Babic Accounting Services LLC

10/10/2024

After a great growth year, we are looking to expand even further, and are now accepting more new clients. We offer Bookkeeping, Financial Reporting, Tax Preparation & Tax Planning and much more.

If you or anyone you know is in need of our services feel free to have them reach out to me.

08/01/2024

Its tax planning season for businesses. As the half year mark has came and gone. Its critical for your businesses to start thinking of ways you plan on saving on your taxes for 2024.

Reach out to set up a appointment to figure out what are some ways to save on your tax bill. Doing this step can be a huge difference on how much taxes your businesses will pay at end of the year.

01/28/2024

Tax Season is here!

$150 per single/married return

$250 starting for businesses. Price is dependent on a few factors. Books up to date, how many owners.

Remember all returns do include tax planning for next year, and future years, if you plan on sticking with us for years to come!

We stand by our work, and will support your goals for your business. Let us take the worry of making sure your return is done correctly and timely.

If any questions, feel feee to message me, or contact me by phone or email.

We look forward to working with you all!

Honesty, Transparency, and Accountability

10/27/2023

Its tax planning season for businesses. As quarter 4 is here. Its critical for your businesses to start thinking of ways you plan on saving on your taxes for 2023

Reach out to set up a appointment to figure out what are some ways to save on your tax bill. Doing this step can be a huge difference on how much taxes your businesses will pay at end of the year.

07/01/2023

Babic Accounting Services LLC is accepting new clients. We offer Bookkeeping, Financial Reporting, Tax Preparation & Tax Planning

A few things that I was able to help previous companies. Besides the regular services that we offer.

I was able to help a company increase revenue by 80k a year by making an adjustment to how they reported their revenue.

I also were able to help few companies increase their productive by showing them new ways to pull, and adjust their information more efficient.

We also helped companies have a understanding of new loans/grants.

If theses are things that you will like to take advantage of, which is a bonus to doing businesses with us. Reach out, and I'll be happy to work with you.

Bookkeeping

04/30/2023

We are currently looking to add more Bookkeeping, Tax Preparation and Tax Planning clients.

With 2022 tax year now past us. I found a high volume of clients that had to pay way more in taxes due to lack of tax planning. I heard multiple of times the following “Wow! I wish I knew this prior!”

Many companies also didn’t have their books in order which makes it easy to miss expenses that you had from the year. Which leads to higher tax bill.

Don’t be these companies, get ahead of this.

Not many accounting firms offer all 3 as they try to spread their focus in one area. I offer all 3 as I know how much they core related to each other.

11/17/2022

Hello All,

Had a few messages wondering about prices for tax services. Below is a break down of what most will be.

150 per individual/Joint returns (without a business).

Businesses end up being in the 250-700 range for most businesses. This is dependent on how well your books are up to date, and if there are more than one owner to your business. So far more popped in the 300-500 range with their books mostly, or close to up to date (this also includes tax planning strategy's for this year, and future years).

If there are any additional questions, feel free to contact me.

Thank you, and we look forward to working with you all.
Honesty, Transparency, and Accountability.

10/19/2022

*IRS Inflation Adjustments for Tax Rates & Standard Deductions for 2023 Tax Year*

News broke that IRS has decided to raise the standard deduction which will help most tax payers to pay little less

Standard Deduction has moved up to 27,700 for Couples, Individuals 13,850, and Head of Household 20,800.

"The tax year 2023 maximum Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs."

Furthermore, tax bracket rate amounts have been adjusted to make your marginal tax rate lower than, it would of been in previous years. Table breakdown below.

35% for incomes over $231,250 ($462,500 for married couples filing jointly);
32% for incomes over $182,100 ($364,200 for married couples filing jointly);
24% for incomes over $95,375 ($190,750 for married couples filing jointly);
22% for incomes over $44,725 ($89,450 for married couples filing jointly);
12% for incomes over $11,000 ($22,000 for married couples filing jointly).

To read the full details, please use the link below.

There are many more changes, but theses are what I felt would impact the most people, and be most useful information of what's coming in tax year 2023.

Honesty, Transparency, and Accountability.

IR-2022-182, October 18, 2022 — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments.

10/16/2022

*Student Loan Forgiveness Tax Implications*

Hi Everyone,

First, it's great that the government has decided to do this, and help with some of the cost of going to school, as it has increase over the years.

Here is a breakdown on tax implications for student loan forgiveness.

1. There is no federal tax implications. Meaning you will not have to pay any taxes on the federal side on any portion that you are forgiven.

2. State of Minnesota, has not yet announce that it will follow suit with federal laws on not making it taxable income. As this could change, it would be a good idea to plan for a larger tax bill on the Minnesota side.

North Dakota will follow federal, and not make it taxable income.

If there is any additional questions, please let me know, or if you are wondering about a different state.

Honesty, Transparency, and Accountability.

To apply below is the link