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.

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.

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.

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.

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.

Tax Season - it is NOT that Far Away.

Like it or not, it may be time to prepare for tax season.  Most of America waits until the last minute, but not you…you want to get ahead of the curve in case there are unforeseen complications.  Sure, it might sound a little irritating to talk about this in November, but those who do will be glad they did!

Here are some tips to help you prepare –

1.  Has your filing status changed?

2.  Look back on last year’s return.

3.  How much tax do you wish to have withheld?

4.  Don’t make financial decisions based on any new tax rules.

The most important thing that you should do before 2018 turns into 2019 is hire the right accountant.  Whether you are a business owner or individual include Las Vegas accountant and tax consultant Michael Mathews.  It is not too early to make an appointment at his Regatta Drive office in the Northwest Valley.  Just call (702) 240-5237.