Ascension Tax Advisory, LLC

Ascension Tax Advisory, LLC Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Ascension Tax Advisory, LLC, Tax preparation service, Ozark, AL.

03/07/2026

Case Study

We recently engaged a new client who previously used another CPA for bookkeeping and tax preparation; however, she noticed a large discrepancy of $4,000 in understated expenses which could have led to additional owed of $1,000+.

Upon our review of the books, we identified another $12,000 in expenses which led to additional savings of $3,000+.

If you believe your financial statements are incorrect, a review with our firm can correct them. We work with small business owners across the US minimize tax and maximize wealth.

03/03/2026

If you are paying too much in tax, you may be missing opportunities that can help you minimize tax and maximize wealth!

Work with someone who can help educate you on how to save money on income taxes!

Dm me to set up a strategy consultation.

01/28/2026

Are you facing Significant Capital Gains when selling a Real Estate?

When you sell rental property without using a 1031 exchange, capital gains tax and depreciation recapture immediately reduce the cash you can reinvest. A properly structured exchange keeps all sale proceeds working for you.

With a 1031 exchange, you can sell appreciated rental property, reinvest every dollar, and move into larger or higher-performing assets. Many landlords use exchanges to trade single-family rentals for multifamily properties, consolidate management, and increase cash flow. You can repeat this process over decades without triggering federal tax.

To start a successful exchange, you must engage a qualified intermediary before you close on any sale. The intermediary holds the proceeds and guides you through the required steps. You should select this firm carefully and involve your tax advisor early.

Most investors use a forward 1031 exchange. In this structure, you sell your existing rental first and then purchase a replacement property. You must identify replacement properties within 45 days and complete the purchase within 180 days. The process is straightforward and relatively inexpensive, but missed deadlines will destroy the exchange.

The 1031 exchange remains one of the strongest tools for long-term real estate growth. With careful planning, strict attention to deadlines, and the right intermediary, you can defer taxes indefinitely and pass substantial wealth to the next generation.

01/28/2026

Are Uniform Expenses Deductible?

Taxpayers often assume that clothing purchased for work qualifies as a tax deduction. The tax law takes a much narrower view. As a general rule, the IRS does not allow a deduction for work clothing if it serves as everyday streetwear. This rule applies even when a taxpayer buys the clothing solely for work and never wears it outside the job.

Business suits, skirts, dresses, and other professional attire do not qualify for a deduction. Casual work clothing, such as khaki pants, plain shirts, or everyday boots and shoes, also fails the test. The IRS never allows a deduction for watches, regardless of business use.

The law allows deductions only for clothing that clearly does not function as everyday wear.

Required uniforms that identify an employer and lack personal utility qualify for a deduction. Airline pilot uniforms, professional sports uniforms, and required nursing uniforms meet this standard. Protective gear required for safety also qualifies.

Promotional clothing may qualify as well when the employer requires it, marks it with a logo, and restricts it to business use.

When clothing qualifies for a deduction, related laundry and dry-cleaning costs qualify too.

For help deducting uniforms and other business expenses, let Ascension help you and your business!

Lower-income self-employed business owners often benefit the most from working with a CPA.Many key tax credits are incom...
01/13/2026

Lower-income self-employed business owners often benefit the most from working with a CPA.

Many key tax credits are income-based and strategy-dependent. How income is reported, which deductions are taken, and when they are taken can directly impact eligibility for valuable credits.

Credits commonly affected by planning include:

* Premium Tax Credits
* Child and Dependent Care Credits
* Education-related credits
* Retirement savings credits
* Earned Income Credits

For self-employed individuals, aggressively reducing taxable income is not always the optimal approach. In some cases, doing so can reduce or eliminate credits that would otherwise produce a better overall result.

A CPA’s role is not just to minimize taxes owed, but to balance deductions and credits in a way that maximizes total tax benefits. This level of planning typically requires professional judgment and a broader view of the taxpayer’s full financial picture.

Our firm works with self-employed business owners to evaluate these strategies and determine the most beneficial approach. We are available to meet with clients and discuss how proper planning may improve their overall tax outcome.

To book a meeting with us, hit the link.

https://calendly.com/avery-beasley15/30min

01/05/2026

Did you know?

Many real estate investors leave thousands of dollars on the table—or increase audit risk—because they don’t properly distinguish between repairs and improvements.

Repairs, such as fixing leaks, replacing broken fixtures, or minor patchwork, are generally fully deductible in the year paid.

Improvements, including major renovations, additions, or structural upgrades, typically must be capitalized and depreciated over time.

Issues arise when expenses that could be deducted immediately are capitalized, or when all expenditures are treated as repairs—a practice that can raise red flags and increase the likelihood of an audit. This is one of the most common issues we see when reviewing real estate tax returns. Proper classification improves cash flow while keeping your tax position defensible.

If you’d like a second set of eyes on how your real estate expenses are being handled, feel free to reach out via Messenger or set up a call with us to discuss more. Ascension.cpa

01/01/2026

Now Accepting Individual & Business Owner Clients for 2025 Tax Returns

Ascension Tax Advisory is now accepting new clients for the 2025 tax season. We specialize in resolving complex tax situations, correcting prior issues, and helping clients stay compliant while minimizing unnecessary tax costs.

Client results include:

$9,000+, $5,000+, and $4,000+ recovered through amended returns

IRS penalties successfully abated of up to $25,000

Resolution of back taxes spanning four or more years

S Corporation elections that will save $10,000+

Salary structuring to save $5,000+

We efficiently clean up disorganized or incomplete financials, correct prior filings, and get clients back into compliance quickly and accurately.

Whether you are behind on filings, dealing with IRS notices, or looking for a more proactive tax advisor, Ascension Tax Advisory provides clear guidance and reliable ex*****on.

Contact us today to schedule a consultation.

Ascension.cpa

12/24/2025

What is your business's accounting basis?

Many small business owners hear the terms cash basis and accrual basis, but the difference is often misunderstood.

Under the cash basis method, income is reported when cash is actually received and expenses are deducted when they are paid. This is the method most small business owners use, and in many cases, it is the most practical approach.

Under the accrual basis method, income is reported when it is earned and expenses are deducted when they are incurred, regardless of when money changes hands. This means a business can owe tax on income it has not yet collected.

For many small businesses, being on the accrual basis would result in paying tax on accounts receivable before the cash is received, while still carrying accounts payable that have not yet been paid. Most small businesses provide better payment terms to customers than they receive from vendors, so accounts receivable is higher than accounts payable. If AR is higher than AP, you could owe tax on profits that currently only exist on paper.

This is why most small business owners are better suited for the cash basis method. It generally aligns taxable income with actual cash flow and helps avoid paying tax on money that has not yet hit the bank.

Choosing the wrong accounting method can create unnecessary tax and cash flow issues. A simple review can confirm whether your business is using the method that makes the most.

12/23/2025

Did you know?

Selling a home can be completely tax free if the rules are followed correctly.

Under current tax law, individuals may be able to exclude up to $250,000 of gain on the sale of a primary residence, or up to $500,000 for married couples filing jointly. To qualify, you generally must have owned and lived in the home as your primary residence for at least two of the five years prior to the sale.

If you are considering selling your home, a proactive review can help determine whether your sale qualifies for the exclusion and how to structure the transaction to minimize or eliminate taxes legally.

If you would like a CPA to review your situation before you sell, feel free to reach out.

12/12/2025

Case Study

$3,000+ Savings on S Corporation Election

We recently worked with a client earning around $55,000–$60,000 in annual business profit who was reporting everything on Schedule C.

After reviewing their structure, we elected S Corporation status for their LLC. This move when compared to keeping the business as a Schedule C created over $3,000 in total savings even after paying for additional tax filings.

If the business produces a higher profit, the savings would be even higher.

If you need a review to determine whether this would yield your business tax savings, reach out to us!

Address

Ozark, AL

Telephone

(334)7904857

Website

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