Bott CPA Services

12/27/2022

DO NOT ACCEPT A FRIEND REQUEST from David Bott that has a symbol of a dove with an olive branch in the icon. This is a SCAM.

07/06/2022

Year-round tax planning: All taxpayers should understand eligibility for credits and deductions

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

Tax Tip 2022-95, June 22, 2022 — Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return next year.

06/29/2022

4 Tax Strategies to Implement Now

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

When it comes to assisting your clients, there are important measures to take to ensure they are set up for success. Oftentimes when you discuss tax returns, you are talking about their finances from the previous year.

06/22/2022

Fast facts to help taxpayers understand backup withholding

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

Tax Tip 2022-93, June 16, 2022 — Under the tax law, payers responsible for knowing who they are paying. To accomplish this, payers are required to collect the legal name and taxpayer identification number, or TIN, from vendors they pay. Generally, backup withholding is required when a service vend...

06/15/2022

Small Business Bookkeeping Tips

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

Small Business Bookkeeping Tips. Keeping accurate financial records is essential for small business success. Bookkeeping involves more than tracking the money coming in and out of the business. It also monitors who owes the business money, money the business owes to others, as well as business asset...

06/08/2022

IRS Raises Interest Rates for Q3 2022

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. 5% for underpayments. 7% for large corporate underpayments.

06/01/2022

What Is an Excise Tax?

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

An excise tax is like a sales tax or flat fee that applies to certain purchases or products. Companies tend to compensate for excise taxes by charging higher prices.

05/25/2022

School is out for the summer, but tax planning is year-round

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

Tax Tip 2022-76, May 17, 2022 — Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return.

05/18/2022

Standard Tax Deduction: What Is It?

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

The standard tax deduction is used to lower a taxpayer’s taxable income. Learn how much it’s worth, as well as how and when you would want to claim it.

05/11/2022

What someone should do if they missed the April deadline to file and pay taxes

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

Tax Tip 2022-61, April 20, 2022 — The federal income tax deadline has passed for most individual taxpayers. However, some haven't filed their 2021 tax returns or paid their tax due.

05/04/2022

Breakdown of Taxable vs. Non-Taxable Income

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

What income sources are taxable? Which aren't? These are the rules for the 2021 tax year. You might even be able to tweak some of them in your favor.

04/27/2022

IRS to Send Notices About Backup Withholding Errors in Late April

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We offer Tax, Accounting, and Financial Planning. Visit us at https://www.bottcpaservices.com for more information.

Beginning in mid-April 2022, the Internal Revenue Service will send CP2100 and CP2100A notices to financial institutions, businesses or payers who filed certain types of information returns that don't match IRS records.