What is the role of accounting in wealth management?

Accounting plays a crucial role in wealth management by providing accurate financial information, tracking income and expenses, evaluating investment performance, and ensuring compliance with tax laws. This allows for informed decision-making regarding asset allocation, tax planning, and long-term financial strategy.

How does tax law impact business accounting practices?

Tax law dictates how businesses must record and report their financial transactions to taxation authorities. Businesses must follow specific regulations regarding deductions, taxable income calculation, and reporting deadlines to remain compliant and minimize tax liabilities.

What are the key considerations for accounting when preparing for taxes?

Key considerations include accurately recording all financial transactions throughout the year, understanding applicable deductions and credits to reduce taxable income, staying updated on changes in tax laws, maintaining organized records for audit purposes, and planning ahead to manage cash flow for upcoming tax payments.

How can effective accounting strategies minimize tax liabilities for businesses?

Effective accounting strategies that can minimize tax liabilities include taking advantage of all allowable deductions and credits; employing deferral tactics such as postponing income or accelerating expenses; choosing the right business structure; leveraging retirement plans; optimizing inventory management; making charitable contributions strategically; and seeking out professional advice for complex situations.

What are some common mistakes made in business accounting that can lead to issues with wealth preservation or taxation?

Common mistakes include failing to keep meticulous records leading to missed deductions or errors in filing; not staying current with changing tax legislation which may result in non-compliance penalties or missed saving opportunities; mixing personal finances with business accounts which complicates accurate reporting; neglecting quarterly estimated tax payments causing underpayment penalties; and inadequate planning for large expenditures or revenue shifts impacting cash flow during tax periods.

Tax FAQs

Our Top-Five Tax FAQs

Insogna CPA is an award-winning CPA firm dedicated to helping you maximize your tax savings, while building wealth.

How much do you charge to do tax returns?

We charge a flat rate, depending upon the complexity of your return. Do you have any 1099-misc income, rental property, farm expenses, mortgage interest, stock trades or student loans…? These answers will help me determine our flat rate for you.

How do I know whether I need a CPA for my taxes?

If you are dealing with more complex tax issues, like ESPPs/RSUs/QSBs/ESOs, have 1099-misc income, rental property, farm expenses, K1’s flowing from a 1065 Partnership or 1120S S-Corp, and/or additional state returns to file…we can help add value and help you minimize your tax liability so you only pay what you legally should to the IRS.If you are dealing with more complex tax issues, like ESPPs/RSUs/QSBs/ESOs, have 1099-misc income, rental property, farm expenses, K1’s flowing from a 1065 Partnership or 1120S S-Corp, and/or additional state returns to file…we can help add value and help you minimize your tax liability so you only pay what you legally should to the IRS.

Can you guarantee that you will get me more money back?

CPA‘s are not allowed to make any guarantees. And if anyone ever says they can “guarantee” you a large tax refund – run! You don’t need the hassle of an IRS audit. If you hear that from others, you should question their tactics.

Do I have to come to your office with my tax stuff?

Sure…we’re happy to meet with all of our valued clients at our office. And if you need help scanning your documents we have the fastest dual-sided scanner in our office waiting to get your stuff in digital format.

How do I get started?

Contact us and we will supply a secure link to upload your last year’s tax return that we’ll need to get started. Or let me know when you’d like to setup a time to initially meet virtually via Zoom video to discuss your CPA needs in more detail.Contact us and we will supply a secure link to upload your last year’s tax return that we’ll need to get started. Or let me know when you’d like to setup a time to initially meet virtually via Zoom video to discuss your CPA needs in more detail.

Tax refunds totaled $3,925,074 for our valued clients last year.

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