Prepare that Checklist.

If you are preparing to call a top-flight Las Vegas area accountant to properly and accurately prepare your taxes it is just as important to bring the right paperwork with you.  It is always easy to forget something.  I hope that by giving you a decent checklist to work from, it will help me complete the process as swiftly and efficiently as possible.

Here are six important things that come to mind –

1.  Identification…who you are and say you are

2.  A copy of your most recent return

3.  A W-2 from your employer

4.  Any additional income statements

5.  Any potential real estate documents

6.  Proof of last year’s expenses

Let’s be prepared so that I might prepare your 2020 income tax return in a fast, fair, and affordable manner.  My name is Michael Mathews.  For years I have been helping Las Vegas individuals and business owners with a variety of CPA services.  It’s tax time.  Please call me for an appointment at my Regatta Drive office at (720) 240-5237.

Better Late than Never…or Is It?

The IRS applies late penalties and interest on a case-by-case basis and will send a separate bill if penalties apply.  Because the IRS has the final word on penalties, I can't calculate the exact amount if your return is late, but I can supply some the info that will give you an idea of what to expect in certain scenarios.

Late filing penalties apply if you owe taxes and didn't file your return or extension by April 15, 2020.  In the case of interest, which is compounded daily, the late payment penalty is 0.5% of the additional tax owed amount for every month.  Interest starts accumulating on unpaid taxes one day after the due date of the return.

Maybe there is no good reason to file late (or at least properly apply for an extension).  Let’s find out together.  I am Las Vegas CPA and tax preparation professional Michael Mathews.  My office is located at the Lakes at 2620 Regatta Drive in the Northwest part of Vegas.  I serve the entire Valley.  Please call me at (702) 240 -5237.

St. Patrick's Day 2020 Who Was St. Patrick? Why Do We Celebrate St. Patrick's Day?

St. Patrick's Day 2020 Who Was St. Patrick? Why Do We Celebrate St. Patrick's Day?

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"Saint Patrick’s Day is on Tuesday, March 17, this year! Who was Saint Patrick? Why are shamrocks a symbol of this day? Enjoy St. Patrick’s Day history, legends, and lore."

New Rules.

Changes in tax and retirement law for 2020 will allow Americans to save more money this year than last.  According to Geltrude & Company Founder, Dan Geltrude, there is an opportunity to put money away tax deferred.  The Secure Act which became law at the start of this year, will help taxpayers use their tax savings to invest in their future retirement.

In addition, the IRS raised the cap on 401(k) contributions by $500 to $19,500.  People 50 and older can contribute an additional $6500 as part of their catch-up contributions. That’s also $500 more than last year. One incentive to save is that traditional pre-tax contributions to a 401(k) can reduce your adjusted gross income or taxable income.

Las Vegas CPA, Michael Mathews, wants you to know.  He is ready to help you prepare your IRS tax form before the mid-April deadline.  Make sure that this year everything is done 100% correctly by trusting Michael.  He can be found on the web at accountant-lasvegas.com.  Just give him a call and make an appointment at his Northwest Las Vegas location (702) 240 - 5237.

911 on the 1099.

So, you are an independent contractor and it is tax season.  What does that mean to you?  What is a 1099 tax form?  It is used to report non-salary income to the IRS for federal tax purposes. There are 20 variants of 1099s, but the most popular is the 1099-MISC.  Let’s explore this most common form of 1099.

The 1099-MISC is the version of Form 1099 that you use to tell the IRS whenever you are paid as an independent contractor, or any other type of self-employed person $600 or more in fees, compensation, real estate rent, prizes, awards, or any other kind of taxable income.  The IRS uses this information to independently verify your income and your federal income tax levels.

Many people in the Las Vegas Valley may have more than just this 1099 tax form to fill out properly.  If you were an employee of a firm AND an independent contractor in 2019, it needs to be done correctly.  You can count on that with the services of Las Vegas CPA and tax preparation expert Michael Mathews.  Give him a call at (702) 240-5237.

The Best Time is NOW.

I know that it’s only February and many Americans suffer from a national malady…tax preparation procrastination.  Many things in life come down to timing, and tax returns are no exception. If you wait too long, you could miss the filing deadline, setting you up for interest charges or even penalties.

Here is a new deadline to adopt beginning in 2020…March 15^th.  No, not April 15^th, March 15^th!  The simple truth is a tax preparer's time is his stock in trade and if you want a really good one, you should get on their calendar now, not seven weeks from now.  That just makes common sense and may save you a few bucks.

One of the very best Las Vegas tax preparers is Michael Mathews a well-known and respected CPA serving the Las Vegas Valley.  It’s his time of year and yours as well!  Get your taxes prepared and submitted no later than mid-March by calling Michael Mathews for an appointment at his office located at 2620 Regatta Dr. Suite 102 at (702) 240-5237.

Romantic Things To Do In Las Vegas In 2020 - Valentine's Day

Romantic Things To Do In Las Vegas In 2020 - Valentine's Day

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"Here are the most romantic things to do in Las Vegas for couples in 2020 on Valentine's day!"

Come On, Partner. It’s Time to Settle Up with Uncle Sam.

Now that it is tax time, if you didn’t already know this, partnerships don’t pay federal income tax.  Instead, the partnership’s income, losses, deductions and credits actually pass through to the partners themselves, who report these amounts and pay taxes on them.  This becomes part of their personal income tax returns.

Here are some steps that you will need to follow –

1.  Prepare Form 1065 for business partnerships.

2.  Complete a federal K-1.

3.  File your personal state tax returns.

4.  Report your share of the partnership income or loss on your federal income tax return.

All of this is absolutely necessary to provide Uncle Sam with the proper documentation for your 2019 taxes.  What is also necessary is hiring Las Vegas tax preparer and CPA Michael Mathews.  You might as well make an appointment sooner than later with Michael.  Just call (702) 240-5237 for an appointment at his 2620 Regatta Dr. Suite 102 office.

Happy New Year…Happy? Tax Season.

Personal financial statements can serve high net-worth individuals in a variety of ways.  These financial statements can help those who are affluent to obtain loans, enter into various investment transactions, develop financial plans or even run for public office.  The New Year is an excellent time to have 2020 financial vision and plan for upcoming opportunities.

Here are some reasons for preparing a personal financial statement –

1.  Obtaining a loan

2.  Various investment opportunities

3.  Meeting the financial requirement of a co-op

4.  Developing a retirement plan

5.  Preparing for a divorce proceeding

Properly prepared personal financial statements can be tricky.  That is why it may be wise to make a New Year’s appointment with Las Vegas CPA and financial statement professional preparer Michael Mathews.  Michael has a beautiful office located at 2620 Regatta Dr. Suite 102.  Call early in 2020 for an appointment at (702) 240-5237.

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.