Posts tagged CPA in Memphis
Our Memphis CPA firm knows that running a business is kind of like being in the circus.
I took my son to the circus when he was smaller and he was thrilled to see the clowns that could juggle bowling pins, knives, chainsaws and apples. The best part was when the clown would juggle these objects and then take a bite out of the apple as he was juggling everything else. The exciting part was knowing that if he wasn’t completely focused that he might end up taking a bite of of the chainsaw.
Caring is something not many Memphis CPA firms know much about these days.
Let’s face it, the bigger a Memphis CPA firm gets the harder it is for them to have the ability to pay close attention to every detail of your case. On the other hand you want a company that is big enough to be able to handle the details of your case. Choosing the right Memphis CPA firm can leave you scratching your head. When you do a Google search for Memphis CPA Firm you get page after page of results. Don’t be overwhelmed, do a little investigation and you’ll soon discover that you have found the perfect match.
Don’t Be Afraid Of The IRS, The Griffith Firm Is The Memphis CPA That Will Fight For You
One of the big things we as Memphis CPA‘s hear from clients, is “I’ve got this notice from the IRS”. The next question out of our mouth is, “what does it say?” A lot of people will say, “I’ve got this letter from the IRS but I haven’t opened it”. So, the first step is, open the letter. At the Griffith Memphis CPA Firm we do have clients that bring us the IRS letter and say “please open this for me, I can’t open it”. So, open the letter, that’s step number one. Then take a deep breath.
Let A Memphis CPA Look Into Your Financial Future
A subject that I think is very important as a Memphis CPA and is a question that you should ask if you are a tax client is “can you project next years taxes?” Let’s say that you just got done preparing your personal income tax return for the current year. As a Memphis CPA I think the question you should ask is, “what are next years taxes going to look like?”
Terry Griffith of the Memphis CPA firm, The Griffith Firm, explains the difference between a credit and a deduction.
The question that comes up a lot, is “what’s the difference between a credit and a deduction?” Credit; let me give you an example. Lets say you have a child who is younger than 17 years old and you’re filing jointly with your wife and your income is less than a hundred thousand dollars for the year. You are entitled to a thing called the Child Tax Credit. Now that Child Tax Credit is typically a thousand dollars for each child who’s under 17 years old. That means you’re going to get $1000 in your pocket. So, that is a thousand dollars you’re going to get for each child if your eligible for that particular credit. As your Memphis CPA firm we can help you understand what will be best for you.
One of many questions that we get as a Memphis CPA at the Griffith Firm during tax season is, “can I take this person as a dependent?” Well, to be able to claim someone as a dependent you have to pass a certain test.
Memphis CPA Dependent Check List
One of the tests is, has that person taken themselves or has been taken on another tax return or a jointly filed tax return? If they’ve been taken on someone else’s tax return, or if they’re married and have been taken on their own tax return then you can not take them as a dependent.