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.

And You Thought Tax Day was April 15th.

That is what a large majority of Americans think.  Now, you have decided to become an entrepreneur.  It is time to be the boss and with that responsibility comes increased dates on the calendar when taxes are due.  Let’s focus on sole-proprietors and business owners who are not responsible for payroll tax.

In the first month of the new year all of your contractors need forms called 1099’s so that they can file THEIR taxes.  S-Corp tax returns are due on March 15th NOT April 15th.  By the way, Uncle Sam still wants to see your personal tax return by the 15th of April.  Then there are quarterly estimated taxes along the way.

Do you have the time and expertise to do all of this yourself?  Do you trust your brother-in-law to do it?  Why wouldn’t you put this task in the hands of an experienced Las Vegas business tax preparer like Mike Mathews.  He will navigate you through every date on the tax calendar.  Call Mike for an appointment at his scenic Regatta Drive office in the Northwest at (702) 240-5237. 

Don’t Put Off Tax Filing Until April.

We are all professional procrastinators at times.  This is especially true at tax time.  Over 150 million Americans have to face this task again in 2017.  One out of every seven citizens put off tax filing until the last possible minute!  This year the filing deadline is April 18th (luckily) since the 15th falls on a Saturday.

There are many reasons to file BEFORE mid-April –

1.  New tax laws may have been enacted that could affect your return.

2.  Let’s face it…if you have a refund coming then you will get it quicker.

3.  Busy professional tax preparers.

4.  Your own peace of mind.

You have known this was coming for a couple of months already.  Now it is time to get serious about it.  Call professional Las Vegas tax preparer Michael Mathews.  Don’t procrastinate another day!  Make an appointment to have your taxes properly prepared and submitted at his beautiful office located 2620 Regatta Dr. Suite 102 by calling (702) 240-5237.

Possible Changes to Tax Laws.

Perhaps now more than ever it is imperative to understand the impact that the new administration will have on taxes not just this year, but for the years to come.  A new President brings a different approach to the American economy.  It starts now as you plan and execute your financial strategies for the remainder of this year.

Here is a brief idea of what President Trump and his staff are proposing -

1.  Reduction in three specific tax brackets - including the elimination of additional healthcare tax.

2.  Big changes in estate tax.  There may soon be a complete elimination of the estate tax structure.

3.  A cut in business taxes.  The President campaigned on a pro-business platform.

All of this and more should be understood as you file your taxes over the next couple of months.  If it does not directly affect you now, then it probably will soon.  This is the perfect year to hire a new Las Vegas tax accountant.  The right choice for you may be Mike Mathews.  He will address your accounting needs now and in the future.  Arrange an appointment today at his Northwest Las Vegas office by calling (702) 240-5237.