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The accounting profession is due for disruption and who better than us, the CPAs, to lead the charge. We've written more about it here in Accounting Today: Read the full article on Accounting Today here: https://lnkd.in/eBT9-W6X #tax #accounting

ICYMI: We'll soon be launching a tax planning-focused designation program powered by the knowledge and expertise of field leaders like Jeffrey Levine! Excited to bring this new offering to the industry. #financialservices #taxplanning

??? ?????? ????'?? ?????? ?????? ???????? ???? ?????????? ???????? ?????? ???????? ?????? ???????? ???????????? It's that time of year again for many tax pros: long hours away from family, impossible expectations from senior managers, along with the pressure to make zero mistakes. For another few months, it'll be difficult to escape that cycle.?? I salute my fellow professionals who are doing the work each day to save their clients money this tax season. I've certainly had my fair share of late nights trying to get one last report completed. Luckily, that bottomless pit of work doesn't have to consume you. It's not too late to step away from that never-ending grind all together and start earning money from your own tax firm this season. ?? Nearly 19 million taxpayers asked for an extension on their return in 2023, according to IRS data. If 2024 is anything like that, we're looking at a massive pool of individuals and business owners you could help in preparing their returns. If you're reading this from your cubicle and you're not sure if you can take another day of tax season madness, consider this your opportunity to take independence over your lifestyle and income. We've helped thousands of accounting professionals just like you make the leap off the corporate ladder to CEO of their own firm. Our proven system will show you each step you need to take from naming your company to finding clients and beyond. ???? Let's make today the day you shrug off the thumb pressing down on you each tax season. Request my Turnkey Business Plan for Accounting Professionals below. ??? For more than 20 years, I've helped thousands of accounting professionals start & build the premier accounting, bookkeeping & tax firms in their area. My passion has led me to provide the training, certifications & coaching needed to get you paid what you are worth. Using our proprietary system, we give you the confidence and competence to build your accounting business. ***** ?? Type the word "ACTION" in the COMMENTS below, and we'll give you our FREE training program: “The Turnkey Business Plan for accounting professionals”. This will show you how to start a business, market to clients, and increase your profits. #money #taxes #consultants #entrepreneurs #accounting #accountant

Illuminate Your Path to Financial Success: Why Getting Help with Your Taxes Matters! Hey A & R Financial Consulting Group Community! Navigating the intricacies of tax season can be like exploring uncharted territory. Here's why seeking help with your taxes is a game-changer for your financial journey with A & R Financial Consulting Group. 1)?Maximize Your Returns: ?Our tax resolution experts (Enrolled Agents & CPAs) are seasoned navigators in the world of deductions and credits. We'll ensure you're not leaving any money on the table, maximizing your returns and fueling your financial goals. ?2)Navigate Complex Tax Laws: ?Tax laws are like a puzzle, and we've got the pieces. Our team is well-versed in the ever-changing tax landscape, ensuring your tax strategy aligns with the latest regulations. ?3)Proactive Problem Solving: ?Tax challenges are bumps in the road, not roadblocks. With A & R Financial Consulting Group, you have a dedicated team ready to proactively address issues, turning challenges into opportunities for financial growth. ?4)Strategic Financial Planning: ?It's not just about this tax season; it's about TAX PLANNING, setting the stage for financial success. Our experts help you align your tax strategy with your broader financial goals, ensuring a roadmap for sustained prosperity. ?5)Avoid Costly Mistakes: ?Navigating taxes solo can be risky. Our experts are your compass, helping you avoid costly mistakes and ensuring compliance with tax laws. Peace of mind is priceless. ?6)Time and Stress Savings: ?Time is money, and tax season is demanding. With our support, you save valuable time and alleviate the stress of grappling with complex tax forms and regulations. ?7)Unlock Educational Insights: ?We don't just crunch numbers; we empower you with knowledge. Stay tuned for educational insights that keep you informed and confident in your financial decisions. ?8)Your Financial Ally: ?A & R Financial Consulting Group is not just a service; we're your ally on the journey to financial success. Your goals are our goals, and we're committed to guiding you every step of the way. Ready to make tax season a transformative chapter in your financial story? Comment below, share your thoughts, or reach out to A & R Financial Consulting Group directly: (772) 237-9919 or visit our website: https://lnkd.in/edUDNrtd . Let's turn your financial aspirations into reality! #TaxHelpMatters ? #FinancialEmpowerment ? #YourSuccessOurMission

"Tax planning IS financial planning." This is so true! Everything a comprehensive financial advisor does or recommends has a tax impact- taxable brokerages accounts incur taxes, Traditional and Roth accounts have very different tax treatments. Saving for retirement saving for college both have different tax-advantaged accounts. Even something as ordinary as getting a new job, it's important to ensure your tax withholdings are sufficient. Everyone needs to pay what they legally owe in taxes, but there's no reason to "tip" the IRS and pay more than you need to.

?? The End of the Year is Approaching – Are Your Books in Order? ?? As we move toward the final months of the year, now is the perfect time to start thinking about the health of your financial records. Whether you’re a business owner or managing personal finances, ensuring your books are accurate and organized can make all the difference when tax season rolls around. ?? Accurate bookkeeping isn’t just about meeting tax deadlines—it’s about having a clear financial picture to make informed decisions for the future. If your records are in disarray, it could lead to last-minute stress, missed deductions, or penalties. But don’t worry—there’s still time to get ahead and prepare. Here are a few things you should be doing before year-end: ?? Reconcile Your Accounts: Ensure your bank and credit card statements match your records. ?? Review Income and Expenses: Organize receipts, invoices and track outstanding payments. ??? Prepare for Deductions: Identify deductible expenses that can lower your tax liability. ?? Schedule a Consultation: Talk to a financial expert to review your tax situation and plan ahead. Don’t wait until the last minute! Whether you need assistance organizing your books, planning for year-end taxes, or understanding what deductions apply to your business, our team at Orlando Tax Accounting is here to help. Our seasoned professionals are ready to ensure your financial house is in order. ?? Contact us today to schedule a consultation and ensure a smooth, stress-free tax preparation process. Let’s make 2024 your most financially prepared year yet! ???? Let's connect—we're here to help #YearEnd #Bookkeeping #TaxPreparation #SmallBusiness #TaxTips #AccountingServices #BusinessFinance #TaxPlanning #FinanceGoals #SmoothTaxSeason

Useful write up on US Taxation

#Forms and #Schedules: In the context of US taxation, various forms are accompanied by schedules that provide additional details and breakdowns of specific types of income, deductions, and credits. Here are some key IRS forms and their associated schedules: ? #Form1040 (U.S. Individual Income Tax Return) 1. Schedule A - Itemized Deductions 2. Schedule B - Interest and Ordinary Dividends 3. Schedule C - Profit or Loss from Business (Sole Proprietorship) 4. Schedule D - Capital Gains and Losses 5. Schedule E - Supplemental Income and Loss (from rental real estate, royalties, partnerships, S corporations, estates, and trusts) 6. Schedule F - Profit or Loss from Farming 7. Schedule H - Household Employment Taxes 8. Schedule J - Income Averaging for Farmers and Fishermen 9. Schedule R - Credit for the Elderly or the Disabled 10. Schedule SE - Self-Employment Tax ? #Form1065 (U.S. Return of Partnership Income) 1. Schedule K-1 - Partner’s Share of Income, Deductions, Credits, etc. 2. Schedule M-3 - Net Income (Loss) Reconciliation for Certain Partnerships ? #Form1120 (U.S. Corporation Income Tax Return) 1. Schedule D - Capital Gains and Losses 2. Schedule G - Information on Certain Persons Owning the Corporation’s Voting Stock 3. Schedule H - Section 280H Limitations for a Personal Service Corporation (PSC) ? #Form1120S (U.S. Income Tax Return for an S Corporation) 1. Schedule K-1 - Shareholder’s Share of Income, Deductions, Credits, etc. 2. Schedule B - Other Information. 3. Schedule K - Shareholders’ Pro Rata Share Items. 4. Schedule L - Balance Sheets per Books. ? #Form706 (United States Estate (and Generation-Skipping Transfer) Tax Return) 1. Schedule A - Real Estate 2. Schedule B - Stocks and Bonds 3. Schedule C - Mortgages, Notes, and Cash 4. Schedule D - Insurance on the Decedent’s Life 5. Schedule E - Jointly Owned Property 6. Schedule F - Other Miscellaneous Property 7. Schedule G - Transfers During Decedent’s Life 8. Schedule H - Powers of Appointment 9. Schedule I - Annuities 10. Schedule K - Debts of the Decedent ? #Form990 (Return of Organization Exempt From Income Tax) 1. Schedule A - Public Charity Status and Public Support 2. Schedule B - Schedule of Contributors 3. Schedule C - Political Campaign and Lobbying Activities 4. Schedule D - Supplemental Financial Statements 5. Schedule E - Schools 6. Schedule F - Statement of Activities Outside the United States 7. Schedule G - Supplemental Information Regarding Fundraising or Gaming Activities 8. Schedule H - Hospitals ? #Form1041 (U.S. Income Tax Return for Estates and Trusts) 1. Schedule A - Charitable Deduction 2. Schedule B - Income Distribution Deduction 3. Schedule D - Capital Gains and Losses 4. Schedule G - Information on Beneficiaries and Distributable Net Income These forms and schedules help taxpayers and tax professionals provide detailed and accurate information required by the IRS.

Your Tax Return: The Report Card of Financial Planning Success As the tax season wraps up, it’s time to grade our performance! Think of your tax return as a report card that reflects the effectiveness of your financial planner’s tax strategies over the past year. Key Takeaways: - Tax Efficiency: Did your financial planner utilize tax-saving opportunities? It’s not just about getting a refund; it’s about how much of your hard-earned money stays with you. - Strategic Planning: A good ‘grade’ means your planner has been proactive, leveraging tax laws to your benefit and adjusting to life changes. - Education & Action: Financial planners educate their clients on tax planning and take decisive actions to improve their financial health. Remember, a large refund might feel good, but it could also mean you’ve given the government an interest-free loan. The real goal is to minimize your tax liability through smart, strategic planning. Did you make the honor roll this year? Let’s aim for even better next year! ________________________________________________________________________________ The opinions expressed herein are those of SYM Financial Corporation ("SYM") and are subject to change without notice. This material is not an offer or solicitation to buy or sell any product and does not constitute as investment, legal, or tax advice and should not be used as a substitute for the advice of a professional legal or tax advisor. SYM reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that their assessment of investments will be accurate. SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. Certified Financial PlannersTM?(CFP?) are licensed by the CFP? Board to use the CFP? mark. CFP? certification requirements include: Bachelor’s degree from an accredited college or university, completion of the financial planning education requirements set by the CFP? Board (www.cfp.net), successful completion of the CFP? Certification Exam, comprised of two three-hour sessions, experience requirement: 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements, successfully pass the Candidate Fitness Standards and background check, agree annually to be bound by CFP? Board’s Standards of Professional Conduct, and complete 30 hours of continuing education every two years, including two hours on the Code of Ethics and Standards of Professional Conduct.

Requirment list of 1040 form: The Form 1040 is the U.S. Individual Income Tax Return, and filing it requires several pieces of information and documentation. Here's a list of requirements for filling out the Form 1040: Personal Information: 1. Full name 2. Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) 3. Filing status (e.g., Single, Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow/Widower) Income Information: 1. Wages, salaries, and tips (Form W-2) 2. Interest income (Form 1099-INT) 3. Dividend income (Form 1099-DIV) 4. Capital gains or losses (Form 1099-B or brokerage statements) 5. Rental income (Schedule E) 6. Business income or loss (Schedule C) 7. Retirement income (e.g., pensions, IRA distributions) 8. Unemployment compensation (Form 1099-G) Deductions: 1. Standard deduction or itemized deductions (Schedule A) 2. Mortgage interest (Form 1098) 3. Property taxes 4. Charitable contributions 4. State and local income taxes or sales taxes Credits: 1. Earned Income Tax Credit (EITC) 2. Child Tax Credit 3. Education credits (e.g., American Opportunity Credit, Lifetime Learning Credit) 4. Retirement savings contributions credit 5. Tax Payments and Withholdings: Federal income tax withheld (Form W-2) 1. Estimated tax payments 2. Additional taxes owed (if any) Other Information: 1. Health insurance coverage (Form 1095-A, 1095-B, or 1095-C) 2. Foreign bank account information (FinCEN Form 114, if applicable) 3. Alimony paid or received 4. Gambling winnings and losses 5. Moving expenses (if applicable) Signatures: 1. Taxpayer's signature and date 2. Spouse's signature and date (if filing jointly) Additional Schedules and Forms: Additional schedules and forms may be required depending on the complexity of your tax situation. These may include Schedule B (Interest and Ordinary Dividends), Schedule D (Capital Gains and Losses), Schedule E (Supplemental Income and Loss), Schedule SE (Self-Employment Tax), and others. It's essential to gather all necessary documents, receipts, and records before starting to fill out Form 1040. Additionally, consider consulting with a tax professional or using tax preparation software to ensure accurate completion of your tax return. #acccounting?#bookkeeping?#tax?#vat?#accountsreceivable?#accountspayable?#reconciliation?#financialanalysis?#profitandloss?#balancesheet?#smallbusiness?#payroll?#quickbooksonline?#qbo?#quickbooksproadvisor?#xeroaccounting