Anthony Sykes & Company

               As a business owner, taxes are a necessary evil, and they are especially important to keep in mind toward the end of the year. As year-end approaches there are some things you need to plan for, including tax planning for your small business. With year-end tax planning your business can reduce liabilities and increase deductions. With the help of proper organization, a solid business plan, and an experienced accountant, you can avoid a stressful situation by paying unnecessary taxes. Here are three important tasks to conduct as the end of the tax year-end approaches. 1. Start by getting you tax documents organized, which includes both your business expenses and income. If you handle your own accounting for your business, it's prudent to use an accounting software program, which will help you record your income and expenses accurately as well as make it easier to organize your finances. An acc...

                As IRS adds more rules for the regulation of tax preparers the name Enrolled Agent is mentioned more often. You may have asked yourself, What is an Enrolled Agent? I have been an Enrolled Agent for 20 years and I can say that we as a group don't promote ourselves as much as we should. On page two of form 2848 ( Power of Attorney) there are 11 groups that have authority before the IRS of those 11 only 3 have the authority to represent anyone before the IRS: Attorney's Certified Public Accountant and Enrolled Agents.                 Enrolled Agents are the only group who must pass a two day test on taxes given by the Department of Treasury and our license is valid in all fifty states and U.S. Territories. CPA's take a two day test also but it is given by the State they wish to practice accounting in and one half day is...

                                         2013 is going to be a year of several changes in regards to taxes. One having to do with Pension Plans. The IRS has announced that there will be limitations for pension plans and other retirement related items. The reason for the change is due to the increase in the cost of living index. Some of the changes discussed included: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government's Thrift Savings Plan (TSP) is increased by 500 dollars. The catch up contribution limit for employees aged 50 and over who participate in 401(k), 402(b) and most 457 plans and the Government's TSP remains unchanged. The limit on contributions to your Individual Retirement Account (IRA) rises 500 dollars up from the previous year which is now 5,500. The deduction for taxpayers making contributi...

          As of recently the IRS is trying to reduce the amount of tax returns that get mailed in and ideally would like them all to be Electronically filed. The Electronic Tax Administration Advisory Committee (ETAAC) came up with a report that discusses five groups of recommendations on issues regarding electronic filing. Which includes: Reinforcing standards for security, privacy and fraud prevention Moving forward on e-file of employment tax and information tax returns Creating Internet tools for taxpayers and tax professionals Leveraging tax delivery service channels and Funding modernized E-File and Customer Account Data Engine to completion        These topics are to show why paperless filing should be the preferred and most convenient method of filing tax and information returns. In 2011 alone there was 80 percent of individual tax returns being filed electronically. And the IRS would like to...