Posts tagged Memphis
Every New Business Should Consult A Memphis CPA
The Griffith Memphis CPA Firm asks the question, “what do you need to do when you start a new business? We have people that come to Griffith Memphis CPA all the time that are all fired up, they have a great idea they’ve built a better a better mouse trap and they say, “what do I do next?”
A Memphis CPA Can Save Your Business
One of the things we deal with a lot as a Memphis CPA are small business and record keeping. So much paper goes in and out of offices and the biggest question is how do I deal with this mess of stuff? How do I put it into some sort of order that is going to help me?
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.
Terry Griffith is a Memphis CPA at the Griffith Firm and is answering questions about “Life Insurance Proceeds”
I’m Terry Griffith a Memphis CPA at the Griffith Firm and I’m here today to talk about life insurance and whether life insurance proceeds are taxable. Generally speaking, life insurance proceeds are not taxable if the premiums for that life insurance were paid with after tax dollars.
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.