DCA Tax Planning specializes in identifying ways to save you and your business money this year and every year after
by utilizing our proven tax strategies.
Most small business owners and individuals believe that their CPA/Accountant/Tax Preparer is saving
them money on taxes when unfortunately they are primarily focused on prepping tax returns.
Our team has saved our clients an average of $27,675 per year* in taxes.
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DCA Tax Savings Estimator
News and Updates
Wednesday, April 10, 2024
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Is the Corporate Transparency Act Unconstitutional?
The question has gone to the Eleventh Circuit Court of Appeals.
Here’s the bottom line: if your business was formed in 2024, you still have only 90 days to file your Beneficial Ownership Information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).
If your business was formed before 2024, you can wait to see what the court determines. BUT -if no decision has been made by the end of 2024, be sure to file your BOI report to avoid penalties.
Attention Young Adults: It’s Time to Fund an IRA.
And it’s not too late!
If, starting at age 22, you contribute $2,500 to a Roth IRA at the end of each year for 38 years, the Roth account would be worth about $269,000 at age 60, assuming a rate of 5% annual rate of return. If you assume a more optimistic 8% annual rate of return, the account would be worth about $551,000 at age 60. And your contributions are only $95,000.
You can start or add funds to your IRA for 2023 until April 15.
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Learn more at: http://dcataxplanning.com
Must Haves for Claiming Your Home Office:
- Exclusive and regular use as a place of business.
- Proof of expenses - keep receipts.
- Proof of income - maintain good bookkeeping.
- Percentage of home used for business.
- Proof that you are doing business in your home office.
DCA Tax Planning can help you save money on your home business taxes.
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Learn more at: http://dcataxplanning.com
Tuesday, January 30, 2024
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Monday, January 22, 2024
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1099-K Filing Rules Are On Hold . . again. Do you know why?
The new 1099-K filing rules were supposed to go into effect for the 2022 tax year.
However, the IRS delayed them until 2023. Now, the IRS has delayed them yet again, announcing that the old rules ($20,000/200 transactions) remain in place for 2023.
For the 2024 tax year, the IRS is replacing the $20,000/200 transaction threshold with a $5,000 threshold and no minimum transaction requirement.
For the 2025 tax year and later, the IRS will apply the $600 threshold, again with no minimum transaction requirement.
Why all the delays? Because the IRS fears that TPSOs will mistakenly file many of the expected 44 million 1099-Ks. For example, TPSOs might mistakenly file 1099-Ks for personal payments from family and friends.
Contact us for more information. https://shorturl.at/bnOP5
Learn more at: http://dcataxplanning.com
Friday, January 12, 2024
New Federal Tax Requirement. Got Questions?
The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities.
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Learn more at: http://dcataxplanning.com
Thursday, January 4, 2024
BUY OR LEASE: WHICH COSTS LESS?
It’s not as simple as it looks - you must consider not just out-of-pocket costs but also:
-- cash available,
-- the tax benefits of each option, and
-- the time value of money.
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Learn more at: http://dcataxplanning.com
Thursday, December 14, 2023
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Did You Know?
For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities.
No later than December 31, 2024, all non-exempt business entities must file a beneficial owner information report (BOI report) with the Financial Crimes Enforcement Network (FinCEN)—the Treasury Department’s financial intelligence unit.
The CTA applies only to business entities such as corporations and LLCs that are formed by filing a document with a state secretary of state or similar official. It also applies to foreign business entities that register to do business in the United States.
The CTA does not apply to sole proprietors or general partnerships in most states. But it does apply to single-member LLCs, even though the tax code disregards such entities and taxes them on Schedule C, E, or F of Form 1040.
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Tuesday, December 5, 2023
There are MANY Year-End Tax Saving Strategies. One is to maximize deductions for business expenses if you’re self-employed or a business owner.
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Tuesday, November 21, 2023
Big plans this holiday weekend? Make sure you track your gambling by sessions because then the individual winning bets do not create above-the-line taxable income. Instead, for the session, you can offset wins and losses and use the net result. Don’t be at the mercy of the IRS!
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Monday, November 13, 2023
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Last-Minute Tax Deductions:
1. Prepay your 2023 expenses right now.
2. Stop Billing Customers, Clients, and Patients, then plan well for 2024.
3. With Section 179 expensing, you can purchase significant equipment, machinery, and furniture and write off 100% of the cost.
4. Charges to your credit cards can create deductions on the day of the charge if you are a sole proprietor or if you are a corporation and the card is in the corporation's name. Your corporation must reimburse you before the end of the year if you are the latter.
5. Claim ALL your legitimate deductions.
6. Deal with your Qualified Improvement Property (QIP).
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Tuesday, October 24, 2023
Starting a NEW business or purchasing rental property in 2024?
You’re going to need to file new federal reports and keep them up to date. If you miss a step, the penalties for non-compliance can be severe!
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Tuesday, October 17, 2023
When it comes to your taxes, most personal assets other than your home are disappointments. BUT - when you convert a personal vehicle or other personal assets to business use, you create tax benefits AND you create these new tax benefits without spending any new money.
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