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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: 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: Nov 28 2018

How to Build Assets From Income With Tax Strategies

The true key to building wealth lies in building assets. Regardless of how much money you make, you can start converting your income into assets using tax strategies. The system is set up to go after income instead of wealth. The tax code offers incentives for asset building and your tax professional can advise you on the tax efficient strategies available. 

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Posted by: Charles P Myrick CPA Posted on: Oct 23 2018

You Can Save Money With Year-End Tax Planning

The last quarter of any year is a busy one for anyone who wants to get a jump on tax planning and preparation. With holidays and shopping competing for your attention it’s easy to lose your focus on long-range financial planning. However, for those who can set aside time to review their finances, the advantages gained are many.

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

What Are the Advantages of a Roth IRA?

Today young workers are encouraged to start savings and asset building strategies as early as possible. A valuable asset to most individuals is their retirement account. A common question is whether to choose a traditional (tax-deferred) or a Roth option. 

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Posted by: Charles P Myrick CPA Posted on: Aug 28 2018

Want to Avoid a Tax Audit? These Things Are Triggers

Summer is the season for tax audits. You may have forgotten all about the tax preparation process of last winter. Realistically, the chances for an individual audit are low - around 0.6 percent or about one in every 160 returns. However, tax preparers advise that it’s important for their clients to be aware of the triggers. Here are some of the things that the professionals pay attention to as they prepare your tax return:

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Posted by: Charles P Myrick CPA Posted on: Mar 20 2018

What Do Taxes Have to Do With Wealth?

The true key to building wealth lies in building assets. Regardless of how much money you make, you can build wealth over time through assets. Some people think that putting money in a savings account is a good as making an investment. However, it is impossible to build wealth if you just have money in a bank account. Bank accounts have low interest rates, so you will barely make any money. On the other hand, your money works for you when you invest it. 

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Posted by: Charles P Myrick CPA Posted on: Jan 02 2018

Your Quick Guide to Changes in the 2018 Tax Law

Not sure what to make of the Tax Cuts and Jobs Act signed into law by President Trump in December 2017? Most of the changes will go into effect January 1, 2018. But, you won’t file your federal tax return for the 2018 tax year until 2019, giving you time to understand how the changes will affect you. In the meantime, here is a quick rundown on some of the changes brought by the new tax law:

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Posted by: Charles P Myrick CPA Posted on: Dec 20 2017

How to Overcome a Late-Start in Retirement Planning

If you’re in your late 40’s or even early 50’s and don’t have a plan for retirement – that is, how to support your post-work lifestyle – it’s not too late. For those who didn’t start saving for retirement earlier, there are strategies for “catching up.” Here are some questions to guide you:

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Posted by: Charles P Myrick CPA Posted on: Oct 24 2017

How to Pay Less Taxes and Save Money on Health Care

 

When most of us think about medical emergencies we focus on the cost: is our health insurance adequate to cover the needed treatments. Our concern centers on premiums, deductibles, and co-pays. The potential for tax advantages is another element to consider. Two health care plans - Health Savings Account (HSA) and Flexible Savings Account (FSA) – reduce income tax liability. Both of these accounts let you pay less taxes and save on health care expenses.

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