Rewcpa

FINANCIAL STATEMENT SERVICES REWCPA CAN PROVIDE.. If you decide to have a CPA prepare your financial statements, she can do so in any frequency that is most useful for you. This service is performed in conjunction with bookkeeping or transaction processing services and can be monthly, quarterly or annually. The financial statements are prepared in accordance with an acceptable financial... reporting framework. If you’re not sure which reporting framework to use, your REWCPA can explain the pros and cons of each and the best fit for your business. Rosemarie See more

Tax Season 2018 Tax benefits and obligations Higher education costs... American opportunity tax credit (AOTC): up to $2,500 of federal tax credits for expenses related to a four-year degree, and $1,000 of this is refundable Lifetime learning credit: up to $2,000 per tax return for qualified tuition and related expenses Child and dependent care costs Child tax credit: provides up to $2,000 per qualifying child under 17 Child and dependent care tax credit: provides a credit of 2035% of the cost of care up to $3,000 for one or $6,000 for two or more children under age 13, or a spouse or other dependent who is incapable of self-care . Charitable tax planning There are many tax planning opportunities related to charitable giving even with the increase in the standard deduction. Working with a CPA on timing charitable deductions consider bunching them in alternating years for example is more important than ever Evaluate both tax and philanthropic goals when making contributions. Consider donating appreciated property (especially securities you are considering selling). Consider a donor-advised fund to help with timing/control of contributions. Donation for services are usually not permitted (although out-of-pocket expenses related to services rendered are normally deductible). Contributions specified for certain individuals are not deductible (even if the related organization is a qualified charitable organization). Be aware of record keeping and contemporaneous acknowledgment requirements. Note any quid pro quo statements included on acknowledgments received.