Accounting Northwest PA

The following provides a brief description of some of the accounting, consulting & tax services we provide. If you would like additional information on any of these services, please call so that we can discuss them more fully and how your business may benefit from them.

The following list summarizes the various useful tools and information we provide to help you with your tax situation. Remember that each taxpayer's financial situation is unique, and you need to develop an on-going relationship with a professional tax adviser. Each year, we provide out clients and friends with information to help develop strategies for year-end tax planning. We provide out clients Organizers and Tax Questionnaires to guide in gathering the information to prepare accurate income tax returns.

It is important that you first read this overview which sets forth the underlying assumptions and concepts. Year-end planning needs to be done on an individualized basis, taking account of the specific situation and planning goals of each taxpayer. The discussion and lists provided are not comprehensive and specific strategies affecting your particular tax situation may not have been included. We can identify and explore opportunities with you to help you cut your tax bill by preparing a personalized tax plan for you.

If you are required to make quarterly estimated tax payments and haven't paid them on time, consider increasing payroll withholding on your final 2020 paycheck to reduce or eliminate the late payment penalty. Consider year-end charitable gifts. Note that there are extra tax benefits to giving appreciated property (i.e. stock or property).

If your business is on the cash basis accounting method, defer income by delaying invoicing customers. Note that "constructive receipt" determines when income is received, which includes anything received, in hand or via the mail. Also for cash basis taxpayers, pay expenses before the end of the year, whether by mailing the check or through the use of credit cards.