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Profitability Points

Welcome to Profitability Points, the blog space of Person Huff CPA group! We’ve decided to take up the challenge of making the boring topics of accounting and small business interesting enough that you read our posts and learn something you can apply in your daily operations. Our goal is to help you make (and keep!) more money by providing timely information about federal and state taxes, managing cash flow and streamlining operations. Learn more about our Five Point Profitability Checkup

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Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return:

1. Tax Law Is Confusing: Tax laws are constantly changing and this year is no exception. A number of temporary tax provisions were made permanent this year, others will be available for another year and still others have been modified in some way. A professional CPA stays current with all of the major and minor changes in tax law and understands how they relate to your tax situation. We will be able to guide you in taking ALL of the deductions and credits you are entitled to when filing your tax return.

2. You Own Property or Investments: Once you acquire property, investments or retirement accounts, it can be difficult to stay up-to-date on the rules affecting them.. Each type comes with deductions and credits that can be very beneficial to your taxes. Having a professional to help in the case, is probably the best idea.

3. Your Books Are Disorganized: If doing your own books and tracking the numbers just isn’t your strong suit, we can help straighten it out and get you on good footing for this year. There is no reason to get yourself into trouble, or get in over your head – let us help! Hiring Person Huff CPA ensures that your books will be done correctly which will save you a lot of money in the long run.

4. You Started a New Business: Starting a new business is challenging. Understanding all the ways tax law can affect both your new business and your personal tax situation requires professional expertise. You wouldn’t jump off a diving board without swimming lessons, so you shouldn’t try to do your business taxes without some guidance. We can help you find all of the deductions and credits you are entitled to and keep you from getting into trouble with the IRS. The savings and peace of mind alone can pay for themselves

5. Your Family Situation Has Changed: If you were married or divorced last year, had another child or lost a spouse, you might need help finding the best filing status. Some of them are easy but others, (like being a widow) have time-sensitive dates. As your children get older, tax credits and deductions might expire depending on their ages. If your child goes to college full-time, you can still claim them — and any education expenses — until they’re 24. We understand how changes in family situations affect your taxes and what filing status is most advantageous for you

Non-Profits Do Not Have To Report Donor TINs To The IRS

February 1, 2016

The IRS withdrew proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations. Charities that elected to use the new procedure would have been required to obtain donors’ Social Security or other tax identification numbers (TINs) to […]

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4 Things To Know About Filing Your Small Business Tax Return

January 18, 2016

About 85% of small business owners rely on a professional like Person Huff CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of […]

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State Income Tax Returns Accepted Starting Jan. 19 With Enhanced Security Measures

January 14, 2016

The Louisiana Department of Revenue (LDR) will begin accepting and processing 2015 state individual income tax returns on Tues, January 19. That’s the same day that processing begins at the Internal Revenue Service (IRS). The Department also enters this tax season with a focus on safeguarding taxpayers against fraud. During the past two years, LDR […]

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Tax Planning Should Be Your Year-Round Priority

January 11, 2016

Year-round tax planning can save both time and money by helping you take advantage of opportunities throughout the year to position yourself and your business to pay the lowest possible tax. Before you can begin your tax planning though, you have to get organized. If you are not using QuickBooks or other accounting software, now […]

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The Protecting Americans from Tax Hikes Act of 2015

December 21, 2015

The omnibus spending bill, ‘The Protecting Americans from Tax Hikes Act of 2015’ was signed into law last Friday and extends a number of important tax breaks. It also makes a number of them permanent. Among the deductions, credits and tax provisions included in the bill: The Research & Development credit Increased expensing limitations and […]

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Bonus Depreciation and the Enhanced Section 179

December 16, 2015

In July 2015, the Senate Finance Committee voted to extend bonus depreciation and the enhanced section 179 deduction through 2016. Bonus depreciation may result in substantial tax savings for businesses that already had plans to purchase or construct qualified property. Unlike section 179 expensing, you do not need net income to take bonus depreciation deductions. […]

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Most Retirees Need to Take Required Retirement Plan Distributions by Dec. 31

December 11, 2015

If you were born before before July 1, 1945, you generally must receive payments from your individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients of these payments, those […]

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Year-end Tax Planning: Section 179 Deductions

November 17, 2015

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the 2015 tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive […]

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