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Author Archive for: ‘Charles P Myrick CPA’

Posted by: Charles P Myrick CPA Posted on: Feb 26 2019

3 of the Best Reasons to File Your Taxes Early

As a CPA during tax season, I meet with lots of people. Many of them are regular clients who engage in year-round tax planning. For these people, tax season has few if any surprises. Others aren’t so well prepared. No one wants to pay more in taxes than they have to. Two of the best strategies for preventing that are tax planning and early filing.

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Posted by: Charles P Myrick CPA Posted on: Feb 12 2019

Is a Cash Reserve a Challenge for Your Church?

For a church, cash flow can make or break its ability to survive. The reliance on member donations increases the need of church leaders to manage finances through revenue peaks and valleys. A cash reserve can be the buffer to carry you through the valleys. Without a cash reserve to draw from, many churches have found themselves scrambling to raise funds when needs come up. 

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Posted by: Charles P Myrick CPA Posted on: Feb 05 2019

How to Use Tax Season to Improve Your Small Business


Tax season is the time when CPAs and other tax professionals are fully engaged in preparing client returns. The professionals know that for small businesses taxes are always challenging and require constant attention. Consider how the changes to the tax law that apply to the 2108 returns increase the complexity of the process. Here is some advice from tax professionals for small-business owners to help them respond to the changes brought by tax reform and navigate the perennial tax burdens they always face.

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Posted by: Charles P Myrick CPA Posted on: Jan 29 2019

Why Schedule E is So Important for Landlords

If you are investing in rental properties, then you’ll become well-acquainted with the Schedule E tax form. The Schedule E is where you’ll report all of your expenses and income for the year, and take advantage of any deductions you may want to claim.

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Posted by: Charles P Myrick CPA Posted on: Jan 22 2019

Look for the Tax Advantages in Your 2018 Return

The Tax Cuts and Jobs Act brought about many changes to the filing of the 2018 tax returns. The 2019 tax return filing season is the first time that the new tax law will be in effect. As you begin prepping for your 2018 tax filing, become familiar with these changes. You can ask your CPA or tax consultant to help you find the tax advantages available to you. 

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Posted by: Charles P Myrick CPA Posted on: Jan 15 2019

What Do Church Boards Need for Better Fiscal Management?

Church boards serve multiple masters. Tasked with guiding and keeping the mission-driven activities on course, board members can lose touch with the day-to-day financial operations. The board's responsibility for the ongoing monitoring of the church's fiscal matters is a fiduciary one. To do so, it must receive regular and accurate financial information.

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Posted by: Charles P Myrick CPA Posted on: Jan 08 2019

Important Planning Opportunities in the New Tax Law

As the 2019 tax season gets underway, tax professionals are working with a complex set of changes to the  tax code as a result of the The Tax Cuts and Jobs Act. Amidst the many uncertainties of the new regulations, specific changes afford small business owners some important planning opportunities.  

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Posted by: Charles P Myrick CPA Posted on: Dec 26 2018

Do You Have the Right Kind of Retirement Plan?

 

Have you begun to think about changes to make in the New Year? It's a good time to review your finances and pay particular attention to your retirement plan.  Like most workers, you probably depend on  a combination of employer sponsored and individual plans. There are two primary retirement plan types — 401(k)s and IRAs — and your challenge is to know how to choose the right plan for you. 

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Posted by: Charles P Myrick CPA Posted on: Dec 18 2018

How Landlords Can Make the Most of the New Tax Law

As the end of 2018 quickly approaches, real estate investors and landlords are reviewing records in preparation for filing tax returns. The tax reform bill, known as the Tax Cuts and Jobs Act, enacted sweeping changes to the Internal Revenue Code that will apply to 2018 returns. Real estate investors and landlords stand to benefit from many of the new law’s provisions. It is important that year-end planning address these changes.

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Posted by: Charles P Myrick CPA Posted on: Dec 11 2018

Are You Prepared to Take Advantage of the 2018 Tax Deductions?

It’s the time of year when tax professionals are advising their clients to start thinking about tax preparation. It may seem premature – April is months away – but the advice is sound. It’s the first year that the Tax Cuts and Jobs Act will be in effect with many changes for individual filers. The earlier you begin prepping for your 2018 tax filing, the easier it will be for you and your tax professional to find your tax savings in the new law.

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