Kelly James L

Jim Kelly operates his own CPA Practice in Tustin California serving the needs of individuals and private business owners, with special emphasis on supporting clients and their families going through a significant change in circumstances. This may include the birth of a child, illness or death of a family member, divorce, selling a business or property, or retirement.

We can assist you with a broad range of Tax, Accounting, and Litigation Support services to assist you in managing your personal and business financial affairs. Our objective is to help you streamline the process as you deal with day to day financial issues, as well as guide you through the broader challenge of planning your financial future, including your children's education, your retirement, and tax and estate planning. These can be complex issues to deal with. Often one's business and personal financial affairs are intertwined adding to this complexity.

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.