tax on business profits as if you were a sole proprietor instead of an LLC.  Both designations have different tax filing rules.

You need a professional CPA to sort all of this out.  That person in Las Vegas is CPA Michael Mathews.  He is the CEO of www.accountant-lasvegas.com.  You can’t do better than trusting Michael for your LLC tax preparation in the Las Vegas Valley.  Call today at (720) 240-1537 to make an appointment at his Regatta Drive office located in the Northwest Valley.

When are Business Taxes Due in 2018?

Your business’s tax return deadline is based on its entity type, whether or not you plan on filing an extension, and if there are any weekend or federal holidays in the picture.  Depending on your type of business those filing dates will vary this year.  The important thing to always remember is…DON’T be late!

The date for S Corps and partnerships is March 15, 2018.  This year the deadline for C Corps and individuals is April 17^th.  Exempt organizations need to file by May 15^th.  By filing for an extension those dates fall on September 17, October 15, and November 15^th for the previously mentioned exempt organizations.

These dates, especially the ones without extensions are quickly arriving.  It is time to get serious about your return.  Michael Mathews CPA is your professional business tax preparer in Las Vegas.  Make an appointment at his 2620 Regatta Dr. Suite 102 office today by calling (702) 240-5237.  Believe me, you’ll be glad that you got ahead of the curve!

When Will I get My W-2?

We don’t think about it until this time of year.  The W-2.  It is the record of our earnings for the previous year.  When does your employer have to put this document in your possession?  Remember, each and every company for whom you worked in 2017 must provide one to EVERY working person in your household.

Remember this, even if you do not receive your W-2 form before the tax filing season ends, you still must file your taxes or request a six-month extension by the tax-filing deadline.  If you’ve contacted both your employer as well as the IRS and you are NOT filing for an extension, fill out Form 4852, the substitute for the W-2.

Yes, ‘tis the season to prepare.  Maybe not our favorite time coming off the holidays, but absolutely necessary!  Michael Mathews Las Vegas CPA is ready when you have all of your paperwork together.  Make an early appointment at his Northwest office located at 2620 Regatta Dr. Suite 102 by calling (702) 240-5237.

Merry Christmas and Happy New Year.

From our families at Michael Mathews CPA and those of us who comprise our accounting firm we hope that you and yours are having a joyous holiday season.  We hope that you will be doing what we are…celebrating another beautiful Christmas season with our families and friends.  And, of course, eating way too much!

At this time of the year, we reflect on the blessings of 2017 and look forward to a prosperous 2018.  We know that accounting, bookkeeping, and tax preparation are the furthest things from your mind…and it should be that way.  We Las Vegans have made it through a tumultuous year and have emerged stronger than ever!

When you have a few minutes in the New Year please visit our website at accountant-lasvegas.com.  Here, you will find the many services that Mike Mathews and his great staff perform on a daily basis.  We are full-time accountants which you will discover quickly.  Once again, Merry Christmas and Happy New Year from all of us.

Have you got a Minute for a Necessary Evil?

That does not sound like a lot of fun at holiday time, but those who begin gathering their financial records for 2017 now will rest more comfortably as March and April of 2018 approach.  We reference those two months because that is when tax returns must be submitted to the IRS.  It is March 15th for corporations and April 16^th next year for individuals.

If you are a small business owner it is entirely possible that your record-keeping leaves something to be desired.  Who wants to rush around in January and February putting all of the paperwork together?  Why not get a head-start on the task?  That sounds like a plan!  This is a New Year’s resolution that you can put into play now.

Las Vegas CPA Mike Mathews can also prepare financial statement compilations and reviews for your business.  And…while he is at it, he can also prepare compiled and reviewed personal financial statements for individuals.  When you are ready, Mike Mathews is at 2620 Regatta Drive in the Northwest.  Make your 2018 appointment now by calling (702) 240-5237.