Dunn CPA Firm

06/27/2024

The Tom Dunn CPA team is proud to serve the St. Louis area. We are always happy to help our clients—both individuals and businesses—and help them move forward with their goals. Learn how regularly working with an accountant can benefit you. https://loom.ly/dcetw9M

The Dunn CPA Firm offers a full suite of cost savings and affordable accounting services in St. Louis. Learn more about our commitment.

06/23/2024

Not sure how to approach potentially difficult financial times as a small business owner? Our team is here to help! https://loom.ly/41XuvQc

Tom Dunn talks about how the pandemic, the recent inflation, and labor shortages has been hard on the world and how you can survive these difficult financial...

06/19/2024

If you donate valuable items to charity and you itemize deductions on your tax return, you may be required to get an appraisal. The IRS requires donors and charities to supply certain information to prove their right to deduct contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain requirements apply. You must: get a qualified appraisal; receive the qualified appraisal before your tax return is due; attach an appraisal summary to the first tax return on which the deduction is claimed; include other information with the return; and maintain certain records. Other rules apply to larger gifts and there are exceptions. Questions? Contact us: https://loom.ly/rbCQ39M

06/15/2024

Looking for everyday financial help? The Tom Dunn CPA team is here for you year-round, not just during tax season! Feel free to reach out to our team for a free consultation today: https://loom.ly/rbCQ39M

06/11/2024

Have you ever been curious about starting your own business? Join us for discussions about small business best practices, and learn how you can be successful in starting your own business! https://loom.ly/IihXvgI

Tom Dunn CPA firm has several different levels of accounting and bookkeeping services for small business. Schedule an Appointment: https://tomdunncpa.com/con...

06/07/2024

Being a small business ourselves, we are proud to serve and help local small businesses with their payroll, accounting and other services. We understand your needs are different from large corporations, and work hard to bring you a trustworthy, affordable, valuable service. Reach out with any questions about your accounting needs: https://loom.ly/rbCQ39M

Being a fierce advocate for your success means dedicating a firm CPA partner to work with you. Schedule your no cost personal consultation today.

06/03/2024

If you’re buying a business, you want the best results possible AFTER taxes. You can potentially structure a purchase in two ways: 1) Buy the business assets. 2) Buy the seller’s entity ownership interest. If you’re buying assets, you must allocate the purchase price to the specific assets acquired. The amount allocated to each asset becomes the initial tax basis of that asset. For depreciable and amortizable assets (such as furniture, equipment, buildings, software and intangibles such as customer lists), the initial tax basis determines the post-acquisition tax deductions. The allocation process can lead to better or worse post-acquisition tax results. Contact us for assistance or to schedule a free consultation: https://loom.ly/rbCQ39M

05/30/2024

Our team was built on integrity and providing our clients with unparalleled accounting, tax and business guidance services. We advocate for our clients and ensure we are serving your specific needs. Schedule a free consultation to see how we can best serve your needs. https://loom.ly/rbCQ39M

Being a fierce advocate for your success means dedicating a firm CPA partner to work with you. Schedule your no cost personal consultation today.

05/27/2024

Let us remember the brave men and women who gave the ultimate sacrifice for our country.

05/21/2024

If you’re buying a new home, you may have considered keeping your current home and renting it out. This carries potential tax benefits and pitfalls. You’re generally treated as a landlord once you begin renting your home.

That means you must report rental income on your tax return, but are entitled to deductions for utilities, incidental repairs, depreciation and other expenses. However, you could forfeit a big tax break if you sell the home at a profit. You can generally escape tax on up to $250,000 ($500,000 for married joint filers) of gain on the sale of a principal home. But to qualify, you must use the home as your principal residence for at least two of the five years before the sale.

Reach out to our team today to learn more about this type of income and how it can benefit you: https://loom.ly/rbCQ39M

05/15/2024

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. If you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of self-employment earnings, with a maximum contribution of $69,000 for 2024 (up from $66,000 for 2023).

If you’re employed by your own corporation, up to 25% of your salary can be contributed to your account, with a maximum contribution of $69,000 for 2024. If you’re in the 32% federal income tax bracket, making a maximum contribution could cut your federal tax bill for 2024 by $22,080 (32% × $69,000). In addition to a SEP, there are other retirement plan options. We can provide information on the best one for you.

Reach out to our team today with any questions you have about this process: https://loom.ly/rbCQ39M