Sams Financials & Taxes

Sams Financials & Taxes Welcome to Sams Financials & Taxes Accounting firm licensed in AL.

If you are looking for a blend of personal service and expertise, you have come to the right place!

Donating artwork, antiques, collectibles or other tangible personal property that has appreciated in value can produce v...
08/10/2026

Donating artwork, antiques, collectibles or other tangible personal property that has appreciated in value can produce very different tax results depending on the charity’s use of the item. If the use directly supports the organization’s mission — such as an antique donated to a museum for its collection — you may be able to deduct fair market value. But if the item will be used for another purpose, such as being sold at a fundraising auction, your deduction may be limited to what you originally paid for it. Contact us at (407) 780-0943 before making a donation to discuss your potential deduction and the applicable substantiation requirements.

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS wil...
08/07/2026

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions and credits between the two of you. You must also pay self-employment (SE) tax on your share of the net SE income passed through to you by the spousal partnership. Your spouse must do the same. The bottom line: Turn to us to keep your business in compliance with the IRS while you and your spouse keep the business running smoothly. Contact us at (407) 780-0943.

Did you know the IRS can file a tax return on your behalf if you don’t file one yourself? It’s called a Substitute for R...
08/05/2026

Did you know the IRS can file a tax return on your behalf if you don’t file one yourself? It’s called a Substitute for Return (SFR) — and it’s rarely in your favor. The IRS uses information it already has, such as W-2 and 1099 forms, to prepare the SFR. But it usually skips deductions and credits you may be entitled to, often resulting in a higher tax bill. You could also face penalties, interest and collection actions, such as liens or levies. The good news? You can fix it. Filing an accurate return can generally replace the SFR and may reduce what you owe, though penalties and interest may still apply. Call us at (407) 780-0943 for help.

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the...
08/03/2026

Tax planning requires more than preparing returns at filing time. We work with individuals and businesses throughout the year to identify tax-saving opportunities, address compliance requirements and respond to changing tax laws. Call us at (407) 780-0943 to schedule an appointment to discuss your tax needs.

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion...
07/31/2026

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total gifts to the child for the year don’t exceed $19,000. Note that contributions from most sources are limited to $5,000 per year (not including the initial federal government contribution of $1,000 if the child qualifies), per Section 530A account. Also, the recipient must be under age 18 at the end of the tax year. Have questions? Call us at (407) 780-0943.

Your business can show a profit on paper and still face cash shortages because profit and cash flow measure different th...
07/29/2026

Your business can show a profit on paper and still face cash shortages because profit and cash flow measure different things. Profit reflects revenue minus expenses, while cash flow tracks the movement of cash in and out of your business. Cash shortfalls are especially common for growing businesses. That’s because you typically must pay suppliers, vendors and lenders upfront, and then wait for customers to pay you. Understanding the difference between profit and cash flow — and how to account for each — can help you make smarter financial decisions. Contact us at (407) 780-0943 to learn strategies for improving cash flow management.

Your tax, retirement and estate planning shouldn’t be done separately. Decisions in one area can affect the others, espe...
07/27/2026

Your tax, retirement and estate planning shouldn’t be done separately. Decisions in one area can affect the others, especially as tax laws, financial circumstances and long-term goals evolve. We can help keep these important drivers of financial security in sync by providing coordinated strategies for managing taxes, supporting retirement objectives and preserving wealth for future generations. Contact us at (407) 780-0943 to get started.

Address

5525 Lea Anne Circle
Pinson, AL
35126

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+14077800943

Website

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