For years, Sitkoff/O'Neil Accountancy Corporation has been providing quality, personalized financial guidance to area individuals and businesses. Sitkoff/O'Neil Accountancy Corporation's expertise ranges from basic tax management and accounting services to more in-depth services such as financial statements and financial planning. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve. Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year.
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Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred. The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
These calculators have been provided as a resource for you to help plan your financial matters. Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, or supplement the advice of a professional advisor.
But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
Reviews (5)
Truckee Dance Factory
Jun 16, 2021
Matt Lyon
May 01, 2021
I cannot sing their praises enough. As a small business owner, Sitkoff & O'Neil has helped navigate the treacherous waters of managing my finances, both personal and professional. Specifically, Nancy has been an amazing resource and advocate to find every appropriate deduction. I trust her judgement wholeheartedly, and appreciate the extra mile she has gone for myself and for my business.
Robert Young
Feb 24, 2021
Kurt Karlson
Nov 28, 2018
Don't Trust Matthew! Stay away. Forged names on pseudo contract and tried to bring Me to court this man should be put away for a long time doing stuff like that. Hides Over 12 illegals in Rental properties. Asked Y? (Was told two B. S. Have pics and internet communications over 16 people can prove) giving illegal aliens Safety. that do not deserve to be in America. Forged Paper Work. DON'T TRUST WHAT SO EVER!
Carmen Carr
Aug 21, 2013