Common Cents Bookkeeping & Tax Services

read moreFor years, Common Cents Bookkeeping & Tax Services has been providing quality, personalized financial guidance to local individuals and businesses. Common Cents Bookkeeping & Tax Services's expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements, and financial planning. Common Cents Bookkeeping & Tax Services is one of the leading firms in and throughout Chandler. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve.

read moreCommon Cents Bookkeeping & Tax Services provides a wide range of services to individuals and businesses in a variety of industries. At Common Cents Bookkeeping & Tax Services, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Common Cents Bookkeeping & Tax Services can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.

read moreHave you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred. The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.

read moreFollowing are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value. Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.

read moreIf you have a large capital gain this year from an investment, it may be advisable to hold onto the investment until next year to put the gain into next year's taxes. You may also want to sell off any investments that you have that are losing value at the moment to claim your losses. The interest gained from state and local bonds is usually exempt from federal income taxes. These investments generally pay back at a lower interest rate than commercial bonds of similar quality. Since Treasury Bonds are similarly exempt from state and local income tax, they can be a particularly good investment for those who are in high tax brackets and live in high-income-tax states.

read moreThe first step is to figure out a realistic financial goal for yourself and your family. Talk with your loved ones to ensure that everyone has the same goals in mind. Clearly not all families will have the same end goal - figure out what is important to you, whether it is early retirement, financial comfort, children's education, travel, taking care of elders, or your children. Someone starting their savings in their early 20s can save 10% of their income and have a sufficient nest egg, while someone starting in their 40s may have to bump that number up more towards 20%.