Whatley CPA Firm

The accrual method of accounting recognizes income when the services are rendered or the product is sold, despite the fact that you may not get paid for several months. You have "accounts receivable" in the form of money customers owe you.

“LTD” is the abbreviation for “limited company.” A limited company is a type of corporation that limits the personal liability of the corporation's shareholders.

The Alternative Minimum Tax is a tax imposed to back up the regular income tax imposed on corporation and individuals to assure that taxpayers with economically measured income exceeding certain thresholds pay at least some income tax.

Charitable giving strategies, including qualified charitable distributions (QCDs), may provide tax benefits for eligible retirees.

Maintaining your LLC requires ongoing responsibilities, such as filing annual reports, keeping records, and staying compliant with state requirements.

Life Changes Can Affect Your Taxes: Major events like marriage, having a child, buying a home, changing jobs, or retiring may affect your tax situation. It's a good idea to review your tax strategy after significant life changes.

Don't Overlook Tax Credits: Tax credits can directly reduce the amount of tax you owe. Depending on your situation, you may qualify for education, child, energy-efficiency, or other valuable credits.