Events in Las Vegas - May 2019

Las Vegas May 2019

(Click the link above for more information)

May is your last chance to enjoy some easy weather before the triple-digit heat of summer fully kicks in. The month is full of culinary festivals and big events. 

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.