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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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Posted by: Charles P Myrick CPA Posted on: Feb 18 2021

Strategic Tax Planning - Why It Matters and When It Should Start

Most business owners are familiar with financial planning. It makes sense to formulate a vision for your personal or company goals and how to achieve them. Financial planning deals with how resources are acquired and leveraged to reach those goals. Strategic tax planning, though different, is just as important. Strategic tax planning should go hand-in-hand with financial planning.

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Posted by: Charles P Myrick CPA Posted on: Dec 17 2020

It's Not Too Early to Plan for 2020 Tax Filing

The year 2020 was a topsy-turvy year, financially, for most Americans. Some were able to continue working and earning with little or no interruption, while at the other end of the spectrum, some lost their livelihoods. Some were ineligible for unemployment and many others landed somewhere in between. Whatever your situation, this would be the year to start your tax preparation early with a virtual consultation and planning meeting.

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Posted by: Charles P Myrick CPA Posted on: Jul 10 2020

It Might Be Time to Reconsider Your Business Entity

As the economy slowly begins to recover from COVID-19 lockdowns, I talk with small business owners who are rethinking their business model. Now, more than ever is the time for all small business owners to engage in a new kind of planning; new ways of monitoring and projecting cashflow; including new models of business.  Thinking outside the box -  and planning differently - are the keys.

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Posted by: Charles P Myrick CPA Posted on: Aug 20 2019

What Advantages Do You Get With a Roth IRA?

The retirement account is a valuable asset. Every worker should start savings and asset building strategies as early as possible. A common question I hear from my clients is which type of retirement account is best. There are various types and your best one depends on your situation. The Roth IRA is one of the options. 

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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: 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 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: Nov 20 2018

What Should I Know About the 2018 Tax Law?

As the end of 2018 quickly approaches, many small business owners 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. It is important that year-end planning address these changes.

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