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pricekongcpas · 29 days
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Expert CPAs in Phoenix, AZ – Contact Price Kong Today
Looking for the best CPAs in Phoenix, AZ? Price Kong offers top-notch accounting services tailored to meet your business needs. Our team of experienced certified public accountants provides comprehensive financial solutions, from tax planning and preparation to bookkeeping and audits. Whether you’re a small business owner or managing a large corporation, we deliver personalized services that ensure financial success. Contact Price Kong today to discover why we’re the trusted choice for expert CPAs in Phoenix.
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mastermindxsl · 6 months
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R&A CPAs
Unlocking Financial Success with R&A CPAs
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In the ever-evolving landscape of financial management, having a reliable and skilled Certified Public Accountant (CPA) is essential for individuals and businesses alike. Amidst a plethora of options, R&A CPAs stands out as a Certified Public Accountant CPA of excellence in Tucson, Arizona, offering a comprehensive suite of tax and accounting services coupled with a commitment to professionalism and client satisfaction.
Located at 4542 East Camp Lowell Drive, Ste 100, Tucson AZ 85712, R&A CPAs is more than just a service provider; it is a trusted partner in navigating the complexities of financial management. With a dedicated team of professionals and years of experience in the field, R&A CPAs has established itself as a go-to destination for all accounting needs in the region.
Core Services:
At the heart of R&A CPAs lies a commitment to delivering top-notch services tailored to meet the diverse needs of its clientele. Here's a closer look at the core services offered:
Tax & Accounting Services:
Tax laws can be daunting to navigate, but with R&A CPAs, clients can rest assured knowing that their tax matters are in capable hands. Whether it's individual tax preparation or comprehensive accounting services for businesses, R&A CPAs employs a meticulous approach to ensure compliance and maximize financial benefits for its clients.
Audit & Advisory Services:
In an era marked by heightened scrutiny and regulatory compliance, the need for reliable audit and advisory services cannot be overstated. R&A CPAs brings a wealth of expertise to the table, offering thorough audit services to businesses of all sizes. Additionally, their advisory services provide valuable insights and strategic guidance to help clients make informed financial decisions and mitigate risks effectively.
Business & Individual Tax Services:
From entrepreneurs seeking guidance on tax planning to individuals navigating complex tax regulations, R&A CPAs offers comprehensive tax services tailored to meet the unique needs of each client. Whether it's minimizing tax liabilities or maximizing deductions, their team of seasoned professionals goes the extra mile to ensure optimal outcomes.
Why Choose R&A CPAs:
Professionalism & Expertise:
R&A CPAs prides itself on upholding the highest standards of professionalism and expertise. With a team of seasoned CPAs and accounting professionals, clients can expect nothing short of excellence in every interaction.
Tailored Solutions:
Recognizing that one size does not fit all, R&A CPAs takes a personalized approach to client service. Whether it's crafting tax strategies or conducting audits, their solutions are tailored to meet the specific needs and goals of each client.
Commitment to Client Satisfaction:
At R&A CPAs, client satisfaction is paramount. From the initial consultation to the execution of services, they prioritize open communication, transparency, and responsiveness to ensure a positive and seamless experience for every client.
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Global Reach:
While rooted in Tucson, Arizona, R&A CPAs serves a diverse clientele spanning both domestic and international markets. Their global reach underscores their ability to provide comprehensive accounting solutions in an increasingly interconnected world.
In conclusion, R&A CPAs stands as a beacon of excellence in the realm of public accounting, offering a wide array of services designed to meet the diverse needs of individuals and businesses. With a steadfast Tax & Accounting Services to professionalism, expertise, and client satisfaction, R&A CPAs continues to set the standard for excellence in the industry, earning the trust and loyalty of clients year after year. Whether you're in need of tax assistance, audit services, or strategic financial guidance, R&A CPAs is your trusted partner every step of the way.
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akseoczar · 1 year
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accountantscpa · 2 years
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The CPA guides you on how to reduce your next year’s tax bill and helps you in bookkeeping services. If you are looking for an Arizona CPA, ask other business owners whom they have chosen. Get an idea about the experience of working with their accountant and what budget you need to pay for the services. 
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Beauty of Holiness
**Journey ** noun   jour·​ney |  ˈjər-nē  \
1: something suggesting travel or passage from one place to another the journey from youth to maturity a journey through time
2: an act or instance of traveling from one place to another
 Life, a journey we all find ourselves taking part in and for most of us, it often proves to be a perplexing path. Where is your journey leading you? As a Christian, you likely are traveling a path that leads from this earthly home to a heavenly home.
There is beauty in the journey as we encounter various scenery along the way. The wonder is how it is possible to find beauty even in places seemingly desolate and ugly. I grew up in Southwestern Colorado where God’s beauty majestically rose to peaks over 14,000 feet tall, covered with delicate bursting purple columbines; blue jays and eagles on wing soaring from pine top to pine top; bursting orange and gold-lite leaves erupting in the cool autumn breezes; and snow melting into spring brooks. My adult life has found me living in Arizona and it never ceases to amaze me how God can lift up the dust off the desert floor and sprinkle it into the sky in hews of pinks, purples, and oranges to create sunsets that rival the beauty of any mountaintop garden.
My life path began on a fairly smooth trail, a few pebbles would occasionally roll into my path but they were easily maneuvered around; then came some boulders careening down the pathway. On one of these boulders were painted the words “Hashimoto's thyroiditis”. At first, it had seemed to just be a large rock, my mother had suffered two strokes that left her mind blind and I had the blessing of helping my dad take care of her for 14 months before she finally went to sleep in the Lord’s arms, to rest from the pain and terror her tragedy brought. Just after we lost my mom, my mother-in-law became ill and we spent the next 12 months helping her before she too went to sleep in the Lord. Two month’s later, I found myself visiting my dad in the hospital while a doctor and group of nurses stood around in his room chatting away like it way social hour while my dad lie there having a panic attack, not able to speak because of a paralyzed vocal cord, waving “goodbye” to me because he knew he was dying while I was yelling at the medical team “he’s dying, do something!” That began a two and half year journey of doing my best to care for my dad while he bounced in and out of the hospital and home health stays with us.
The rock which at first felt like simply being tired; grew into a debilitating boulder that pinned me into my bed; unable to move at times as the disease took over and made me feel like a raggedy-Anne doll inside and my husband would have to hold me just so I could walk to the bathroom. Then came another boulder brought on by the disease and this one had bright red paint “depression”.
I slipped into a dark and horribly ugly place in my mind and my emotions. Nearly every day I knew that I was no longer beautiful or loveable to my husband, I knew that I had become too fat (if you have ever dealt with thyroid weight gain then you understand what I mean) and he couldn’t possibly love me anymore. I knew for certain that he was going to quit loving me and leave me and I began having panic attacks that would debilitate me while I sat hiding in my closet behind my clothes, sobbing uncontrollably for hours. And sadly, he didn’t understand the disease I was dealing and didn’t understand that a simple hug and reassurance would have lifted the boulders I was trapped under. I became full of fear of abandonment I felt because I knew I was too ugly and fat to be loved anymore; I no longer lived up to his nickname for me of “beautiful”. I went from being a strong, confident woman to someone who curled up in a fetal position and cried herself to sleep more nights than not.  
Then came the boulder named “brain fog” and I began losing my mind…literally. I went from someone who got straight A’s in school, had an MBA, passed the CPA exam and ran a successful business to someone who couldn’t even make sense of John 3:16. A new fear took over because I had watched my mom suffer from dementia from her strokes and a new panic set in.
Then God stepped in and led me to a book by a doctor who has extensively studied the connection between Hashimoto’s and dementia/alzheimer’s and I started working with a doctor using the protocol. The boulders began to become rocks, most of the rocks shrunk into pebbles and I’m optimistic the pebbles will give way to smooth stretches of pathway.
God also stepped into my husband's journey and helped him understand what I was going through and I saw my "beauty" reflected in his eyes when he looked at me, I felt his strong arms holding me tight to reassure me, and I heard his words of encouragement as he prayed with and over me.
So where is the journey headed now? This is what I really want to share with you. Perhaps you too have found yourself in a place of overwhelming ugliness, hearing the enemy telling you that you are unlovable. Let me share something beautiful that God just shared with me. An old hymn began playing in my mind:
_O worship the Lord in the beauty of holiness,
bow down before Him, His glory proclaim;
with gold of obedience and incense of lowliness
kneel and adore Him — the Lord is His name._
This hymn is based on Scripture:
”Give unto the LORD the glory due unto His name: bring an offering, and come before Him: worship the LORD in the beauty of holiness.” I Chron 16:29
I had never thought about the verse this way, just what is “the beauty of holiness”? There are other Scriptures I turned to, a new journey is beginning:
“For you are a holy people to the LORD your God, and the LORD has chosen you to be a people for Himself, a special treasure above all the peoples who are on the face of the earth.”  Deut 14:2
"For you are a holy people to the LORD your God; the LORD your God has chosen you to be a people for Himself, a special treasure above all the peoples on the face of the earth. The LORD did not set His love on you nor choose you because you were more in number than any other people, for you were the least of all peoples; but because the LORD loves you,” Deut 7:6-8
I looked up the words to the song and found the next verse full of promise:
_Low at His feet lay your burden of carefulness,
high on His heart He will bear it for you,
comfort your sorrows and answer your prayerfulness,
guiding your steps in the way that in true._
I still have days where I hear “you’re too fat, you’re too ugly to be loved” screaming in my mind; but I have more days that I know and see the “beauty of holiness” and hear God calling me and reminding me that I am “a special treasure…because the Lord loves me” so I pray that I might follow the counsel of Paul:
“I beseech you therefore, brethren, by the mercies of God, that you present your bodies a living sacrifice, holy, acceptable to God, which is your reasonable service. And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.” Romans 12:1-2
God is healing my body and He is healing my mind too. I smile more than I cry and when I do cry, I understand that tears are a language God understands. I know my husband truly does think I’m his “beautiful” and I know he is here for me during my journey because God brought him to me.
May you find the beauty that God has created you to be, in the holiness of His presence.
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pricekongcpas · 7 months
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How Price Kong’s Cannabis CPAs in Phoenix, AZ Can Save You Money
Cannabis businesses are subject to high taxes and strict regulations that can affect their bottom line. That’s why you need Price Kong’s cannabis CPAs in Phoenix, AZ to save you money. Price Kong is a reputable accounting firm that has been helping cannabis businesses reduce their tax burden and increase their cash flow. Price Kong can help you with tax credits and deductions, cost segregation, entity structuring, 280E compliance, and more. Price Kong can also help you with financial reporting, budgeting, and forecasting, to help you plan and manage your finances effectively.
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texascrowd542-blog · 4 years
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Oklahoma State Tax Rate On Gambling Winnings
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Oklahoma $37 Oregon $74 Pennsylvania No tax on lottery winnings. Puerto Rico No state or federal taxes on lottery winnings. Rhode Island $56 South Carolina $65 South Dakota No state income tax. Tennessee Only income tax on income from stocks and bonds. Texas No state income tax. US Virgin Islands No tax on lottery winnings. Vermont $55 Virginia $37. AGI includes gambling winnings but does not include gambling losses. Thus, a taxpayer who has (say) $100,000 of gambling winnings and $100,000 of gambling losses will owe state income tax on the phantom gambling winnings. (Michigan does exempt the first $300 of gambling winnings from state income tax.) 2. But beginning with the tax year 2018 (the taxes filed in 2019), all expenses in connection with gambling, not just gambling losses, are limited to gambling winnings. What About State Taxes? In addition to federal taxes payable to the IRS, many state governments tax gambling income as well. HOW TO FILE YOUR TAXES ON GAMBLING WINNINGS IN OKLAHOMA FROM REAL CPA on this episode of RED SCREEN NINJAS! What do you do after winning a jackpot on a slot.
No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining.
States that allow gambling or operate an official state lottery use the proceeds either for the general fund or for specific purposes. Like a lot of states, Oklahoma restricts casino-style gambling operations to Native American reservations, and also allows betting on horse racing and certain types of games for the benefit of charity or nonprofit groups (such as church bingo fundraisers).
But becoming a Mega Millions or Powerball jackpot winner doesn’t change everything. If you are the lucky winner, you still have to worry about bills and taxes. This is when a lottery tax calculator comes handy.
How are lottery winnings taxed under federal and state?
Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. That means your winnings are taxed the same as your wages or salary. And you must report the entire amount you receive each year on your tax return.
For example, let’s say you elected to receive your lottery winnings in the form of annuity payments and received $50,000 in 2019. You must report that money as income on your 2019 tax return. The same is true, however, if you take a lump-sum payout in 2019. You must report that entire amount as well. For this, a tax calculator is an essential tool.
Note: Before you receive one dollar, the IRS automatically takes 25 percent of your winnings as tax money. You’re expected to pay the rest of your tax bill on that prize money when you file your return.
What is the tax rate for lottery winnings?
When it comes to federal taxes, lottery winnings are taxed according to the federal tax brackets. Therefore, you won’t pay the same tax rate on the entire amount. The tax brackets are progressive, which means portions of your winnings are taxed at different rates. Depending on the number of your winnings, your federal tax rate could be as high as 37 percent as per the lottery tax calculation.
State and local tax rates vary by location. Some states don’t impose an income tax while others withhold over 15 percent. Also, some states have withholding rates for non-residents, meaning even if you don’t live there, you still have to pay taxes to that state.
Do I have to pay state taxes on lottery winnings if I don’t live in the state where I bought the ticket?
Most states don’t withhold taxes when the winner doesn’t reside there. In fact, of the 43 states that participate in multistate lotteries, only two withhold taxes from nonresidents. Arizona and Maryland both tax the winnings of people who live out-of-state.
Can I change the amount of tax the lottery withholds?
You don’t have a choice on how much state or federal tax is withheld from your winnings. The only piece you can control is how much money you save to cover any extra money you may owe. For this, you can use a federal tax calculator.
Do lottery winnings count as earned income for Social Security purposes?
Lottery winnings are not considered earned income, no matter how much work it was purchasing your tickets. Therefore, they do not affect your Social Security benefits.
Does winning the lottery affect my tax bracket?
Winning the lottery can affect your tax bracket in a big way. An average family’s top federal tax rate could go from 22 percent to 37 percent. But remember, if that happens, you likely won’t pay the top rate on all of your money.
That is unless your regular household income already places you in the top tax bracket prior to winning. In that case, all of it is taxed at 37 percent. This can be calculated using a tax calculator. Lottery winnings are combined with the rest of your taxable income for the year, meaning that money is not taxed separately.
What are the benefits of taking a lump sum payment versus annuity payments?
If you take a lump sum, you have more control over your money right now. You can choose to invest it into a retirement account or other stock option to generate a return. You could also use it to buy or expand a business.
Several financial advisors recommend taking the lump sum because you typically receive a better return on investing lottery winnings in higher-return assets, like stocks. If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill.
The decision for which option is better is complex. It all depends on the size of the lottery winnings, your current and projected income tax rates, where you reside, and the potential rate of return on any investments. If you win big, it’s in your best interest to work with a financial advisor to determine what’s right for you. However, you can also determine the taxes using a federal tax calculator.
Are you a lucky winner? Determine what you owe in taxes with this Lottery Tax Calculator.
More to explore:
No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall of that magnitude quickly grants you a level of financial freedom you probably have trouble imagining.
But becoming a Mega Millions or Powerball jackpot winner doesn’t change everything. If you are the lucky winner, you still have to worry about bills and taxes. This is when a lottery tax calculator comes handy.
Oklahoma State Tax Rate On Gambling Winnings Today
How are lottery winnings taxed under federal and state?
Lottery winnings are considered ordinary taxable income for both federal and state tax purposes. That means your winnings are taxed the same as your wages or salary. And you must report the entire amount you receive each year on your tax return.
For example, let’s say you elected to receive your lottery winnings in the form of annuity payments and received $50,000 in 2019. You must report that money as income on your 2019 tax return. The same is true, however, if you take a lump-sum payout in 2019. You must report that entire amount as well. For this, a tax calculator is an essential tool.
Note: Before you receive one dollar, the IRS automatically takes 25 percent of your winnings as tax money. You’re expected to pay the rest of your tax bill on that prize money when you file your return.
What is the tax rate for lottery winnings?
When it comes to federal taxes, lottery winnings are taxed according to the federal tax brackets. Therefore, you won’t pay the same tax rate on the entire amount. The tax brackets are progressive, which means portions of your winnings are taxed at different rates. Depending on the number of your winnings, your federal tax rate could be as high as 37 percent as per the lottery tax calculation.
State and local tax rates vary by location. Some states don’t impose an income tax while others withhold over 15 percent. Also, some states have withholding rates for non-residents, meaning even if you don’t live there, you still have to pay taxes to that state.
Do I have to pay state taxes on lottery winnings if I don’t live in the state where I bought the ticket?
Most states don’t withhold taxes when the winner doesn’t reside there. In fact, of the 43 states that participate in multistate lotteries, only two withhold taxes from nonresidents. Arizona and Maryland both tax the winnings of people who live out-of-state.
Can I change the amount of tax the lottery withholds?
You don’t have a choice on how much state or federal tax is withheld from your winnings. The only piece you can control is how much money you save to cover any extra money you may owe. For this, you can use a federal tax calculator.
Do lottery winnings count as earned income for Social Security purposes?
Lottery winnings are not considered earned income, no matter how much work it was purchasing your tickets. Therefore, they do not affect your Social Security benefits.
Does winning the lottery affect my tax bracket?
Winning the lottery can affect your tax bracket in a big way. An average family’s top federal tax rate could go from 22 percent to 37 percent. But remember, if that happens, you likely won’t pay the top rate on all of your money.
That is unless your regular household income already places you in the top tax bracket prior to winning. In that case, all of it is taxed at 37 percent. This can be calculated using a tax calculator. Lottery winnings are combined with the rest of your taxable income for the year, meaning that money is not taxed separately.
What are the benefits of taking a lump sum payment versus annuity payments?
If you take a lump sum, you have more control over your money right now. You can choose to invest it into a retirement account or other stock option to generate a return. You could also use it to buy or expand a business.
Several financial advisors recommend taking the lump sum because you typically receive a better return on investing lottery winnings in higher-return assets, like stocks. If you elect annuity payments, however, you can take advantage of your tax deductions each year with the help of lottery tax calculator and a lower tax bracket to reduce your tax bill.
The decision for which option is better is complex. It all depends on the size of the lottery winnings, your current and projected income tax rates, where you reside, and the potential rate of return on any investments. If you win big, it’s in your best interest to work with a financial advisor to determine what’s right for you. However, you can also determine the taxes using a federal tax calculator.
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Oklahoma State Tax Rate On Gambling Winnings Losses
Are you a lucky winner? Determine what you owe in taxes with this Lottery Tax Calculator.
Oklahoma State Tax Rate On Gambling Winnings Money
More to explore:
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ericvick · 4 years
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Profits are rising in IRAs and 401(k)s, but so are future taxes
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If you’ve had a toe in the stock market for more than a few years, you likely have grown increasingly giddy watching your profits pile up. But there’s a flip side to the story: Eventually, you might need to share a lot of those gains with your partner.
If you have put money into Individual Retirement Accounts or workplace 401(k)-style plans on a pretax basis, as millions of Americans have, your investment partner all these years was Uncle Sam. When you start making withdrawals, your partner will want a share of the spoils.
Taxes in sheltered accounts are easy to overlook if you have a long-term focus. But as retirement age approaches, the tax bill will come more into focus too, especially if tax rates start to rise. You might not be worth as much as you think.
“Many households may forget that not all of these (investment dollars) belong to them,” noted Anqi Chen and Alicia Munnell, authors of a report on retirement taxes. “They will need to pay some portion to the federal and state governments in taxes.”
Ed Slott, a certified public accountant and author of “The New Retirement Savings Time Bomb,” puts it more bluntly: Many retirement accounts are “infested with taxes,” he said.
Retirement news: These Social Security changes affect your retirement age, taxable benefits and eligibility
More: Why I always make prior-year IRA contributions to help with my taxes
In their report, Chen and Munnell, at the Center for Retirement Research at Boston College, estimated the tax bite on retirement assets for people in various income groups and assuming various drawdown or withdrawal strategies.
They looked at Social Security benefits, pensions, 401(k) plans, IRAs and other financial assets, such as stocks held in taxable accounts. Rental properties, owner-occupied homes, small businesses and other investments also can be used for retirement, but the report didn’t examine those categories. Adding them to the mix could further inflate tax bills for many.
Story continues
The good news is that roughly four in five retirees and future retirees don’t — or won’t — face a large tax bite on the financial assets they receive or sell to finance their lifestyles, the researchers estimated, typically paying little or nothing in federal and state taxes.
But for those in the top fifth or so on the asset scale, “taxes are an important consideration” that can eat up 20% or more of a person’s retirement income.
Reviewing the basics
It’s often smart to have money in accounts with different tax ramifications. “Like you diversify your investments, you want to diversify your tax strategies,” said Paul Axberg, a CPA and certified financial planner at Axberg Wealth Management in Sun City West.
Money withdrawn from 401(k) plans and IRAs is taxed as ordinary income. Assets in Roth 401(k)s and Roth IRAs are an exception. Roth contributions are made on an after-tax basis, so withdrawals generally come out after tax, too.
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Social security
In traditional IRAs and 401(k) accounts, investors usually must start pulling out money as required minimum distributions that now start at age 72. Large withdrawals can make other income, such as Social Security benefits, partly taxable.
Social Security benefits are tax-free for most recipients, but not for people exceeding certain income ranges — $25,000 and up for singles and $35,000 and up for married couples. Above those figures, depending on how much Modified Adjusted Gross Income you have, you would pay taxes on up to either 50% or 85% of benefits. MAGI includes regular AGI plus nontaxable interest income (such as from municipal bonds) and half of Social Security benefits.
Tax and timing flexibility among accounts is important. “If you don’t have flexibility, you might need to pay taxes on your Social Security,” Axberg said.
Other financial assets, such as stocks or mutual funds held in unsheltered brokerage accounts, can generate short-term gains taxable at ordinary income rates or long-term gains taxed at lower rates. Interest and dividends from these accounts usually are taxable, too. But there isn’t a requirement to start withdrawing from these accounts at any particular age.
Focusing on strategies
While most people in or nearing retirement won’t face sizable tax bills, the situation could worsen if governments, especially at the federal level, push tax rates higher to deal with budget stress and surging deficits.
One obvious strategy for people still in the workforce is to channel some retirement-plan contributions into Roth 401(k)s or Roth IRAs. You will forsake front-end deductions, but you would save on taxes down the road and won’t face the requirement of mandatory withdrawals. About 10% of assets in IRAs and 401(k)-style accounts are held in the tax-free Roth versions, according to data from the Internal Revenue Service and the Vanguard Group cited in the Boston College report.
Another — and more painful choice — is to convert or transfer money from traditional 401(k)s or IRAs into a Roth. The pain comes from having to pay taxes on the amount you convert. Also, conversions make more sense when stock prices and other assets are low. When they’re high, like now, you would face taxes on higher account values.
Yet another strategy is to make regular withdrawals past age 62 from your IRAs and 401(k)s, while holding off on claiming Social Security. Delaying Social Security often makes sense anyway in that your monthly benefits will rise the longer you hold off (up to age 70). Ideally, you don’t want to draw heavily from retirement accounts or other sources while also receiving Social Security, as the combination could push some of your Social Security benefits into the taxable category.
More on Roth conversions
Roth conversions could become more popular if tax rates seem destined to rise. This is mainly a threat for high-income Americans (with income above $400,000) under proposals by President Joe Biden and congressional Democrats. But even less-affluent individuals with large retirement balances might consider them. Once you make a conversion and pay the taxes, the account is no longer subject to taxation.
Converting to Roth accounts “removes the uncertainty about future higher (tax) rates,” said Slott, who recommends a series of conversions over many years to “get some of that money out at today’s historically low rates.”
Robert Keebler, a CPA at Keebler & Associates, also suggests doing Roth conversions gradually, maybe once a month or quarter. You wouldn’t want to do a big one right before the stock market tanks, he noted in a talk sponsored by the American Institute of Certified Public Accountants. Doing a series of smaller conversions is like dollar-cost-averaging in reverse, Keebler said, referring to the popular strategy of buying in at various prices over time.
And ideally, you’d want to pay the tax bill using outside money so that you don’t erode the value of your newly converted Roth account, he said.
Reach Russ Wiles at [email protected].
This article originally appeared on Arizona Republic: The flip side of rising profits in IRAs, 401(k)s: Tax bills are rising
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medicarevideos · 5 years
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Medicare Enrollment
For FREE help finding a Medicare plan, Click here or call 1-800-729-9590.
#Medicare #Enrollment is underway! Gary Abely, CFP®, AIF®, CPA discusses your Medicare enrollment options on Fox 35 Orlando. The enrollment deadline is December 7, 2018.
Gary Abely, CFP®, AIF®, CPA has been a financial planning professional since 1990. He is a Certified Financial Planner
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(CFP®) professional and an Accredited Investment Fiduciary® (AIF®). He is also a Certified Public Accountant and an Investment Advisory Representative of Certified Advisory Corp, a Registered Investment Advisor.
Gary graduated Summa Cum Laude from Arizona State University in 1987 with a Bachelor of Science degree in Accounting. He became a CPA in 1988 and a CFP® professional in 1995. After working for the CPA firm, Arthur Andersen & Co., out of college, Gary opened a private financial planning and accounting firm in 1990.
As a graduate of the AIF® program, Gary is specially trained in investment fiduciary responsibility and portfolio management. He offers three services to individual and business clients: Asset Management, ERISA 3(38) investment management services for 401(k) and other retirement plans, and general financial planning to individuals and couples.
He is keen on explaining to his clients, “It’s not what you make, but what you keep that matters”, emphasizing tax efficient portfolio asset allocation strategies.
Gary also holds a Life and Health Insurance and Variable Annuities license with the State of Florida.
Having grown up in Winter Park, Florida, Gary is married with twin daughters and resides in Maitland, Florida.
Disclaimer: Fee-Based Planning and Asset Management through Certified Advisory Corp, an SEC-Registered Investment Advisory Firm.
SEC registration does not constitute an endorsement of the firm. Certified Financial Planner Board of Standards Inc. owns the certification mark CFP®.
This website is for informational purposes only and does not constitute a complete description of our services. This website is not a solicitation or offer to sell securities or investment advisory services.
Visit the Company Website for Certified Financial Group, Inc to review the following information:
-States where are our various member firms are registered in to offer Securities.
-Web Disclosures
-Business Continuity Plan
-Code of Ethics
-Privacy Statement
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Bookkeeping Services | Small Business Accounting Services
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Top 10 cities for Accounting Jobs in the U.S.
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The job opportunities for the accountants are more in the U.S. The “Social and Career community” has surveyed the top U.S. cities for accounting jobs. It has finalized the cities based on the availability of accounting jobs and competitiveness of the accountant market.
Let’s look at the list.
1. New York City:
New York is the financial capital of America. Here, the accountants can find jobs in both large and small firms. At present, Newyork has many accounting firms, and almost 2 lakh employees are working as accountants, auditors and bookkeepers. Cost of living may be a bit high.
In New York, the average salary for an Accountant is $69,800.
2. Houston, Texas:
Houston is one of the biggest financial cities in the U.S. All the top-most accounting firms in the country have opened offices in Houston. Many other smaller accounting firms have begun migrating to Houston. Cost of living is quite reasonable.
In Houston, the average salary for an Accountant is $68,200.
3. Boston, Massachusetts:
In Boston city, there is a strong presence of financial industries and employment opportunities. The Accountant has a lot of options in choosing the right company with an excellent package. Currently, there are almost 70,000 accountants and auditors working in Boston.
In Boston, the average salary for an Accountant is $69,700.
4. Chicago, Illinois:
In the US, Chicago is referred to as a home to major financial exchanges. The city provides plenty of job opportunities for the accountants, and more than 80,000 employees are working as accountants, auditors or bookkeepers. Cost of living is quite reasonable.
In Chicago, the average salary for an Accountant is $70,700.
5. Washington, D.C.:
Washington, D.C., the nation’s capital: has good employment rates and a healthy financial market. The average salary of an accountant is considerably high in the city. Here, there is a need for accountants all the time as the government focuses on fraud regulation, especially from forensic accountants.
In Washington, D.C., the average salary for an Accountant is $75,800.
6. Phoenix, Arizona:
Phoenix, the fastest growing city in the U.S. and stands next to New York in providing independent accounting opportunities. The city has many business firms which lead to more demand for accountants. There are almost 50,000 accountants, bookkeepers and auditors in Phoenix.
In Phoenix, the average salary for an Accountant is $56,400.
7. Seattle, Washington:
Seattle, the city, provides innumerable opportunities for the accountants with a good salary. It has a good business economy. Seattle is an educational hub percentage of college graduates; that’s why a large number of young professionals come from this place. Here the cost of living is relatively low.
In Seattle, the average salary for an Accountant is $66,900.
8. Philadelphia, Pennsylvania:
Philly has the 4th highest GDP among all the U.S. cities. There are almost 45,000 accountants, bookkeepers and auditors in Philadelphia. The city is more popular with its ample suburban space and more business firms.
In Philadelphia, the average salary for an Accountant is $73,800.
9. Denver, Colorado:
In recent times, the Denver city’s economy is booming very fast, especially in the educational sector. It has less competition for jobs when compared to other cities. The city has excellent choices for many different professionals. In Denver, the outside activities will make you happy and healthier.
In Denver, the average salary for an Accountant is $69,800.
10. Minneapolis, Minnesota:
Minneapolis, the city located at mid-west in the U.S. It has more than 20 accounting firms and the average salary of an accountant, is comparable to New York City. Minneapolis is the best city for bicycling. Here, the cost of living is very low.
In Minneapolis, the average salary for an Accountant is $64,300.
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aldariscpa · 5 years
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pricekongcpas · 7 months
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Cannabis businesses face unique challenges and opportunities in the rapidly evolving market. That’s why you need Price Kong, the trusted cannabis CPAs in Phoenix, AZ. Price Kong has been serving the cannabis industry since 2014, offering a full range of accounting, auditing, and consulting services. Price Kong has the expertise and experience to help you navigate the complex tax and regulatory issues, as well as the best practices and strategies to maximize your profitability and growth. Whether you are a startup or an established business, Price Kong can help you achieve your goals.
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charlesjening · 5 years
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Which Colleges Have Cranked Out the Most Public Accounting Firm CEOs and Managing Partners?
Last Thursday I got an email from Renaissance Capital listing the colleges that have produced the most initial public offering CEOs in 2019. If you’re curious, the answer is Princeton University with four. So that got me wondering about which colleges have produced the most public accounting firm CEOs/chairmen/managing partners.
So I took a look at INSIDE Public Accounting’s ranking of the top 200 firms in 2019, which names the CEO, chairman, or managing partner for each firm. Then I creeped on their LinkedIn profiles (if you see that I recently viewed your page, you’ll know why) or looked on their bios online to find out where they graduated from college. I only looked at bachelor’s degrees, not master’s degrees.
In total, I got bachelor’s degree information for more than 210 public accounting firm leaders, as 11 firms have either co-CEOs, co-chairmen, or co-managing partners.
Of the top 12 undergraduate accounting programs ranked by U.S. News & World Report, nine have graduated leaders of top 200 firms (number in parenthesis):
University of Texas at Austin (2)
Brigham Young University (2)
University of Illinois at Urbana-Champaign (2)
Indiana University (4)
University of Michigan (1)
University of Pennsylvania (1)
University of Southern California (4)
New York University (3)
University of Florida (4)
The University of Notre Dame, Ohio State University, and Boston College aren’t represented in IPA’s top 200 firms list. Also shut out were the University of California-Berkeley, University of Texas at Dallas, University of Chicago, and the University of Iowa.
There are 28 colleges or universities that have graduated two public accounting firm leaders in the top 200. Besides the schools listed in the bullet points above, some others include Babson College, University of North Carolina, Virginia Tech, University of Wisconsin, University of Arizona, Arizona State University, University of Oregon, Auburn University, University of Alabama, and the University of Washington.
But according to my analysis and counting skills (I’m no mathlete, as you know), here are the schools that have produced the most leaders of top 200 public accounting firms (in descending order):
7. (tie): University of St. Thomas (3)
Steve Behrns, Boulay
Mark Gibbs, Redpath and Co.
Cory Parnell, Boeckermann Grafstrom & Mayer
7. (tie): UCLA (3)
Stephen Milner, Squar Milner
David Neste, Prager Metis CPAs
Michael Novogradac, Novogradac & Co.
7. (tie): New York University (3)
Steven Klein, Gerson Preston Klein Lips Eisenberg & Gelber
Stuart Kotler, Berdon
Harry Moehringer, Marks Paneth
7. (tie): Bentley University (3)
Laurie Austin, DiCicco Gulman & Co.
James DeLeo, Gray Gray & Gray
Carla McCall, AAFCPAs
2. (tie) University of Southern California (4)
Philip Holthouse, Holthouse Carlin & Van Trigt
Rick Parent, Gumbiner Savett
Joe Ucuzoglu, Deloitte
Stephan Wasserman, Gursey Schneider
2. (tie): University of Tennessee (4)
Jeff Drummonds, LBMC
James Hutcherson, Henderson Hutcherson & McCullough
Edward Pershing, PYA
Chris Schellman, Schellman & Co.
2. (tie): University of Indiana (4)
Ted Dickman, BKD
Robert Minkler Jr., Anders CPAs + Advisors
David Resnick, Katz Sapper & Miller
Alan Whitman, Baker Tilly
2. (tie): University of Georgia (4)
V. Hanson Borders, Mauldin & Jenkins
Jeffrey Eischeid, Bennett Thrasher
Gregory Hayes, Moore Stephens Tiller
Sean Taylor, Smith & Howard
2. (tie): University of Florida (4)
Louis Cohen, Caler Donten Levine Cohen Porter & Veil
Timothy Devlin, Daszkal Bolton
Bert Mills, Moore Colson CPAs and Advisors
Carol Villemaire, James Moore & Co.
1. University of Maryland (6)
Jacqueline Cardello, Gelman Rosenberg & Freedman
Joel Chazen, Hertzbach & Co.
Larry Davis, Aronson
David Goldner, Gross Mendelsohn
James Kokolas, Calibre CPA
Walter Pennington, Dembo Jones
All you Terps, feel free to gloat in the comment section.
The post Which Colleges Have Cranked Out the Most Public Accounting Firm CEOs and Managing Partners? appeared first on Going Concern.
republished from Going Concern
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everetttax · 5 years
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Tax Returns – Are They Really All Created Equal?
As we approach Tax Season, I wonder how many people understand the potentially vast differences in the quality of tax return preparation? Are tax returns really the commodity that they seem to be? Is a tax return prepared by the tax service in the mall of the same quality as that prepared by a major CPA firm? What does it mean to have a “quality” tax return? In fact, can a tax return be prepared in such a way as to reduce income taxes?
As someone who has been involved in the tax return preparation process for almost 30 years, let me share some thoughts on this subject.
Accuracy in a tax return simply means that the information provided by the client was reflected on the tax return. It does not mean that the tax return was prepared in the BEST way it could have been prepared. In fact, I RARELY see a tax return from a new client that was prepared the way I would prepare it.
Let me give you some examples. Suppose you have some expenses that could either qualify as investment expenses or business expenses. Either classification would be “deductible” on the tax return. BUT, a business expense is MORE DEDUCTIBLE than an investment expense. How is that possible? An investment expense is deducted on Schedule A and is classified as a “Miscellaneous Itemized Deduction.” There are several limitations on a miscellaneous itemized deduction. First, you only get to deduct these type of expenses to the extent they exceed 2% of your income. So, if you have $300,000 of income and $7,000 of investment expenses, you only get to deduct $1,000. What's worse is that if you are in the Alternative Minimum Tax like millions of taxpayers, you don't get any benefit for your investment expenses.
On the other hand, if you were able to deduct these same expense on your Schedule C or your Schedule E, you would be able to deduct 100% of the expenses. In addition, the expenses would reduce your self-employment income from your business. That's another 15.3% tax benefit on top of the income tax benefit.
Another example of less than stellar tax return preparation relates to depreciation. Depreciation is the government's gift back to investors, especially real estate investors, for investing in long-term assets such as equipment and buildings. What most tax preparers don't understand is the idea of a cost segregation or chattel appraisal. The whole goal with depreciation is to get more of it sooner. This provides the investor with a terrific tax benefit in the early years of property ownership. And under the important wealth creation principles of leverage and velocity, the sooner we have cash, the sooner we can invest it and obtain major returns from our investment. The problem appears to be a lack of knowledge from many tax preparers and CPAs about the rules surrounding cost segregation.
The one area where I do see mistakes relates to those taxpayers who file returns in multiple states. This is a specialty area of mine, which I teach at Arizona State University. Even in the major firms, there is a lack of understanding by the Federal tax departments of the many opportunities for tax savings when preparing multistate tax returns.
What it comes down to is whether your tax preparer/CPA has the knowledge and creativity necessary to prepare the BEST return possible. And is it worth it to you to pay a little more to get the better result? Are you focused on the amount you pay your advisors or are you focused on the return they provide you on your investment? Let me give you an example.
Suppose you have a choice of paying $750 for your tax return to a small CPA firm or $2,000 to an innovative, knowledgeable firm. All things being equal, anyone would choose to pay the lesser amount. But what if all things are not equal? What if the $750 gets you an adequate, accurate return but the $2,000 would get you a return where you pay $5,000 less in tax? Which is the better deal? In one, you are out $750 with no return on your investment. In the other, you are net ahead $3,000. Clearly, the $2,000 fee returns a greater value.
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