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The Best Ways for Individuals and Families to Prepare for Tax Season

“Preparedness is the ultimate confidence builder” – Vince Lombardi

The time for reporting income taxes is here once again. For many, it’s a time of high anxiety, but it doesn’t have to be. As with most daunting tasks, a little preparation can go a long way toward alleviating stress and assuring smooth progress. Time spent organizing and uploading your documents prior to your virtual appointment with your CPA will serve you and your tax preparer well on multiple levels. 

For example, as you are putting your files in order, it will likely refresh your memory of events throughout the year, which may affect the amount of taxes owed. Better yet, being prepared will inevitably cut down on the time needed to complete tax filings, since there will be less back-and-forth between you and your CPA. Here are some of the best ways for individuals and families to prepare for tax season.

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Posted by: Charles P Myrick CPA Posted on: Dec 15 2022

End of Year Financial Planning: Preparing Your Business for 2023

The end of the year has always been one of the most hectic times for business owners. Moving forward into the new year, it's always a good exercise to thoroughly assess your financials and your tax options, enabling you to get a realistic picture of how the business performed - and what changes you might want to implement for future growth - in other words, preparing your business for 2023.

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Posted by: Charles P Myrick CPA Posted on: Nov 17 2022

Making Smart Moves in Inflationary Times: Year-End Tax Planning

It’s already that time of year again, leading up to the holidays. The kids are back in school, summer fun is just a memory, and it’s time for a strategic huddle with your tax planner. This year, in particular, has been a wild ride in terms of inflation and the cost of living, and most everyone is looking for ways to lessen the sting of rising costs and create a plan for whatever 2023 may have in store.

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Posted by: Charles P Myrick CPA Posted on: Aug 26 2022

Are You Doing Everything You Can to Lower Next Year's Tax Bill?

Three kinds of people are doing their taxes incorrectly: those waiting for a refund, those dreading owing as much as the year prior, and those who have no clue what their taxes will look like once the dust settles. If your taxes are anything other than zero, it is time to sit down with a Certified Public Accountant (CPA) and start tax planning for next year.

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Posted by: Charles P Myrick CPA Posted on: Apr 14 2022

Tax Planning: Skipping This Leaves Money on the Table

Three kinds of business owners are doing their taxes incorrectly: those waiting for a refund, those dreading owing as much as the year prior, and those who have no clue what their taxes will look like once the dust settles. If your taxes are anything other than zero, it is time to sit down with a Certified Professional Accountant (CPA) and start tax planning next year.

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Posted by: Charles P Myrick CPA Posted on: Jan 25 2022

Look for the Tax Advantages in Your 2021 Return

The IRS opened the tax season this year — or began to receive taxpayers’ filings —  yesterday on January 24, 2022. As you begin preparing for your 2021 tax filing, consider taking advantage of the provisions below if you haven’t already. You can ask us at Myrick CPA or your own tax consultant for details to help you find the best tax advantages available to you.

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Posted by: Charles P Myrick CPA Posted on: Dec 02 2021

Build Assets From Income With Smart Tax Strategies

The true key to building wealth lies in building assets. And the first step toward building assets is to get serious about tax planning. Regardless of how much money you make, you can start converting your income into assets using smart tax strategies.

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Posted by: Charles P Myrick CPA Posted on: Jun 14 2021

Extension Filers: Why It's Still A Good Idea to File Sooner Rather Than Later

Some don’t think filing early is a big advantage, especially if they plan to get a refund and won’t be penalized for late returns. Others file extensions to defer paying taxes. Here are some of the reasons you should think seriously about filing your tax return as early as possible from year to year.

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Posted by: Charles P Myrick CPA Posted on: Apr 08 2021

Attn Landlords: Tax Filing with Pandemic Losses

Tax time during a pandemic can be complicated for everyone. Landlords adversely affected by the loss of rent payments must understand the tax laws for 2020. There have been some changes and adjustments related to COVID-19 in 2020. We offer some guidance on how those changes interact with existing rental income tax laws.

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Posted by: Charles P Myrick CPA Posted on: Mar 04 2021

From Smart Tax Planning to Wealth Building

Ben Franklin said, “A penny saved is a penny earned.” Translated: use smart tax planning to help build wealth. In even more straightforward terms, the more you control and limit the amount of taxes you pay, the more resources you’ll have in the future for your life and your family’s. Keeping what you earn to the best of your ability will help you save income, grow investments and ultimately build wealth.

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