GSH Tax and Accounting

12/31/2024

People often tell me they need more tax deductions. Like anybody else I don’t like paying too much tax but more deductions are not always the best answer.

If your effective tax bracket is 24 % and you spend a $1,000 to get a deduction you reduce tax by $240 but the actual change to your cash flow is a negative $760.

So a couple of things to think about: Is the money laid out productively spent. Will it increase the income of my business or maybe increase your retirement account?

Am I making a charitable contribution because my convictions lead me to?

If tax savings is the only positive impact think before spending.

Happy New Year!

04/19/2023

Decided not to file a return yet because you think you owe and you can’t afford to pay?

Bad Move!

Late filing will cost you a penalty of 5% a month for up to five months or 25%.

Easy solution: Before midnight go to IRS.gov find free file and file an extension. Late filing is wiped out.

Late Paying - you still have a late paying penalty but it is only 1/2 % per month.

Paying The Tax- In most cases you can get an IRS installment agreement to pay the tax. Once you’ve prepared the return and know the liability you are likely eligible for an installment agreement for up to 72 months to pay the tax.

If this is you go to IRS.gov before midnight and file that extension!

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

04/16/2023

It’s been a challenging but rewarding tax season.

60 Hours left and all returns and extensions have been filed and accepted.

Lauren Moffitt Harris Thank You.
Couldn’t have gotten it done without you!

Thank you to all my clients that have allowed me to serve you!

Season 35 Complete!

04/09/2023

I’ll do whatever it takes to be efficient with the exception of going totally paperless. 😆

03/18/2023

03/17/2023

A Southern Irish Prayer:

May your taxes be small!
That’s all Y’all! 😃

02/01/2023

January was a busy month. My staff has flaked out on me.

12/27/2022

Student Loans

Do you owe on student loans?

Are you making payments while the loans are on pause?

While the loans are on pause the interest rate is 0 percent. This means no interest has been accruing since the pause begin and any payment you voluntarily make is going 100% to reduce the principal.

If you have the funds available consider paying during the pause.

Let it sit in your bank earning 0% interest or pay down principal interest free.

Something to think about!

12/24/2022

For a married couple it takes more than $25,900 in itemized deductions
to choose to itemize instead of taking the standard deduction.

If your itemized deductions (state income tax, property tax ,mortgage interest and charitable contributions) are close to $25, 900 but not quiet there and you give a lot in charitable contributions consider giving your 2023 charitable contributions in 2022.

It could lower your tax liability and your favorite charities would appreciate it.

12/15/2022

Small Business Owners

Got an employee and want to give them a Christmas Bonus?

Did you know you can pay up to $5,250 in student loan debt for them in a year?

It's a deduction for you and is not taxable income for them.