PASAN Accounting

11/30/2018

We love using Facebook to bring our followers high-quality content that provides real value to your every day finances and lives. Is there anything you would like to see more or less of from us?

11/29/2018

Taking a holiday shopping poll:

Are you an early shopper or the last-minute type? (We've got a pretty balanced blend of both here in our office.)

11/28/2018

Want to know how the wealthy drive down their tax bill? (Or perhaps you need workable ideas to lower your own bill.) Either way, some strategies here to talk with us about for both individuals and businesses.

Millionaires here is how to keep more of your hard earned money. We outline 6 tax savings strategies used by successful Americans to pay the least amount of taxes possible. How many of these tax dodges can you benefit from? Are you paying to much taxes? read this post.

11/27/2018

There is a downside to every tax strategy. Like the latest SALT deduction limits -- some are advocating setting up an LLC to get a bigger deduction. But that’s not wise for everyone. You need to have somebody in your corner who is looking at things from every angle to make sure you are making the smartest decision for YOU.

11/26/2018

A financial tip on this Cyber Monday:

Don't spend money you don't have. Which is especially tempting when shopping online, with a credit card, during "the best prices of the year". Stick to a budget, and resist the drama that retail marketers create.

11/23/2018

"Go start a business!" they said."

It'll be fun and you'll make a lot of money!" they said. "FLEXIBILITY!" "BE YOUR OWN BOSS."

But then ... well, you are your own boss now. And there are so. many. things. to think about beyond what you got into your business to actually do. This is where we come alongside you to help, making your business sustainable, so that you can do what you do best.

11/22/2018

Here's my "Thanksgiving" advice for you this week:

Whatever financial situation you happen to find yourself in, be thankful. There is never a "perfect time" to pause and give thanks. Sure, it makes sense when something nice has happened in your life, but it's just as important to do so when things look grim. There are hidden blessings in any trial ... and hidden fears lying within any windfall. Find and savor the blessings, and watch your family thrive.

11/21/2018

The most common red flags for tax fraud investigations:
1) Keeping two sets of books
2) Making false entries in books and records
3) Claiming personal expenses as business expenses
4) Claiming false deductions or credits against taxes owed
5) Hiding or transferring assets

The Internal Revenue Service's crime fighting division did a bang-up job last fiscal year, stopping almost $10 billion in tax fraud. That 2018 amount was four times more than the previous fiscal year, according to the IRS Criminal Investigation (CI) Division’s annual report released today. CI, whi...

11/20/2018

Here are 6 essential business components for any small business owner, new freelancer, or participant in the growing "gig economy" to make sure they have covered:

1 - Disability and Workers' Comp
2 - Property and Liability Coverage
3 - Unemployment Coverage
4 - Healthcare Plans
5 - Retirement Plans (401(k)s, etc)
6 - Retirement Income Plan (Social Security and beyond)

11/19/2018

Strategies that "used to work" to reduce our clients' tax burdens might not work in the same way as they did in the past. Policies change, cultures change, and what is happening in YOUR finances is probably undergoing change. We are regularly looking at every procedure through the lens of each client's situation and whether it still makes sense under new laws. DIY tax software is not equipped for this kind of holistic approach.

11/16/2018

Helpful tips here about how to be prepared for any potential questions from the IRS regarding your tax claims...

Taxes are complex, and it can pay to have a formal tax opinion. Here's why a tax opinion can help at tax time, and later.

11/15/2018

Businesses -- we're getting to the point in the year when it's almost (but not quite) too late to establish a new entity type, or take advantage of other tax benefits like MERP deductions or the 20% QBI deduction. Don't miss your window.