Big Firm Capacity, Small Firm Personality

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John Pharr CPA

Big firm capacity. Small firm personality.

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Category: Blog

Is It Time To Change From an S-Corp to a C-Corp?

Under U.S. federal income tax law, a C-Corp is taxed separately from its owners. Current tax reform proposals put forth by the incoming Trump Administration and the Republican House of Representatives would greatly reduce tax rates on C-Corps. Such a reduction could turn out to be the largest tax rate reduction in U.S. history. The change may motivate many companies to terminate their S-Corp elections or otherwise transfer their operations to C-Corps. How the Environment […]

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 […]

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 […]