Hoover Financial Consulting, Inc.

02/14/2023

Roses are red
Violets are blue
Please send your accountant Your W2
Happy Valentine's Day!

08/06/2022

Now is a great time to start planning how you'll spend your $$ before the end of the year. Give us a call to get started on your tax planning strategy today.

Americans are facing a long list of tax changes for the 2022 tax year. Smart taxpayers will start planning for them now.

09/05/2019

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st.

05/20/2019

Did you know?

If you have "seriously delinquent tax debts" the State Department may deny an individual's passport application or deny renewal of their passport. In certain instances, the State Department may revoke their passport.

Find out more:

Take a look at our Newsletter page. Hoover Financial Consulting, Inc. is a full service tax, accounting and business consulting firm located in Chino, CA.

04/30/2019

Done with taxes this year? Use your 2018 return to get 2019 withholding right.

Checking and then adjusting your tax withholding can help make sure you don’t owe more tax than you are expecting. Usually you can also avoid a surprise tax bill and possibly a penalty when you file next year.

At the same time, with the average refund more than $2,700, some taxpayers may choose to reduce their withholding to have a larger paycheck and smaller refund.

IR-2019-80, April 26, 2019 — Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected.

04/18/2019

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.

1. Reconcile your bank account
2. Generate an income statement
3. Generate a balance sheet
4. Clean up your general ledger

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

03/20/2019

Pros & Cons of Filing an Extension

Pros:
1. You can avoid a late-filing penalty if you file an extension and also avoid the failure to file penalty if you file an extension.
3. You are able to file a more accurate--and complete--tax return.
4. If you are self-employed, you’ll have extra time to fund a retirement plan.
5. Filing an extension preserves your ability to receive a tax refund when you file past the extension due date.

Cons:
1. If you are expecting a refund, you’ll have to wait longer than you would if you filed on time.
2. Extra time to file is not extra time to pay. If you don’t pay a least 98 percent of the tax due now, you will be liable for late-payment penalties and interest.
3. When you request an extension you will need to estimate your tax due for the year based on information available at the time you file the extension.
4. Dealing with your tax return won't be any easier 6 months from now.

03/01/2019

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.

The IRS doesn't initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam.

FS-2017-7, April 2017 - Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is tr...