Tosa Accounting & Tax Service

read moreMy parents were small business owners, and as a small business owner myself, I have a unique perspective on the financial liabilities and stresses of running a business. I am here to share my passion for numbers / accounting/ tax preparation, so that my clients can focus on following their passion! The IRS will begin accepting and processing returns Friday, Feb. 12, 2021. Returns electronically filed before this date will be held in a queue and then transmitted to the IRS when they are ready to process.

read moreIt depends on factors such as 1) what kind of deal you can make with the dealership, 2) the typical mileage you put on your car, 3) how much you wear down a car, and 4) the primary use for the car. To determine whether leasing or buying is best, compare the costs and other issues involved in a lease or purchase. You first need to decide on the type, size and options of the car you would like (such as manual, automatic windows, airbags). You then need to decide what the car dealer has to pay for the car of your choice - the "invoice cost".

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 moreThe tax code provides a variety of tax incentives for families who are paying higher education costs or are repaying student loans. You may be able to claim an American Opportunity Credit (formerly called the Hope Credit) or Lifetime Learning Credit for the qualified tuition and related expenses of the students in your family (i.e. You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not have to itemize your deductions on Schedule A Form 1040.

read moreApril 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit.

read moreThe first thing to do is bargain shop to make sure that the rates you are getting are reasonable in comparison to other companies. Within the policy that you have, these are a few tips that could save you a few bucks. You will need to have liability coverage, property damage, and bodily injury. This way you will be protected if you are at fault and cause damage to a person or their property. It is recommended to have $300,000 per accident to pay medical costs and other costs that may be affiliated.

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 moreAll communications between our firm and the user are encrypted using the Secure Socket Layer (SSL). This is the same functionality used by banks and popular e-commerce services for secure communication. We also store your files encrypted when they are at rest on our servers, adding an additional layer of security. To protect against data loss, our servers are equipped with technology that automatically mirrors all data in real-time to two separate locations. Regular incremental and full backups of all system data are performed, including off-site data backups stored in two separate secure physical locations, to protect against almost all disaster scenarios.