Diamond Accounting and Tax Services, Inc.

03/22/2024

Self-employed taxpayer said income was about 60,000. We looked at the numbers and calculated a legitimate tax bill of 4.6%. No cheating and no scam. Just knowledgeable application of the rules of accounting and taxes by Diamond Accounting and Tax Services, Inc.

Yes, also we can fix those bogus books and tax filings that will come back to visit you.

Call now to connect with business.

03/22/2024

Taxpayer had more than $425,000 in income for the year. The tax bill was less than $15,000 or 3.5%. Oh no, there was no cheating or cooked books. Just Diamond Accounting and Tax Services, Inc. handling the entrepreneur's tax return this year.

Knowing what you're doing and researching for the best treatment makes all the difference in the world.

Call to have us look at your situation today. 901-454-3143

Call now to connect with business.

02/21/2024

Take Money out of your 401K last year and cringed at that 20% withholding and now worried about an additional 10% tax penalty? You possibly can qualify for a unique provision of the tax code that allows you to pay tax on that early distribution over 3 years, put that 20% back in your pocket and suffer no penalty.

I've had a client defer $100,000 of an early distribution and put "their" money back in the bank rather than give the government an interest free loan. She didn't need the money, but why not?

If the rich guys do it, why don't you do it too?

Diamond Accounting and Tax Services, Inc. 901-454-3143

02/20/2024

A company earns $100,000 in revenue. It has $70,000 in expenses and cost. What is its profit and at a 20% tax rate, how much does it owe to Uncle Same?

Most accountants would say $30,000 in profit and $6,000 in taxes, and they would be wrong.

At Diamond Accounting we'd say the profit is "whatever the owner wants it to be" and use our broad knowledge of accounting and tax regulation to hit that goal.

Accounting is a flexible science and only the bold and knowledgeable will take our approach. Nothing is wrong or illegal that we advise, it is a matter of knowing the rules and using them to your advantage.

Want to see how this can work for your business, call 901-454-3143 or message for a no-cost review of your situation. The rules Nike and Fedex use can apply to you too.

The U.S. corporate tax rate stands at 21% but many big companies pay little or nothing. Here's how they get away with it.

02/18/2024

Diamond Accounting and Tax Services, Inc. offers premium accounting and tax services for a fraction of the costs of regional and national accounting firms. Managed by Lloyd Brown, Diamond benefits from his many years and expertise in planning and compliance matters.

For more than 20 years, Lloyd served as a professor for such illustrious institutions as Lemoyne Owen College, Texas A&M University, Cal State University and UCLA. He has educated and trained corporate CFOs, CPAs and IRS employees.

Lloyd's expertise has been used by executives for a far-East international airline and he has led continuing education courses for attorneys on financial and accounting matters.