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.

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.

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.

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.

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.

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.

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.

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.

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.  

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.    

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.