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John Pharr CPA

Big firm capacity. Small firm personality.

850.435.8844

News & Articles

education_iras

The Ins and Outs of Education IRAs

Don’t miss the education-saving device that often flies under the radar; it’s especially beneficial if enrolling your kids in private school. Strategy: Set up a Coverdell Education Savings Account (CESA). Because it operates like an IRA for education purposes, it’s often called the “Education IRA.” Although the contribution limit pales next to Section 529 plans, CESAs aren’t just for higher education. You can also withdraw amounts tax-free for elementary and secondary school expenses. But now

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TaxTips

10 Tax Tips to Close Out 2016

Now that we’re in the closing weeks of 2016, it’s time to finalize year-end tax saving strategies. Accounting firm Grant Thornton LLP has released a collection of Year-End Tax Guides for 2016 to help individual taxpayers and small business owners prepare. “This has been a complicated year for the tax code – with changes affecting both individual and business taxes,” said Dustin Stamper, director in Grant Thornton’s Washington National Tax Office. “Several temporary provisions expired

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deduct

Since you can’t get away from taxes, the best thing to do is be prepared for them. If you own a small business, taxes become a bit more complicated, but there are several ways to make sure tax time is less stressful. Read these tax tips for small business owners. Think Taxes Year Around Thinking about your taxes all year does not seem to be a way to avoid stress but in reality, tax planning

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TaxSeason2016

With Taxes Done, Now it’s Time to Shovel Papers, Declutter

If there’s a silver lining to filing an income tax return, it’s that many of your financial records — pay stubs, W-2s, credit card statements and the like — still are close at hand. So it can be a good time to organize your financial life and cut down on clutter. Here are some steps to consider: Deal with tax documents One question many people have this time of year centers on how long they should retain tax returns. The basic rule is

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TenKeyTipsRespondToIRSNotice

3 simple ways to reduce your taxes next year

We all want lower taxes, right? There are some things you can do to reduce your taxes year after year, and you might be surprised at how much you can save. With that in mind, here are three ways you could save thousands of dollars on your taxes in 2016 and beyond. Save for retirement By far, the best way to lower your taxes is to save more for your retirement. Not only do you

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