2 episodes

Learn all the tips, tricks and more for wealth management, retirement planning and more!

America’s Tax Coach with Ed Lloyd CPA of Ed Lloyd & Associates, PLLC Ed Lloyd

    • Education

Learn all the tips, tricks and more for wealth management, retirement planning and more!

    • video
    How Can You Best Prepare for Tax Season?

    How Can You Best Prepare for Tax Season?

    Needing help with Tax preparation? Click Here!Needing help with tax planning? Click Here!Want to find out more about Ed Lloyd & Associates? Click Here! Hello everyone! It's tax time, and we want to help you make the most of what can sometimes be a stressful time of year. Recently, we sent you some information for your business and individual tax returns, and today we want to help you understand what information we need from you so we can make the process as smooth as possible.    Business Tax Returns We sent you a business information checklist that's simple to fill out. First, make sure you sign your engagement letter. After that, go through the information request and answer the questions as completely as you can so we can accurately prepare your return. There are many things in here that can help you reduce your taxes. If we don't prepare your accounting records for you, we ask that you please provide us with a backup. We have sent you some straightforward instructions on how to get this information to us. We also need a copy of your Form 940 and a copy of the shareholder W-2s, so we have an idea of how large your company's payroll is. Make sure your health insurance is included with the W-2s - if it's not, you will not get the reduction!  We also need your December bank statements, loan statements, and any additional information you can share! Individual Tax Returns The checklist we've sent you will tell you what information we need from you, as well as what  you can do to help reduce your taxes as much as possible. Like the business tax return, the first thing we need is a signed engagement letter.  There are additional forms we need you to complete due to the Affordable Care Act, and it's very important you get them to us. We've streamlined the checklist as much as possible, so that we can get the information we need without being burdensome. If there is information outside of what we ask for, there are places you can go for that as well. Help us help you by providing the following items:W-2sMortgage interest statementsDividendInterest incomeBrokerage StatementsAlso, if we did prepare the K-1s you're involved with, we will also need those. If you purchased or sold a home this year, we will also need a settlement statement. We request that you please send us any additional information we ask for, as we are simply trying to help you save as much money as possible. If you have any referrals we could help out with, or have any questions about this tax season, don't hesitate to give us a call or shoot us an email. We would love to give you a hand!  Thank you. Ed Lloyd CPA, PFS, CTC Ed Lloyd & Associates, PLLC

    • video
    Are You Throwing Your Hard-Earned Money Away?

    Are You Throwing Your Hard-Earned Money Away?

    Needing help with Tax preparation? Click Here!Needing help with tax planning? Click Here!Want to find out more about Ed Lloyd & Associates? Click Here! Our goal is to keep you in the loop on new tax ideas to save you money and help you grow your business. Today, we're going to explain what tax planning is and how it can help you take your business to the next level. Tax planning looks at the structure of your business and determines where the gaps are and whether you're wasting tax dollars. We go through and get an understanding of you and your business, before putting a plan together that's tailored to your specific needs so you can save money this year and every year following.  It's important to do tax planning before the end of the year because there are many more opportunities to save during that time than at the beginning of the year. We focus on working with the business and the individual during a particular tax year, and look at all the options available to you to put a plan together. We do the same thing from an analysis perspective the following year: we make sure you're on track and keeping the deductions we found for you in the first year. It's an ongoing process that we do on an annual basis. We provide numerous benefits for our clients. One of the biggest ones is a reduction in their audit risk. Many times, the way someone's claims are structured and presented put them at risk for audit without knowing. One of the things we work on with a tax plan is putting a protection around your return to reduce the risk of being audited. If you are audited, we'll help you substantiate your claims so that your numbers stand up to IRS scrutiny.  There are many tangible benefits of tax planning, such as tax reduction that can save you a lot of money on an annual basis. Our average tax savings for clients is $50,000! The people who benefit most from tax planning fall into two categories, one of which is business owners.  They have the most things going on and typically have the most missed opportunities to save. Individuals can benefit from tax planning as well, especially if you have multiple streams of income.  If you have any questions about tax planning, or would like a free initial analysis from a tax professional, please give us a call. We would be pleased to serve you! Thanks, and have a great day! Ed Lloyd CPA, PFS, CTC Ed Lloyd & Associates, PLLC

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