Jonathan Davis CPA PLLC

08/25/2023

02/03/2023

I recently passed the Series 65 exam (The Uniform Investment Adviser Law Examination), which now allows me to provide retirement planning and wealth management services.

I am pleased to introduce Avantax Planning Partners SM as my wealth management partner. Avantax specializes in collaborating with CPAs across the country to provide holistic, tax-smart financial planning.

In addition to tax preparation and tax planning services, I will now be able to bring you expertise and resources to help address the following questions and more:
• Will I have enough money to live the life you want in retirement?
• How much protection do I need for loved ones?
• At what age can I retire?
• How can I minimize the impact of taxes on your retirement income?
• What strategies can I use to transfer more wealth?

While I am excited to see you this tax season, I am even more excited to introduce you to Avantax!

Looking forward to sharing with you all the exciting new opportunities that 2023 will bring.

Best,
Jonathan Davis CPA, MSA

Avantax WM HoldingsSM is the holding company for the group of companies providing financial services under the Avantax® name. Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM and Avantax Planning PartnersSM. Insurance services offered through licensed agents of Avantax Insurance AgencySM, Avantax Insurance ServicesSM, and Avantax Planning Partners. Not all products and services listed are offered by all firms. Products and services listed may only be offered by properly licensed individuals. 3200 Olympus Blvd, Suite 100, Dallas, TX 75019, 972-870-6000.

01/28/2023

Many thanks to Nasdaq for highlighting our parent company’s new name and ticker symbol. It’s nice seeing your name up in lights, especially on the venerable NASDAQ Tower in Times Square!

01/19/2023

Keep the tax documents you receive.

Over the next several weeks you will be receiving different tax documents in the mail. Most of these are labeled on the front of the envelope with wording such as, "Important tax documents enclosed," or something to that effect.

DO NOT THROW THESE AWAY!

These documents are needed to complete an accurate tax return and avoid possible issues with the IRS, because they received the same info and are expecting it on your return.

If you are a business owner you will need to file those W-2s and 1099s with the IRS, and mail the employees and contractors their copies, by January 31.

Keep tax records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

01/18/2023

I put together an ebook on some 2023 tax strategies.

Although the book's primary audience is physicians, the good thing is these tax strategies are available to almost everyone.

https://drive.google.com/file/d/1gSef9QXiX_oiq5Ya0wrZZ6bO698Xt9QL/view?usp=sharing

12/27/2022

Just a few days left for 2022 tax strategies.

01/05/2022

DO NOT THROW AWAY IRS LETTERS!

The IRS is sending out letters about the advanced Child Tax Credit and the Third Economic Impact Payment received in 2021. This information will be needed to prepare your tax return so DO NOT throw them away. Your tax preparer will greatly appreciate it!

05/05/2021

Taxes for Texans postponed to June 15!
I have had a few folks contact me about preparing taxes and thinking they are due May 17. Most of the country is due May 17 but Texas being so special has until June 15 for Federal and State filings. That gives a little breathing room and time to prepare documentation.
If you expect to owe taxes then it may make sense to hang on to your cash a little longer until the June 15 deadline. If you expect a refund then claim it today so you can get your cash instead of loaning it to the government.
Have a question? Give me a call.

Jonathan Davis, CPA, MSA
[email protected]
210-668-5959

04/19/2021

Business Meals Fully Deductible for a Limited Time!

Support your local restaurants with a 100% deduction for certain business meal expenses during 2021 and 2022!

The IRS is allowing a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from restaurants.
Beginning January 1, 2021, through December 31, 2022, businesses can claim 100% of their food or beverage expenses paid to restaurants as long as the business owner (or an employee of the business) is present when food or beverages are provided, and the expense is not lavish or extravagant under the circumstances.
Under the temporary provision, restaurants include businesses that prepare and sell food or beverages to retail customers for immediate on-premises and/or off-premises (take-out) consumption. However, restaurants do not include businesses that primarily sell pre-packaged goods not for immediate consumption, such as grocery stores and convenience stores.
Additionally, an employer may not treat certain employer-operated eating facilities as restaurants, even if these facilities are operated by a third party under contract with the employer.

04/13/2021

Tax deadlines postponed for Texans!

Texas individuals and businesses have until June 15, 2021, to file their 2020 federal tax returns. The June 15 deadline also applies to quarterly estimated income tax payments due on April 15, and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.

If you are expecting a refund then do not wait, go ahead and file to get your money. If you still owe taxes it may be beneficial to wait and use that cash now. Then in June when summer business activities pick up it may be easier to pay your taxes.

Jonathan Davis, CPA
210-668-5959
[email protected]

03/31/2021

Estate Planning tip!
While gathering your financials and doing your taxes, it may be a good time to review your will, directives, powers of attorney, and list of beneficiaries for your estate. Best practice is to review and update at least every four years, otherwise some institutions, such as banks, may question their validity.
Estate Planning is not a one-time event but an ongoing process. Things change (marriages, births, deaths, divorces, etc) that affect estates and may need adjusting.

03/17/2021

Did you receive unemployment benefits in 2020? All, or a portion of it, can now be excluded from your income, meaning no income taxes due on that amount!
I make sure you do not pay any more taxes than you have to.

Jonathan Davis CPA PLLC
Utopia, TX
[email protected]
210-668-5959