R & J Salina Tax Service, Inc.

01/05/2025

"Our office building will be closed until Tuesday Jan 7th, opening at 10 a.m. We are currently finalizing preparations for the upcoming tax season to ensure we can most efficiently handle your tax compliance needs. We look forward to serving you soon!"

10/10/2024

Well it’s official. I have worked my last day R & J Salina Tax Service, Inc. There’s a lot changing in my life right now. I’m glad to have Donald Hubbard as my rock. I’m looking forward to this new chapter.

01/11/2024

📅 Important Tax Dates to Remember

4th Quarter Estimated Tax Payment: Don't forget, the 4th Quarter Estimated Tax Payment is due on January 16th, 2024. This date is especially important since January 15th is a holiday. Ensure your payment is timely to avoid penalties.

Payroll Deposits for Monthly Depositors: For those handling payroll, remember that monthly depositors must submit their payroll taxes by the 15th of each month. Be diligent in meeting this obligation to stay compliant with tax regulations.

Keeping these dates in mind is crucial for smooth tax planning and compliance. Feel free to reach out if you have any questions or need assistance with these payments! 💼💰

01/01/2024

🚗 Track Your Mileage, Secure Your Deductions! 📊

In the world of tax deductions, every mile counts! 🛣️ As we embark on a new year, remember the importance of documenting your business-related mileage. But that's not all! 📝

✅ Mileage Records: Keep a detailed log of your journeys. It's your roadmap to potential tax savings.

🔧 Repairs and Maintenance: Save 3rd party receipts for vehicle repairs and maintenance. They're vital proof for your mileage deductions.

Why does it matter? 💰 Because those miles can lead to deductions that put more money back in your pocket come tax season. 📈

Stay diligent, stay organized, and stay ahead of the tax game! Ready to maximize your deductions? We're here to help. 🚀

https://mileiq.page.link/share

12/31/2023

🚗 Mileage Matters: Your Roadmap to Tax Savings!

As the year winds down, don't forget the road you've traveled for business. 🛣️ Recording your ending mileage is like putting the finishing touch on your financial journey.

✅ Why is it crucial?
Keeping track of business mileage means potential tax deductions. Every mile counts towards reducing your tax liability.

📊 How to record it?

Note the odometer reading as of December 31.
Separate personal and business miles. Be accurate to maximize deductions.
Keep a log or use a mileage tracking app for a hassle-free tax season.
🔍 What can you claim?
Business-related trips, client meetings, and even journeys to pick up supplies can qualify. Stay organized for smoother tax prep.

Remember, every mile is a step toward smart tax planning. 📈 Ready to navigate your tax journey? We're here to help! 🚀

12/24/2023

12/18/2023

As a dedicated tax professional, I want to make sure you're aware of important regulatory changes affecting certain companies. Starting January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) has introduced new reporting requirements for beneficial owners.
Your company may need to report if it falls under either of these criteria:
1️⃣ It's a U.S.-based corporation, LLC, or was established in the United States by filing with a state or tribal office.
2️⃣ It's a foreign company registered to do business in any U.S. state or Indian tribe.
🔍 Exceptions to these criteria can be found at https://lnkd.in/gTdiZiB3.
Here are the important deadlines:
📆 If your company was created before January 1, 2024, you must file by January 1, 2025.
📆 If your company is created between January 1, 2024, and January 1, 2025, you have 90 days to file.
📆 If your company is created after January 1, 2025, you will have 30 days to file.
If you have any questions or need guidance on this matter, don't hesitate to reach out to your tax professional or attorney. Stay compliant and informed in 2024!

12/04/2023

📆 Year-End Tax Planning Tips: Navigate the Financial Horizon!

As the year draws to a close, it's the perfect time to set sail on the sea of tax planning. 🌊 Here are quick tips to ensure a smooth journey:

Review Your Income and Deductions:
Assess your earnings and potential deductions. Are there opportunities to balance your tax liability?

Maximize Retirement Contributions:
Boost your retirement savings. It's not only a smart financial move but can also lower your taxable income.

Explore Tax Credits:
Investigate available tax credits. Whether for education, energy efficiency, or other qualifying expenses, they can significantly reduce your tax burden.

Charitable Contributions:
Give back and earn tax benefits. Donate to eligible charities and keep records for deductions.

Check Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs):
Ensure you've maximized contributions to these accounts for potential tax advantages.

Small Business Owners:
Evaluate expenses and consider making necessary purchases before year-end. Take advantage of available business tax credits.

Remember, strategic planning today can lead to tax savings tomorrow. ⚓ Ready to navigate your tax journey? We're here to assist! 🚀

11/29/2023

Getting ready for tax return filing, rules changing all the time. Just an update from IRS

11/14/2023

Earlier this month, I attended the Annual Meeting at the Tanganyika Wildlife Park in Goddard. There, I met Quilliam, the porcupine, and learned a great deal from the presenter, AJ Reynolds. Additionally, a gentleman discussed an "education tax credit" for taxpayers in Kansas. I regret to say I had not heard of it, so I did some research when I got home. I decided to share what I discovered.
The incentive is called the "Low Income Student Scholarship." This program allocates funds contributed to Scholarship Granting Organizations (SGOs) for scholarships, helping eligible students attend qualified schools in Kansas. Contributions of up to $500,000 per year qualify for a tax credit equal to 75% of the contribution. This credit carries forward to future years until it is used if it exceeds the taxpayer's tax liability.
For more information about the SGOs and qualifying schools, visit the Kansas Department of Education. For more details on Kansas tax credits, go to ksrevenue.gov/prtaxcredits.html.